Copper and aluminum prices pick up and inventories continue to be removed [institutional review]

Copper: the Federal Reserve's policy of raising interest rates has hit the ground, and the benefits have been emptied. In the context of steady domestic growth, the demand side continues to improve, leading to the removal of the treasury. On the supply side, the epidemic affects domestic transport and imports, while the supply of scrap copper is tight, copper prices have a certain support, pay attention to Zijin Mining. As of March 23, Shanghai copper closed at 73180 yuan / ton, with a weekly change of 1.51%; inventory closed at 535.5 million tons, with a weekly change of-16.26%.

Aluminum: aluminum prices rebounded this week, while cost-side stabilization led to a rebound in profits in the electrolytic aluminum industry, pay attention to Yunnan Aluminum shares. As of March 23, Shanghai Aluminum reported 23085 yuan / ton, with a weekly change of 5.12%; inventory closed at 157748 yuan / ton, with a weekly change of-20.45%.

Rare earth permanent magnet: the price of rare earth oxides is adjusted as a whole this week. Recently, due to the continuous price adjustment, downstream procurement is cautious. At present, there is a tight balance between supply and demand in the industry. From a medium-and long-term perspective, the rare earth industry is in a new growth cycle. Under the background of global low carbon and electrification, new energy vehicles, industrial motors, wind power and robots have replaced consumer electronics and become the main driving force of rare earth permanent magnet demand. Pay attention to Jinli permanent magnet, Zhenghai magnetic materials, northern rare earths. As of March 23, praseodymium oxide (lowest price) reported 1008000 yuan / ton, weekly change-3.91%; neodymium oxide (lowest price) quoted 1063000, weekly change-7.00%; praseodymium oxide neodymium oxide (lowest price) quoted 987000 yuan / ton, weekly change-3.99%; dysprosium oxide (lowest price) quoted 2870 yuan / ton, weekly change-3.37%; terbium oxide (lowest price) quoted 13890 yuan / ton, weekly change-5.64%.

Risk hints: global economic recovery is not as expected; inflation in the United States remains high; production and sales of new energy vehicles are lower than expected; energy crisis alleviated more than expected; demand for magnets is lower than expected; Burma's supply recovers quickly; power cuts fall short of expectations.