有色金属行业报告（2025.07.07-2025.07.11）：下游招标频繁，看好氧化镨钕供需改善

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the rare earth market is experiencing improved supply and demand dynamics, particularly for praseodymium and neodymium oxide, driven by frequent bidding from magnet manufacturers and concerns over supply reductions [4] - Precious metals are supported by shifting interest rate expectations and strong U.S. non-farm payroll data, enhancing the attractiveness of gold as an investment [5] - Copper prices are fluctuating at high levels, influenced by tariff expectations and macroeconomic factors, with a potential support level identified at approximately 9,350 USD per ton [5] - Aluminum prices are expected to trend upward due to easing trade tensions and a decrease in overall inventory levels [6] - Antimony prices are stabilizing around 190,000 CNY per ton, with a potential for a stocking-up trend as supply tightens [6] Summary by Sections Industry Overview - The closing index for the industry is at 5,199.61, with a weekly high of 5,230.85 and a low of 3,700.90 [1] Price Movements - Basic metals: LME copper decreased by 0.02%, aluminum increased by 0.97%, zinc increased by 0.70%, lead decreased by 1.32%, and tin increased by 0.74% [18] - Precious metals: COMEX gold increased by 1.79%, silver increased by 5.82%, NYMEX palladium increased by 14.68%, and platinum decreased by 7.32% [18] Inventory Changes - Global visible inventory changes: copper increased by 22,839 tons, aluminum increased by 20,687 tons, zinc decreased by 2,326 tons, lead decreased by 3,512 tons, tin decreased by 126 tons, and nickel increased by 3,167 tons [26]