Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report maintains a positive outlook on precious metals, particularly gold, due to rising prices and geopolitical tensions, which are expected to drive demand [4] - Industrial metal prices show mixed trends, with some metals experiencing price declines while trade negotiations between China and the US may provide upward pressure on prices [4] - The report emphasizes the potential for growth in the tungsten market driven by manufacturing recovery, despite recent price declines in rare earth elements [4] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic spot gold prices fell by 1.81% recently, but the long-term outlook remains positive due to geopolitical instability and a weakening dollar [4] 1.2 Industrial Metals - SHFE prices for copper, aluminum, lead, zinc, tin, and nickel changed by -1.6%, 1.1%, -0.2%, -1.3%, -1.9%, and -2.9% respectively [4][27] - The report notes that trade discussions between China and the US may ease trade tensions, potentially benefiting industrial metal prices [4] 1.3 Minor Metals - Prices for praseodymium-neodymium oxide have decreased, while tungsten prices have also seen declines, although demand for tungsten is expected to grow in the medium to long term [4][29] 1.4 Energy Metals - Lithium and nickel prices have generally declined, with lithium hydroxide prices down by 3.8% and nickel prices down by 1.8% [4][34] 2. Market Performance - The report indicates that the overall performance of the non-ferrous metal sector has declined by 3.57%, with specific segments like metal new materials and precious metals seeing larger drops [35] 3. Important Events Review - The report highlights the escalation of tensions due to US military actions in the Middle East, which may impact market sentiment and demand for safe-haven assets like gold [41]
有色金属周报：美国入局伊以冲突，市场避险需求提升-20250623
Tebon Securities·2025-06-23 08:05