Investment Rating - The report rates the non-ferrous metal industry as "Positive" [5] Core Views - Industrial metal prices have slightly declined, awaiting gradual recovery in domestic demand [1] - Lithium carbonate prices continue to drop as the market enters a demand lull [2] - Magnesium prices remain weak, with expectations for downstream demand recovery [3] - Gold prices are fluctuating at high levels, with future trends likely to rise rather than fall due to increased geopolitical tensions [4] Summary by Sections Industrial Metal Overview - Copper prices on SHFE decreased by 0.31% to 76,980 CNY/ton, while LME copper fell by 1.81% to 9,625.5 USD/ton. Total inventory across major exchanges increased by 473 tons to 531,100 tons [1] - Aluminum prices on SHFE dropped by 0.89% to 20,640 CNY/ton, and LME aluminum decreased by 0.93% to 2,613.5 USD/ton. Total inventory across exchanges decreased by 9,258 tons to 1,084,600 tons [1] - The domestic electrolytic aluminum sector continues to ramp up production, particularly in Guizhou and Sichuan, with new capacity coming online in Xinjiang [1] Lithium Market - Battery-grade lithium carbonate prices fell by 3.66% to 73,700 CNY/ton, while battery-grade lithium hydroxide prices remained stable at 75,300 CNY/ton. Inventory for lithium carbonate decreased by 255 tons to 24,955 tons [2] Magnesium Market - The average price for 99.90% magnesium ingots was 17,642 CNY/ton, down 250 CNY/ton or 1.40% from the previous week. Demand from downstream sectors remains limited [3] Gold Market - Gold prices increased by 2.4% to 2,712.5 USD/oz in London, driven by heightened geopolitical tensions. The COMEX gold price rose by 2.33% to 2,736.4 USD/oz [4]
有色行业周报：国内经济政策提振工业金属需求预期，金价再创新高
Capital Securities·2024-10-25 01:38