Copper aluminum, diamond lithium and precious metal plates are recommended
This week, the Shanghai Composite Index rose 1.63%, the Shanghai and Shenzhen 300 index rose 3.14%, the SW nonferrous index fell 0.38%, Comex gold fell 0.04% and silver fell 1.55%. Among the prices of major industrial metals, LME aluminum, copper, zinc, lead, nickel and tin changed by – 0.19%, 0.39%, 4.51%, 4.44%, – 1.20% and 0.05% respectively; LME aluminum, copper, zinc, lead, nickel and tin in major industrial metal inventories changed by 3.44%, 4.37%, 7.22%, – 0.18% and – 3.52% respectively.
Industrial metals: the central economic work conference emphasizes “steady growth”, and the demand for industrial metals will pick up
China announced a comprehensive RRR reduction. The central economic work conference stressed the tone of “steady growth” next year. At the same time, Biden overseas plans to expand the fiscal deficit and improve the liquidity margin. In copper, the epidemic interfered with the clearance of raw materials and the release of demand, and low inventories supported prices. In terms of aluminum, the expectation of limited production in winter remains, the cost side is down, the inventory is accelerated this week, and the profit of electrolytic aluminum has rebounded sharply. We continue to be optimistic that the supply and demand of industrial metals will benefit from China’s “steady growth” policy next year. Focus on: Zijin Mining Group Company Limited(601899) , China Molybdenum Co.Ltd(603993) , Shandong Nanshan Aluminium Co.Ltd(600219) , Henan Shenhuo Coal&Power Co.Ltd(000933) , Ye Chiu Metal Recycling (China) Ltd(601388) etc.
New energy Metals & small metals: there is a strong demand for trams, and lithium salt processing is accelerated
In terms of cobalt, the outbreak in South Africa led to tight supply of cobalt raw materials and upward price of cobalt salt. In terms of lithium, there is a strong demand for electric vehicles, manufacturers are generally optimistic about the future market of new energy vehicles, accelerate the year-end goods preparation and procurement, lithium resources are in short supply, concentrate prices remain high, smelting costs also rise synchronously, lithium prices are expected to continue to rise, and lithium carbonate quotation exceeds 220000 / T,. Focus on: Zhejiang Huayou Cobalt Co.Ltd(603799) , Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Qinghai Salt Lake Industry Co.Ltd(000792) , Tibet Mineral Development Co.Ltd(000762) .
Precious metals: US inflation data in November exceeded expectations, inflation accelerated, and gold prices supported significantly
The US CPI data in November showed that inflation was accelerating. The US CPI annual rate in November recorded 6.80%, up 0.6pct from the previous value, a new high since 1982. Based on the economic uncertainty under the epidemic and the worries about inflation and even stagflation in the United States next year, we continue to be optimistic about the investment value of gold. Focus on: Chifeng Jilong Gold Mining Co.Ltd(600988) , Zhaojin gold industry, Shandong Gold Mining Co.Ltd(600547) .
Risk statement
Strong dollar; Global geopolitical risks; The economic recovery was lower than expected
