有色金属周报：电解铝逆势上涨，关键金属首推稀土钨钼-20260308

Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1][12] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1][12] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1][12] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2][13] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2][13] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2][13] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, influenced by geopolitical risks [3][14] - SPDR gold holdings decreased by 28.01 tons to 1,073.32 tons [3][14] - The market is experiencing strong fluctuations due to geopolitical tensions, particularly involving Iran and Israel [3][14] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [3][35] - The industry is expected to see a positive supply-demand resonance due to ongoing supply-side reforms and more relaxed export expectations [3][35] - Key companies to watch include China Rare Earth, Guangsheng Nonferrous, and Northern Rare Earth [3][35] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating strong demand [3][39] - Recent actions against illegal mining in Ganzhou may support tungsten prices [3][39] - The supply-demand fundamentals for tungsten are showing strong resonance [3][39] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton [3][60] - Lithium production increased to 22,600 tons this week, reflecting a slight rise [3][60] - The market is experiencing strong purchasing intentions from downstream material manufacturers despite price declines [3][60] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [3][61] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [3][61] - The market is currently in a phase of inventory digestion, with potential for price increases as demand stabilizes [3][62] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, with Shanghai nickel down by 2.9% to ¥136,300 per ton [3][62] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [3][62] - The market is facing weak demand and high inventory, but there is strong bottom support for prices [3][62]