Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [1] Core Viewpoints - The report highlights that the expectation of interest rate cuts has weakened, leading to a stronger US dollar and subsequent adjustments in metal prices [1][4] - The report notes that the basic metal prices are under pressure due to the strengthening dollar and rising expectations of tariffs following Trump's election victory [1][4] - Long-term price trends for basic metals are viewed positively, with expectations of demand recovery supporting prices [1][4] Summary by Sections Non-Ferrous Metals Market Review - The SW non-ferrous metals industry index decreased by 5.71% this week, closing at 4615 points, while the Shanghai Composite Index fell by 3.52% [1][110] - Year-to-date, the SW non-ferrous metals industry index has increased by 10.28% [1][110] Basic Metals - LME copper price decreased by 4.90% to $8,971 per ton, while domestic copper price fell by 4.10% to ¥74,153 per ton [1][123] - The average price of copper concentrate (TC) was $10.33 per ton, showing a slight decrease from the previous week [1][127] - The report indicates a potential recovery in demand, with copper cable enterprises' operating rate increasing by 2.07 percentage points to 89.37% [1][127] Precious Metals - Comex gold price decreased by 4.10% to $2,826 per ounce, and domestic gold price fell by 2.81% to ¥598 per gram [1][171] - The report maintains a long-term bullish outlook on gold prices due to weakening dollar credit and geopolitical tensions [1][171] Energy Metals - The average price of battery-grade lithium carbonate increased by 4.38% to ¥78,700 per ton, while battery-grade lithium hydroxide rose by 0.49% to ¥67,387 per ton [1][175] - The report notes strong pricing intentions from companies as they face pressure from high-cost production [1][176]
有色金属行业周报：降息预期走弱美元走强，金属价格调整
Tai Ping Yang·2024-11-19 00:35