Group 1 - In August, China's copper scrap imports amounted to 179,400 tons, representing a month-on-month decrease of 5.6% but a year-on-year increase of 5.8% [1] - From January to August, the total copper scrap imports in China reached 1,514,900 tons, showing a slight year-on-year decline of 0.3% [1] - The two largest supplying countries, Japan and Thailand, experienced varying degrees of decline in their shipments to China, while imports from the United States were only 543 tons [1]

数据来源：海关总署 海关总署在线查询数据显示，中国8月锌矿砂及其精矿进口量为467301吨，环比减少6.51%，同比增长 30.87%。其中秘鲁输送量仍在增加，环比增加16.46%至10万吨之上，取代输送量下降的澳大利亚成为 最大供应国。由于8月份进口锌矿窗口关闭，零单流入机会有限，锌矿进口量高位回落，不过前期订购 的进口锌矿不断到港且冶炼厂对进口锌矿需求较强，8月锌矿进口量仍然高企。 ...

Group 1 - LME zinc inventory has decreased, reaching 46,825 tons, marking a new low in over two years [1] - SHFE zinc inventory has increased for thirteen consecutive weeks, rising by 4.93% to 99,315 tons, the highest level in over a year [1] - Generally, declining inventories in both domestic and international exchanges support price trends, while increasing inventories may exert downward pressure on prices [3] Group 2 - A comparison of LME and SHFE zinc inventories since September 2025 shows significant trends in inventory levels [4]

Group 1 - The Aluminum Monthly Metal Index (MMI) remains stable with a slight increase of 0.56% from August to September, while global aluminum prices have reached a new high for the year [2] - Concerns over supply shortages are driving aluminum prices upward, with the London Metal Exchange (LME) aluminum price hitting a six-month high on September 16 [3] - Despite a long-standing global oversupply, demand remains weak, and while global exchange inventories have decreased, the market's reaction to China's aluminum production cap has been muted [4] Group 2 - Although supply concerns have provided momentum for aluminum prices, there are doubts about the sustainability of this recent price breakthrough, as both Chinese and global production continue to rise [5] - U.S. tariffs have suppressed aluminum demand, with North American aluminum demand declining by 4.4% in the first half of 2025, leading Canadian producers to shift exports to Europe [6] - The Midwest aluminum premium has reached a historic high of $0.7323 per pound, reflecting the rise in LME aluminum prices, although trade policy uncertainties persist in the market [8]

Core Insights - In August, global primary aluminum production reached 6.277 million tons, with a daily average production of 202,500 tons [1] - Excluding China and unreported regions, primary aluminum production in August was 2.299 million tons, with a daily average of 74,100 tons [1]

Core Insights - Argentina is seeking to exploit its significant copper reserves, estimated at 75 million tons, as global copper demand is projected to increase by 70% by 2050, reaching over 50 million tons per year [1][2] - The country currently produces about 4,000 tons of copper annually, compared to Chile's 5.5 million tons, indicating a substantial gap in production potential [1] - The International Energy Agency (IEA) warns that by 2025, copper supply may fall 30% short of global demand if current project development rates continue [1][2] Industry Potential - Argentina's mining sector has a historical investment portfolio of approximately $30 billion, with over 100 projects, half of which are copper-related [1] - The government analysis suggests that eight copper projects could collectively contribute $15.4 billion in mining export value by 2030, more than tripling the export value expected in 2024 [2] - Major mining companies like Glencore are planning significant investments, with Glencore aiming to produce nearly 1 million tons of copper annually from its El Pachon and Agua Rica projects over the next 10-15 years [3][4] Government Initiatives - The introduction of the RIGI program offers investors substantial tax, trade, and foreign exchange benefits over 30 years, attracting over $30 billion in investments, primarily in mining [4] - The Argentine government is focusing on expanding the mining sector, particularly copper and lithium, as part of broader economic reforms [3][5] - However, the success of these initiatives depends on consistent policies and social acceptance, as past policy fluctuations have hindered investment levels [5]

Group 1 - LME copper prices fell on September 22, 2023, due to rising inventories and a weak global economy, although Chinese consumers' restocking and a softening dollar limited the decline [1][4] - As of September 22, LME three-month copper closed at $9,972.50 per ton, down $16.50 or 0.17% from the previous session [2] - Year-to-date, LME copper has increased by 14%, but has retreated from a 15-month high of $10,192.50 reached last week [4] Group 2 - Shanghai Futures Exchange reported a 12.5% increase in copper inventories, reaching 105,814 tons, the highest level since early June [4] - LME copper inventories have surged by 56% over the past three months [4] - Factors supporting copper prices include restocking by Chinese consumers ahead of the National Day holiday and a slight weakening of the dollar, making dollar-denominated commodities cheaper for buyers using other currencies [5][6] Group 3 - The Grasberg copper mine in Indonesia, one of the largest copper mines globally, has been under production suspension since an accident in early September, providing additional support for copper prices [6] - Marex reported that short covering and other factors are driving zinc prices higher [7] - LME zinc inventories have been declining, leading to a rise in spot zinc prices, which reached a premium of $51 per ton over three-month zinc, the highest level since October 2024 [8] Group 4 - The International Aluminium Institute (IAI) reported that global primary aluminum production in August was 6.277 million tons, with a daily average production of 202,500 tons [9]

Group 1 - In August 2025, China's imports of unrefined nickel amounted to 24,426.84 tons, a month-on-month decrease of 36.11% but a year-on-year increase of 172.34% [1] - From January to August 2025, China's cumulative imports of refined nickel reached 158,600 tons, representing an 82% year-on-year increase [1] - In August 2025, China's exports of unrefined nickel were 15,048.344 tons, a month-on-month decrease of 497 tons (3.20%) but a year-on-year increase of 2,553 tons (20.43%) [1] Group 2 - In August 2025, China's net imports of unrefined nickel were 9,378.5 tons [1] - From January to August 2025, China's cumulative exports of refined nickel totaled 119,300 tons, reflecting a year-on-year increase of 68.02% [1] - The significant surge in refined nickel imports in July 2025 was followed by a notable decline in August, although the levels remained relatively high [1]

Core Insights - In August 2025, China's nickel-iron imports reached 874,000 tons, an increase of 38,000 tons month-on-month, representing a growth of 4.6%. Year-on-year, imports rose by 352,000 tons, marking a significant increase of 67.4% [1] - The majority of the imports in August came from Indonesia, totaling 850,000 tons, which is a month-on-month increase of 36,000 tons (4.4%) and a year-on-year increase of 355,000 tons (71.5%) [1] - From January to August 2025, China's total nickel-iron imports amounted to 7.267 million tons, reflecting a year-on-year increase of 1.596 million tons, or 28.1%. Imports from Indonesia during this period were 7.086 million tons, up by 1.631 million tons (29.9%) [1] - Nickel-iron prices have been on the rise since the end of July, leading to a recovery in profits for Indonesian iron plants, which have maintained stable production levels. The import scale of nickel-iron in China saw a slight increase in August compared to July [1]

Core Insights - Nickel ore imports in August 2025 reached 6.3467 million tons, showing a month-on-month increase of 1.3409 million tons, or 26.79%, and a year-on-year increase of 1.4160 million tons, or 28.72% [1] - The majority of the imports consisted of laterite nickel ore at 6.3187 million tons and sulfide nickel ore at 28,000 tons [1] - The Philippines supplied 5.944 million tons of laterite nickel ore, accounting for 93.66% of the total imports for the month [1] - Cumulatively, from January to August 2025, the total nickel ore imports amounted to 26.1336 million tons, reflecting a year-on-year increase of 6.47% [1] - The increase in nickel ore imports is attributed to the seasonal supply peak from the Philippines [1]