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]

Core Insights - In August 2025, China's export volume of ternary cathode materials reached 13,534 tons, marking a month-on-month increase of 2,616 tons, or 24.0%, and a year-on-year increase of 5,604 tons, or 70.7% [1] - Cumulative exports of cathode materials from January to August 2025 totaled 74,257 tons, reflecting a year-on-year growth of 43.9% [3] - In August 2025, the import volume of ternary cathode materials was 7,576 tons, with a month-on-month increase of 919 tons, or 13.8%, and a year-on-year increase of 2,175 tons, or 40.3% [4] - Cumulative imports of cathode materials from January to August 2025 amounted to 44,572 tons, showing a year-on-year decline of 13.8% [4] Export Details - The export volume of lithium nickel cobalt manganese oxide (NCM type) was 13,352 tons, while lithium nickel cobalt aluminum oxide (NCA type) accounted for 183 tons in August 2025 [1] - The total export-import volume of ternary cathode materials in August 2025 was 5,958 tons [6] Import Details - The import volume of NCM type was 5,567 tons, and NCA type was 2,009 tons in August 2025 [4]

据中国海关数据统计，2025年8月中国镍的硫酸盐进口量30292.611吨，环比增加13357.35吨，上升 78.87%；同比增加7372.42吨，上升32.17%。2025年1-8月中国镍的硫酸盐进口总量160189.381吨，同比 增加7.21%。 数据来源：海关总署 下游三元需求进入季节性旺季，中国8月进口硫酸镍大幅提升。 ...

海关统计数据在线查询平台公布的数据显示，中国2025年8月未锻压镍进口量为24,426.84吨，环比减少 36.11%，同比上升172.34%。 挪威是第一大进口来源地，当月从挪威进口未锻压镍12,202.02吨，环比增加391.89%，同比增加 1745.85%。 注：1、未锻压镍包括按重量计镍、钴总量≥99.99%，钴≤0.005％的未锻轧非合金镍；其他未锻轧非合金 镍；未锻轧的镍合金。 2、进口总量（总计）中亦包括上表未列出的部分原产地数据。 数据来源：海关总署 俄罗斯是第二大进口来源地，当月从俄罗斯进口未锻压镍5,128.53吨，环比下降71.10%，同比下降 2.17%。 以下为根据中国海关总署官网数据整理的2025年8月未锻压镍进口分项数据一览表： ...

据中国海关统计数据显示，2025年8月中国三元前驱体出口量为6549吨，环比增加180吨，增幅2.8%； 同比减少4579吨，降幅41.1%。其中，镍钴锰氢氧化物（NCM）出口量6549吨。 8月中国三元前驱体出口量小幅回升，但仍处于历史低位。 数据来源：海关总署 2025年1-8月中国三元前驱体出口量累计46906吨，同比降幅53.4%。 ...

Group 1: Copper Inventory Changes - The registered warehouse inventory for copper decreased by 0.26% to 145,375 tons, while the canceled warehouse inventory increased by 13.37% to 12,475 tons, resulting in a cancellation ratio of 8.58% [1][3] - The total inventory in various locations shows a decrease in copper stock, with significant reductions in Rotterdam and other locations [3] Group 2: Aluminum Inventory Changes - Aluminum registered warehouse inventory remained unchanged at 513,900 tons, with a cancellation inventory of 109,225 tons, maintaining a cancellation ratio of 21.25% [1][5] - The aluminum inventory across different locations shows stability, with no significant changes reported [5] Group 3: Zinc Inventory Changes - Zinc registered warehouse inventory remained at 46,825 tons, with a cancellation inventory of 15,450 tons, leading to a cancellation ratio of 33.00% [1][9] - The inventory levels indicate a consistent trend in zinc stock across various locations [9] Group 4: Tin Inventory Changes - Tin registered warehouse inventory increased by 0.21% to 2,580 tons, with a significant increase in canceled inventory by 69.57% to 195 tons, resulting in a cancellation ratio of 7.56% [1][11] - The inventory changes reflect a slight increase in tin stock, particularly in specific locations [11] Group 5: Overall Market Trends - The overall trends in registered and canceled warehouse inventories across various metals indicate fluctuations in stock levels, with some metals experiencing increases in cancellation ratios while others remain stable [1][5][9][11]

Core Insights - China's nickel ore and concentrate imports in August 2025 reached 6,346,691.93 tons, marking a month-on-month increase of 26.92% and a year-on-year increase of 29.87% [1] Import Sources - The Philippines remains the largest source of nickel ore and concentrate imports, supplying 5,944,048.49 tons in August 2025, with a month-on-month growth of 27.09% and a year-on-year increase of 25.75% [1] - New Caledonia is the second largest source, with imports of 165,661.89 tons, reflecting a month-on-month rise of 17.76% [1] Detailed Import Data - The following table summarizes the import data for August 2025: | Source Country | August 2025 (tons) | Month-on-Month Change | Year-on-Year Change | |----------------------|---------------------|-----------------------|---------------------| | Philippines | 5,944,048.49 | 27.09% | 25.75% | | New Caledonia | 165,661.89 | 17.76% | -- | | Côte d'Ivoire | 74,211.14 | -6.30% | -21.10% | | Solomon Islands | 74,128.88 | -- | -- | | Guatemala | 49,723.96 | -24.70% | 399.07% | | E | 10,945.86 | -- | -- | | Australia | 10,386.35 | -6.67% | 188.22% | | Zambia | 9,668.64 | -- | -60.19% | | Russia | 4,589.08 | -66.73% | -72.64% | | Tanzania | 2,939.75 | 32.68% | 150.74% | | Canada | 369.89 | -- | -- | | Malaysia | 17.96 | -- | -- | | Papua New Guinea | 0.04 | -- | -- | | Total | 6,346,691.93 | 26.92% | 29.87% | [1]