有色金属行业研究：有色金属周报:欧美关税或再升级，金价再度上行-20250526

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The industrial metal sector is experiencing slight pressure on demand, particularly in copper and aluminum, while precious metals like gold are seeing upward trends due to geopolitical tensions and trade issues [13][15]. - The rare earth sector is expected to see a dual increase in prices domestically and internationally due to export controls and supply disruptions, particularly from Myanmar [30][33]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices on LME decreased by 1.18% to $9,487.00 per ton, while Shanghai copper increased by 0.06$2,475.50 per ton, with domestic aluminum rod inventories at 130,800 tons, showing a decrease [14]. - Gold prices on COMEX increased by 2.24% to $3,316.60 per ounce, driven by international trade tensions and geopolitical conflicts [15]. 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The processing fee index for imported copper concentrate dropped to -$43.05 per ton, indicating supply-side pressures. The weekly operating rate for copper wire companies was 82.34%, down 1.05 percentage points from the previous week [13][18]. 2.2 Aluminum - The operating rate for alumina plants increased by 0.99 percentage points to 78.01%, as some companies resumed production after maintenance [14]. 2.3 Precious Metals - The increase in gold prices is attributed to heightened demand for safe-haven assets amid geopolitical uncertainties and trade negotiations between the US and EU [15]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is experiencing a robust upward trend, with prices for dysprosium and terbium increasing significantly due to export controls [30]. - Antimony prices are expected to rebound as supply from Myanmar is disrupted by natural events, while the overall demand remains stable [34]. - Tin prices have shown resilience despite some downward pressure, supported by low inventory levels and seasonal production cuts [36]. 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - The prices for various rare earth oxides have shown fluctuations, with overseas prices for dysprosium and terbium rising significantly [31][33]. 4.2 Antimony - Antimony ingot prices have decreased slightly, but the overall market outlook remains positive due to supply constraints and increasing demand [34]. 4.3 Tin - Tin ingot prices have shown slight declines, but the market remains supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [36].