The profit of electrolytic aluminum continued to rise, and the price of rare earth oxide mainly rose
Copper: the copper price fell slightly this week, the recent economic turn signals were frequent, the demand side was expected to improve, and the inventory decreased during the week. Follow Zijin Mining Group Company Limited(601899) . As of January 5, Shanghai copper reported 70110 yuan / ton, with a weekly change of – 0.13%; The inventory reported 68.55 million tons, with a weekly change of – 9.59%.
Aluminum: aluminum prices rebounded during the week and inventories fell. As of January 5, Shanghai aluminum reported a closing of 20380 yuan / ton, with a weekly change of 2.36%; The inventory received 228942 yuan / ton, with a weekly change of – 1.10%. China’s operating capacity maintained a downward trend and imports continued to close. The demand side is expected to improve due to the impact of the economic work conference. The recent overseas energy crisis disturbed the supply side, mainly because many aluminum smelters in Europe were forced to reduce production due to power shortage. The profit of electrolytic aluminum industry continued to rise due to cost side factors. Follow Yunnan Aluminium Co.Ltd(000807) .
Rare earth permanent magnet: the price of rare earth oxide mainly rose this week, and remained relatively high as a whole. As of January 5, praseodymium oxide (the lowest price) closed at 873000 yuan / ton, unchanged during the week; Neodymium oxide (lowest price) closed at 922000, with a weekly change of 1.88%; Praseodymium neodymium oxide (lowest price) closed at 858000 yuan / ton, with a weekly change of 3.13%; Dysprosium oxide (lowest price) closed at 2895 yuan / ton, with a weekly change of 0.87%; Terbium oxide (lowest price) closed at 11380 yuan / ton, with a weekly change of 2.80%. 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, new energy vehicles and rare earth permanent magnet industrial motors are growing, which is expected to reconstruct the demand pattern of rare earth permanent magnet. Follow 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
