Base Metal Update:

Copper: Economic uncertainty rises due to US tariffs, putting pressure on prices. Downstream orders have increased, but market anxiety persists. CSPT meeting remains crucial.

Aluminum: Seasonal demand and stock decline provide support, but a strong US dollar adds pressure. The key support level is 20,500 yuan/MT.

Lead: Supply-side support has weakened, and off-season concerns may lead to rising inventory. Spot premiums are declining.

Zinc: Market remains influenced by US economic data and Fed policy. Macroeconomic uncertainties continue to weigh on prices.

Nickel: Supply from the Philippines is expected to increase, but Indonesian policies may impact SHFE prices. The stainless steel sector remains weak.