The operative side deals mostly with something called " transmutation" – where the intent is to transform base metals, like lead, into gold.

操作方面主要处理所谓的“嬗变”——目的是将贱属，如铅，转变成黄。

Base metals, like lead, iron and tin, were seen as more primitive than gold and silver, which were regarded as " noble" .

人铅，铁和锡等贱属比被是 “贵重”的和银更原始。

Transmutation, as a branch of alchemy, sought to " improve" the state of these base metals, just as the speculative side of alchemy aims to seek truth and enlightenment.

al变作炼术的一个分支，试图“改善” 这些贱属的状态 ，就像炼术的投机方旨在寻求真相和启示一样。

Base metals, extremely cyclical, very levered to a manufacturing cycle.

属，极具周期性，与制业周期紧密相连。

Alchemical… alchemilcal… that's the transformation of base metals into noble ones, like lead into gold.

炼术… … 炼术… … 就是将贱属转化贵属，例如将铅转化。

So what you saw was actually energy performance reacting to some of the supply and demand fundamentals that were actually quite tight in those markets because of disruptions, whereas base metals, it was all net negative, right?

因此， 你所观察到的其实是能源表现对某些供需本面的反应， 这些本面在那些市场中因干扰而变得相当紧张，而属则完全呈现负面走势，对吧？

Vali, a Brazilian mining giant which makes most of its money from iron ore, is also mulling a separation of its base metals business.

瓦利， 这家主要靠铁矿石赚钱的巴西矿业巨头，也在考虑将其属业务分拆。

Last year it paid close to $3 billion for a 10% stake in the base metals business of Vale, a Brazilian mining giant.

去年，它斥资近30亿美元收购了巴西矿业巨头淡水河谷公司本属业务10%的股份。

107) Unbelieving Chemists: The reference is to the eighteenth-century fascination with alchemy and the perennial search for the " philosopher's stone, " which would transform base metals into gold.

107) 不信的化学家：指的是十八世纪对炼术的迷恋以及对“点石”的长期探索，这种石可以将贱属转化黄。

Vale, a Brazilian mining giant which makes most of its money from iron ore, is also mulling a separation of its base metals business.

巴西矿业巨头淡水河谷，主要靠铁矿石赚钱，也在考虑将其本属业务分拆。

You're talking about a region that accounts for 50% plus across all the base metals that we look at.

您提到的是一个占我关注的所有属总量50%以上的地区。

The nickel mining in Indonesia has accelerated the export of base metals and smelting equipment from China.

印尼的镍矿开采加速了中国属和冶炼设备的出口。

And what we saw, and to your point, right, even over those benign cutting cycles, 1995, even in 2024, we saw base metals really significantly underperform the rest of the sector.

我观察到的现象是， 正如你所指出的那样，即便是在那些看似温和的降息周期中，比如1995年， 乃至2024年， 属的表现确实显着逊色于其他行业。

Because the only really significantly bullish cycle that stands out for base metals was after the 2007 cutting cycle, where you had an explosion higher.

因唯一真正显着看涨的本属周期是在2007年削减周期之后，当时价格出现了爆发性上涨。

Base metals, however, don't perform well under those scenarios.

然而，在这些情况下，本属的表现并不理想。