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Copper, Aluminum, Zinc, Lead, Tin, and Nickel Morning Commentary

The strong US dollar has put pressure on base metals, with London copper falling by 0.9% last week. Rising copper inventories both domestically and internationally have increased downward pressure on copper prices. Weak trading in the domestic spot market and declining premiums continue to suppress prices, so copper is expected to decline today.

With the Federal Reserve’s tightening policy gaining momentum, London aluminum fell by 0.71% last week. Weak trade data for August in China has dampened market sentiment. While aluminum production continues to rise in Shanghai, warehouse inventories remain limited. It is expected that aluminum prices may experience a slight increase today.

Amid the hawkish stance of the Federal Reserve, London zinc weakened and fell by 1.99% last week. Large inventories of black base metals and bearish sentiment among galvanized plate traders, combined with weak demand downstream, are expected to lead to a decline in zinc prices today.

The US dollar index has fallen from its recent six-month high, and London lead posted a modest 0.02% gain last week. Downstream buyers are cautious about buying lead at higher prices, and the prices of scrap batteries and lead concentrates remain well-supported, so lead is expected to see a slight increase today.

Macro sentiment cooling and LME tin accumulating in warehouses have pressured London tin, which fell by 1.92% last week. Sparse trading in the spot market for tin ingots and cautious sentiment among downstream players have created a strong bearish atmosphere in the tin market. Tin prices are expected to decline today.

As the US dollar hovers at high levels, commodity futures face pressure, with London nickel falling by 1.96% last week. Nickel supply remains ample while market demand lags behind. Increasing LME nickel inventories and open interest are putting pressure on nickel prices. Nickel is expected to experience a slight decline today.

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