🔸 Base Metal Fundamental Update –

Advisory Bazaar Info Services

Copper

U.S. jobless claims and the Fed’s Beige Book have indicated signs of softness in economic activity, increasing expectations of future rate cuts, which continues to support copper prices. Supply of high-grade copper remains tight, while standard-grade supply is relatively sufficient. Toward the end of the month, a slight improvement in demand has been seen. Copper prices are likely to remain supported today.

Aluminum

Domestic and global macro sentiment is positive. The Fed’s dovish commentary has strengthened expectations of rate cuts. Some demand is returning after a decline in consumption earlier. The market is watching production cuts at an Iceland smelter. In the short term, aluminum may remain volatile at higher levels.

Lead

Lead prices have stabilized after recent declines, but weak demand from the EV and auto sectors is limiting the strength of any rebound. Profit margins for secondary refined lead have reduced, and some smelters are hesitant to increase output. Downstream buying remains weak. Cost support at lower price levels will be important.

Zinc

Expectations of U.S. rate cuts and weakness in the dollar index have triggered strong positive candles in both LME and SHFE zinc. Tight supply of zinc ore continues to offer support, although demand is in an off-season. Zinc may continue to hold at higher levels; monitoring smelter production cuts remains crucial.

Tin

Ore supply remains tight in major regions, including Yunnan, while smelters are aiming for stable production in November. Weak domestic demand from electronics and home appliance sectors has lowered orders, and high prices are pressuring consumption. Demand from emerging sectors such as AI and PV is increasing, but its impact is still limited. Overall, tin faces pressure at higher prices with demand-side weakness persisting.