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August 29th CCMN Yangtze Nonferrous Metals Network Morning Review for Copper, Aluminum, Zinc, Lead, Tin, and Nickel

Concerns about the Federal Reserve’s intention to further raise interest rates weigh on metal performance, with Shanghai copper edging down by 0.01% overnight. Persistent macroeconomic uncertainties, but copper prices remain robust due to low inventories and strong seasonal support. Today, copper prices are expected to have limited fluctuations.

All three major U.S. stock indices saw gains, benefiting the commodity markets. Shanghai aluminum closed up by 0.3% overnight. China’s decision to reduce stamp duty again boosted market confidence. Aluminum prices and premiums both increased, stimulating strong pricing from holders. Aluminum is expected to rise today.

LME was closed due to the summer banking holiday, and China’s two departments implemented a significant combination of measures. The main contract for Shanghai zinc rose by 0.46% overnight. With the recovery of black metal prices and transportation easing, galvanized pipe companies saw improved sales. Zinc is expected to have a slight increase today.

Concerns about Federal Reserve interest rate hikes and fragile macroeconomic sentiment resulted in the main contract for Shanghai lead falling by 0.82% overnight. Downstream companies reduced their purchases due to reduced orders, and the strong willingness of lead recycling to increase production, coupled with obvious overcapacity, dragged down lead prices. Lead may fall today.

Market expectations of another Federal Reserve interest rate hike weighed on sentiment, causing the main contract for Shanghai tin to fall by 1.16% overnight. Reductions in domestic tin smelters’ production disruptions weakened, and processing fees for tin concentrates remained stable. The spot market remains cautious, and tin is expected to decline today.

LME was quiet due to low market activity, and the main contract for Shanghai nickel fell by 1.05% overnight. The swinging macroeconomic sentiment and ample nickel supply put pressure on prices. Spot premiums declined, and weak downstream demand is expected to result in a slight decline in nickel today.

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