Pre-holiday stockpiling drives inventory reduction; non-ferrous metals market sees mixed signals: September 22nd [Non-ferrous Metals] viewpoint summary
2026-09-22 12:22:11
A summary chart of futures company views: Non-ferrous metals (copper, zinc, aluminum, nickel, tin, etc.) on September 22. See the FX678 chart in this article for more details. Copper: Macroeconomic recovery coupled with supply and demand resonance in the industry clearly indicates a volatile but upward-trending price pattern. Zinc: Overseas premiums remain high, inventories in seven regions have increased, and the rebound is limited by Goorsby's hawkish stance. The foundation for short-term volatility and upward movement remains, but the upside potential depends on whether social inventories can resume their continuous decline. Aluminum: High aluminum-to-water ratios have led to a contraction in ingot casting, coupled with pre-holiday stockpiling, resulting in better-than-expected domestic inventory reduction. Nickel: Macroeconomic headwinds have been priced in, and nickel stainless steel has rebounded from low levels. The high nickel inventory situation persists, with multiple factors affecting upstream and downstream sectors. Tin: Daytime trading saw a decrease in open interest and a rise, while the night session opened higher but then fell back, indicating that the market is willing to correct valuations but remains restrained towards higher prices, maintaining an overall volatile pattern. 
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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