Core Insights - China's primary aluminum (electrolytic aluminum) production in October 2025 reached 3.8 million tons, reflecting a year-on-year increase of 0.4% [1] - Cumulative production from January to October 2025 totaled 37.75 million tons, showing a year-on-year growth of 2.0% [1] - In October 2025, the production of ten non-ferrous metals in China was 6.95 million tons, marking a year-on-year increase of 2.9% [1] - Cumulative production for the first ten months of 2025 was 68.14 million tons, with a year-on-year growth of 3.1% [1]

Core Viewpoint - The London Metal Exchange (LME) copper prices fell due to demand concerns, with investors awaiting delayed U.S. economic data to assess the health of the global economy [1] Group 1: Copper Market - LME three-month copper dropped by 0.90% to $10,857 per ton, but has risen 1.31% for the week [1] - The Shanghai copper main contract for December closed down by 430 yuan or 0.49% at 86,900 yuan per ton [1] Group 2: Economic Indicators - China's National Bureau of Statistics reported stable economic performance in October, with ongoing transformation and growth of new economic drivers [1] - However, external uncertainties and domestic structural adjustment pressures pose challenges to stable economic operation [1] Group 3: Other Base Metals - Other base metals also experienced declines: - Shanghai aluminum for January fell by 0.68% to 21,840 yuan per ton [1] - Shanghai lead for December decreased by 1.05% to 17,495 yuan per ton [1] - Shanghai zinc dropped by 1.02% to 22,425 yuan per ton [1] - Shanghai nickel fell by 1.48% to 117,080 yuan per ton [1] - Shanghai tin decreased by 1.77% to 291,450 yuan per ton [1] - LME three-month aluminum fell by 1.45% to $2,854.50 per ton [2] - LME zinc dropped by 1.42% to $3,011.50 per ton [2] - LME lead decreased by 0.38% to $2,070 per ton [2] - LME nickel fell by 1.01% to $14,830 per ton [2] - LME tin decreased by 1% to $36,860 per ton [2]

Core Viewpoint - The London Metal Exchange (LME) copper prices increased slightly, while other base metals mostly declined, reflecting cautious market sentiment regarding the reopening of the U.S. government [1][4]. Group 1: Copper Market - On November 13, LME three-month copper rose by $12, or 0.11%, closing at $10,956 per ton [2]. - During the trading session, copper prices briefly surpassed the psychological threshold of $11,000, reaching $11,018 per ton for the first time this month before retracting [1]. Group 2: Other Base Metals - Three-month aluminum increased by $2, or 0.07%, closing at $2,896.50 per ton [2]. - In contrast, three-month zinc decreased by $20, or 0.65%, to $3,055.00 per ton, and three-month lead fell by $17.50, or 0.84%, to $2,078.00 per ton [2]. Group 3: Market Sentiment and Economic Indicators - Analysts emphasize that strong demand, particularly from major consumer countries, is crucial for sustaining price increases [4]. - Investors are awaiting key economic data from China, including new home prices, retail sales, and industrial output [5]. - The Minneapolis Federal Reserve President noted mixed economic signals, with inflation around 3% and pressures in certain labor market sectors [5]. Group 4: Aluminum Price Forecast - ANZ raised its short-term aluminum price target from $2,700 to $2,900 per ton due to strong demand from manufacturing, construction, and automotive sectors [5]. - The bank forecasts aluminum prices could reach $3,000 per ton by June 2026, driven by tightening supply against rising demand [5].

Core Viewpoint - Copper prices have shown a slight increase, closing up by 0.95%, driven by improved market risk appetite and a decrease in domestic copper social inventory [1] Group 1: Market Conditions - The easing of the U.S. federal government shutdown crisis has led to improved expectations for dollar liquidity, resulting in a noticeable warming of market risk appetite [1] - The hawkish stance of the Atlanta Federal Reserve Bank President Bostic, who announced his retirement in February, has shifted expectations towards a more accommodative monetary policy from the Federal Reserve [1] Group 2: Supply and Demand Dynamics - The copper mining sector remains tight, with ongoing attention to its impact on the smelting sector [1] - Recent downstream demand for copper has been relatively stable, and domestic refined copper social inventory has not continued to accumulate [1] Group 3: Price Outlook - Jinrui Futures indicates that due to the end of the U.S. government shutdown and expectations of interest rate cuts, the macroeconomic outlook has turned positive, suggesting that copper prices will maintain high-level fluctuations without significant downward pressure in the short term [1] - The fundamental aspect to monitor is whether the impact from Indonesian mines can lead to a reduction in non-U.S. refined copper inventory [1]

Group 1 - The core viewpoint of the articles highlights the significant increase in tin prices due to supply constraints and varying demand across sectors [1][2] Group 2 - Tin prices surged, with the main contract reaching a new high of 299,980 yuan/ton, closing at 298,140 yuan/ton, up 2.27% [1] - Supply limitations are expected to persist throughout the year, with slow recovery in Myanmar and reduced exports from Indonesia due to crackdowns on illegal mining [1] - The physical volume of tin ore imported from Myanmar in the first three quarters has dropped approximately 70% year-on-year [1] - Domestic smelting enterprises are struggling with tight supply, leading to low inventory levels of tin concentrate and prolonged low processing fees, which restrict primary tin production [1] - The demand for semiconductor products related to artificial intelligence remains strong, while the consumer electronics sector is underperforming [2] - Global visible tin inventory is around 10,000 tons, lower than the same period in the past two years, indicating tight actual supply [2] - Seasonal weakness in tin consumption is anticipated as the year-end approaches, which may suppress downstream purchasing intentions [2] - Short-term tin prices are expected to be influenced by macroeconomic factors and supply disruptions, with a potential recovery in Indonesian refined tin exports anticipated in November [2]

Group 1: Copper Inventory - The current LME copper inventory stands at 136,175 tons, with a decrease of 75 tons from the previous day [1][3] - The registered warehouse receipts for copper are 126,050 tons, while the canceled warehouse receipts amount to 10,125 tons, resulting in a cancellation ratio of 7.44% [1][3] Group 2: Aluminum Inventory - LME aluminum inventory has increased to 553,200 tons, reflecting a rise of 9,125 tons from the previous day [1][5] - The registered warehouse receipts for aluminum are 521,525 tons, with canceled receipts totaling 31,675 tons, leading to a cancellation ratio of 5.73% [1][5] Group 3: Zinc Inventory - The zinc inventory has risen to 37,800 tons, showing an increase of 1,925 tons [1][9] - Registered warehouse receipts for zinc are 33,900 tons, with canceled receipts at 3,900 tons, resulting in a cancellation ratio of 10.32% [1][9] Group 4: Nickel Inventory - The current nickel inventory is 251,970 tons, which is a decrease of 144 tons from the previous day [1][13] - Registered warehouse receipts for nickel are 238,086 tons, with canceled receipts amounting to 13,884 tons, leading to a cancellation ratio of 5.51% [1][13] Group 5: Lead Inventory - LME lead inventory is reported at 223,975 tons, reflecting a decrease of 1,250 tons [1][7] - The registered warehouse receipts for lead are 128,650 tons, with canceled receipts totaling 95,325 tons, resulting in a cancellation ratio of 42.56% [1][7] Group 6: Tin Inventory - The tin inventory remains stable at 3,055 tons, with no changes reported [1][11] - Registered warehouse receipts for tin are 2,965 tons, with canceled receipts at 90 tons, leading to a cancellation ratio of 2.95% [1][11]

Core Insights - Peru's copper production in September increased by 3.7% year-on-year, reaching 240,995 tons [1] - For the first nine months of 2025, Peru's copper production totaled approximately 2.048 million tons, reflecting a year-on-year growth of 2.7% [1] Summary by Category Copper Production - September copper production: 240,995 tons, up 3.7% year-on-year [2] - Cumulative copper production from January to September: 2,048,395 tons, up 2.7% year-on-year [2] Other Metals Production - Gold production in September: 9,314,156 grams, down 4.6% year-on-year [2] - Zinc production in September: 127,555 tons, down 13.0% year-on-year [2] - Silver production in September: 326,746 kilograms, down 6.3% year-on-year [2] - Lead production in September: 27,791 tons, up 2.8% year-on-year [2] - Tin production in September: 3,009 tons, up 2.5% year-on-year [2] Year-to-Date Performance - Year-to-date gold production: 80,475,617 grams, up 0.1% year-on-year [2] - Year-to-date zinc production: 1,117,876 tons, up 17.5% year-on-year [2] - Year-to-date silver production: 2,778,168 kilograms, up 8.3% year-on-year [2] - Year-to-date lead production: 233,191 tons, up 7.5% year-on-year [2] - Year-to-date tin production: 25,423 tons, up 3.2% year-on-year [2]

Core Viewpoint - The tin market is experiencing significant price increases due to supply constraints, with the main contract reaching a new high of 298,500 yuan/ton, reflecting a rise of over 2% in early trading today [1] Supply Constraints - Tin supply issues are expected to persist throughout the year, primarily due to slow recovery in Myanmar's production and ongoing tight domestic tin ore supply [1] - Indonesia's crackdown on illegal tin mining and the transfer of six closed smelting plants to state-owned PT Timah have led to a sharp decline in tin ingot exports in October, raising market concerns about supply [1]

Group 1 - The core viewpoint of the article indicates that global copper consumption showed a mild year-on-year increase of 1% in September, with a 2% increase in consumption outside of China compared to the same period last year [1] - Citigroup forecasts that the year-on-year growth in copper consumption will remain weak in the fourth quarter of this year due to a stronger base in 2024 and sluggish manufacturing activity, which are limiting factors for cyclical copper demand for the remainder of the year [1] - Despite the current weak spot market indicators, Citigroup expects copper prices to continue to outperform recent fundamentals, anticipating favorable factors in 2026, including increased consumption, mining supply constraints, and expected market supply shortages [1] Group 2 - The company highlights three major challenges facing China's copper industry chain: rising dependence on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1] - To assist the industry in navigating these changes, Shanghai Nonferrous Metals Network has collaborated with copper industry chain enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [1]

Group 1 - LME copper prices rose by $117, or 1.08%, closing at $10,944.00 per ton, supported by optimism over the end of the U.S. government shutdown [1] - Copper prices reached a historical high of $11,200 last month due to supply shortages caused by mining disruptions, including incidents in Indonesia [1] - The U.S. House of Representatives is set to vote on a compromise plan to restore funding for government agencies and end the shutdown that began on October 1 [4] Group 2 - Anticipated recovery in U.S. economic data is expected to support prices this week, aiding investors and the Federal Reserve in assessing the economic situation [4] - A weaker U.S. dollar will make metals priced in dollars cheaper for holders of other currencies [4] - LME zinc inventory is nearing its lowest level since February 2023, with LME three-month zinc rising by $8.5, or 0.28%, to $3,075.00 per ton [4] Group 3 - Citi's copper consumption tracking indicates a mild year-on-year growth of 1% in global copper consumption for September [4] - Outside of China, copper consumption increased by 2% compared to the same month last year [4]