Aluminum inventories fell sharply, and the price of rare earth oxides generally rose
Copper: approaching the Spring Festival, the downstream demand has entered a phased off-season. The copper price has increased slightly this week, and the inventory has been replenished slightly during the week. Follow Zijin Mining Group Company Limited(601899) . As of January 26, Shanghai copper reported a closing of 70730 yuan / ton, with a weekly change of 1.01%; The inventory closed at 136.23 million tons, with a weekly change of 3.81%.
Aluminum: near the Spring Festival, the demand side is weak, aluminum prices fell slightly during the week, and inventories fell sharply. As of January 26, Shanghai aluminum reported 21525 yuan / ton, with a weekly change of – 0.02%; The inventory received 142282 yuan / ton, with a weekly change of – 27.83%. The profit of electrolytic aluminum industry remained high due to cost side factors. Follow Yunnan Aluminium Co.Ltd(000807) .
Rare earth permanent magnet: the price of rare earth oxide rose as a whole this week. As of January 26, praseodymium oxide (lowest price) closed at 905000 yuan / ton, with a weekly change of 0.56%; Neodymium oxide (lowest price) closed at 1045000, with a weekly change of 2.45%; Praseodymium neodymium oxide (lowest price) closed at 938000 yuan / ton, with a weekly change of 3.42%; Dysprosium oxide (lowest price) closed at 3010 yuan / ton, with a weekly change of 1.69%; Terbium oxide (lowest price) closed at 13470 yuan / ton, with a weekly change of 3.86%. We believe that the top management will continue to pay attention to the strategic low position of rare earth, and the industry is expected to enter a period of accelerated integration in the future, and the concentration is expected to continue to improve. In the medium and long term, new energy vehicles and rare earth permanent magnet industrial motors are growing, which is expected to reconstruct the demand pattern of rare earth permanent magnet. Follow Jl Mag Rare-Earth Co.Ltd(300748) , Yantai Zhenghai Magnetic Material Co.Ltd(300224) , China Minmetals Rare Earth Co.Ltd(000831) .
Risk tip: the global economic recovery is less than expected; US inflation remains high; The production and sales of new energy vehicles are lower than expected; The energy crisis eased more than expected; The demand for magnetic materials is less than expected; Rapid recovery of supply in Myanmar; Power rationing less than expected
