CMS·2025-05-11 12:02Investment Rating - The report maintains a recommendation for investment in the metals industry, particularly highlighting opportunities in copper and gold [3]. Core Insights - Tungsten prices continue to rise, and rare earth elements are beginning to see price increases as well. The report emphasizes the importance of these materials in the context of trade agreements and market dynamics [2][10]. - The report notes that the U.S. and U.K. have reached an agreement on tariff trade terms, with the U.S. retaining a 10% baseline tariff while reducing steel and aluminum tariffs to zero. This development is expected to influence market sentiment [2]. - The report suggests a focus on materials related to technology and robotics, as well as self-sufficient products, indicating a shift towards strategic materials in the industry [2]. Industry Overview - The metals industry comprises 235 listed companies with a total market capitalization of 399.76 billion and a circulating market value of 371.64 billion [3]. - The performance of the metals sector has shown a 1.67% increase this week, with small metals leading at 4.59% and energy metals at 2.86% [7]. - The report highlights significant stock movements, with Haomei New Materials seeing a 19.26% increase, while Zhongfu Industrial experienced a 4.58% decline [7]. Price Movements - The report indicates that magnesium prices have increased by 5.34% due to supply constraints and low inventory levels, while indium prices have decreased by 3.81% due to export tariffs and reduced demand [7]. - Copper inventory has decreased by 0.95 million tons to 1.201 million tons, which is significantly lower than the previous year's inventory of 4.047 million tons [7]. - Aluminum prices are expected to face short-term pressure due to increased supply and weak demand, although long-term prospects remain positive [8]. Material-Specific Insights - The report notes that black tungsten prices have risen by 2% to 152,500 CNY per ton, driven by supply constraints and market expectations [10]. - Rare earth prices have also seen increases, with prices for terbium, dysprosium, and praseodymium-neodymium oxides rising by 4.81%, 2.49%, and 3.55% respectively [10]. - Gold and silver prices have shown a slight increase, with gold reaching 3,324 USD per ounce, reflecting ongoing geopolitical tensions and market dynamics [10].