有色金属行业双周报：贵金属价格走高，战略小金属价格分化-20250609

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [7] Core Viewpoints - The non-ferrous metals industry index increased by 1.18% over the past two weeks, outperforming the CSI 300 index and ranking 12th among 31 first-level industries [2][14] - Precious metals have shown strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data [5] - The report highlights the price differentiation among strategic minor metals, suggesting a focus on investment opportunities in this area [5] Summary by Sections 1. Market Review - The non-ferrous metals industry index rose by 1.18% from May 26 to June 6, 2025, with small metals and new metal materials leading the gains at 4.56% and 3.93% respectively [2][14] - Precious metals, energy metals, and industrial metals saw changes of 1.41%, 0.38%, and 0.06% respectively [14] 2. Precious Metals - As of June 6, COMEX gold closed at $3,331 per ounce, down 0.80% over the past two weeks but up 24.70% year-to-date [22] - COMEX silver closed at $36.13 per ounce, up 7.40% over the past two weeks and 20.49% year-to-date, driven by unique attributes and market sentiment [27][24] 3. Industrial Metals - LME copper settled at $9,795 per ton, up 2.08% over the past two weeks and 12.77% year-to-date [31] - LME aluminum closed at $2,432 per ton, down 0.23% over the past two weeks and down 4.12% year-to-date [31] 4. Minor Metals - Black tungsten concentrate (≥65%) price reached 172,500 CNY per ton, up 4.86% over the past two weeks and 20.84% year-to-date [36] - Antimony ingot (99.65%) price was 215,000 CNY per ton, down 3.37% over the past two weeks but up 53.30% year-to-date [36] 5. Rare Earths - The rare earth price index was 183.45 as of June 6, up 3.09% over the past two weeks and 12.01% year-to-date [47] - Neodymium oxide price was 449,000 CNY per ton, up 4.66% over the past two weeks and 12.81% year-to-date [47] 6. Energy Metals - As of June 6, electrolytic cobalt averaged 233,550 CNY per ton, down 0.98% over the past two weeks but up 36.98% year-to-date [52] - Sulfuric acid cobalt (≥20.5%) averaged 48,375 CNY per ton, down 1.28% over the past two weeks and up 81.18% year-to-date [52] 7. Major Events - Rosneft, Russia's largest oil producer, diversified into rare metals by acquiring Vostok Engineering, which holds a development license for a rare earth deposit estimated at 154 million tons [4][59]