Group 1: Copper - LME copper price decreased by 3.05% to $10,374.00 per ton, while Shanghai copper increased by 3.37% to ¥85,900 per ton [1][13] - Domestic copper inventory increased by 18,000 tons to 166,300 tons, mainly due to increased domestic supply and weak downstream consumption [1][13] - The operating rate of waste anode plate enterprises rose to 53.04%, with expectations of further increase to 58.13% next week [1][13] Group 2: Aluminum - LME aluminum price increased by 1.63% to $2,746.00 per ton, and Shanghai aluminum rose by 1.45% to ¥21,000 per ton [2][14] - Domestic electrolytic aluminum ingot inventory reached 649,000 tons, up by 57,000 tons from September 29 [2][14] - The operating rate of primary aluminum alloy decreased slightly to 58.0%, affected by weak demand and unclear orders [2][14] Group 3: Gold - COMEX gold price increased by 1.28% to $4,035.50 per ounce, with SPDR gold holdings rising by 3.99 tons to 1,017.16 tons [3][15] - The Federal Reserve's meeting minutes indicated a consensus to lower the federal funds rate target range by 25 basis points to 4%-4.25% [3][15] - The U.S. government shutdown impacted economic data release and public services, affecting market sentiment [3][15] Group 4: Rare Earths - The price of praseodymium-neodymium oxide decreased by 0.89%, while the strategic importance of rare earths has increased due to enhanced control measures [4][31] - The sector is expected to experience a "short-term bearish, long-term bullish" trend, with potential price increases as supply reforms take effect [4][31] - Key companies to watch include China Rare Earth, Guangxi Rare Earth, and Northern Rare Earth [4][31] Group 5: Antimony - Antimony price decreased by 1.12%, but demand for photovoltaic glass is recovering [4][32] - The implementation of stricter fire-resistant standards may provide a demand boost for antimony [4][32] - Global antimony prices are expected to trend upward due to resource scarcity and recovering demand [4][32] Group 6: Tin - Tin price increased by 5.16%, supported by Indonesia's crackdown on illegal tin mining [4][33] - The current inventory levels are decreasing, indicating a strong support for tin prices [4][33] - The long-term outlook for tin remains positive due to demand from AI and photovoltaic sectors [4][33] Group 7: Lithium - The average price of lithium carbonate remained stable at ¥73,600 per ton, while lithium hydroxide decreased by 0.19% to ¥78,500 per ton [5][59] - Lithium production increased to 20,600 tons, with expectations of further supply growth [5][59] - Downstream demand from new energy vehicles and energy storage remains strong, supporting price stability [5][59] Group 8: Cobalt - Cobalt price surged by 17.8% to ¥349,500 per ton, driven by supply concerns and rising demand [5][61] - The market is experiencing a "price without market" situation due to tight supply and high demand [5][61] - Future price increases are anticipated due to ongoing supply constraints from Congo [5][61] Group 9: Nickel - LME nickel price decreased by 1.3% to $15,200 per ton, while Shanghai nickel price increased by 1.4% to ¥122,000 per ton [5][62] - Nickel inventory increased by 5,700 tons to 237,400 tons, raising concerns about supply stability [5][62] - The market is expected to remain volatile due to conflicting supply and demand signals [5][62]

Summary of Conference Call on Antimony Market Industry Overview - The antimony market is significantly influenced by the demand for photovoltaic (PV) glass, with prices rising from 40,000 RMB per ton in 2020 to 80,000-90,000 RMB in 2021, and stabilizing between 220,000-230,000 RMB due to increased PV installations and inventory depletion [1][2][3]. Key Points Antimony Price Dynamics - Antimony prices have experienced notable fluctuations, primarily driven by three phases: 1. Pre-2020: Prices were influenced by the overall macroeconomic environment, with major applications in flame retardants (50-60%), polyester catalysts (10%), and lead-acid batteries (5-10%) [2]. 2. 2020-2024: Prices surged due to PV glass demand, with a significant increase in installations [2][3]. 3. Post-September 2024: Prices are now heavily impacted by export conditions, with export controls leading to near-zero exports for extended periods, reducing demand by 40% [3][4]. Export Control Impact - Export controls have drastically reduced domestic demand elasticity, with actual exports dropping to 5-10% of last year's levels during May-June [4][5]. - The recent easing of export controls for state-owned enterprises and the lifting of restrictions on private enterprises indicate a potential recovery in exports, which could increase demand by approximately 20% if external demand returns to early 2024 levels [6][7]. PV Glass Production and Demand - PV glass production has decreased from nearly 600,000 tons in early May 2025 to about 510,000 tons, reflecting a 15-16% decline [5]. - Inventory days for PV glass have decreased from 34 days to 29 days, indicating low accumulation of downstream inventory [5]. Supply and Profitability of Antimony Producers - Antimony production has significantly declined due to raw material shortages, with many smelters operating at a loss even at prices of 180,000 RMB [8]. - Environmental regulations are expected to lead to a continued supply contraction over the next two to three years, particularly affecting small to medium-sized enterprises in major production regions like Guangxi, Hunan, Jiangxi, and Yunnan [9]. Companies to Watch - Companies such as Huaxi and Huayu are highlighted as key players in the current antimony market, benefiting from strong tin inventory support and successful gold mining projects [11][14]. - Hunan Gold is also noted for its dual focus on gold and antimony, which positions it well to capitalize on rising antimony prices [11][14]. Market Outlook - Antimony prices are projected to rise from 180,000 RMB to above 200,000 RMB, with expectations of maintaining around 250,000 RMB in the long term [10]. - The macroeconomic sentiment has caused stock fluctuations, but the outlook remains positive due to stable domestic demand and declining supply, with an anticipated annual demand growth of 3-4% [15]. Additional Insights - The ecological environment ministry's five-year heavy metal pollution inspection plan is expected to have long-term impacts on supply [8]. - The overall sentiment in the macro environment is stabilizing, which could lead to a recovery in related stocks, particularly those of Huaxi, Huayu, and Hunan Gold, which are expected to show strong performance [15].