Nonferrous Metals outperformed the market this week, with a decline of 1.97%. Over the same period, the Shanghai Composite Index rose 2.19% to close at 328272; The Shenzhen Component Index rose 1.29% to close at 1222793; The CSI 300 rose 2.43% to close at 427616.
Base metal
The base metal market has generally declined in this cycle. Futures market: LME aluminum, copper and nickel fell by 5.1%, 0.07% and 6.34% over the same period last week; LME zinc, lead and tin increased by 6.15%, 3.39% and 4.04% over the same period last week. China’s spot market: lead and zinc increased by 2.43% and 2.11% respectively. Aluminum, copper, nickel and tin decreased by 0.12%, 1.17%, 15.29% and 0.43% respectively. Copper: copper prices fluctuated in a narrow range this week, supported by continued high global inflation and China’s steady growth policy. In China, the epidemic has spread in many places. Transportation delays, supply chain disruptions and the approaching holidays have led to the shutdown and production reduction of some copper processing enterprises, and the slowdown of China’s inventory. As of Friday, SHFE copper inventory was about 93100 tons, down 8.75% from the same period last week. Aluminum: aluminum prices fell this week. The issue of European natural gas settlement promotes the continuous rise of European energy prices, and the gap of electrolytic aluminum in the European market continues to expand. In the Chinese market, electrolytic aluminum plants in Yunnan, Qinghai and other places resumed work and production, and the electrolytic aluminum production capacity gradually increased, but the operating rate of downstream manufacturers declined due to the impact of the epidemic. In terms of inventory, as of Friday, SHFE aluminum inventory was 30.58 tons, down 1.02% from the same period last week. It is suggested to pay attention to: Zijin Mining Group Company Limited(601899) , China Molybdenum Co.Ltd(603993) , Henan Shenhuo Coal&Power Co.Ltd(000933) , Yunnan Aluminium Co.Ltd(000807) , Shandong Nanshan Aluminium Co.Ltd(600219) , Henan Mingtai Al.Industrial Co.Ltd(601677) .
New energy metals
The price of new energy metals was stable this week. Cobalt: the cobalt price maintained stable operation this week. As of Friday, the spot cobalt price of the Yangtze River was 564000 yuan / ton, down 0.88% from last week. The price of cobalt salt was stable. The prices of cobalt sulfate and cobalt trioxide were 118000 yuan / ton and 437500 yuan / ton respectively, maintaining the price of last week. The epidemic situation in China has affected the operating rate of processing enterprises, blocked logistics in many places, and the willingness of downstream manufacturers to purchase is not high. Lithium: lithium prices remained high this week. As of Friday, the price of lithium carbonate was 480000 yuan / ton, down 1.03% from last week; The price of lithium oxide was 480500 yuan / ton last week. On the supply side, the temperature in Qinghai picked up, but the development speed was slow, the output increment was not obvious, and the situation of supply shortage and high price operation could not be alleviated. On the demand side, the popularity of new energy has not decreased, but at present, the downstream willingness to inquire about goods is low and the willingness to purchase is relatively flat. As the inventory of midstream material manufacturers continues to bottom out, the demand for goods preparation may increase in April. 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) ; Related objects of lepidolite: Yongxing Special Materials Technology Co.Ltd(002756) , Jiangxi Special Electric Motor Co.Ltd(002176) ; Related subject matter of spodumene: Sichuan New Energy Power Company Limited(000155) .
Precious metals
Precious metal prices fluctuated widely this week. Gold: as of Friday, Comex gold price was 1947.2 US dollars / ounce, down 0.53% from last week; Spot gold in London was US $1929.4 per ounce, down 1.25% from last week. Silver: Comex silver price was US $24.76/oz, down 3.77% from last week; The spot silver price in London was US $24.69/ounce, down 3.63%. During the week, Russia Ukraine negotiations made positive progress, adding to the US plan to release crude oil reserves, and precious metal prices fell under pressure. At present, global inflation is high, the PCE price index of the United States continues to rise, which intensifies inflation concerns. At the same time, the European energy crisis is imminent, and the situation in Russia and Ukraine is still unstable. It is expected that the gold price will fluctuate in the short term. It is suggested to pay attention to: Chifeng Jilong Gold Mining Co.Ltd(600988) , Shandong Gold Mining Co.Ltd(600547) , Yintai Gold Co.Ltd(000975) .
Risk tips
The demand is less than expected; The geopolitical war between Russia and Ukraine continued to ferment; Risk of policy changes.
