Observation this week
Copper inventories were replenished, and most rare earth oxide prices rose
Copper: approaching the Spring Festival, downstream demand has entered a phased off-season. Copper prices have decreased slightly this week, and inventories have been replenished significantly during the week. Follow Zijin Mining Group Company Limited(601899) . As of January 19, Shanghai copper closed at 70020 yuan / ton, with a weekly change of – 1.62%; The inventory reported 131.23 million tons, with a weekly change of 158.63%.
Aluminum: near the Spring Festival, the demand side is weak, aluminum prices fell slightly during the week, and inventories fell. As of January 19, Shanghai aluminum reported a closing of 21530 yuan / ton, with a weekly change of – 0.35%; The inventory received 197144 yuan / ton, with a weekly change of – 0.39%. The profit of electrolytic aluminum industry remained high due to the rise of aluminum price and cost side factors. Follow Yunnan Aluminium Co.Ltd(000807) .
Rare earth permanent magnet: the price of rare earth oxide mainly rose this week, and remained relatively high as a whole. As of January 19, praseodymium oxide (the lowest price) closed at 900000 yuan / ton, unchanged during the week; Neodymium oxide (lowest price) closed at 1020000, with a weekly change of 0.99%; Praseodymium neodymium oxide (lowest price) closed at 907000 yuan / ton, with a weekly change of 1.34%; Dysprosium oxide (lowest price) closed at 2960 yuan / ton, unchanged during the week; Terbium oxide (lowest price) closed at 12970 yuan / ton, with a weekly change of 1.17%. We believe that the top management continues to pay attention to the strategic low position of rare earth, and the industry is expected to enter a period of accelerated integration in the future, and the concentration is expected to continue to improve. In the medium and long term, new energy vehicles and rare earth permanent magnet industrial motors are growing, which is expected to reconstruct the demand pattern of rare earth permanent magnet. Follow Jl Mag Rare-Earth Co.Ltd(300748) , Yantai Zhenghai Magnetic Material Co.Ltd(300224) , China Minmetals Rare Earth Co.Ltd(000831) .
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
