能源金属行业周报：中东冲突下高油价持续性预期走强，“白色石油”锂有望受益能源替代下的需求超预期-20260329

Investment Rating - The industry rating is "Recommended" [4] Core Views - High oil prices are expected to persist due to ongoing conflicts in the Middle East, which may benefit lithium as a substitute energy source [2] - Nickel prices are supported by supply uncertainties from Indonesia, with a current LME nickel spot price of $17,010 per ton, up 1.43% from March 20 [2] - Cobalt prices are anticipated to rise due to supply tightness from the Democratic Republic of Congo, with electrolytic cobalt priced at 430,500 CNY per ton as of March 27, down 0.35% from March 20 [3] - The lithium market is experiencing upward pressure on prices, with carbonate lithium reaching 168,400 CNY per ton, a 17.09% increase from March 20 [21] - Supply constraints in the tungsten market are expected to continue, supporting price increases [24] - Uranium prices are expected to remain high due to supply tightness and geopolitical factors, with the global uranium market price at $71.3 per pound [25] Summary by Sections Nickel and Cobalt Industry - Nickel prices are supported by slow approval processes for mining quotas in Indonesia, with a total inventory of 281,574 tons as of March 27 [2] - Cobalt supply remains tight, with expectations of structural shortages leading to price increases in the coming years [3][18] Lithium Industry - The lithium market is experiencing upward price movements due to supply disruptions and increased demand from the electric vehicle sector, with significant price increases noted [21] - Companies with substantial lithium resource supply are expected to benefit, including major players in the sector [21] Tungsten Industry - The tungsten market is characterized by supply constraints due to strict mining regulations and environmental checks, which are expected to support prices in the long term [24] Uranium Industry - The uranium market is facing supply tightness, with geopolitical tensions contributing to price stability, and companies involved in uranium mining are expected to benefit from this trend [25]