Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are expected to perform well in the long term despite a recent pullback, with a recommendation to overweight this sector [5] - Copper prices are expected to remain strong, with a support level around 9,350 USD per ton, influenced by macroeconomic factors and trade dynamics [6] - Aluminum prices are anticipated to trend upward, supported by easing trade tensions and a decrease in inventory levels [6] - Rare earth prices are projected to rise following a significant drop in export volumes, with expectations of increased demand due to recent diplomatic agreements [7] - Uranium prices have seen a significant increase, with expectations for a new upward trend in the second half of the year [8] Summary by Sections Industry Overview - The closing index for the industry is at 4,846.95, with a weekly high of 5,047.03 and a low of 3,700.9 [2] Price Movements - Basic metals saw price changes: Copper up 0.13%, Aluminum up 2.34%, Zinc up 0.86%, Lead up 0.13%, and Tin down 0.27% [20] - Precious metals experienced declines: Gold down 1.98%, Silver down 1.15%, while Platinum and Palladium saw increases of 4.08% and 1.69% respectively [20] Inventory Changes - Global visible inventories showed a decrease in Copper by 12,511 tons, Aluminum by 5,439 tons, and Zinc by 5,004 tons, while Lead saw an increase of 18,731 tons [34]

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