有色金属行业双周报：贵金属价格持续震荡，锑价回涨明显-20251125

Investment Rating - The report maintains a "Hold" rating for the industry [7] Core Insights - The non-ferrous metals industry index decreased by 5.76% over the past two weeks, underperforming the CSI 300 index, ranking 22nd among 31 first-level industries [2][13] - Precious metals prices have shown volatility, with gold and silver prices increasing slightly, while industrial metals and new materials have seen more significant declines [2][3] - A significant discovery of a large gold deposit in China was reported, marking the largest single gold mine found since the establishment of the People's Republic of China [4][62] Summary by Sections Market Review - The non-ferrous metals industry index fell by 5.76% from November 10 to November 21, 2025, with declines across various segments including energy metals (-2.70%), industrial metals (-6.85%), new materials (-10.20%), precious metals (-0.65%), and minor metals (-6.43%) [2][13] Precious Metals - As of November 21, 2025, COMEX gold closed at $4,062.80 per ounce, up 1.37% over two weeks, and up 52.10% year-to-date. COMEX silver closed at $49.66 per ounce, up 2.98% over two weeks, and up 65.59% year-to-date [3][21] - The gold market is experiencing fluctuations due to geopolitical tensions and the Federal Reserve's hawkish stance, impacting prices [21] Industrial Metals - LME copper settled at $10,685.50 per ton, down 0.32% over two weeks, but up 23.03% year-to-date. Domestic copper prices averaged 85,710 yuan per ton, down 0.26% over two weeks, and up 16.93% year-to-date [28] - The copper market is supported by low global inventories, despite ongoing geopolitical risks [28] Minor Metals - Black tungsten concentrate prices rose to 329,000 yuan per ton, up 5.11% over two weeks, and up 130.07% year-to-date. Antimony ingot prices increased to 172,500 yuan per ton, up 15.38% over two weeks, and up 22.99% year-to-date [35][36] - The tungsten market remains strong due to tight supply and high demand in various sectors [36] Rare Earths - The China Rare Earth Price Index was reported at 206.73, down 1.21% over two weeks, but up 26.23% year-to-date. Prices for light rare earths like praseodymium-neodymium oxide decreased slightly, while heavy rare earths saw more significant declines [46][49] - The rare earth market is experiencing a downturn due to weak demand and pricing pressures [46] Energy Metals - As of November 21, 2025, the average price of electrolytic cobalt was 396,500 yuan per ton, up 2.99% over two weeks, and up 177.27% year-to-date. Lithium carbonate prices increased to 92,300 yuan per ton, up 14.80% over two weeks, and up 22.90% year-to-date [54][57] - The energy metals sector is benefiting from strong demand, particularly in battery materials [57]