🧾 Base Metal Fundamental Update

Advisory Bazaar Info Services

🔹 Copper – Supply remains loose due to ample inventory and import window. Prices rebounded Thursday, triggering some restocking, but demand weakened Friday. Ongoing US tariffs continue to pressure copper. Further decline likely today.

🔹 Aluminum – Prices stayed flat. Scrap shortages raised raw material costs, causing losses and production cuts among secondary producers. Some plants have halted operations.

🔹 Lead – Demand remains weak and scattered. Buyers are cautious due to high prices. Supply is rising, and increased inventories may pressure prices, but raw material shortages are offering support at lower levels.

🔹 Zinc – LME and SHFE zinc showed weakness due to US tariffs and potential Fed rate cut delays. Domestic sentiment improved, but fundamentals remain unchanged. Expect continued fluctuations.

🔹 Nickel – Domestic market support offset global concerns, pushing prices higher. With uncertainty ahead, nickel is likely to trade in the 118,000–123,000 yuan/mt range.

🔹 Tin – Prices are expected to stay high and rangebound. Trade cautiously and monitor policy and demand trends.