有色金属行业周报：再通胀交易发酵，有色金属价格走强

Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, suggesting potential investment opportunities due to rising prices and favorable market conditions [4]. Core Viewpoints - The non-ferrous metals sector is experiencing a price increase driven by inflation expectations, with significant gains in metals such as gold, copper, and aluminum [4][9]. - The report highlights the impact of U.S. economic policies under President Trump, which are expected to exacerbate inflation, thereby benefiting non-ferrous metals [4]. - The report suggests specific companies to watch, including Zijin Mining, Luoyang Molybdenum, and Shandong Gold, due to their potential for price appreciation in the context of inflation [4]. Summary by Sections 1. Non-Ferrous Metals Market Review - As of January 10, the SW Non-Ferrous Metals Index increased by 2.00%, outperforming the Shanghai Composite Index, which decreased by 1.34% [9][10]. - The report notes that the non-ferrous metals sector has shown a year-to-date increase of 1.37% [9]. 2. Non-Ferrous Metals Price Review (1) Basic Metals - Key metal prices as of this week include copper at 75,270 CNY/ton (+3.08%), aluminum at 20,145 CNY/ton (+1.23%), and nickel at 125,480 CNY/ton (+2.08%) [21][22]. - The report also provides LME prices, with copper at 9,074 USD/ton (+2.22%) and aluminum at 2,569 USD/ton (+3.01%) [21][22]. (2) Precious Metals - Gold and silver prices have risen to 635.46 CNY/gram (+1.45%) and 7,804 CNY/kilogram (+2.27%), respectively [60][61]. (3) Rare and Minor Metals - Prices for lithium carbonate (battery grade) increased to 75,500 CNY/ton (+1.00%), while other rare metals showed varied price movements [71][74]. 3. Industry Dynamics - The report mentions that the Kamoa-Kakula project is expected to produce 437,000 tons of copper in 2024, a 12% increase year-on-year, indicating strong growth in copper production [101].