Nonferrous Metals outperformed the market this week, with an increase of 2.13%. Over the same period, the Shanghai Composite Index fell 1.13% to close at 345141; The Shenzhen Component Index fell 0.35% to close at 1341292; The CSI 300 fell 1.67% to close at 457342.
Base metal
The current market of base metals is relatively strong in this cycle. Futures market: LME aluminum, lead, tin and zinc increased by 3.27%, 1.87%, 1.95%, 1.30% and 1.26% over the same period last week; LME copper and nickel fell by 0.95% and 0,23% compared with the same period last week. China’s spot market: nickel, aluminum and tin increased by 1.09%, 0.44% and 0.07% respectively; Zinc, copper and lead decreased by 1.69%, 0.64% and 0.64% respectively. Copper: copper prices fluctuated slightly this week. The steady growth policy continued to boost commodities. The resumption of production of China’s downstream smelting and processing enterprises is slow, and the recovery of market demand is less than expected. There is still seasonal accumulation in the copper market. As of Friday, SHFE copper inventory was about 159000 tons, up 16.67% from the same period last week. Aluminum: aluminum prices rose slightly this week. The Russian Ukrainian war broke out in the week, there was increased uncertainty in European energy supply, the price of natural gas and other energy increased, and the cost side supported the rise of aluminum price. Hydro albras aluminum plant is expected to restart the first batch of electrolytic cells at the beginning of the second quarter and resume normal operation in the fourth quarter of 2022. In the Chinese market, aluminum factories in Yunnan and Inner Mongolia began to resume production, the supply of electrolytic aluminum gradually increased, the demand of consumers was expected to improve, and the operating rate of processing enterprises increased. In terms of inventory, as of Friday, SHFE aluminum inventory was 35.59 tons, up 3.11% from the same period last week. It is suggested to pay attention to: Zijin Mining Group Company Limited(601899) , China Molybdenum Co.Ltd(603993) , Yunnan Aluminium Co.Ltd(000807) , Henan Shenhuo Coal&Power Co.Ltd(000933) , Shandong Nanshan Aluminium Co.Ltd(600219) , Henan Mingtai Al.Industrial Co.Ltd(601677) .
New energy metals
The price of new energy metals showed strong performance this week. Cobalt: the price of cobalt rose slightly this week. As of Friday, the spot price of cobalt in the Yangtze River was 550000 yuan / ton, up 3.67% from last week. The overall price of cobalt salt is relatively stable. The price of cobalt sulfate is 112000 yuan / ton, up 2.42% from last week; The price of Co3O4 was 427500 yuan / ton, up 1.18% from last week. The epidemic situation in South Africa is repeated, the port policy is tightened, the transportation is blocked, and the current situation of cobalt supply shortage continues. On the demand side, the consumption expectation of new energy vehicles and other fields is optimistic, the demand for cobalt increases steadily, and the price of cobalt is expected to continue to rise steadily. Lithium: the lithium salt market maintained stable operation this week, and the price of lithium salt rose. As of Friday, the price of lithium carbonate was 440000 yuan / ton, up 6.02% year-on-year from last week; The price of lithium hydroxide was 410500 yuan / ton, up 15.47% year-on-year from last week. Lithium prices continued to rise this week, and manufacturers that stopped production before the festival gradually resumed work. However, mainstream manufacturers at the raw material supply side had maintenance to varying degrees, and the tight supply of lithium resources in the upstream remained unchanged. In terms of demand, the terminal new energy market maintained a high boom, and the market sentiment remained bullish. Under the tight supply and demand situation, the high lithium price is expected to maintain stable operation. It is suggested to focus on Zhejiang Huayou Cobalt Co.Ltd(603799) , Nanjing Hanrui Cobalt Co.Ltd(300618) , targets of cobalt industry integration layout; Leading enterprises with high self-sufficiency rate of lithium resources Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) ; Related subjects of lithium in Salt Lake: Qinghai Salt Lake Industry Co.Ltd(000792) , Tibet Summit Resources Co.Ltd(600338) , Tibet Mineral Development Co.Ltd(000762) , Sinomine Resource Group Co.Ltd(002738) ; Lithium mica related targets: Yongxing Special Materials Technology Co.Ltd(002756) , Jiangdian special machinery; Related subject matter of spodumene: Sichuan New Energy Power Company Limited(000155) .
Precious metals
This week, precious metals operated in shock as a whole. Gold: as of Friday, Comex gold price was 1890.1 US dollars / ounce, down 0.56% from last week; Spot gold in London was US $1884.8 per ounce, down 0.46% from last week. Silver: Comex silver price was US $23.95/oz, up 1.48% from last week; Spot silver in London rose 1.50% to $24.31 an ounce. High global inflation, repeated outbreaks and political tensions in Russia and Ukraine have increased the market demand for safe haven gold. Whether the military friction will escalate in the future is still uncertain. The inflation expectation implied in the US bond market remains high recently, and the price of gold remains volatile. It is suggested to pay attention to: Chifeng Jilong Gold Mining Co.Ltd(600988) , Yintai Gold Co.Ltd(000975) , Shengda Resources Co.Ltd(000603) .
Risk tips
The demand is less than expected; The European energy crisis continues to ferment; Risk of policy changes.
