The profit of electrolytic aluminum continues to rise, and rare earth is expected to enter the accelerated integration period
Copper: the copper price rebounded slightly this week, the recent economic turn signals were frequent, the demand side was expected to improve, and the inventory rebounded slightly, but it was in a low position. As of December 22, Shanghai copper reported 69690 yuan / ton, with a weekly change of 2.49%; The inventory reported 91.81 million tons, with a weekly change of – 4.17%.
Aluminum: aluminum prices rose slightly. The operating capacity maintained a downward trend and imports continued to close. Affected by the economic work conference, the demand side is expected to improve and the inventory continues to be replenished. The profit of electrolytic aluminum industry continued to rise due to cost side factors. As of December 22, Shanghai aluminum reported 20045 yuan / ton, with a weekly change of 5.72%; The inventory received 230239 yuan / ton, with a weekly change of – 5.01%. Follow Yunnan Aluminium Co.Ltd(000807) .
Precious metals: as of December 21, spot gold in London closed at US $1793.75/oz, with a weekly change of 0.95%; The US dollar index recorded 96.4557, with a weekly change of – 0.11%; The US real interest rate recorded – 0.96%, with a weekly change of – 3bp.
Rare earth permanent magnet: on December 18, SASAC proposed the in-depth implementation of specialized integration of rare earth and coal at the meeting of heads of central enterprises. We believe that the top management continues 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, the continuous growth of new energy vehicles and industrial motors is expected to reconstruct the demand pattern of rare earth permanent magnet. Rare earth oxide prices fluctuated this week and remained relatively high as a whole. As of December 22, Praseodymium oxide (lowest price) closed at 873000 yuan / ton, unchanged during the week; neodymium oxide (lowest price) closed at 898000 yuan / ton, with a weekly change of 1.70%; praseodymium neodymium oxide (lowest price) closed at 833000 yuan / ton, with a weekly change of – 0.60%; dysprosium oxide (lowest price) closed at 2885 yuan / ton, with a weekly change of – 0.17%; terbium oxide (lowest price) closed at 11120 yuan / ton, with a weekly change of – 0.71%. Pay attention to 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
