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August 30th, CCMN Copper, Aluminum, Zinc, Lead, Tin, and Nickel Morning Review

A weaker US dollar and softer US bonds are supporting risk asset prices. Overnight, LME copper rose more than 1.1%, with positive measures taken by China to support the real estate sector and boost market confidence. Low inventory levels provide support from below, and copper is expected to rise today.

A collective strength in the stock market and crude oil prices is supporting a return to a preference for risk. Overnight, LME aluminum rose by 0.74%, with Shanghai aluminum stocks continuing to remain low, leading to a shortage in spot supply. Coupled with strong expectations for the peak season, this provides support. Aluminum is expected to rise today.

Federal Reserve Chair Jerome Powell maintains a firm stance against inflation. Overnight, LME zinc rose by 2%. Reduced deliveries and tight inventory support a high spot premium. Additionally, the frequent release of positive domestic real estate policies boosts sentiment, and zinc is expected to rise today.

A softer US bond market and a weaker US dollar provide support. Overnight, LME lead rose by 1.13%. The domestic market is currently in the off-season, with poor downstream deliveries. However, high scrap battery prices provide strong support against price declines, and lead is expected to rise today.

A significant drop in US consumer confidence and a cooling labor market. Overnight, LME tin cautiously fell by 0.96%. LME tin stocks remain in an accumulation phase, and tin prices have dropped slightly, with improved spot transactions. Tin is expected to see a slight increase today.

Central banks in Europe and the US are taking a more hawkish stance against inflation. Overnight, LME nickel fell by 0.41%. Positive developments in the domestic real estate sector have boosted market sentiment, but with increasing pure nickel production capacity and ample supply, spot transactions have been sluggish. Nickel is expected to see a minor decline today.

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