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[Caixin Futures: Precious and Non-ferrous Metals Markets Diverge] ⑴ Philippine central bank officials proposed selling a portion of their $18 billion gold reserves to optimize asset allocation. Although the proposal was not implemented, the central bank, as the largest buyer of gold in the spot gold market, signaled a gold sale, directly exacerbating negative market sentiment and accelerating the decline in gold prices. ⑵ Technically, a large bearish candlestick pattern pushed prices towards 900 yuan. Short-sellers actively pressured the market in the first half of the day, while longs reduced their positions in the second half, leading to a simultaneous increase in volatility. This suggests the market may gradually enter an oversold rebound, but stabilization signals are awaited. ⑶ Based on the golden ratio, the support range for the AU2512 contract has shifted downward to 880-890 yuan, with a short-term trading range of 880-910 yuan. Trading strategies recommend reducing leverage and strictly controlling risk. ⑷ Macroeconomically, both headline and core inflation indicators in the United States fell short of expectations in September, paving the way for further interest rate cuts by the Federal Reserve. Meanwhile, intensified geopolitical tensions are fueling risk aversion in the market. ⑸ Domestic and international copper mine disruptions persist, with the copper concentrate import index remaining negative, and supply is expected to remain tight. The traditional peak demand season has not arrived as expected, and high copper prices are discouraging downstream purchasing. ⑹ Optimistic macroeconomic expectations coupled with continued supply constraints led to copper prices surging to around 88,000 yuan/ton today before falling under pressure. Copper prices remain supported and are expected to stabilize in the future. ⑺ Low LME inventories have not improved, while domestic social inventories have seen slight reductions but remain at historically high levels for the same period. With the export window open and demand relatively stable, Shanghai zinc prices are expected to remain stable. ⑻ Some companies have been forced to cut production, but with winter storage approaching, some aluminum smelters have increased their purchasing activity, halting the short-term decline in alumina prices. ⑼ However, overall supply and demand remain relatively loose, and the pressure of alumina oversupply has not yet been effectively alleviated. Against the backdrop of high inventories, the rebound momentum is weak, and bottom-fishing remains cautious. ⑽ Century Aluminum's electrolytic aluminum plant in Iceland has halted operations, leading to expected tightening of overseas supply. Domestic supply is stable, and subsequent inventory reduction is expected amidst the peak demand season. ⑾The tight supply of scrap aluminum is unlikely to ease in the short term, and prices remain firm. We maintain our view that Shanghai aluminum and cast aluminum are more likely to rise than fall, and our strategy is to buy on dips. ⑿Lithium carbonate futures continue to increase in positions and rise, with strong downstream demand supporting price strength. The fundamentals continue to increase production and reduce inventory, warehouse receipts continue to be cancelled, and lithium ore costs support the short-term market supply and demand. However, in the long term, we face high supply pressure and should not be overly optimistic about the market's upward potential.