Copper prices rose and inventories remained low
Copper: as of April 13, Shanghai copper closed at 74030 yuan / ton, with a weekly change of 0.42%; The inventory reported 350.06 million tons, with a weekly change of – 11.33%.
Aluminum: as of April 13, Shanghai aluminum closed at 21270 yuan / ton, with a weekly change of – 5.63%; The inventory closed 186573 million tons, with a weekly change of 5.01%.
Rare earth permanent magnet: as of April 13, praseodymium oxide (lowest price) closed at 886000 yuan / ton, with a weekly change of – 5.74%; Neodymium oxide (lowest price) closed at 893000, with a weekly change of – 8.22%; Praseodymium neodymium oxide (lowest price) closed at 812000 yuan / ton, with a weekly change of – 10.28%; Dysprosium oxide (lowest price) closed at 2430 yuan / ton, with a weekly change of – 7.25%; Terbium oxide (lowest price) closed at 12690 yuan / ton, with a weekly change of – 2.91%.
Investment advice: US inflation continues to reach a new high, and copper prices remain strong under low inventories. Under the impact of the epidemic, China’s demand side performance is weak, but inventories continue to go, and prices continue to rebound under the background of weak supply and demand. It is suggested to pay attention to Zijin Mining Group Company Limited(601899) .
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
