有色金属行业周报：美国关税态度趋缓，外盘金属价格偏强震荡

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The report indicates a strong demand for gold driven by significant inflows into gold ETFs, with global investment demand reaching 552 tons in Q1 2025, a year-on-year increase of 170% [1][36] - The easing of U.S. tariff policies has positively impacted the copper market, leading to a short-term price rebound [2] - The lithium market is experiencing cost pressures, with production rates declining, indicating a potential inventory turning point [3] Summary by Sections Weekly Data Tracking - The non-ferrous metal sector experienced a general decline this week [13] - Prices of various non-ferrous metals have decreased across the board [23] Industrial Metals - Copper: Global copper inventory decreased to 582,000 tons, down 58,000 tons week-on-week, with domestic inventory dropping by 68,000 tons [2] - Aluminum: The theoretical operating capacity of the electrolytic aluminum industry increased to 43.835 million tons, with demand reported as weak in certain regions [2] Energy Metals - Lithium: The production of lithium carbonate decreased by 14% to 14,500 tons, with an operating rate of 45% [3] - Silicon Metal: High inventory levels continue to pressure silicon prices, with social inventory at 603,000 tons [3] Precious Metals - Gold: The first quarter saw a net inflow of 226 tons into gold ETFs, significantly boosting investment demand [1][36] Key Stocks - Recommended stocks include Zijin Mining, Shandong Gold, and Chalco, among others, with various buy ratings based on projected earnings per share and price-to-earnings ratios [8]