有色金属大宗金属周报：国内矿端扰动加剧，锂价底部回升-20250727

Investment Rating - The industry investment rating is "Positive" (maintained) [2][106] Core Viewpoints - The report highlights that domestic mining disturbances have intensified, leading to a rebound in lithium prices from the bottom [2] - Copper prices have fluctuated due to significant inventory reduction domestically, with a short-term outlook of price support from low inventory levels [2] - Aluminum prices are expected to remain stable amid rising inventories, while lithium prices have rebounded significantly due to supply-side disturbances [2] - Cobalt prices have increased as inventory is gradually consumed, with potential price rebounds anticipated due to export bans from the Democratic Republic of Congo [2] Summary by Sections 1. Industry Overview - Domestic and international macroeconomic conditions are showing mixed signals, with U.S. unemployment claims lower than expected [6] - The overall performance of the non-ferrous metal sector has outperformed the Shanghai Composite Index [8] 2. Industrial Metals 2.1 Copper - Copper prices have seen an increase of 1.22% in London and 1.07% in Shanghai, with significant inventory changes noted [22] - The report indicates a loss in copper smelting margins, which have expanded to -2475 CNY/ton [22] 2.2 Aluminum - Aluminum prices have increased by 2.33% in London and 1.19% in Shanghai, with rising inventories impacting price stability [34] - The profit margin for aluminum smelting has decreased to 4460 CNY/ton [34] 2.3 Lead and Zinc - Lead prices have risen by 1.55% in London and 0.56% in Shanghai, while zinc prices have increased by 2.26% in London and 2.44% in Shanghai [44] - Mining profits for zinc have improved to 7360 CNY/ton [44] 2.4 Tin and Nickel - Tin prices have increased by 4.89% in London and 2.67% in Shanghai, with nickel prices also showing upward trends [58] - Domestic nickel iron enterprises have reported profits of 5792 CNY/ton [58] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices have risen by 9.38% to 72900 CNY/ton, with lithium spodumene prices increasing by 13.92% to 810 USD/ton [74] - The report notes that smelting margins for lithium remain negative, indicating challenges in profitability [74] 3.2 Cobalt - Domestic cobalt prices have increased by 2.06% to 248000 CNY/ton, with significant price increases anticipated due to supply constraints [86]