Nonferrous Metals underperformed the market this week, down 7.03%. Over the same period, the Shanghai Composite Index fell 4.00% to close at 330975; The Shenzhen Component Index fell 4.40% to close at 1244737; The CSI 300 fell 4.22% to close at 430652.
Base metal
The overall market of base metals is weak in this cycle. Futures market: LME aluminum, tin, lead, zinc and copper fell by 9.39%, 7.33%, 6.82%, 6.36% and 4.71% over the same period last week; LME nickel rose 64.89% over the same period last week. China’s spot market: nickel and tin increased by 22.45% and 0.58% respectively; Aluminum, lead, zinc and copper decreased by 6.70%, 1.93%, 1.20% and 1.07% respectively. As the sharp fluctuation of international nickel price affected market sentiment, the overall metal price fluctuated sharply during the week. Copper: copper prices fell slightly this week. At present, copper supply shows an increasing trend. The production of China’s downstream smelting and processing enterprises has basically recovered, and there are signs of improvement in demand. The growth of China’s copper inventory has slowed down. As of Friday, SHFE copper inventory was about 161700 tons, down 3.74% from the same period last week. Aluminum: aluminum prices fluctuated downward this week. Recently, Rio Tinto plans to stop providing bauxite to Rusal, which increases the possibility of production reduction and aluminum prices rebound. As a result of the conflict between Russia and Ukraine, there is great uncertainty in European energy supply, the prices of natural gas and other energy continue to rise, and the scale of electrolytic aluminum production reduction in Europe may expand. In the Chinese market, the operating capacity of electrolytic aluminum in Yunnan and other places has increased steadily. At the same time, the downstream consumption of aluminum has recovered slowly and the demand is expected to improve. In terms of inventory, as of Friday, SHFE aluminum inventory was 34.83 tons, up 0.90% 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 573000 yuan / ton, up 3.80% from last week. The overall price of cobalt salt is relatively stable. The price of cobalt sulfate is 118000 yuan / ton, up 1.72% from last week; The price of Co3O4 was 437500 yuan / ton, up 1.16% 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, but affected by the macro uncertainty, the market wait-and-see sentiment is increasing, and the cobalt price operates smoothly in the short term. 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 490000 yuan / ton, up 7.69% year-on-year from last week; The price of lithium hydroxide was 472500 yuan / ton, up 7.26% year-on-year from last week. Lithium prices continued to rise this week. The operating rate of China’s lithium salt plants has rebounded, but most overseas lithium resource development projects are in the early stage, and the tight supply of upstream lithium resources remains unchanged. In terms of demand, the terminal new energy market has maintained a high boom, with strong demand for goods. Under the tight situation of supply and demand, it is expected that the high lithium price will 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
Precious metals rose slightly as a whole this week. Gold: as of Friday, Comex gold price was USD 1992.3/oz, up 0.88% from last week; Spot gold in London was US $1978.7 per ounce, up 1.72% from last week. Silver: Comex silver price was US $26.22/oz, up 1.29% from last week; The spot silver price in London was US $25.66/ounce, up 2.01%. The geopolitical situation of Russia and Ukraine remains tense, and the market funds have strong risk aversion, boosting the demand for gold. In addition, the conflict between Russia and Ukraine has led to the continuous rise in the prices of energy, Shenzhen Agricultural Products Group Co.Ltd(000061) and other commodities, exacerbating inflationary pressure. Within the week, the United States released that the year-on-year increase of CPI in February hit a new high in 40 years, and inflation continued to be high, forming a short-term support for gold prices. 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.
