Copper and aluminum prices rebounded, and inventories continued to go
Copper: the boots of the Fed’s interest rate hike fell to the ground, and all bad things came out. Under the background of China’s steady growth, the demand side continued to improve, driving the destocking. In terms of supply, the epidemic affects China’s transportation and import. At the same time, the supply of scrap copper is tight, and the copper price has certain support. Pay attention to Zijin Mining Group Company Limited(601899) . As of March 23, Shanghai copper closed at 73180 yuan / ton, with a weekly change of 1.51%; The inventory reported 535.5 million tons, with a weekly change of – 16.26%.
Aluminum: the aluminum price rebounded this week, and the profit of electrolytic aluminum industry rebounded due to the stabilization of the cost side. Pay attention to Yunnan Aluminium Co.Ltd(000807) . As of March 23, Shanghai aluminum reported 23085 yuan / ton, with a weekly change of 5.12%; The inventory received 157748 yuan / ton, with a weekly change of – 20.45%.
Rare earth permanent magnet: the price of rare earth oxide is adjusted as a whole this week. Recently, due to continuous price adjustment, downstream procurement is cautious. At present, the supply and demand of the industry maintain a tight balance. In the medium and long term, the rare earth industry is in a new growth cycle. Under the background of global low-carbon and electrification, new energy vehicles, industrial motor energy efficiency improvement, 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, bringing a leap in magnitude. 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) . As of March 23, praseodymium oxide (the lowest price) closed at 1008000 yuan / ton, with a weekly change of – 3.91%; Neodymium oxide (lowest price) closed at 1063000, with a weekly change of – 7.00%; Praseodymium neodymium oxide (lowest price) closed at 987000 yuan / ton, with a weekly change of – 3.99%; Dysprosium oxide (lowest price) closed at 2870 yuan / ton, with a weekly change of – 3.37%; Terbium oxide (lowest price) closed at 13890 yuan / ton, with a weekly change of – 5.64%.
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
