Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a significant decline of 2.86% during the week of March 31 to April 4, ranking it low among all primary industries [15] - Industrial metals prices have sharply retreated due to heightened market concerns over the U.S. and global economic downturn following unexpected tariff policies [1][25] - The report expresses a bullish outlook on gold in the medium to long term, despite short-term volatility due to liquidity shocks [4][47] Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.28%, with the non-ferrous metals sector declining by 2.86%, underperforming the index by 2.59 percentage points [15] - Among sub-sectors, the industrial metals segment saw a notable drop of 4.36%, while the precious metals sector decreased by 1.24% [15] Industrial Metals - Copper: As of April 4, LME copper closed at $8,780 per ton, down 10.36% week-on-week, while SHFE copper was at 78,860 CNY per ton, down 3.31% [2][32] - Aluminum: LME aluminum closed at $2,379 per ton, down 6.63%, and SHFE aluminum at 20,420 CNY per ton, down 1.90% [3][39] - Zinc: LME zinc closed at $2,657 per ton, down 7%, and SHFE zinc at 23,155 CNY per ton, down 3.94% [42] - Tin: LME tin closed at $35,378 per ton, down 2.32%, while SHFE tin was at 287,790 CNY per ton, up 2.27% [44] Precious Metals - Gold: COMEX gold closed at $3,056.10 per ounce, down 1.99%, while SHFE gold was at 739.04 CNY per gram, up 4.05% [45][48] - The report highlights that the U.S. effective tariff rate has surged to 22.5%, the highest since 1909, intensifying market fears regarding economic downturns and boosting gold's safe-haven appeal [47]
有色金属行业跟踪周报：美国关税政策大超预期，市场避险情绪快速升温致使工业金属价格显著回调-2025-04-06
Soochow Securities·2025-04-06 08:02