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Non-Ferrous Metals Industry Week Report Summary

• Date Range: August 14-18, 2023
• Sector Performance: The non-ferrous metals industry declined by 20.5% week-over-week, underperforming the Shanghai Composite index with a -2.0% change. Sub-sectors were broadly down, led by lithium (-566%) and rare earths (-292%), while base metals like copper and aluminum saw moderate losses.
• Key Drivers: Fed's hawkish stance and weak terminal demand weighed on prices. Copper and aluminum supply stabilized, but demand remained soft, contributing to price volatility.
• Investment Recommendations: Focus on companies with strong fundamentals. For base metals, recommend monitoring copper and aluminum stocks like those suggested. For energy metals, prioritize lithium firms with low costs (e.g., Tianqi Lithium).
• Risks: Terminal demand recovery slow, potential supply surges, and global geopolitical tensions pose threats.