Guotai Haitong: Solid foundation for precious metals; value opportunities in the non-ferrous metals sector

Guotai Haitong released a research report stating that September inflation exceeded expectations and oil prices remained high. Expectations of Federal Reserve rate hikes suppressed precious metals prices, but the long-term logic for precious metals remains solid, and the window for long-cycle positioning is gradually emerging; copper is expected to trade in a weak range amid macroeconomic pressure and domestic inventory buildup; aluminum continues destocking as production resumes after the holiday; tin is supported by supply contraction and destocking; energy metals continue to show strong reality and weak expectations; rare earth prices are adjusting within a narrow range; and the strategic value of strategic minor metals such as tungsten, uranium, and tantalum is becoming more prominent.