Nonferrous Metals outperformed the market this week, with an increase of 1.69%. Over the same period, the Shanghai Composite Index fell 1.63% to close at 3521.26; The Shenzhen Component Index fell 1.35% to close at 14150.57; The CSI 300 fell 1.98% to close at 4726.73.
Base metal
The current market of base metals is relatively strong in this cycle. Futures market: LME nickel, lead, aluminum, tin and copper increased by 7.01%, 3.49%, 2.21%, 1.08% and 0.59% over the same period last week; Zinc fell 0.08% compared with last week. China’s spot market: nickel, tin, copper, lead, zinc and aluminum increased by 8.09%, 5.34%, 2.42%, 1.63%, 1.23% and 0.52% respectively. Copper: copper prices fluctuated slightly this week. On the supply side, the supply of copper raw materials is loose, China’s refined copper output exceeds expectations, and the supply of imported raw materials is stable. In terms of demand, China’s market consumption is still resilient, consumption began to enter the off-season, and the downstream transaction rate is low. In terms of inventory, China’s inventory showed a slight decline during the week. As of Friday, SHFE copper inventory was about 30300 tons, up 3.93% from the same period last week. Aluminum: aluminum prices rose slightly this week, up 0.52% over the same period last week. The European energy crisis continues to ferment, and the European aluminum plant is still likely to continue to reduce production. In terms of China’s supply, the scope of resumption of production has been expanded, but the short-term increment is limited. In addition, the Winter Olympic Games has not had a clear impact on electrolytic aluminum production, and the overall supply is still at a low level. In terms of demand, consumption in China’s downstream market has further weakened with the advent of the Spring Festival. In terms of inventory, as of Friday, SHFE aluminum inventory was 310600 tons, down 1.35% from the same period last week. It is suggested to pay attention to: Zijin Mining Group Company Limited(601899) , China Molybdenum Co.Ltd(603993) , Yunnan Aluminium Co.Ltd(000807) , Henan Shenhuo Coal&Power Co.Ltd(000933) , Shandong Nanshan Aluminium Co.Ltd(600219) , Henan Mingtai Al.Industrial Co.Ltd(601677) .
New energy metals
The price performance of new energy metals this week is relatively differentiated. Cobalt: the price of cobalt rose steadily this week. As of Friday, the spot price of cobalt in the Yangtze River was 500000 yuan / ton, up 0.60% from last week. The price of cobalt salt showed an upward trend as a whole, and the price of cobalt sulfate was 105000 yuan / ton, the same as last week; The price of Co3O4 was 415200 yuan / ton, up 3.51% from last week. Overseas shipping pressure still exists, affecting the supply of cobalt raw materials. With the advent of the Spring Festival, the terminal stock volume has increased, and the cobalt price is expected to continue to rise steadily. Lithium: the lithium salt market maintained stable operation this week, and the price of lithium salt increased. As of Friday, the price of lithium carbonate was 305200 yuan / ton, a year-on-year increase of 1.17% over last week; The price of lithium hydroxide was 250500 yuan / ton, up 11.09% year-on-year from last week. Large lithium salt plants have entered the maintenance period one after another, and the supply is tight, and the catalyst price is expected to rise. At present, traders have basically completed the preparation before the festival, and the market trading volume near the Spring Festival has decreased. It is expected that the high lithium price will maintain stable operation. It is suggested to focus on: the subject of cobalt industry integration layout Zhejiang Huayou Cobalt Co.Ltd(603799) , Nanjing Hanrui Cobalt Co.Ltd(300618) ; Leading enterprises with high self-sufficiency rate of lithium resources Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) ; Related subjects of salt lake lithium: 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) ; Lithium mica related subject matter: Yongxing Special Materials Technology Co.Ltd(002756) , Jiangdian special machine; Related subject matter of spodumene: Sichuan New Energy Power Company Limited(000155) .
Precious metals
Precious metals fluctuated upward as a whole this week. Gold: as of Friday, Comex gold price was US $1817.3/oz, up 1.16% from last week; Spot gold in London was US $1823.0 per ounce, up 1.69% from last week. Silver: Comex silver price was US $22.99/oz, up 2.70% from last week; The spot silver price in London was US $23.10/ounce, up 3.87%. The CPI data of the United States in December was released within the week, with a year-on-year increase of 7%, increasing the market demand for safe haven gold under the continuous high inflation. Recently, the sustained high inflation further boosted the market’s expectations of the Fed’s interest rate hike, and the gold price maintained a volatile operation. It is suggested to pay attention to: Chifeng Jilong Gold Mining Co.Ltd(600988) , Yintai Gold Co.Ltd(000975) , Shengda Resources Co.Ltd(000603) .
Risk tips
The demand is less than expected; The European energy crisis continues to ferment; Risk of policy changes.
