Investment Rating - The industry is rated as "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [48]. Core Views - The report highlights a strong performance in precious metals, with expectations for continued price increases due to anticipated interest rate cuts and geopolitical factors affecting market dynamics [38][48]. - Base metals are experiencing price fluctuations, with supply tightening and demand remaining resilient, particularly in copper and aluminum sectors [15][18]. - Energy metals are currently at a cyclical low, with prices under pressure due to weak supply-demand dynamics [41]. Summary by Sections 1. Non-ferrous Metal Sector Performance - The SW Non-ferrous Metal Industry Index increased by 1.06% during the week, while the CSI 300 Index decreased by 0.17% [7][12]. - Among sub-sectors, energy metals and new metal materials showed significant weekly gains of +5.98% and +5.78%, respectively [7][12]. 2. Base Metals - Copper prices on the LME decreased by 0.50% to $9,252 per ton, while domestic copper prices increased by 0.52% to ¥73,922 per ton [14][15]. - The average price of copper concentrate was $5.73 per ton, reflecting tight supply conditions [15]. - Aluminum prices fell by 3.45% to $2,446 per ton, with domestic prices at ¥19,643 per ton [18]. 3. Precious Metals - Comex gold prices rose by 0.52% to $2,765 per ounce, while domestic gold prices increased by 0.30% to ¥573 per gram [38]. - The report maintains a positive outlook on gold prices due to weakening dollar credit and geopolitical tensions [38]. 4. Energy Metals - Battery-grade lithium carbonate prices increased by 0.40% to ¥74,600 per ton, while battery-grade lithium hydroxide prices decreased by 1.64% to ¥71,871 per ton [41]. - The sector is currently experiencing a cyclical low, with expectations of production cuts due to cost pressures [41].
有色金属行业周报：9月降息愈发明确，贵金属价格维持强势（20240826-20240830）
Tai Ping Yang·2024-09-03 00:03