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
This week’s base metal futures market performance is weak. Futures market: LME copper rose 0.73% over the same period last week; LME aluminum, zinc, lead, tin and nickel fell by 1.98%, 0.76%, 0.04%, 1.09% and 0.03% compared with the same period last week. China’s spot market: zinc rose by 1.40%; Copper, aluminum, lead, nickel and tin decreased by 0.61%, 4.84%, 1.59%, 5.13% and 1.63% respectively. Copper: copper prices fluctuated this week. Peru’s mining industry was shut down by the impact of protests, and the local government considered raising the tax rate of mining enterprises, and the supply of copper mines was tightened. In China, with the spread of the epidemic in many places and the continuous upgrading of prevention and control efforts in various places, the supply of copper is limited under the obstruction of transportation. At the same time, the operating rate of some copper processing enterprises in coastal areas has decreased, affecting market consumption. In terms of inventory, as of Friday, SHFE copper inventory was about 103800 tons, an increase of 10.43% over the same period last week. Aluminum: aluminum prices fell this week. The fall of crude oil prices outside China led to a slight decline in aluminum prices, but the energy cost is still high, giving support to aluminum prices. At the same time, the scale of shutdown and production reduction of overseas aluminum enterprises is large, and the tense situation of overseas supply will not change in the short term. In the Chinese market, the production and resumption of production of electrolytic aluminum in China have accelerated. The epidemic has affected the transportation of aluminum ingots and the production of processing enterprises in some regions. There are signs of inventory accumulation in the week. As of Friday, SHFE aluminum inventory was 96600 tons, an increase of 3.72% over 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 remained stable this week. Cobalt: the cobalt price maintained stable operation this week. As of Friday, the spot cobalt price of the Yangtze River was 562000 yuan / ton, down 0.35% from last week. Last week, the prices of cobalt oxide and cobalt oxide were RMB 117500 / T and RMB 48000 / T respectively. Under the epidemic situation, the logistics transportation slows down, the purchase intention of downstream manufacturers is relatively low, and the market trading volume is low. Lithium: lithium prices are running at a high level this week. As of Friday, the price of lithium carbonate was 475000 yuan / ton, down 1.04% from last week; The price of lithium hydroxide was 480500 yuan / ton, which was the same as that of last week. After the maintenance of the manufacturer, the superimposed part of the new capacity climbed, and the lithium salt supply increased. 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. 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 rose sharply this week. Gold: as of Friday, Comex gold price was US $1950.4/oz, up 1.14% from last week; Spot gold in London was US $1941.4 per ounce, up 0.62% from last week. Silver: Comex silver price was US $24.91/oz, up 0.61% from last week; The spot silver price in London was US $24.63/ounce, down 0.26%. During the week, the Federal Reserve proposed a more aggressive interest rate increase plan and accelerated the contraction of the table, which stimulated the rise of US dollar and US bond yields, and the price of gold was under pressure. However, the recent conflict between Russia and Ukraine continues to ferment, the European and American sanctions against Russia continue to increase, and the gold price still has the power to act against the background of high global inflation. 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; The risk of Fed policy changes.
