有色金属行业周报：板块处于右侧交易窗口期

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific stocks recommended for investment [1][2]. Core Insights - The significant rise in base metal prices since the beginning of the year has been driven by both supply and demand factors. However, recent price increases have led to a temporary delay in downstream purchasing, although overall demand remains high. Once inventory is consumed, a restocking phase is expected [2]. - The aluminum market is influenced by sanctions against Russia, leading to an expanding price gap between domestic and international aluminum prices. The report suggests that aluminum prices may remain high due to recovering demand and favorable macroeconomic policies [2]. - Copper prices continue to show strength, supported by robust economic data from the U.S. and supply disruptions in Zambia. The report indicates that copper prices may have further upside potential [2]. - The gold sector is highlighted as a key investment area due to ongoing geopolitical tensions and increased demand for safe-haven assets. The report recommends focusing on companies like Shandong Gold and Yintai Gold [2]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector has experienced a decline of 2.31%, underperforming the Shanghai Composite Index by 3.83 percentage points [8]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum - Aluminum prices have slightly decreased to 20,340 CNY/ton, with profits for electrolytic aluminum recovering to 2,886 CNY/ton. The price gap between domestic and international aluminum continues to widen due to sanctions against Russia [2][16]. 2.2 Copper - Copper prices remain strong, with LME copper nearing 9,900 USD. Supply disruptions and strong macroeconomic expectations are driving prices higher [2][15]. 2.3 Zinc - Zinc prices have seen a slight decline, with SHFE zinc prices down by 2.00% [43]. 2.4 Tin - Tin prices have increased significantly due to production issues in the Manxiang mining area [2]. 3. Precious Metals Fundamentals Tracking 3.1 Gold - Gold prices have risen due to geopolitical tensions and increased demand for safe-haven assets, reaching over 2,400 USD. Central banks continue to purchase gold, supporting its price [2]. 3.2 Macroeconomic Data Tracking - Recent U.S. economic data has shown strength, contributing to positive sentiment in the metals market [2]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium - Lithium carbonate prices have slightly decreased, with production expected to increase in the coming weeks. However, there is still downward pressure on prices [2]. 4.2 Nickel - Nickel production rates are expected to decline in April [2]. 5. Industry Dynamics - The report emphasizes the cyclical nature of the non-ferrous metals sector, with potential for rotation among different metals as market conditions evolve [2].