Industrial metals: the copper price is slightly adjusted. It is difficult to replenish the stock at a low level under the condition that the demand is stable and the supply side is difficult to increase the quantity in the short term. 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 marginal relaxation of real estate policy, and inventory is expected to decline. As of December 1, 2021, Shanghai copper reported 69650 yuan / ton, with a weekly change of – 2.20%, and the inventory reported 11137 tons, with a weekly change of – 8.81%; Shanghai aluminum reported 19120 yuan / ton, with a weekly change of – 0.68%, and the inventory reported 217456 tons, with a weekly change of 3.15%.
Precious metals: a new variant of covid-19 virus (Omicron) disturbed the market, increased risk aversion and gold prices rose. However, Biden recently nominated Powell for re-election as chairman of the Federal Reserve, sending an eagle signal to the market that the real interest rate may rise in the future. As of December 1, 2021, London gold spot closed at US $1789.25/oz, with a weekly change of 0.40%; the US dollar index was 96.04, with a weekly change of – 0.83%; the US real interest rate recorded – 1.01%, Weekly variation – 4bp.
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 1, 2021, praseodymium oxide (lowest price) was reported at 863000 yuan / ton, with a weekly change of 4.61%; neodymium oxide (lowest price) was reported at 845000 yuan / ton, with a weekly change of 4.66%; praseodymium neodymium oxide (lowest price) was reported at 845000 yuan / ton, with a weekly change of 6.16%; dysprosium oxide (lowest price) was reported at 2910 yuan / kg, with a weekly change of 0.34%; terbium oxide (lowest price) was reported at 11070 yuan / kg, with a weekly change of 3.75%.
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
