行业周报：有色金属周报：伦铜铝库存持续下行，关注基本金属机会

敬请参阅最后一页特别声明终止与加所有贸易谈判，警告将在7天内公布对加关税措施。外同涨逻辑加速演化。关注广晟有色、中国稀土、北方稀土、包钢股份、金力永磁等标的。步拉涨钼价。优质资源标的有望充分受益，推荐金钼股份，国城矿业。吨；盐湖提锂产量0.3万吨，环比+70吨。+4.1%至4.9万元/吨，四氧化三钴价+7.3%至20.42万元/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........................................................................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.....................................................................................114.9锆.....................................................................................124.10钛....................................................................................12五、能源金属行情综述...........................................................................12六、能源金属基本面更新.........................................................................146.1锂.....................................................................................146.2钴.....................................................................................156.3镍.....................................................................................16七、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）.........................................................6 敬请参阅最后一页特别声明图表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：氧化铽价格上涨（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高位去化（吨）....................................................9图表21：钼精矿与钼铁价格趋稳（元/吨）........................................................10图表22：钼精矿与钼铁库存回升（吨）...........................................................10图表23：锑锭与锑精矿价格下跌（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：锡锭库存有所去化（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：金属锗与二氧化锗价格下降（元/公斤）..................................................11图表34：金属锗库存增加（吨）..