有色金属行业研究：有色金属周报：欧美关税或再升级，金价再度上行

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。 本周行情综述周订单量环比下降2.3%，当前市场表现偏弱。产能回升。质性进展有限。求稳步上行，全球锑价上行趋势不改。建议关注华锡有色、湖南黄金。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。他环节库存3.40万吨，环比-0.007万吨；合计库存13.18万吨，环比+0.01万吨。4.9万元/吨，四氧化三钴价-1.1%至20.6万元/吨。港口镍矿库存+9.72万吨至706万吨。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......................................................................52.1铜......................................................................................52.2铝......................................................................................62.3贵金属..................................................................................7三、小金属及稀土行情综述........................................................................7四、小金属及稀土基本面更新......................................................................84.1稀土....................................................................................84.2钨......................................................................................94.3钼.....................................................................................104.4锑.....................................................................................104.5锡.....................................................................................104.6镁.....................................................................................114.7钒.....................................................................................114.8锗.....................................................................................124.9锆.....................................................................................124.10钛....................................................................................12四、能源金属行情综述...........................................................................12六、能源金属基本面更新.........................................................................136.1锂.....................................................................................136.2钴.....................................................................................146.3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 敬请参阅最后一页特别声明图表6：吨铝利润（元/吨）......................................................................6图表7：海外铝库存（LME+COMEX）（万吨）........................................................6图表8：铝期限结构（美元/吨）..................................................................6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）...........................................................8图表14：氧化镝、氧化铽价格平稳（万元/吨）.....................................................8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）...................................................9图表20：钨精矿与仲钨酸铵库存下降（吨）........................................................9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）..............................................................10图表26：锡锭库存有所增加（吨）...............................................................10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）........................................................11图表32：钒铁价格平稳（万元/吨）..............................................................11图表33：金属锗与二氧化锗