This morning's market analysis for nonferrous metals from the Yangtze Nonferrous Metals Network is now available.
Yangtze Copper Price (copper.ccmn.cn) Brief: A stronger US dollar and a global sell-off in equities pressured the market, with LME copper closing down 2.18% overnight. Domestically, the traditional off-season is pronounced, with a sluggish property market dragging on construction-related copper demand. Downstream enterprises exhibit strong reluctance to buy at high prices, suggesting spot copper may see a significant decline today.
Yangtze Aluminum Price (alu.ccmn.cn) Brief: LME aluminum fell nearly 3%, pressured by heightened expectations for aggressive Fed rate hikes and profit-taking. Factors including a marginal retreat in geopolitical risk premiums, reduced home appliance production during the off-season, weak construction-related aluminum demand, and persistently high inventory levels point to a likely drop in spot aluminum today.
Yangtze Zinc Price (zn.ccmn.cn) Brief: A global equity sell-off and profit-taking led LME zinc to close down 2.79% overnight. Concerns over tightening overseas liquidity persist, while domestic end-user demand remains tepid in the off-season and high inventories exert pressure. Spot zinc is expected to face downward pressure today.
Yangtze Lead Price (pb.ccmn.cn) Brief: A rebound in the US dollar index and concurrent declines in US stocks dampened market risk appetite, with LME lead closing down 1.04% overnight. Tightness in lead ore supply and a contraction in recycled lead supply exist alongside weak supply and demand across the industry chain. Lead prices are expected to fluctuate within a narrow range, with little significant movement anticipated for spot lead today.
Yangtze Tin Price (sn.ccmn.cn) Brief: A broad decline in US stocks and a tech sector sell-off triggered a long squeeze, resulting in a 4.1% drop for LME tin overnight. While rigid supply constraints from the mining end remain unbroken, cautious and bearish sentiment is prevalent among investors. Tin prices are searching for a bottom, with support levels yet to be tested, indicating spot tin may decline today.
Yangtze Nickel Price (ni.ccmn.cn) Brief: Lingering hawkish sentiment from the Fed's June meeting and a rebounding US dollar index applied pressure, leading LME nickel to close down 2.71% overnight. Structural divergence in raw material supply persists amid ongoing macroeconomic uncertainties. High inventory levels and weakening cost support suggest spot nickel may fall today.