降息预期进一步推升工业金属价格

Summary of Key Points Core Viewpoint - The report highlights the fluctuations in prices and production levels of various metals, including lithium, copper, aluminum, gold, and rare earth elements, indicating a mixed market sentiment influenced by supply and demand dynamics, geopolitical factors, and monetary policy changes [1][2][3][4][5][6]. Group 1: Lithium and Cobalt - The average price of lithium carbonate decreased by 0.69% to 73,100 yuan/ton, while the average price of lithium hydroxide fell by 0.93% to 79,000 yuan/ton. The total production of lithium carbonate increased to 20,400 tons, up by 400 tons week-on-week [1][6]. - The price of cobalt increased by 0.7% to 275,000 yuan/ton, with cobalt intermediate prices rising by 2.3% to $14.45 per pound [6]. Group 2: Copper - LME copper prices fell by 0.68% to $9,996.50/ton, while Shanghai copper prices decreased by 1.42% to 79,900 yuan/ton. The weekly copper inventory in major regions decreased by 5,300 tons to 148,900 tons due to reduced imports and domestic supply [2]. - The operating rate of domestic refined copper rod enterprises rose to 70.49%, a week-on-week increase of 2.96%, driven by pre-holiday stockpiling [2]. Group 3: Aluminum - LME aluminum prices dropped by 0.93% to $2,676.00/ton, and Shanghai aluminum prices fell by 1.54% to 20,800 yuan/ton. Domestic electrolytic aluminum ingot inventory increased by 1,000 tons week-on-week [3]. - The operating rate of downstream aluminum processing enterprises slightly increased to 62.2%, although it still showed a year-on-year decline of 1.3% [3]. Group 4: Gold - COMEX gold prices remained unchanged at $3,719.40/oz, while SPDR gold holdings increased by 17.75 tons to 994.56 tons. The market is experiencing volatility due to the Federal Reserve's interest rate cuts and rising geopolitical risks [4][5]. Group 5: Rare Earths and Antimony - Prices for praseodymium and neodymium oxide have started to recover, attributed to the implementation of new regulations and supply chain improvements. The export volume of magnetic materials surged in July, indicating potential for further price increases [5]. - Antimony demand is expected to rise due to new certification requirements for flame-retardant cables, alongside a global supply decline [5].