Huaan Securities: supply and demand Game Cobalt Lithium to maintain stable Operation

Non-ferrous metals outperformed the market this week, down 1.00%. Among the sub-plates, the tungsten plate rose the most, with an increase of 8.20%; in addition, the magnetic material plate also rose to a certain extent, up 6.76%, while the aluminum plate fell the most, falling 3.60%.

Basic metal

The overall operation of the cash market of base metals this week is on the strong side. Futures market: LME aluminum, zinc, lead and nickel rose 2.53%, 0.89%, 2.91% and 2.17%, respectively. Copper and tin fell 0.59% and 1.32% respectively. The prices of most basic metals in the domestic spot market increased, with zinc, lead, nickel and tin rising by 0.49%, 0.32%, 0.50% and 1.30% respectively, while copper and aluminum fell slightly by 1.02% and 0.64% respectively. This week, the market selling and saving feedback is better, and the bearish sentiment in the early stage of the market has eased somewhat. Copper: this week Malaysia announced another extension of the full blockade, which will affect the overall volume of recycled copper exports to China. However, under the shock of continued weakness in copper prices, the mood of overstocking and price-raising among consignors weakened over the weekend. At present, due to the previous decline in copper prices, there is still a replenishment demand in the market, and copper inventories continue to be eliminated. This week, SHFE copper inventory was 143000 tons, down 7.34% from the same period last year. Aluminum:

Aluminum prices have risen as a whole this week, leading processing companies have held steady, and market inventories continue to bottom. As of Friday, LME aluminum stocks were 1.563 million tons, down 2.10% from a year earlier, down 2.10% from a year earlier, down 3.59% from 278000 tons. The progress of resuming production in Yunnan and throwing storage and landing to supplement the supply of aluminum, but at present, the gap between supply and demand still exists, the fundamental support is strong, and aluminum prices continue to operate at a high level. Suggested attention: Zijin Mining, Jiangxi Copper, Yunnan Aluminum Co., Ltd., Shenhuo Co., Ltd.

New energy metal

The price of new energy metals is strong this week. Cobalt: the domestic price of cobalt metal is still on the rise. The price of cobalt is 364,000 yuan / ton, up 1.11% from last week. The price of cobalt sulfate is 77,000 yuan / ton, up 5.48% from last week. The price of cobalt tetroxide is 275,000 yuan / ton, up 3.00% from last week. Cobalt market demand continues to pick up this week, downstream ternary materials enterprises have a higher willingness to purchase, supporting the smooth operation of cobalt prices. Lithium: the market price of lithium has remained stable this week. As of Friday, the price of lithium carbonate was 88,000 yuan / ton, which was unchanged last week. The price of lithium hydroxide was 94,000 yuan / ton, up 1.08% from last week. At present, the global lithium supply is still tight, and the end market demand is stable. This week, manufacturers mostly purchase for rigid demand to support the stable operation of lithium prices. It is recommended that you pay attention to:

Huayou Cobalt Industry, Ganfeng Lithium Industry, Hanrui Cobalt Industry, Shengxin Lithium Energy, Yahua Group.

Precious metal

The precious metals market is volatile this week. Gold: this week's COMEX gold price is 1787.7 US dollars per ounce, up 0.33 per cent from last week; London spot gold is 1786.2 US dollars per ounce, slightly down 0.03 per cent. Silver: this week, the COMEX silver price was 26.1 US dollars per ounce, up 0.56%; the spot silver price in London was 26.2 US dollars per ounce, a slight increase of 0.15%.

The hawkish mood of the Federal Reserve continued this week, and precious metals prices remained volatile as the US employment index strengthened and expectations of early interest rate increases rose. Suggested attention: Zijin Mining, Shandong Gold, Chifeng Gold

Risk hint

The demand is lower than expected; the upstream mine exceeds the expected supply; the risk of policy change.