有色金属行业周报：地缘扰动再起，看多贵金属避险价值-20260301

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, Shandong Gold, and China Hongqiao [11]. Core Views - The geopolitical tensions, particularly between the US and Iran, are expected to boost the safe-haven appeal of precious metals like gold and silver [2]. - Despite inventory accumulation in copper, prices remain strong due to ongoing demand and strategic reserve considerations from both China and the US [3]. - The aluminum market is anticipated to experience price fluctuations as the consumption season approaches, supported by macroeconomic factors [4]. - Nickel prices are on an upward trend due to supply constraints and increased inquiries from steel mills [5]. - Tin prices are expected to remain strong amid renewed concerns over supply disruptions from Myanmar [8]. - Lithium prices are rising due to export bans from Zimbabwe, which may tighten supply in the coming months [9]. - Cobalt prices are showing strength as demand recovers with the resumption of production [10]. Summary by Sections Precious Metals - Geopolitical tensions are driving up demand for gold and silver as safe-haven assets, with specific companies recommended for investment [2]. Industrial Metals - Copper: Despite a significant increase in global copper inventories, prices remain resilient due to strategic reserve initiatives and expectations of domestic demand recovery [3]. - Aluminum: The market is expected to see price volatility as downstream production resumes post-holiday, with macroeconomic conditions remaining favorable [4]. - Nickel: Prices have increased by 4.7% to 141,560 CNY/ton, driven by supply constraints and demand from steel manufacturers [5]. - Tin: Prices are expected to experience strong fluctuations due to supply concerns stemming from Myanmar's political situation [8]. Energy Metals - Lithium: Prices have surged, with battery-grade lithium carbonate reaching 174,000 CNY/ton, influenced by export restrictions from Zimbabwe [9]. - Cobalt: The price of cobalt has risen by 3.4% to 440,000 CNY/ton, supported by recovering demand as production resumes [10]. Key Companies - Recommended companies for investment include Zijin Mining, Shandong Gold, and China Hongqiao, among others, reflecting strong growth potential in the non-ferrous metals sector [11].