有色金属周报 20250601

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Views - The report expresses optimism about gold prices due to ongoing uncertainties surrounding U.S. tariffs and geopolitical tensions, predicting a long-term upward trend in gold prices [4][6]. - Industrial metals are expected to perform well despite recent fluctuations, with specific attention to copper and aluminum, driven by domestic demand and supply chain dynamics [2][3]. Summary by Sections Industrial Metals - The report highlights a rise in the SMM imported copper concentrate index to $43.56 per dry ton, indicating a slight increase in supply costs [2]. - The Kamoa-Kakula copper mine in the Democratic Republic of Congo faces production disruptions due to seismic activity, potentially affecting output for up to six months [2]. - Domestic aluminum inventory continues to decrease, with a reduction of 23,000 tons reported, supporting price stability [2]. Energy Metals - Lithium prices are under pressure due to declining supply costs, while cobalt prices may see upward movement as inventory levels decrease [3]. - Nickel prices are expected to remain weak despite some production increases in precursor materials [3]. Precious Metals - The report notes that U.S. inflation data remains moderate, but trade uncertainties are likely to support gold prices [4]. - Silver prices are expected to be more resilient than gold due to its industrial applications, with a higher price elasticity anticipated [4]. Key Company Recommendations - The report recommends several companies for investment, including: - Zijin Mining: EPS forecast of 1.21 CNY for 2024, with a PE ratio of 15 [5]. - Luoyang Molybdenum: EPS forecast of 0.63 CNY for 2024, with a PE ratio of 11 [5]. - Huayou Cobalt: EPS forecast of 2.50 CNY for 2024, with a PE ratio of 13 [5]. - Other recommended companies include China Nonferrous Mining, Tianshan Aluminum, and Shandong Gold, among others [2][5].