Investment Rating - The industry investment rating is "Positive/Maintain" for non-ferrous metals [1][73]. Core Viewpoints - Demand is weakening towards the end of the year, and the market is awaiting the implementation of tariff expectations [1][10]. - The report highlights that the macroeconomic environment is affecting metal prices, with a strong US dollar and seasonal demand fluctuations [5][31]. Summary by Sections Non-Ferrous Metal Sector Performance - The SW non-ferrous metal industry index decreased by 3.01% this week, ranking 5th among A-share industries [4][20]. - The weekly performance of sub-sectors includes precious metals (+2%), industrial metals (-1%), minor metals (-6%), energy metals (-7%), and new metal materials (-9%) [20][25]. Basic Metals - Copper prices fell by 0.98% to $8,894 per ton, with domestic copper prices down by 1.31% to ¥73,270 per ton [31][28]. - The average price of copper concentrate (TC) was $5.85 per ton, down by $1.06 from the previous week [31]. - Aluminum prices decreased by 2.46% to $2,494 per ton, while domestic aluminum prices increased by 0.54% to ¥19,867 per ton [34]. - Zinc prices fell by 4.88% to $2,892 per ton, with domestic zinc prices down by 2.53% to ¥25,226 per ton [38]. Precious Metals - Comex gold prices increased by 1.70% to $2,919 per ounce, while domestic gold prices rose by 0.37% to ¥621 per gram [54]. - The report maintains a bullish outlook on gold prices in the long term due to factors such as weakening US dollar credit and geopolitical tensions [54]. Energy Metals - Battery-grade lithium carbonate prices decreased by 0.86% to ¥74,900 per ton, while battery-grade lithium hydroxide prices increased by 0.43% to ¥70,098 per ton [59]. - The industry is currently in a bottoming phase, with prices remaining volatile due to seasonal demand weakening [59]. Recommended Companies - The report recommends several companies with a "Buy" rating, including Zijin Mining, Luoyang Molybdenum, Yun Aluminum, Chihong Zinc & Germanium, and Yunnan Tin [3][68].
有色金属行业周报:年末需求趋弱,静待加关税预期落地
Tai Ping Yang·2025-01-09 00:21