有色金属周报：关税持续扰动，持续看好贵金属

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Views - Precious metals are expected to perform well in the long term 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 [7] - Industrial metal prices have generally declined, influenced by the tariff issues, 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] - Rare earth prices, particularly praseodymium-neodymium oxide, have increased, indicating a potential growth in demand driven by manufacturing recovery [7] - Lithium prices have decreased, with carbonate lithium and lithium hydroxide prices down by 3.4% and 2.7% respectively, highlighting a need to monitor future demand for energy metals [7] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have shown a slight decline, but long-term prospects remain positive due to ongoing trade uncertainties [7] 1.2 Industrial Metals - Prices for industrial metals have mostly decreased, with significant drops in tin and nickel prices [30][7] 1.3 Minor Metals - Prices for praseodymium-neodymium oxide have increased, while tungsten prices have also shown upward trends, indicating a recovery in manufacturing demand [31][34] 1.4 Energy Metals - Lithium prices have decreased significantly, with carbonate lithium down by 3.4% and industrial-grade lithium hydroxide down by 2.7%, suggesting a need for careful observation of future demand trends [37] 2. Market Data - The non-ferrous metals sector has seen a decline of 2.40%, with various sub-sectors such as precious metals and industrial metals also experiencing downturns [38] 3. Key Events of the Week - U.S. President Trump announced an increase in tariffs on steel and aluminum imports, which is expected to impact the industrial metals market significantly [44]