Core Insights - China's refined zinc imports in October 2025 totaled 18,836.76 tons, representing a month-on-month decrease of 16.94% and a year-on-year decrease of 67.38% [1] Import Sources - Kazakhstan was the largest source of refined zinc imports, supplying 16,127.43 tons in October 2025, which is a month-on-month decrease of 9.18% but a year-on-year increase of 21.53% [1] - Iran ranked as the second-largest source, with imports of 1,000.26 tons, showing a month-on-month decline of 44.41% and a year-on-year decline of 75.73% [1] Other Import Data - Australia: 806.30 tons, down 28.03% month-on-month and down 94.81% year-on-year [1] - Japan: 407.29 tons, down 49.38% month-on-month and down 2.85% year-on-year [1] - Spain: 179.32 tons, up 51.08% month-on-month but down 92.85% year-on-year [1] - India: 99.51 tons, down 0.99% month-on-month and down 98.69% year-on-year [1] - United States: 70.00 tons, no month-on-month data available but down 17.96% year-on-year [1] - Peru: 49.31 tons, up 11.14% month-on-month but down 98.57% year-on-year [1] - South Korea: 42.37 tons, up 6.12% month-on-month but down 99.28% year-on-year [1] - Canada: 28.34 tons, down 31.62% month-on-month and down 91.04% year-on-year [1] - Other countries: 26.64 tons, down 90.94% month-on-month and down 95.97% year-on-year [1] Summary - The total refined zinc imports for October 2025 were significantly lower compared to previous periods, indicating a potential shift in market dynamics and supply chain challenges [1]

Core Insights - China's refined lead imports in October 2025 reached 3,812.24 tons, marking a month-on-month increase of 152.81% and a year-on-year rise of 168.07% [1] - South Korea emerged as the largest source of refined lead imports, supplying 2,757.88 tons, which represents a staggering year-on-year increase of 1,385.37% [1] - Malaysia ranked second in refined lead imports, contributing 593.68 tons in the same month [1] Import Data Summary - **Origin: South Korea** - October 2025 Imports: 2,757.88 tons - Year-on-Year Change: +1,385.37% [1] - **Origin: Malaysia** - October 2025 Imports: 593.68 tons - Year-on-Year Change: Not specified [1] - **Other Origins:** - Russia: 263.27 tons - Philippines: 197.41 tons, with a slight month-on-month increase of 0.15% [1] - **Total Imports:** - October 2025 Total: 3,812.24 tons - Month-on-Month Change: +152.81% - Year-on-Year Change: +168.07% [1]

Core Insights - The International Aluminium Institute (IAI) reported a 0.6% year-on-year increase in global primary aluminum production for October, reaching 6.294 million tons, with a daily average production of 203,000 tons [1] - Excluding China and unreported regions, the primary aluminum production in October was 2.314 million tons, with a daily average of 74,600 tons [1]

Core Insights - In October 2025, China's imports of tin ore and concentrates reached 11,632.30 tons, representing a month-on-month increase of 33.51% but a year-on-year decrease of 22.36% [1] Import Sources - The Democratic Republic of the Congo was the largest source of imports, supplying 2,700.36 tons, which is a significant month-on-month increase of 124.16% but a year-on-year decrease of 7.43% [1] - Myanmar ranked second, with imports of 2,366.81 tons, showing a month-on-month decrease of 24.55% and a year-on-year decrease of 61.61% [1] - Bolivia saw a month-on-month increase of 152.00% in imports, totaling 1,828.35 tons, but a year-on-year decrease of 24.97% [1] - Australia contributed 1,363.51 tons, with a month-on-month increase of 69.67% and a year-on-year increase of 2.95% [1] - Laos experienced a remarkable month-on-month increase of 237.52%, totaling 360.58 tons, and a year-on-year increase of 1258.64% [1] Additional Import Data - Other notable sources include Nigeria (1,237.90 tons, -8.94% MoM, -7.96% YoY), Malaysia (288.51 tons, +22.32% MoM, +133.26% YoY), and Rwanda (267.09 tons, +181.82% MoM) [1] - The total import volume for October 2025 reflects a diverse range of sources, with significant fluctuations in both month-on-month and year-on-year comparisons across different countries [1]

ANRM主席Jacinto Rocha表示，该机构将加强执法力度，支持多元化发展。在Moxico省和Cuando Cubango新发现的铜矿，以及在Namibe省发现的锂矿都需要更为严格的监管。 此举支持了安哥拉试图扩大其非石油矿产行业并吸引外国资本的意图。包括嘉能可（Glencore）、艾芬 豪矿业（Ivanhoe Mines）和泰兰纳资源公司（Tyranna Resources Ltd.）在内的多家公司都是活跃于该国 采矿业的国际勘探公司。 11月20日（周四），安哥拉将缩短采矿权授予时间，以便吸引更多投资进入该国的矿业部门。 矿业和石油部长Diamantino Azevedo在和矿产监管机构举行的一次活动上发表声明称，矿产监管机构必 须减少官僚主义，加强审查，并加快推出数字化采矿登记系统，以提升透明度。 Azevedo表示，安哥拉国家矿产资源局（ANRM）也应缩短许可证审批时间，但他并未具体说明目前的 审批流程需要多长时间，也未说明应缩短多少。 ...

Core Viewpoint - LME copper prices have declined due to a strong dollar and concerns over weak demand, despite a year-to-date increase of approximately 22% [1][4]. Group 1: Market Performance - On November 20, LME three-month copper fell by $14, or 0.13%, closing at $10,738.50 per ton [1][2]. - Other base metals showed mixed performance, with three-month aluminum up by $13 (0.46%) and three-month zinc up by $35 (1.17%), while three-month lead fell by $4.50 (0.22%) [2]. Group 2: Demand and Supply Dynamics - Concerns over weak demand persist, highlighted by a 13.62% month-on-month and 16.32% year-on-year decline in China's refined copper imports for October 2025 [5]. - Cochilco has raised its copper price forecasts for 2025 and 2026 to historical highs due to weak production, now expecting an average price of $4.45 per pound for 2025 and $4.55 per pound for 2026 [5].

Group 1 - Goldman Sachs raised its 2025 copper price forecast from $10,385 per ton to $10,610 per ton, reflecting an upward trend in the fourth quarter [1] - The bank maintains a price range of $10,000 to $11,000 per ton for 2026-2027, anticipating a slight market surplus [1] - A supply deficit is expected in the latter part of this decade due to increasing resource constraints and accelerated demand in key sectors, driving prices higher [1] Group 2 - Goldman Sachs projects a long-term copper price of $15,000 per ton by 2035, which is above market expectations and forward contract prices of approximately $10,390 per ton, based on the assumption that long-delayed mining projects will not come online [1] - The bank remains bearish on aluminum prices for the next 12 months, forecasting a decline to $2,350 per ton by the fourth quarter of 2026 due to new supply leading to market oversupply [1] - Although aluminum prices are expected to recover thereafter, they are not anticipated to return to current levels until the early part of the next decade, with long-term forecasts predicting prices to fluctuate between $2,900 and $3,400 per ton from 2030 to 2035 [1]

Core Insights - China's refined tin imports in October 2025 totaled 526.12 tons, representing a month-on-month decrease of 58.55% and a year-on-year decline of 82.75% [1] Import Sources Summary - Bolivia was the largest source of refined tin imports, supplying 198.27 tons, with a slight month-on-month decrease of 0.28% [1] - Peru ranked second, with imports of 175.00 tons, showing a significant month-on-month decline of 41.75% and a year-on-year decrease of 61.10% [1] - Indonesia's imports fell drastically to 124.90 tons, down 81.53% month-on-month and 94.17% year-on-year [1] - China itself imported 11.01 tons, reflecting a month-on-month decrease of 44.68% [1] - Other notable sources included Singapore with 4.24 tons (up 6.00% month-on-month and up 324.00% year-on-year) and the United States with 0.80 tons (up 303.54% month-on-month) [1] Overall Import Data - The total refined tin imports for October 2025 were 526.12 tons, with a month-on-month decrease of 58.55% and a year-on-year decrease of 82.75% [1]

Core Insights - China's copper scrap imports in October 2025 reached 196,607.27 tons, reflecting a month-on-month increase of 6.81% and a year-on-year increase of 7.35% [1][3]. Import Sources - Japan remains the largest source of copper scrap imports, supplying 33,203.02 tons in October 2025, which is a decrease of 0.86% from the previous month but an increase of 45.91% year-on-year [1][3]. - Thailand is the second-largest source, with imports of 31,050.68 tons, marking a month-on-month increase of 3.00% and a year-on-year increase of 92.18% [1][3]. - Other notable sources include: - South Korea: 11,569.65 tons, down 4.29% month-on-month, up 24.97% year-on-year [1]. - Malaysia: 9,394.86 tons, down 7.63% month-on-month, down 46.24% year-on-year [1]. - United Kingdom: 8,134.51 tons, up 6.49% month-on-month, up 29.71% year-on-year [1]. - Russia: 8,023.12 tons, up 147.01% month-on-month, up 25.26% year-on-year [1]. - Canada: 7,776.53 tons, up 4.91% month-on-month, up 55.58% year-on-year [1]. - Spain: 7,572.21 tons, up 16.82% month-on-month, up 65.13% year-on-year [1]. Additional Insights - The overall import data includes contributions from various other countries, with significant fluctuations observed in imports from nations such as the United States, which saw a dramatic increase of 194.79% month-on-month but a decrease of 93.43% year-on-year [1]. - Emerging markets like India and Nigeria also showed substantial year-on-year growth rates of 279.94% and 40.18%, respectively [1].

Group 1 - The global refined nickel production in September 2025 is reported to be 325,500 tons, with a consumption of 308,400 tons, resulting in a surplus of 17,100 tons [1] - For the period from January to September 2025, the global refined nickel production reached 2,876,900 tons, while consumption was 2,602,400 tons, leading to a surplus of 274,500 tons [1] - In September 2025, the global nickel ore production was recorded at 378,300 tons [1] Group 2 - The global nickel ore production from January to September 2025 totaled 3,146,200 tons [2]