Non-ferrous metals outperformed the market this week, up 2.26%. Over the same period, the Shanghai Composite Index fell 2.14% to close at 3212.24 points, the Shenzhen Composite Index fell 2.08% to close at 12072.73 points, and the Shanghai and Shenzhen 300 index fell 2.14% to close at 4174.57 points.
Basic metal
Part of the spot market for base metals rose this week. Futures market: LME copper and nickel fell 0.28% and 1.67% compared with the same period last week. LME aluminum, zinc, lead and tin rose 7%, 6.28%, 3.83% and 0.43% compared with the same period last week. Domestic spot market: aluminum, copper, nickel, lead, zinc and tin increased by 1.00%, 1.14%, 3.31%, 1.18%, 20.30% and 1.79%, respectively. Copper:
Copper prices continued to fluctuate this week. Copper prices are supported by persistently high global inflation and stable domestic growth policies. During the week, the Federal Reserve sent another hawkish signal, short-term bearish landing, copper prices may continue to strengthen in the short term. On the domestic side, strict epidemic prevention requirements hindered downstream production and consumption, as well as the transportation of electrolytic copper and scrap copper, and the domestic spot market continued to remove inventories. As of Friday, SHFE copper inventory was about 102100 tons, down 21.20% from the same period last week. Aluminum: aluminum prices continue to rise this week.
The conflict between Russia and Ukraine continued, and Australia imposed sanctions on Russia this week, banning the export of bauxite and alumina to Russia and limiting its aluminum production capacity. At the same time, Russia announced that it would use the rouble to settle natural gas with Europe, pushing energy prices higher, and European aluminum mills are still expected to cut production. In the domestic market, electrolytic aluminum enterprises have gradually resumed work and production, and the operating capacity of electrolytic aluminum has increased steadily. At the same time, the market demand has gradually picked up, and the domestic inventory has been removed obviously. as of Friday, SHFE aluminum inventory was 30.89 tons, down 7.45% from the same period last week. Suggested attention: Zijin Mining, Luoyang Molybdenum Industry, Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., Nanshan Aluminum Co., Ltd., Mingtai Aluminum Co., Ltd.
New energy metal
The price of new energy metals stabilized this week. Cobalt: cobalt prices fluctuated this week. As of Friday, the spot cobalt price in the Yangtze River was 5690,000 yuan / ton, down 0.35% from last week. The price trend of cobalt salt is stable. The prices of cobalt sulfate and cobalt tetroxide are 1180,000 yuan / ton and 437500 yuan / ton respectively, maintaining the price last week. The domestic epidemic situation repeatedly affects the market trading enthusiasm, at the same time, because the logistics is blocked under the epidemic, the downstream manufacturers are not willing to purchase, and the wait-and-see mood is strong. Lithium: lithium prices remain high this week. As of Friday, the price of lithium carbonate was 4850 thousand yuan / ton, and the price of lithium hydroxide was 4805 thousand yuan / ton, both of which were the same as last week. On the supply side, factory maintenance has not yet fully recovered, and the rise in temperature in Qinghai has released the output of lithium extraction from salt lakes, but it is unable to solve the situation of supply shortage. Recently, a number of new energy car companies have announced price increases, while the Ministry of Industry and Information Technology has once again pointed out that it is necessary to ensure the sound and sustainable development of the lithium industry, guide the rational return of lithium prices, and lithium prices will remain high under tight supply and demand. It is suggested to focus on: Huayou Cobalt Industry and Hanrui Cobalt Industry, which are the targets of the integrated layout of cobalt industry; Ganfeng Lithium Industry, Tianqi Lithium Industry, the leading enterprises with high self-sufficiency rate of lithium resources; Salt Lake Lithium related targets: salt Lake shares, Tibet Everest, Tibet Mining, medium Mine Resources; Lithium Mica related targets: Yongxing Materials, Jiangte Motor; spodumene related targets: Sichuan Energy Power.
Precious metal
Precious metal prices have generally risen this week. Gold: as of Friday, COMEX gold was at $1957.6 an ounce, up 1.88% from last week; spot gold in London was $1953.8 an ounce, up 0.93% from last week. Silver: COMEX silver price is 25.73 US dollars per ounce, up 2.35% from last week; spot silver price in London is 25.62 US dollars per ounce, up 1.53 per cent. The United States reported a significant drop in jobless claims last week and a better-than-expected PMI in manufacturing and services, and the US economy improved. At present, global inflation remains high, the Federal Reserve issued a hawk signal this week, but the market is already expected to raise interest rates. In addition, the conflict between Russia and Ukraine continues to ferment, negotiations between the two sides have not made substantial progress, Western sanctions have not been reduced, and instability has boosted demand for safe haven for precious metals, supporting the continued rise in gold prices. Suggested attention: Chifeng Gold, Shandong Gold, Yintai Gold.
Risk hint
The demand is lower than expected; the geo-war between Russia and Ukraine continues to ferment; the risk of policy change.
