Core Insights - China's refined copper imports in August 2025 totaled 307,228.23 tons, representing a month-on-month decrease of 8.17% but an increase of 11.14% year-on-year [1][2]. Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,307.12 tons, which is a decrease of 11.55% month-on-month but an increase of 26.49% year-on-year [1]. - Russia ranked second, with imports of 25,218.78 tons, showing a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1]. - Other notable sources included the Netherlands (25,122.38 tons, +62.82% MoM, +12553.94% YoY) and Chile (21,701.70 tons, +12.84% MoM, -6.44% YoY) [1]. Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for August 2025 is provided, highlighting significant fluctuations in both month-on-month and year-on-year changes across various countries [1][2]. - For instance, imports from Myanmar surged by 163.24% MoM and 185.32% YoY, while imports from Australia fell by 14.29% MoM and decreased by 57.40% YoY [1]. Additional Notes - The data includes various forms of refined copper, such as cathodes and wire bars, and also notes that the total import figures encompass additional unlisted origins [3].

Core Insights - China's refined lead imports in August 2025 totaled 1,820.55 tons, showing a month-on-month decrease of 46.72% and a year-on-year decrease of 96.58% [1] Import Data Summary - Kazakhstan was the largest source of refined lead imports, with 719.26 tons imported, reflecting a month-on-month decline of 72.63% and a year-on-year decrease of 96.65% [1] - Kyrgyzstan ranked second, with imports of 438.03 tons, which increased by 78.92% month-on-month and 99.49% year-on-year [1] - The Philippines imported 329.75 tons, showing a month-on-month increase of 59.57% but a year-on-year decrease of 17.30% [1] - Malaysia's imports were 201.43 tons, with a year-on-year decrease of 37.78% [1] - India imported 102.55 tons, reflecting a month-on-month increase of 3.24% but a significant year-on-year decrease of 99.06% [1] - Other notable imports included 23.70 tons from "地都國士" with a month-on-month decrease of 11.63% and 5.83 tons from Germany, which saw an extraordinary month-on-month increase of 583,200% [1] - Overall, the total refined lead imports for August 2025 were significantly lower compared to previous periods, indicating a potential shift in sourcing or demand dynamics in the market [1]

泰国是第二大进口来源地，当月从泰国进口废铜30,034.35吨，环比下降12.64%，同比上升103.08%。 海关统计数据在线查询平台公布的数据显示，中国2025年8月废铜（铜废碎料）进口量为179,359.74吨， 环比减少5.64%，同比上升5.93%。 日本是第一大进口来源地，当月从日本进口废铜35,443.33吨，环比下降1.95%，同比上升85.03%。 注：进口总量（总计）中亦包括上表未列出的部分原产地数据 | j | AFFILL | 1 -- ---- | Ania 110 | | --- | --- | --- | --- | | 多米尼加 | 587.38 | 24.19% | 141.05% | | 印度 | 580.03 | -0.04% | 89.21% | | 玻利维亚 | 551.53 | -12.46% | 54.99% | | 美国 | 543.87 | -7.28% | -98.13% | | 阿尔及利亚 | 513.62 | 4.05% | 107.50% | | 秘鲁 | 502.52 | -0.24% | 23.28% | | 黎田嫩 | 457.06 | 10.7 ...

海关统计数据在线查询平台公布的数据显示，中国2025年8月废铝（铝废料及碎料）进口量为172,610.37 吨，环比增长7.55%，同比上升25.35%。 泰国是第一大进口来源地，当月从泰国进口废铝（铝废料及碎料）43,454.67吨，环比上升19.36%，同 比增加60.38%。 英国是第二大进口来源地，当月从英国进口废铝（铝废料及碎料）19,589.29吨，环比上升18.98%，同 比增加49.41%。 以下为根据中国海关总署官网数据整理的2025年8废铝进口分项数据一览表： | 原产地 | 2025年8月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 泰国 | 43,454.67 | 19.36% | 60.38% | | 英国 | 19,589.29 | 18.98% | 49.41% | | 日本 | 19.057.73 | -10.14% | 27.18% | | 加拿大 | 11,405.51 | 31.83% | 54.54% | | 美国 | 10,199.78 | 11.33% | -13.64% | | 西班牙 | 10,071.31 | 40.4 ...

Summary of Key Points Core Viewpoint - In August 2025, China's alumina exports decreased by 21.33% month-on-month but increased by 26.00% year-on-year, indicating a mixed performance in the export market [1][2]. Export Data - Total alumina exports in August 2025 reached 180,507.10 tons, with Russia being the largest destination, receiving 153,020.78 tons, a month-on-month decrease of 24.50% but a year-on-year increase of 12.90% [1][2]. - Indonesia saw a significant increase in imports from China, with 13,242.91 tons exported, marking a month-on-month rise of 1620.54% and a year-on-year increase of 5177.55% [1][2]. - Other notable export destinations included Spain and Belgium, with exports increasing by 305.94% and 410852.38% respectively [1][2]. Import Data - In August 2025, China imported 94,360.36 tons of alumina, reflecting a month-on-month decrease of 25.03% but a substantial year-on-year increase of 1398.20% [2][3]. - Australia was the largest source of alumina imports, supplying 31,500.00 tons, with a year-on-year increase of 157499900.00% [3][4]. - Indonesia followed closely as the second-largest source, with imports of 31,318.35 tons, showing a month-on-month decline of 49.54% but a year-on-year increase of 5346.43% [3][4]. Additional Insights - The overall trend indicates a significant fluctuation in both exports and imports, with certain countries experiencing dramatic increases in trade volumes, particularly Indonesia and Belgium [1][2][3][4]. - The data suggests potential shifts in market dynamics and trade relationships, particularly with key players like Australia and Indonesia [3][4].

Core Insights - China's copper ore and concentrate imports in August 2025 reached 2,759,295.14 tons, reflecting a month-on-month increase of 7.78% and a year-on-year increase of 7.45% [1][3] Import Sources - Chile remains the largest source of copper ore and concentrate imports, with 958,654.98 tons imported in August 2025, marking a month-on-month increase of 27.07% and a year-on-year increase of 5.54% [1][2] - Peru is the second-largest source, with imports of 564,046.06 tons, showing a month-on-month decrease of 5.01% and a year-on-year decline of 23.58% [1][2] - Other notable sources include Mongolia (181,783.55 tons, +1.73% MoM, +84.25% YoY) and Russia (113,537.75 tons, +24.91% MoM, +303.10% YoY) [2][3] Detailed Import Data - The import data from various countries shows significant fluctuations, with some countries experiencing substantial increases, such as Laos (10,948.92 tons, -64.03% MoM, +9.69% YoY) and Malaysia (10,945.44 tons, +2557.63% MoM, +130.27% YoY) [2][3] - Countries like Ecuador and Japan saw significant decreases in imports, with Ecuador at 33,156.40 tons (-54.04% MoM, -42.14% YoY) and Japan at 35,929.22 tons (-15.77% MoM, +8.27% YoY) [2][3]

伦敦金属交易所（LME）公布数据显示，上周伦铜库存持续下滑，最新库存水平为147,650吨，降至逾一个月新低。 上海期货交易所最新公布数据显示，9月19日当周，沪铜库存继续回升，周度库存增加12.5%至105,814吨，增至三个月新高。国际铜库存减少1817吨至 12,327吨。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/9/19 | 316, 774 | 147,650 | 105, 814 | | 2025/9/18 | 315, 206 | 148, 875 | | | 2025/9/17 | 312, 842 | 149, 775 | | | 2025/9/16 | 312, 868 | 150, 950 | | | 2025/9/15 | 311, 847 | 152, 625 | | | 2025/9/12 | 310, 487 | 153, 950 | 94, 054 | | 2025/9/11 | 309, 834 | 154, 175 | | | 2025/9/10 | 308, 706 | 155, 050 | ...

| 原产地 | 2025年8月(吨) | 环比 | 自席 | | --- | --- | --- | --- | | 几内亚 | 12,326,143.75 | -22.67% | 12.72% | | 澳大利亚 | 4,428,457.71 | 41.32% | 22.13% | | 塞拉利品 | 596.447.24 | 164.17% | -- | | 手亚那 | 242.928.96 | 410.47% | -- | | 三来西亚 | 242,904.77 | 92.05% | 104.42% | | 老挝 | 190.963.25 | 93.94% | 38.76% | | 巴西 | 81.988.40 | -56.70% | -43.70% | | 十目賞 | 53,128.42 | 104173272.55% | -83.86% | | 篇 | 52,638.52 | | -- | | 科特迪瓦 | 49,789.98 | -49.56% | -1.60% | | 巴基斯坦 | 24,391.09 | 2.04% | -- | | 印度 | 0.32 | | 236.84% | | 坦桑尼亚 | ...

Core Viewpoint - The tin market is experiencing fluctuations with a slight upward trend, driven by improved trading in the spot market and a notable reduction in social inventory, despite weak supply and demand fundamentals [1][2]. Group 1: Market Performance - The main tin contract rose by 1.5%, closing at 272,510 yuan/ton [1]. - Last week, tin prices experienced a continuous decline, but the spot market showed slight improvement due to downstream replenishment activities [1]. - The overall order levels in September remained stable compared to August, despite being in a peak consumption season [2]. Group 2: Supply and Demand Dynamics - The supply of tin is constrained by slow recovery in Myanmar's tin mines and low operating rates at domestic smelting enterprises due to high costs and seasonal production cuts [1]. - Myanmar's Wa State tin mine exports were around 1,200 tons in August, indicating a persistent supply gap [1]. - The overall consumption level in September is expected to decline compared to previous years, with most enterprises maintaining a wait-and-see approach [2]. Group 3: Industry Outlook - The electronic industry may see increased usage of tin solder due to trends in AI and humanoid robots, although overall demand remains limited [2]. - The recent price corrections have led to improved inventory levels in downstream warehouses, suggesting a potential for gradual recovery in production and operating rates for tin solder enterprises [2]. - Despite a slight recovery in the automotive market, other sectors remain weak, but domestic inventory has significantly decreased, providing strong support for tin prices [2].

Core Viewpoint - The copper market is experiencing fluctuations influenced by various factors, including the performance of precious metals, domestic inventory levels, and macroeconomic conditions, with a cautious outlook on future demand and pricing trends [1] Group 1: Market Performance - Copper prices opened higher and showed a strong upward trend during the day, closing up by 0.43% [1] - The sentiment in the metal market was boosted by a significant rise in precious metals [1] - Domestic refined copper social inventory continues to decline, contributing to a slight rebound in copper prices [1] Group 2: Economic Indicators - The U.S. Federal Reserve's cautious stance following the September interest rate cut has led to a temporary rebound in the U.S. dollar index, which, along with a pullback in precious metals, caused a correction in copper prices [1] - However, dovish comments from some Federal Reserve officials over the weekend have renewed market expectations for future monetary easing, improving market sentiment and supporting a rebound in copper prices [1] Group 3: Import and Supply Dynamics - Customs data indicates that China's copper ore imports increased both year-on-year and month-on-month in August [1] - Despite the increase in imports, domestic copper concentrate processing fees remain low, indicating a tight supply situation that is unlikely to change in the near term [1] Group 4: Inventory and Demand Outlook - National mainstream copper inventory decreased by 0.44 million tons over the weekend [1] - According to Everbright Futures, the anticipated demand during the "golden September and silver October" period has not yet materialized, with downstream purchasing remaining cautious due to high prices and macroeconomic uncertainties [1] - The upcoming National Day holiday may lead to unpredictable overseas macro risks, contributing to a cautious sentiment in the domestic market, which could affect weekly price volatility [1] - Overall, the prevailing liquidity easing in global financial markets suggests a generally strong outlook for copper prices, with potential opportunities for downstream replenishment if prices weaken [1]