Citic Securities: supply pressure increases periodic pressure on industrial metal prices

Xinhua News Agency, May 16, CITIC Securities Research Daily pointed out that since 2023, the supply pressure of industrial metals such as copper, aluminum and zinc has gradually increased, superimposed by macro factors, and industrial metal prices have been operating weakly. But there is bottom support for industrial metal prices, thanks to low inventories and expectations of a domestic economic recovery. Copper prices are expected to continue to benefit from liquidity inflection points and long-term supply and demand gaps, and profit repair by aluminum companies is expected to support the aluminum sector. Maintain the "better than the market" rating of the sector.