Group 1 - The London Metal Exchange (LME) reported an increase in nickel inventory, reaching a four-year high of 212,232 tons on August 8, before slightly decreasing to 211,296 tons [1] - The Shanghai Futures Exchange (SHFE) also saw a continuous accumulation of nickel inventory, increasing by 1.72% to 25,750 tons, marking a two-month high [1] - Generally, a decline in inventories on domestic and international exchanges supports futures prices, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and SHFE nickel inventories since July 2025 shows the following data: - As of August 11, 2025, LME inventory was 211,296 tons - On August 8, 2025, LME inventory was 212,232 tons, while SHFE inventory was 26,194 tons - The trend indicates a consistent increase in SHFE inventory over the past weeks [4][5]

Core Viewpoint - As of the end of July, aluminum inventories at Japan's three major ports have decreased to 315,400 tons, reflecting a month-over-month decline of 0.4% [1] Group 1: Inventory Data - Yokohama's aluminum inventory stood at 136,900 tons in July, down from 138,100 tons in June, marking a decrease of 0.87% month-over-month and a 1.23% decrease year-over-year [2] - Nagoya's inventory was recorded at 159,700 tons in July, a reduction of 1.60% from June's 162,300 tons, but a significant increase of 12.70% compared to July of the previous year [2] - Osaka's inventory increased to 18,800 tons in July from 16,300 tons in June, showing a month-over-month rise of 15.34% but a year-over-year decline of 2.59% [2] - The total inventory across the three ports decreased slightly from 316,700 tons in June to 315,400 tons in July, reflecting a 0.41% decrease month-over-month and a 5.27% increase year-over-year [2]

Group 1: Inventory Changes - Copper inventory decreased by 700 tons to 155,000 tons, reflecting a change of -0.45% [1] - Aluminum inventory increased by 1,250 tons to 477,100 tons, showing a change of +0.26% [1] - Zinc inventory decreased by 875 tons to 79,550 tons, indicating a change of -1.09% [1] - Lead inventory remained unchanged at 211,746 tons, with a slight increase of 450 tons, representing a change of +0.21% [1] - Aluminum alloy inventory remained stable at 1,500 tons [1] Group 2: Warehouse Specific Changes - The registered warehouse for copper saw a decrease in inventory from 155,700 tons to 155,000 tons, with a registered warehouse stock of 143,400 tons [4] - The registered warehouse for aluminum increased from 475,850 tons to 477,100 tons, with a registered warehouse stock of 462,875 tons [5] - Zinc registered warehouse stock decreased from 80,425 tons to 79,550 tons, with a registered warehouse stock of 45,700 tons [9] - Tin inventory increased from 1,750 tons to 1,765 tons, with a registered warehouse stock of 1,480 tons [11] - Nickel inventory increased from 211,296 tons to 211,746 tons, with a registered warehouse stock of 197,796 tons [13]

Group 1 - The core viewpoint indicates that the tin market is experiencing a weak supply and demand situation, with prices fluctuating due to macroeconomic sentiments. The main contract rose by 0.84% to 270,200 yuan/ton, but the overall market remains subdued due to low demand and tight supply conditions [1][2]. - Tin ore supply has not yet recovered, maintaining a tight domestic supply situation. Although there are expectations for supply recovery as Myanmar's tin mines resume production, actual output is delayed until the fourth quarter due to various factors [1][2]. - The downstream consumption is entering a low season, leading to weak demand performance. Orders in the home appliance sector are insufficient, and there is a significant decline in photovoltaic orders compared to the previous month, contributing to the overall weak demand [1][2]. Group 2 - The commentary from Jinrui Futures highlights that the raw material supply at domestic smelting plants in Yunnan and Jiangxi is tight, with low operating rates. The demand side remains sluggish, particularly in the photovoltaic sector, and the overall terminal demand is weak [2]. - The current fundamental changes are limited, with a slight surplus in supply-demand balance observed in August. However, the magnitude is small, and uncertainties in the supply side, along with strong overseas demand, provide some support, suggesting a continuation of the oscillating market pattern in the short term [2].

Group 1 - Marubeni Corp reports that aluminum inventory at Japan's three major ports decreased to 315,400 tons by the end of July 2025, a reduction of 0.4% from the previous month [1] - Yokohama and Nagoya saw a decline in inventory, while Osaka experienced an increase [1] - This marks the second consecutive month of declining aluminum inventory at Japanese ports, indicating relatively weak demand as the aluminum premium in Q3 significantly dropped compared to Q2 levels [1] Group 2 - Specific inventory levels as of July 2025: Yokohama at 136,900 tons (down 0.87% month-on-month), Nagoya at 159,700 tons (down 1.60% month-on-month), and Osaka at 18,800 tons (up 15.34% month-on-month) [2] - Year-on-year changes show Nagoya's inventory increased by 12.70%, while Yokohama and Osaka saw decreases of 1.23% and 2.59% respectively [2] - Overall, the total inventory of 315,400 tons reflects a 5.27% increase compared to July 2024 [2]

Group 1: Market Reactions - LME copper prices increased by 0.30% to $9,761 per ton, driven by the consensus between China and the U.S. to continue the suspension of 24% tariffs [1] - The SHFE September copper contract remained stable at ¥78,940 per ton, reflecting positive sentiment in the commodity market due to the tariff suspension agreement [2] Group 2: Supply Dynamics - Expectations of increased copper supply are suppressing price gains, with Codelco reporting a 17% year-on-year increase in copper production to 120,200 tons in June [3] - The approval for the resumption of operations in unaffected areas of the El Teniente copper mine alleviated supply concerns, impacting copper prices [3] Group 3: Other Metals Performance - LME aluminum prices rose by 0.39% to $2,598 per ton, while nickel prices fell by 0.10% to $15,335 per ton [4] - In Shanghai, aluminum prices remained stable at ¥20,680 per ton, with nickel prices increasing by 0.79% to ¥122,590 per ton [4]

Codelco是全球最大的铜矿商。 与此同时，必和必拓（BHP）旗下全球最大铜矿Escondida矿6月铜产量下滑33%至76,400吨。 6月份，英美资源（Anglo American）和嘉能可（Glencore）联合经营的大型Collahuasi铜矿产量同比下降29%，至34,300吨。 （文华综合） 8月11日（周一），智利铜业委员会Cochilco公布的数据显示，智利国有矿产商--Codelco公司6月铜产量同比增长17%，攀升至120,200吨。 ...

Group 1 - LME copper prices fell on August 11 due to the approval of partial resumption of operations at Codelco's El Teniente mine and a strengthening dollar, with three-month copper closing at $9,731.5 per ton, down $30.5 or 0.31% [1] - Codelco announced that Chilean regulatory authorities have approved the reopening of parts of the El Teniente mine that were not affected by the July 31 collapse, alleviating supply concerns in the market [3] - The LME reported a significant inflow of Chinese copper and Indian aluminum into registered warehouses in July, reducing the market share of Russian copper and aluminum [3] Group 2 - Other base metals also experienced declines, with three-month aluminum down $21.00 to $2,588.00, three-month zinc down $5.00 to $2,822.00, and three-month lead down $9.50 to $1,998.00 [2] - In contrast, three-month tin increased by $181.00 to $33,805.00, and three-month nickel rose by $195.00 to $15,351.00, indicating mixed performance across different metals [2] - The market is awaiting the upcoming U.S. inflation report, which may provide insights into the Federal Reserve's interest rate decisions [3]

Core Insights - Indonesia's nickel sulfate exports reached 16,320 tons in June 2025, with 100% of the exports going to China [1] - Nickel pig iron exports from Indonesia totaled 951,558 tons, with 94.14% (895,837 tons) exported to China [1] - Indonesia exported 15,251 tons of nickel matte, with only 29.87% (4,555 tons) going to China [1] - The export volume of Indonesia's nickel wet processing intermediate products was 160,054 tons, with 100% (160,052 tons) exported to China [1] - Non-alloyed nickel exports from Indonesia amounted to 7,340 tons, with 73.47% (5,393 tons) exported to China [1]

伦敦金属交易所（LME）公布数据显示，上周伦铝库存继续维持上行趋势，最新库存水平为470,575 吨，增至逾四个月新高。 2023年以来LME和上期所铝库存对比 以下为2025年7月以来LME和上期所铝库存数据：（单位：吨） | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/8/8 | 470, 575 | 113, 614 | | 2025/8/7 | 469, 500 | | | 2025/8/6 | 467, 925 | | | 2025/8/5 | 466, 025 | | | 2025/8/4 | 463, 725 | | | 2025/8/1 | 462, 800 | 117, 527 | | 2025/7/31 | 461, 025 | | | 2025/7/30 | 460, 350 | | | 2025/7/29 | 456, 100 | | | 2025/7/28 | 454, 275 | | | 2025/7/25 | 450, 825 | 115, 790 | | 2025/7/24 | 448, 100 | | | 2025/7/23 | 4 ...