有色金属行业双周报：新能源金属反弹，受供给端钴价持续上涨-20250707

Investment Rating - The report maintains a "Hold" recommendation for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals index increased by 6.19% over the past two weeks, outperforming the CSI 300 index and ranking 7th among 31 first-level industries [2][14] - Energy metals and industrial metals led the gains with increases of 8.28% and 8.09% respectively, while precious metals saw a slight decline of -0.53% [2][14] - The price of cobalt has been on the rise due to supply constraints, particularly following the extension of the cobalt export ban in the Democratic Republic of Congo [4][5] Summary by Sections Market Review - The non-ferrous metals index rose 6.19% from June 20 to July 4, 2025, with energy metals and industrial metals showing the highest gains [2][14] - Precious metals experienced a slight decline, while small metals and new metal materials saw positive growth [2][14] Precious Metals - As of July 4, COMEX gold closed at $3,336 per ounce, down 1.43% over the past two weeks, but up 24.89% year-to-date [21][22] - COMEX silver closed at $37.04 per ounce, up 3.03% over the past two weeks and 23.53% year-to-date [22][26] Industrial Metals - LME copper closed at $9,970.50 per ton, with a slight increase of 0.26% over the past two weeks and a year-to-date increase of 14.79% [30] - LME aluminum closed at $2,587 per ton, up 2.29% over the past two weeks [30][33] Small Metals - Black tungsten concentrate (≥65%) price was 173,000 CNY per ton, up 0.58% over the past two weeks [36] - LME tin price was $33,585 per ton, up 3.95% over the past two weeks [36] Rare Earths - The rare earth price index was 182.25 as of July 4, showing a slight increase of 0.04% over the past two weeks [45] - Prices for praseodymium-neodymium oxide and lanthanum oxide remained stable, while cerium oxide saw a significant year-to-date increase of 36.25% [45][46] Energy Metals - Electrolytic cobalt averaged 251,750 CNY per ton, up 7.36% over the past two weeks and 46.79% year-to-date [51] - Sulfuric cobalt (≥20.5%) averaged 48,850 CNY per ton, up 2.41% over the past two weeks and 78.94% year-to-date [51][54]