Industry Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, citing rising secondary inflation expectations and a rebound in metal prices [1][5] Core Views - Secondary inflation expectations are rising, leading to a rebound in metal prices, particularly for copper and aluminum [1][5] - The US labor market showed strong performance in December 2024, with non-farm payrolls increasing by 256,000, exceeding expectations, and the unemployment rate dropping to 4.1% [5] - Copper prices are expected to rise further as tariff measures are implemented, potentially suppressing metal prices [5] - The long-term bullish trend for gold is supported by the weakening of the US dollar and frequent geopolitical events [5] - Energy metals prices remain volatile due to cautious downstream procurement and weak year-end demand [6] Sector Performance Summary Basic Metals - Copper: LME copper prices increased by 2.02% to $9,074/ton, while domestic copper spot prices rose by 2.97% to 75,443 yuan/ton [27][30] - Aluminum: LME aluminum prices increased by 2.99% to $2,569/ton, while domestic aluminum spot prices decreased by 0.91% to 19,687 yuan/ton [27][33] - Zinc: LME zinc prices decreased by 1.00% to $2,863/ton, and domestic zinc spot prices fell by 2.38% to 24,626 yuan/ton [27][37] - Lead: LME lead prices increased by 3.12% to $1,981/ton, while domestic lead spot prices decreased by 1.26% to 16,613 yuan/ton [27][43] - Tin: LME tin prices increased by 3.34% to $29,980/ton, and domestic tin spot prices rose by 3.79% to 252,175 yuan/ton [27][47] - Nickel: LME nickel prices increased by 2.79% to $15,665/ton, and domestic nickel spot prices rose by 2.46% to 127,192 yuan/ton [27][49] Precious Metals - Comex gold prices increased by 1.59% to $2,946/ounce, and domestic gold spot prices rose by 1.12% to 628 yuan/gram [52][53] - Comex silver prices increased by 2.26% to $33.72/ounce, and domestic silver spot prices rose by 1.41% to 7,720 yuan/kg [52][53] Energy Metals - Battery-grade lithium carbonate prices increased by 1.07% to 75,700 yuan/ton, while battery-grade lithium hydroxide prices rose by 0.51% to 70,455 yuan/ton [57][58] - Electrolytic cobalt prices decreased by 2.35% to 166,000 yuan/ton, while cobalt oxide prices remained unchanged at 114,000 yuan/ton [57][62] Recommended Companies - The report recommends several companies with a "Buy" rating, including Zijin Mining, Luoyang Molybdenum, Yunnan Aluminum, Chihong Zinc & Germanium, and Yunnan Tin [3][65]
有色金属行业周报：二次通胀预期上升，金属价格回升（20250106-20250110）
Tai Ping Yang·2025-01-14 04:15