有色金属周报：稀土内外同涨逻辑加速，全面看多战略金属

敬请参阅最后一页特别声明年来美国首座新建电解铝厂。需求端，据SMM,本周再生铝龙头企业开工率环比持稳于55.0%。意并愿继续接触。双方在战俘交换等议题上有进展，但核心问题分歧仍大。加，我们认为稀土“内外同涨”行情加速。关注中国稀土、北方稀土、包钢股份、金力永磁等标的。其他环节库存3.40万吨，环比-0.06万吨；合计库存13.19万吨，环比+0.04万吨。价-0.3%至4.92万元/吨，四氧化三钴价-0.5%至20.83万元/吨。供给不及预期；新能源产业景气度不及预期；宏观经济波动。 本周行情综述关注华锡有色、湖南黄金。港口镍矿库存+9.72万吨至706万吨。风险提示 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......................................................................52.1铜......................................................................................52.2铝......................................................................................62.3贵金属..................................................................................7三、小金属及稀土行情综述........................................................................8四、小金属及稀土基本面更新......................................................................94.1稀土....................................................................................94.2钨.....................................................................................104.3钼.....................................................................................104.4锑.....................................................................................104.5锡.....................................................................................114.6镁.....................................................................................114.7钒.....................................................................................124.8锗.....................................................................................124.9锆.....................................................................................124.10钛....................................................................................13五、能源金属行情综述...........................................................................13六、能源金属基本面更新.........................................................................136.1锂.....................................................................................136.2钴.....................................................................................156.3镍.....................................................................................15七、风险提示...................................................................................16图表目录图表1：铜价走势...............................................................................5图表2：海外铜库存（LME+COMEX）（万吨）.........................................................5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...............................................................................6图表6：吨铝利润（元/吨）......................................................................6图表7：海外铝库存（LME+COMEX）（万吨）.........................................................7 敬请参阅最后一页特别声明图表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................................................................................7图表12：黄金ETF持仓..........................................................................7图表13：氧化镨钕价格平稳（万元/吨）...........................................................9图表14：氧化镝、氧化铽价格平稳（万元/吨）.....................................................9图表15：氧化镧、氧化铈价格下降（万元/吨）.....................................................9图表16：钕铁硼价格承压（万元/吨）.............................................................9图表17：稀土月度出口量下降（吨）..............................................................9图表18：稀土永磁月度出口上升（吨）............................................................9图表19：钨精矿与仲钨酸铵价格上涨（万元/吨）..................................................10图表20：钨精矿与仲钨酸铵库存下降（吨）.......................................................10图表21：钼精矿与钼铁价格趋稳（元/吨）........................................................10图表22：钼精矿与钼铁库存去化（吨）...........................................................10图表23：锑锭与锑精矿价格上行（万元/吨）......................................................10图表24：锑锭和氧化锑库存下降（吨）...........................................................10图表25：锡锭价格上涨（万元/吨）..............................................................11图表26：锡锭库存有所增加（吨）...............................................................11图表27：镁锭价格平稳（元/吨）................................................................11图表28：硅铁价格下降（元/吨）................................................................11图表29：金属镁库存下降（吨）.................................................................11图表30：镁合金库存下降（吨）.................................................................11图表31：五氧化二钒价格平稳（万元/吨）........................................................12图表32：钒铁价格平稳（万元/吨）..............................................................12图表33：金属锗与二氧化