Copper prices fluctuated and aluminum prices rebounded
Copper: the geopolitical friction between Russia and Ukraine continues, global inflation expectations rise, and copper prices fluctuate at a high level. Pay attention to Zijin Mining Group Company Limited(601899) . As of March 16, Shanghai copper reported 72090 yuan / ton, with a weekly change of – 0.87%; The inventory reported 639.46 million tons, with a weekly change of – 14.28%.
Aluminum: the reduction of aluminum price this week caused the profit of electrolytic aluminum industry to drop, but it is optimistic about aluminum price under the background of steady growth. Pay attention to Yunnan Aluminium Co.Ltd(000807) . As of March 16, Shanghai aluminum reported 21960 yuan / ton, with a weekly change of 0.60%; The inventory received 198309 yuan / ton, with a weekly change of – 2.85%.
Rare earth permanent magnet: the price of rare earth oxide is adjusted as a whole this week. As of March 16, oxidation error (lowest price) closed at 1049000 yuan / ton, with a weekly change of – 2.87%; Oxiqin (lowest price) closed at 1143000, with a weekly change of – 3.14%; Cuoqin oxide (lowest price) closed at 1028000 yuan / ton, with a weekly change of – 4.73%; Oxidation shop (lowest price) closed at 2970 yuan / ton, with a weekly change of 3.26%; Oxidation bond (lowest price) closed at 14720 yuan / ton, with a weekly change of – 2.00%. The rare earth industry is in a new growth cycle, and there are fundamental changes in supply and demand. The orderly and highly centralized supply pattern in China and the stability of global supply have reduced the supply elasticity. It is estimated that the annual rare earth mining and smelting index in 2022 will be about 202000 tons, an increase of about 20% year-on-year. In terms of demand, under the background of global low-carbon and electrification, new energy vehicles, improved energy efficiency of industrial motors, wind power, Siasun Robot&Automation Co.Ltd(300024) etc. have replaced consumer electronics and become the main driving force of rare earth permanent magnet demand, resulting in a leap in magnitude. We expect the average annual compound growth rate to be about 26% from 2022 to 25. Pay attention to Jl Mag Rare-Earth Co.Ltd(300748) , Yantai Zhenghai Magnetic Material Co.Ltd(300224) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) .
Risk tip: the global economic recovery is less than expected: the US inflation continues to be high; the production and sales of new energy vehicles are lower than expected; the energy crisis is alleviated more than expected; the demand for magnetic materials is less than expected; the supply in Myanmar recovers rapidly; the power rationing is less than expected
