Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report highlights that the production disruption in the Democratic Republic of Congo (DRC) has led to an increase in global prices for copper, cobalt, and tin [2] - The report notes that the prices of precious metals, particularly gold, have risen above 3,000perounceduetoinflationconcernsandtariffuncertainties[3]−Thealuminummarketisexperiencingstrongdemandasinventorycontinuestodeplete,supportinghighaluminumprices[4]−Thelithiummarketisfacingdownwardpressureonprices,withaslightdecreaseincarbonlithiumpricesobserved[5]SummarybySections1.MarketPerformanceReview−Thenon−ferrousmetalsectorincreasedby3.563,000 per ounce, driven by inflation and tariff uncertainties [3] Macro Economic Data Tracking - The report tracks key economic indicators, including CPI and employment data, which influence market expectations [3] 4. Energy Metals and Rare Earth Fundamentals Tracking Lithium - The average price of lithium carbonate has decreased slightly, with production expected to decline due to cost pressures [5] Cobalt and Nickel - The report anticipates an increase in nickel pig iron operating rates in March [12] 5. Industry Weekly Dynamics - The report provides insights into weekly changes in metal prices and inventory levels, indicating overall market trends [21][22]
