有色金属周报：关税持续扰动，持续看好贵金属-20250604

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Viewpoints - Precious metals are expected to see a long-term bullish trend despite a slight decline in domestic gold prices by 0.42% during the week of May 26 to June 1, 2025. The increase in U.S. tariffs on steel and aluminum from 25% to 50% is anticipated to create uncertainty in global trade, which may support gold prices in the long run [7][44] - Industrial metal prices have generally declined, influenced by the tariff increase, with copper, aluminum, lead, zinc, tin, and nickel prices dropping by 0.6%, 0.6%, 1.7%, 1.6%, 6.5%, and 1.8% respectively [7][30] - Small metals like praseodymium-neodymium oxide have seen price increases, while tungsten prices have also risen, indicating a potential steady growth in demand for tungsten in manufacturing [7][31][34] - Energy metals, particularly lithium, have experienced price declines, with lithium carbonate prices down by 3.4% and 42.3% year-on-year [7][36] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have slightly decreased, but the long-term outlook remains positive due to ongoing trade uncertainties [7][10] 1.2 Industrial Metals - Prices for industrial metals have mostly decreased, with significant drops in tin and nickel prices [7][30] 1.3 Small Metals - Prices for praseodymium-neodymium oxide and tungsten have increased, reflecting a recovery in manufacturing demand [7][31][34] 1.4 Energy Metals - Lithium prices have decreased significantly, indicating a potential oversupply or reduced demand in the short term [7][36] 2. Market Data - The non-ferrous metals sector has seen a decline of 2.40%, with various sub-sectors also experiencing losses [38] 3. Key Events Review - The announcement of increased tariffs on steel and aluminum by President Trump is a significant event impacting the non-ferrous metals market [44]