有色金属周报：几内亚铝矿出现扰动，氧化铝价格有望筑底-20250519

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals are expected to remain favorable in the long term despite recent fluctuations in gold prices, which saw a slight decline of 0.38% during the week of May 12-16. The easing of international trade tensions is contributing to this outlook, although uncertainties remain [4]. - Industrial metal prices have mostly declined, with notable changes in aluminum prices due to regulatory actions in Guinea affecting mining rights [4]. - The report highlights a positive trend in rare metals, particularly praseodymium-neodymium oxides, and tungsten prices, driven by a recovery in manufacturing demand [4]. - Energy metals, particularly lithium, have seen price declines, prompting a focus on future demand growth in this sector [4]. - The report suggests a favorable investment environment for the non-ferrous metals sector, driven by anticipated monetary easing from the Federal Reserve and domestic fiscal policies [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices are expected to stabilize and potentially rise due to ongoing global trade uncertainties and the weakening position of the US dollar [4]. 1.2 Industrial Metals - Recent price movements include copper at 78,140 CNY/ton (+0.4%), aluminum at 20,130 CNY/ton (+3.4%), and nickel at 124,060 CNY/ton (-0.3%) [27]. 1.3 Rare Metals - Prices for praseodymium-neodymium oxides have increased by 5.1% week-on-week, indicating a recovery in demand [29]. 1.4 Energy Metals - Lithium carbonate prices have decreased, with industrial-grade lithium carbonate at 63,150 CNY/ton (-3.1%) and battery-grade at 64,800 CNY/ton (-3.0%) [34]. 2. Market Data - The non-ferrous metals sector saw a weekly increase of 0.61%, with specific segments like metal new materials and small metals performing variably [35]. 3. Key Events of the Week - Guinea's government has reclaimed mining rights for 51 mining licenses, including bauxite and gold, which may impact global supply chains [42].