Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals sector, particularly focusing on energy metals and new materials [3][4]. Core Insights - The report highlights a downward trend in lithium carbonate prices, which fell by 3.66% to 94,850 CNY/ton, and hydroxide lithium prices decreased by 4.35% to 84,600 CNY/ton, indicating a weak market environment [4][18]. - The supply of lithium carbonate is steadily increasing, with May production reaching 62,538 tons, up 18% month-on-month, while demand is experiencing a temporary decline due to inventory adjustments [4]. - The cobalt market shows a stable overseas price of 12.38 USD/pound, while domestic cobalt prices dropped by 2.27% to 215,000 CNY/ton, reflecting a supply surplus [4][24]. - Nickel and manganese prices are also fluctuating, with sulfuric nickel prices down 4.65% to 30,800 CNY/ton, indicating a challenging pricing environment [4][32]. - The rare earth permanent magnet market is experiencing mixed trends, with praseodymium-neodymium oxide prices rising by 0.55% to 363,000 CNY/ton, while dysprosium and terbium prices have decreased [4][37]. Summary by Sections Energy Metals - Lithium prices are under pressure, with carbonate and hydroxide prices declining significantly [4][18]. - Cobalt prices are stable internationally but have decreased domestically, with a notable supply surplus [4][24]. - Nickel and manganese prices are experiencing downward pressure due to supply constraints and weak demand [4][32]. New Materials - The report expresses optimism for soft magnetic and copper alloy materials, driven by trends in the electronics and power sectors [5]. - The demand for high-performance soft magnetic materials is expected to grow due to advancements in AI computing and renewable energy investments [5]. - The copper alloy sector is anticipated to benefit from economic recovery and increased demand for copper cables and connectors [5].
有色金属 能源金属＆新材料周报：碳酸锂持续下跌，关注软磁和铜合金材料的主题机会
Hua Yuan Zheng Quan·2024-06-24 02:00