Domestic and international inventories diverge, and price trends show significant divergence across different commodities: Summary of views on the non-ferrous metals sector on August 31.
2026-08-31 13:34:04
A summary chart of futures company views: Non-ferrous metals (copper, zinc, aluminum, nickel, tin, etc.) on August 31st. See the FX678 chart in this article for more details. Copper: Currently, macroeconomic and industry logics are intertwined. Positive supply and demand fundamentals provide bottom support, limiting upward momentum for copper prices, which are expected to remain in a high-level consolidation phase. Zinc: Domestic export windows have opened, but overseas supply pressure may rebound. LME zinc inventories have increased month-on-month, easing the risk of a squeeze and causing zinc prices to fall. Aluminum: Bauxite prices are stable and rising, while spot prices are still declining. Expectations of Rusal's stockpiling are pushing up alumina prices, and Shanghai aluminum destocking continues to provide support. Nickel: Macroeconomic valuations are declining, leading to a volatile decline in nickel and stainless steel prices. Easing supply pressure and cost support remain, but expectations of Indonesian quota releases still exert pressure, and nickel prices are expected to maintain a volatile trend. Tin: Domestic inventories continue to accumulate month-on-month, spot premiums are declining, Indonesia's Timah annual inspection has ended, exports may resume in August, and LME inventories are accumulating, suggesting short-term weak and volatile tin prices. 
The above content is based on big data analysis and is for reference only, not investment advice. This chart is specially produced by FX678 and is copyrighted.
The above content is based on big data analysis and is for reference only, not investment advice. This chart is specially produced by FX678 and is copyrighted.
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