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Morning Review of Copper, Aluminum, Zinc, Lead, Tin, and Nickel

China’s significant deployment to boost confidence in the private economy has had a positive impact on the market. Overnight, London copper prices stopped falling and rose by 0.3%. The turmoil in Peru has disrupted copper mining operations, but domestic spot trading remains sluggish, leading to an uncertain buying sentiment. However, it is expected that domestic copper prices will remain stable today.

Oil prices rebounded and rose, while overnight London aluminum prices closed up by 0.34%. Global aluminum production in the first half of the year exceeded expectations, leading to an increase in supply pressure. However, tight coal supply in China has caused coal prices to rise, which may limit the potential fluctuations in current aluminum prices.

The US dollar hovers at a low level, creating a relatively positive atmosphere in the market. Overnight, London zinc prices closed up by 0.59%. As the delivery date approaches, there is an increase in arrivals, and the accumulation of spot trades in social warehouses has caused some disruptions. However, the concentrated maintenance period may also lead to supply disturbances. It is anticipated that zinc prices will experience a minor increase today.

Traders are betting that China will introduce more stimulus measures, leading to a 1.10% increase in overnight London lead prices. Tight availability of raw materials is constraining the supply of lead ingots. Additionally, market expectations of strong demand during the latter half of July further contribute to the anticipation of a rise in lead prices today.

Recently, the central government’s new measures to promote the private economy have boosted market confidence, resulting in a 2.03% increase in overnight London tin prices. Domestic expectations of production cuts have led to tight supplies of tin concentrates. However, weak consumer demand has led to continuous accumulation of tin inventories in London, potentially causing a slight decline in current tin prices.

Rising oil prices led to a general uptrend in the commodity futures market, with overnight London nickel prices increasing by 2.01%. The import prices of nickel have been raised, and the new energy sector continues to maintain a strong business climate. Electrolytic nickel is supported by its production costs. However, the abundant supply of pure nickel still hinders significant price gains, leading to an expectation of a slight decline in nickel prices today.

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