Core Viewpoint - The global macro environment remains volatile, with industrial metal prices, particularly copper and aluminum, continuing to fluctuate. However, the introduction of a series of policies in the second half of 2024 is expected to improve domestic macro sentiment and potentially boost upstream industrial metal demand due to recovering terminal demand and supply constraints [1]. Summary by Relevant Sections Industrial Metals - Copper prices are under pressure from fluctuating macro policies, but tightening copper concentrate supply and declining smelting processing fees provide strong medium to long-term price support [1]. - The aluminum supply chain's vulnerability has been highlighted by recent disruptions in Guinea's bauxite supply, indicating that integrated layouts will become a development direction for the industry [1]. Market Indicators - The manufacturing PMI rose by 0.5 percentage points to 49.5% in May, indicating improved market expectations and a potential recovery in terminal demand for industrial metals [1]. - The strategic metal tungsten has reached a historical price high, suggesting a potential revaluation of strategic metals in the context of countries pursuing supply chain autonomy [1]. Investment Products - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Index (930708), which includes representative listed companies in the nonferrous metal industry from the Shanghai and Shenzhen markets, covering various sub-industries such as copper, aluminum, lead, zinc, and rare metals [1]. - The CSI Nonferrous Index reflects the overall performance of the nonferrous metal industry in the A-share market, with its constituent stocks exhibiting significant cyclicality and sensitivity to commodity prices [1].
有色60ETF(159881)涨超1.3%,工业金属震荡中现结构性机会
Sou Hu Cai Jing·2025-06-04 02:17