有色金属行业周报：欧美关税风波再起，黄金板块或迎修复

Investment Rating - The report maintains a rating of "Outperform" for the industry [3] Core Viewpoints - The report highlights that the easing of US-China tariffs may lead to a recovery in the copper sector, driven by improved export and macroeconomic expectations, alongside tight copper supply [5] - The aluminum sector is expected to see a rebound in exports, although attention must be paid to downstream production changes [5] - The gold sector is positioned for potential recovery due to rising risk aversion stemming from increased US fiscal concerns and new tariffs on EU imports [5] - Small metals like tungsten and rare earths are showing price increases overseas, which may gradually transmit to domestic markets [5] - The steel sector is anticipated to benefit from urban renewal projects and a favorable cost environment, leading to improved profitability expectations [6] Summary by Relevant Sections Copper Sector - Recent LME copper price was $9,595 per ton, with a week-on-week change of +0.6% - SHFE copper price was 77,790 RMB per ton, with a week-on-week change of -0.4% - Copper social inventory recorded 139,900 tons, up 7900 tons week-on-week, indicating initial stockpiling in the off-season [5] Aluminum Sector - LME aluminum price was $2,437 per ton, with a week-on-week change of -1.5% - SHFE aluminum price was 20,155 RMB per ton, with a week-on-week change of +0.1% - The aluminum processing enterprise operating rate fell to 61.4%, indicating a mixed demand landscape [5] Gold Sector - SHFE gold price was 780 RMB per gram, with a week-on-week change of +3.8% - COMEX gold price was $3,358 per ounce, with a week-on-week change of +4.8% - Increased concerns over US fiscal risks and new tariffs are expected to elevate gold prices [5] Small Metals Sector - Rare earth prices for praseodymium and neodymium oxides were 429,000 RMB per ton, with a week-on-week change of -1.0% - Tungsten prices for tungsten concentrate were 165,000 RMB per ton, with a week-on-week change of +0.9% [5] Steel Sector - SHFE rebar price was 3,046 RMB per ton, with a week-on-week change of -1.2% - SHFE hot-rolled coil price was 3,189 RMB per ton, with a week-on-week change of -1.1% - The National Development and Reform Commission plans to launch approximately 3 trillion RMB in quality projects this year, enhancing demand expectations [6]