行业周报：有色金属周报：缅甸矿扰动或进一步推涨稀土价格，钼价新高可期-20250727

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a stable upward trend, with domestic copper inventory accumulation ending and seasonal pressure testing completed [13] - The aluminum market is stabilizing at the bottom, facing significant declines in installation in August, with ongoing seasonal pressure [14] - The precious metals market is accelerating upward, supported by continuous expansion of US fiscal policy, maintaining high prices for gold [15] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices increased slightly, with LME copper at $9,796.00 per ton and Shanghai copper at ¥79,300 per ton [13] - Aluminum prices showed a mixed trend, with LME aluminum down 0.27% to $2,631.00 per ton, while Shanghai aluminum rose 1.22% to ¥20,800 per ton [14] - Gold prices decreased by 2.11% to $3,338.50 per ounce, influenced by international tensions and US fiscal policies [15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The processing fee for imported copper concentrate rose to -$42.63 per ton, indicating supply-side pressures [13] - The operating rate for brass rod enterprises decreased to 49.32%, primarily due to weak demand and high copper prices [13] 2.2 Aluminum - Domestic electrolytic aluminum ingot inventory increased to 510,000 tons, indicating a supply surplus [14] - The operating rate for downstream aluminum processing enterprises slightly declined to 58.7% [14] 2.3 Precious Metals - SPDR gold holdings increased by 10.03 tons to 957.09 tons, reflecting ongoing interest in gold as a safe-haven asset [15] 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is experiencing upward momentum, with prices for praseodymium-neodymium oxide rising to ¥513,200 per ton, up 7.23% [29] - Antimony prices are stabilizing, with expectations of recovery due to reduced domestic smelting capacity [33] - Molybdenum prices are increasing, supported by low inventory levels and robust demand from the steel sector [34] 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - The price of praseodymium-neodymium oxide has shown a significant increase, indicating strong demand and supply tightening [29] - The implementation of new management regulations is expected to benefit leading state-owned enterprises in the sector [32] 4.2 Antimony - Antimony ingot prices have increased to ¥187,100 per ton, with expectations of a price rebound supported by improved export forecasts [33] 4.3 Molybdenum - Molybdenum prices are on the rise, with significant supply disruptions anticipated due to recent incidents at major mines [34] 4.4 Tin - Tin prices have increased to ¥271,400 per ton, supported by strong inventory levels and demand from the semiconductor sector [35]