Copper prices continued to rise, and inventories were significantly reduced
Copper: at the macro level, the West has increased energy sanctions against Russia. Under the expectation of high inflation, copper prices are expected to be supported. Under the background of China’s steady growth, the demand side continued to improve, driving the destocking. In terms of supply, the continuous fermentation of the epidemic affects China’s transportation and import, and the supply of waste copper is tight. Pay attention to Zijin Mining Group Company Limited(601899) . As of March 30, Shanghai copper closed at 74210 yuan / ton, with a weekly change of 1.41%; The inventory reported 426.51 million tons, with a weekly change of – 20.35%.
Aluminum: the price of aluminum decreased slightly this week, and the fermentation of the epidemic affected the production and related transportation in Shandong, Fujian and other places. At the end of the heating season, coal enters the off-season, the overall cost side stabilizes, and the profit of electrolytic aluminum industry remains high. Pay attention to Yunnan Aluminium Co.Ltd(000807) . As of March 30, Shanghai aluminum reported a closing of 22935 yuan / ton, with a weekly change of – 0.65%; The inventory reported 174139 million tons, with a weekly change of 10.39%.
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. 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 30, praseodymium oxide (the lowest price) closed at 966000 yuan / ton, with a weekly change of – 4.17%; Neodymium oxide (lowest price) closed at 1018000, with a weekly change of – 4.23%; Praseodymium neodymium oxide (lowest price) closed at 957000 yuan / ton, with a weekly change of – 3.04%; Dysprosium oxide (lowest price) closed at 2740 yuan / ton, with a weekly change of – 4.53%; Terbium oxide (lowest price) closed at 13460 yuan / ton, with a weekly change of – 3.10%.
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
