有色金属行业双周报：地缘冲突扰动供给，金银大幅震荡

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, emphasizing opportunities driven by supply rigidity and demand resilience [4]. Core Insights - The non-ferrous metals industry index increased by 0.29% over the past two weeks, outperforming the CSI 300 index and ranking 14th among 31 sectors [1][11]. - Key price movements include significant increases in aluminum (10.87%), tungsten (30.58%), and molybdenum (7.48%), while industrial metals like copper and energy metals saw declines [2][17][28][43]. - Geopolitical tensions, particularly in the Middle East, are impacting supply chains and prices, with a focus on the implications for various metals [4][19][38]. Summary by Sections Market Review - The non-ferrous metals index rose by 0.29% from February 23 to March 6, 2026, with small metals (5.45%), precious metals (4.29%), and new metal materials (0.39%) increasing, while industrial metals (-1.37%) and energy metals (-2.90%) decreased [1][11]. Precious Metals - As of March 6, COMEX gold closed at $5,181.30 per ounce, up 1.00% over two weeks, and year-to-date up 19.60% [2][18]. - COMEX silver closed at $84.70 per ounce, with a slight increase of 0.15% over two weeks and a year-to-date increase of 19.32% [2][18]. Industrial Metals - LME copper settled at $12,808.00 per ton, up 0.45% over two weeks, with a year-to-date increase of 2.43% [2][28]. - Aluminum prices surged due to supply disruptions, with LME aluminum at $3,385.00 per ton, reflecting a 10.87% increase over two weeks [2][32]. Small Metals - Molybdenum prices rose to 4,455 yuan per ton, up 7.48% over two weeks, driven by supply concerns due to geopolitical tensions [2][37]. - Tungsten prices reached 918,000 yuan per ton, up 30.58% over two weeks, influenced by domestic policy and supply constraints [2][43]. Rare Earths - The rare earth price index stood at 295.42, up 1.80% over two weeks, with significant increases in prices for lanthanum and cerium oxides [2][53][54]. Energy Metals - Cobalt prices averaged 431,500 yuan per ton, up 1.17% over two weeks, while lithium carbonate prices increased by 8.95% to 155,250 yuan per ton [2][58].