1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 14 to 16.12866930 Basic Materials-China El Teniente Mine resumes partial production;lithium price hike Industry Overview Metals:El Teniente Mine resumes partial production During the week,LME copper price was-0.2%WoW to US$9,677/t and China price was+0.

4、8%WoW to RMB79,300/t(Changjiang price).According to SMM,after a collapse in end-July resulting in the death of six workers,eight underground areas of El Teniente(Pilar Norte,Esmeralda Panel,Esmeralda,Upper Pacific,Diablo Regimiento,Reno Panel,Dacita,and Reservas Norte sectors),which were assessed an

5、d confirmed as safe by the mining and labor department,have resumed production.However,the other four mining areas near the accident site remain closed.Codelco stated that the accident has led to a 20-30kt output decrease.LME aluminum price was+0.3%WoW to US$2,615/t and China price was+0.3%wow to RM

6、B20,710/t.The average national aluminum margin was+RMB64/t WoW to RMB4,206/t.COMEX gold(spot)price was-2%WoW to US$3,342/oz.The average price of domestic battery-grade lithium carbonate(99.5%)was up 15%WoW to RMB82.7k/t.Steel:inventory ramping up During the week,prices were temporarily boosted by po