稀土供改落地迎戴维斯双击 | 投研报告

Group 1: Rare Earths - The price of praseodymium and neodymium oxide reached 622,300 CNY/ton this week, reflecting a week-on-week increase of 11.61% [5] - The recent implementation of the "Interim Measures" marks the official start of supply-side reforms in the rare earth industry [5] - July saw a significant increase in magnetic material exports, with a month-on-month increase of 75% and a year-on-year increase of 6%, indicating substantial recovery potential in exports [5] Group 2: Copper - This week, LME copper prices decreased by 0.26% to 9,734.50 USD/ton, while Shanghai copper fell by 0.47% to 78,700 CNY/ton [2] - Domestic copper inventory decreased by 0.2 million tons to 131,700 tons compared to Monday, but increased by 0.61 million tons from the previous Thursday [2] - The operating rate of domestic anode plate enterprises dropped by 7.39% to 52.1% due to raw material shortages and unclear policies [2] Group 3: Aluminum - LME aluminum prices fell by 0.38% to 2,593.00 USD/ton, and Shanghai aluminum decreased by 0.67% to 20,600 CNY/ton [3] - Domestic electrolytic aluminum ingot inventory decreased by 11,000 tons to 596,000 tons compared to Monday [3] - The operating rate of downstream aluminum processing enterprises increased by 0.5 percentage points to 60.0%, indicating a mild recovery in the market [3] Group 4: Gold - COMEX gold prices increased by 0.05% to 3,383.50 USD/ounce, influenced by complex international situations [4] - SPDR gold holdings decreased by 8.60 tons to 956.77 tons this week [4] - A trade agreement framework was reached between the U.S. and the EU, which may impact market dynamics [4] Group 5: Lithium and Cobalt - The average price of lithium carbonate rose by 6.8% to 85,000 CNY/ton, while lithium hydroxide increased by 8.0% to 82,000 CNY/ton [6] - Cobalt prices decreased by 0.4% to 263,000 CNY/ton, while cobalt intermediate prices increased by 0.4% to 13.2 USD/pound [6] - The total production of lithium carbonate this week was 19,100 tons, reflecting a decrease of 800 tons [6] Group 6: Antimony and Molybdenum - Antimony prices are expected to rebound due to improved export expectations and significant production cuts in domestic smelting plants [5] - Molybdenum prices have risen recently, with steel mills restarting procurement, leading to a recovery in steel procurement volumes [5]