Copper inventories fell sharply and rare earth prices continued to rise
Industrial metals: the copper price was slightly adjusted this week. After the overall standard reduction, the demand side is expected to improve. When it is difficult to increase the supply side in the short term, the inventory decreased rapidly and was in a low position. The supply and demand of aluminum market are weak, and the price rises slightly. At present, the operating capacity continues to decline, imports continue to close, the demand side is boosted by the overall RRR reduction, and inventory continues to be replenished. As of December 8, 2021, Shanghai copper reported 69570 yuan / ton, with a weekly change of – 0.11%, and the inventory reported 6331 tons, with a weekly change of – 43.15%; Shanghai aluminum reported 18870 yuan / ton, with a weekly change of – 1.31%, and the inventory reported 226793 tons, with a weekly change of 4.29%.
Precious metals: the U.S. non farm data and unemployment rate data in November were divided, superimposed with the outbreak of a new virus in South Africa, and the gold price showed a volatile trend. As of December 8, 2021, spot gold in London closed at US $1781.35/oz, with a weekly change of – 1.28%; The US dollar index was 96.30, with a weekly change of 0.43%; The US real interest rate recorded – 0.99%, with a weekly change of 8bp.
Rare earth permanent magnet: the price of rare earth rose as a whole this week and remained relatively high as a whole. As of December 8, 2021, praseodymium oxide (lowest price) was reported at 873000 yuan / ton, with a weekly change of 1.16%; neodymium oxide (lowest price) was reported at 864000 yuan / ton, with a weekly change of 1.17%; praseodymium neodymium oxide (lowest price) was reported at 848000 yuan / ton, with a weekly change of 0.36%; dysprosium oxide (lowest price) was reported at 2915 yuan / kg, with a weekly change of 0.17%; terbium oxide (lowest price) was reported at 11200 yuan / kg, with a weekly change of 1.17%.
Risk tip: the global economic recovery is less than expected; 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
