有色金属行业周报：未来一周金属价格或持续波动

Investment Rating - The investment rating for the non-ferrous metals industry is "Recommended" (maintained) [2][3] Core Views - The report indicates that metal prices are expected to continue fluctuating due to multiple factors, including changes in U.S. interest rate expectations and U.S.-EU tariff negotiations. The recent downgrade of the U.S. sovereign credit rating by Moody's has also contributed to increased volatility in major metal prices [3][24] - Precious metals are experiencing upward fluctuations, influenced by short-term events. The report highlights that the current gold price is in a volatile phase, susceptible to short-term events and sentiment catalysts [23][24] - The long-term logic for gold prices remains unchanged despite short-term fluctuations, and the report suggests focusing on companies like Zijin Mining (600988.SH) and Chifeng Jilong Gold Mining (601899.SH) [3][4] Summary by Sections 1.1 Market Trends - From May 19 to May 23, 2025, the Shenwan Non-Ferrous Metals Index increased by 1.26%. Among the sub-industries, industrial metals rose by 1.86%, while precious metals saw a significant increase of 5.58% [11][14] 1.2 Major Metal Prices and Inventory Changes - The report provides detailed price changes for major industrial metals as of May 25, 2025, including: - LME Copper: $9,614 per ton, down 1.84$2,379 per ton, down 6.63% week-on-week - LME Nickel: $14,758 per ton, down 9.90% week-on-week - Domestic gold: ¥780 per gram, up 2.42% week-on-week [16][19] 1.3 Key Company Announcements - Yunnan Copper announced plans to acquire a 40% stake in Liangshan Mining through a share issuance and to raise matching funds from China Aluminum Group and China Copper [22] - Zhongjin Gold announced plans to acquire stakes in several gold mining companies from its controlling shareholder, China National Gold Group [22]