Base Metals Update

Copper

• US Data: Jobless claims higher than expected (219K vs. 215K).

• Fed Policy: Two rate cuts possible this year, but uncertainties remain.

• Inventory: China’s stock at 357,600 MT, supply pressure easing.

• Impact: Weak USD supports prices, export demand increasing.

Aluminum

• Supply: Production rising, alumina prices falling, weak cost support.

• Demand: Consumption improving, operating rates at 61.6%.

• Inventory: Q1 stock could reach 900K-950K MT.

• Impact: Peak season orders and PV sector demand may keep prices firm.

Lead

• Supply: Stable production, new capacity online.

• Demand: Weak battery sector demand, cautious buyers.

• Inventory: Stock increasing, price pressure likely.

Zinc

• Prices: LME Zinc supported, SHFE Zinc weaker.

• Inventory: Stock at 137,100 MT, supply expected to rise.

• Impact: Limited upside momentum.

👉 Overall Outlook: Weak USD supports copper and aluminum, lead and zinc under pressure.