有色金属周报：继续看好稀土内外同涨

本周行情综述量下滑6.8%，主要受关税对消费需求抑制影响。存共计1972万吨，较前一周减少47万吨。布尔无条件重启直接谈判。力永磁等标的。锡价表现稳中有升，表明库存支撑仍强。建议关注锡锑资源高成长标的：华锡有色。环节库存3.45万吨，环比-0.13万吨；合计库存13.15万吨，环比-0.04万吨。元/吨，四氧化三钴价-0.4%至20.93万元/吨。吨，港口镍矿库存+1.46万吨至685万吨。风险提示供给不及预期；新能源产业景气度不及预期；宏观经济波动。 敬请参阅最后一页特别声明 敬请参阅最后一页特别声明内容目录一、大宗及贵金属行情综述........................................................................5二、大宗及贵金属基本面更新......................................................................62.1铜......................................................................................62.2铝......................................................................................62.3贵金属..................................................................................7三、小金属及稀土行情综述........................................................................9四、小金属及稀土基本面更新.....................................................................104.1稀土...................................................................................104.2钨.....................................................................................114.3钼.....................................................................................114.4锑.....................................................................................114.5锡.....................................................................................124.6镁.....................................................................................124.7钒.....................................................................................134.8锗.....................................................................................134.9锆.....................................................................................134.10钛....................................................................................14五、能源金属行情综述...........................................................................15六、能源金属基本面更新.........................................................................166.1锂.....................................................................................166.2钴.....................................................................................176.3镍.....................................................................................18七、风险提示...................................................................................18图表目录图表1：铜价走势...............................................................................6图表2：海外铜库存（LME+COMEX）（万吨）.........................................................6图表3：铜TC&硫酸价格..........................................................................6图表4：铜期限结构（美元/吨）..................................................................6图表5：铝价走势...............................................................................7图表6：吨铝利润（元/吨）......................................................................7 敬请参阅最后一页特别声明图表7：海外铝库存（LME+COMEX）（万吨）.........................................................7图表8：铝期限结构（美元/吨）..................................................................7图表9：金价&实际利率..........................................................................7图表10：黄金库存..............................................................................7图表11：金银比................................................................................8图表12：黄金ETF持仓..........................................................................8图表13：氧化镨钕价格平稳（万元/吨）..........................................................10图表14：氧化镝、氧化铽价格平稳（万元/吨）....................................................10图表15：氧化镧、氧化铈价格下降（万元/吨）....................................................10图表16：钕铁硼价格承压（万元/吨）............................................................10图表17：稀土月度出口量下降（吨）.............................................................10图表18：稀土永磁月度出口上升（吨）...........................................................10图表19：钨精矿与仲钨酸铵价格上涨（万元/吨）..................................................11图表20：钨精矿与仲钨酸铵库存高位（吨）.......................................................11图表21：钼精矿与钼铁价格趋稳（元/吨）........................................................11图表22：钼精矿与钼铁库存回升（吨）...........................................................11图表23：锑锭与锑精矿价格上行（万元/吨）......................................................11图表24：锑锭和氧化锑库存下降（吨）...........................................................11图表25：锡锭价格上涨（万元/吨）..............................................................12图表26：锡锭库存有所增加（吨）...............................................................12图表27：镁锭价格平稳（元/吨）................................................................12图表28：硅铁价格下降（元/吨）................................................................12图表29：金属镁库存下降（吨）.................................................................12图表30：镁合金库存下降（吨）.................................................................12图表31：五氧化二钒价格平稳（万元/吨）........................................................13图表32：钒铁价格平稳（万元/吨）..............................................................13图表33：金属锗与二氧化锗价格下降（元/公斤）...................................