民生证券近日发布有色金属周报：本周（04/28-04/30）上证综指下跌0.49%，沪深300指 数下跌0.43%，SW有色指数下跌0.81%，贵金属COMEX黄金下跌-1.00%，COMEX白银下 跌-1.01%。工业金属LME铝、铜、锌、铅、镍、锡价格分别变动+1.11%、+0.83%、 +0.57%、+1.28%、+0.35%、+1.79%，工业金属库存LME铝、铜、锌、铅、镍、锡分别变 动-2.36%、-2.48%、-5.27%、-4.14%、-1.44%、-2.65%。 以下为研究报告摘要： 贵金属：市场对中美达成贸易协议的乐观态度，削弱了避险资产，金价短期回落，美元 走弱大趋势下继续看好贵金属价格后续表现。目前市场对中美达成贸易协议的乐观态度，削 弱了避险资产，对金价反弹造成限制。中长期来看，去美元中心化+美元信用弱化为主线， 全球贸易担忧情绪仍存，叠加俄乌冲突不断升级，看好金价中枢上移。白银价格受金价回落 影响也有所回落，但工业属性利好使得其回落幅度小于黄金，后续若看到金价反弹，银价弹 性相对更高，价格有望创历史新高。重点推荐：万国黄金集团、赤峰黄金、山金国际、招金 矿业、山东黄金、中金黄金、湖 ...

Group 1: Market Overview - The overall rare earth prices have declined due to weak demand expectations stemming from the trade war, while heavy rare earth prices remain stable due to export controls providing price support [1][3] - Copper prices increased by 1.15% to $9,360 per ton on LME, and 1.71% to ¥77,400 per ton on SHFE during the week [2] - Aluminum prices rose by 2.20% to $2,437.50 per ton on LME, and 1.70% to ¥20,000 per ton on SHFE [2] Group 2: Supply and Demand Dynamics - MP Materials, the only rare earth mine in the U.S., has ceased exports of rare earth concentrates to China, which may lead to a further contraction in global praseodymium and neodymium supply, supporting their prices [1][3] - The first quarter copper production of Anglo American Resources fell by 15% year-on-year to 168,900 tons, primarily due to a decline in Chilean output [2] - Domestic electrolytic aluminum ingot inventory decreased by 15,000 tons to 658,000 tons, indicating a slight reduction in supply [2] Group 3: Price Trends and Forecasts - Gold prices fell by 3.05% to $3,300.20 per ounce, influenced by economic uncertainties and geopolitical tensions [3] - Lithium carbonate average price decreased by 1.9% to ¥70,100 per ton, while lithium hydroxide average price fell by 0.31% to ¥74,100 per ton [5] - Nickel prices on LME increased by 0.9% to $15,880 per ton, supported by rising costs due to new regulations in Indonesia [6]