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

炼金术… … 炼金术… … 就是将贱金属转化为贵金属，例如将铅转化为金。

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

然而，在这些情况下，基本金属表现并不理想。

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

您提到是一个占我们关注所有基础金属总量50%以上地区。

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

基础金属，极具周期性，与制造业周期紧密相连。

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

镍矿开采加速了中国基础金属和冶炼设备出口。

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

人们认为铅，铁和锡等贱金属比被认为是 “贵重”金和银更原。

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“嬗变”——目是将贱金属，如铅，转变成黄金。

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基本金属业务10%股份。

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巴西矿业巨头，也在考虑将其基础金属业务分拆。

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，也在考虑将其基本金属业务分拆。

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变作为炼金术一个分支，试图“改善” 这些贱金属状态 ，就像炼金术投机方旨在寻求真相和启示一样。

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.

因为唯一真正显着看涨基本金属周期是在2007年削减周期之后，当时价格出现了爆发性上涨。

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) 不信化学家：指是十八世纪对炼金术迷恋以及对“点金石”长期探索，这种石可以将贱金属转化为黄金。

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.

我们观察到现象是， 正如你所指出那样，即便是在那些看似温和降息周期中，比如1995年， 乃至2024年， 基础金属表现确实显着逊色于其他行业。

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， 你所观察到其实是能源表现对某些供需基本面反应， 这些基本面在那些市场中因干扰而变得相当紧张，而基础金属则完全呈现负面走势，对吧？