Climate Change Action Plan - South32 set a target to halve net operational emissions (Scope 1 and 2) by FY35, relative to FY21 levels[28] - The company expanded its net zero by 2050 goal to include Scope 3 emissions[28] - South32 sold Illawarra Metallurgical Coal (IMC), reducing transition risk and Scope 3 emissions[28] - The company converted two of Worsley Alumina's coal-fired boilers to natural gas as an interim step[28] Portfolio and Capital Expenditure - 51% of South32's FY25 Underlying EBITDA is from the Aluminium value chain[30] - 23% of South32's FY25 Underlying EBITDA is from Manganese[30] - 100% of South32's capital expenditure is directed towards transition materials[36] - Capital expenditure during CCAP 2022 (FY23 to FY25) was US$71 million[40] Emissions - Hillside Aluminium accounts for 58% of South32's operational emissions[45] - Worsley Alumina accounts for 16% of South32's operational emissions[45] - Mozal Aluminium accounts for 17% of South32's operational emissions[45] - Portfolio reshaping has contributed to an approximately 80% reduction in Scope 3 emissions[63]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The lead market is in a wide - range shock. The supply and demand of lead concentrate and waste batteries continue to have gaps, processing fees are under pressure to decline, and the cost side still has support. Refinery overhauls increase, the supply pressure of electrolytic lead and secondary lead weakens marginally, and demand is affected by both the boost of the new national standard and the pressure of battery exports. The supply - demand maintains a weak pattern, and the lead price should be treated with a shock mindset. It is necessary to continuously monitor the implementation of refinery overhauls and the fulfillment of demand [2][76]. 3. Summary According to the Directory 3.1 Lead Market Review - In August, the main contract price of Shanghai lead showed a narrow - range weak shock. At the beginning of the month, the lead price rebounded to around 17,000 yuan/ton due to factors such as the Fed's interest - rate cut expectation, good domestic import - export data, and supply - side disturbances. After the optimistic sentiment faded, the lead price oscillated downward due to the non - fulfillment of the consumption peak season and the increase in social inventory. It then rebounded at the end of the month, with a monthly increase of 0.87% to 16,880 yuan/ton. - LME lead showed a convergent shock trend. On one hand, the weakening US dollar boosted the lead price; on the other hand, the high LME inventory and short - selling enthusiasm of speculative funds pressured the price. It closed at 1,997 US dollars/ton at the end of the month, with a monthly increase of 1.4% [7]. 3.2 Lead Fundamental Analysis 3.2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to June 2025, the global cumulative lead concentrate output was 220.4 million tons, with a cumulative year - on - year increase of 2.16%. Overseas output was 127.4 million tons, a year - on - year increase of 1.15%, and China's output was 93 million tons, a year - on - year increase of 3.56%. It is expected that the overseas lead concentrate increment will reach about 10 million tons this year, and the domestic increment will be around 7 million tons [8][10]. - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In September, the average domestic lead concentrate processing fee was 450 yuan/metal ton, a month - on - month decrease of 50 yuan/metal ton; the import processing fee was - 90 US dollars/dry ton, a month - on - month decrease of 30 US dollars/dry ton. The supply of lead concentrate is tight, and it is expected that the processing fees will continue to decline. In July, the lead concentrate import volume was 122,000 tons, a year - on - year increase of 28.35%; the silver concentrate import volume was 154,200 tons, a year - on - year increase of 24.62%. It is expected that the silver concentrate import will remain at the current level [18][19]. 3.2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to June 2025, the global refined lead output was 6.57 million tons, a cumulative year - on - year increase of 1.56%. It is predicted that the global refined lead output in 2025 will be 13.272 million tons, a year - on - year increase of 0.6% [24]. - **Refinery overhauls increase, and the electrolytic lead output in September is expected to decline**: In August, the electrolytic lead output was 324,700 tons, slightly lower than expected. It is expected that the output in September will be 320,500 tons, a month - on - month decrease of 4.24% [29]. - **The price of waste batteries is slowly falling, and secondary lead refineries are reducing production**: In August, the average price of waste batteries was 10,100 yuan/ton, a monthly decrease of 1.5%. The secondary lead output in August was 248,800 tons, lower than expected. It is expected that the output in September will be 209,900 tons, a month - on - month decrease of 16.8% [34][35]. 3.2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to June 2025, the global refined lead consumption was 6.549 million tons, a cumulative year - on - year increase of 2.5%. It is expected that the global refined lead demand in 2025 will increase by 1.5% to 13.19 million tons, and the supply will exceed the demand by 82,000 tons. The short - term recovery of the European and American automobile markets has uncertainty, and the boost to lead battery consumption is cautiously optimistic [48][49]. - **The peak season of lead battery production is not prosperous, and there are mixed factors in September**: In August, the lead battery production peak season did not meet expectations. In September, the new national standard for electric bicycles is implemented, which is expected to improve the demand, but the export to some Middle - Eastern countries is facing tariff increases. It is expected that the battery enterprise production will remain cautious [53]. - **The Shanghai - London ratio is not conducive to lead product imports, and the tariff increase in the Middle East is negative for starting battery exports**: In July, the refined lead export volume decreased month - on - month, and the import volume increased month - on - month. It is expected that the import volume will decline in August, and the export will remain stable. The battery export is affected by the tax increase in the Middle East, and the export volume is expected to decline [54][55]. - **Policy guidance improves the lead battery consumption outlook marginally**: In the automotive sector, the demand for lead batteries is expected to increase with the growth of vehicle ownership and the implementation of subsidy policies. In the electric bicycle sector, the new national standard and the old - for - new policy are expected to increase the lead battery demand. In the energy - storage sector, the lead battery demand also has growth potential [64][67][68]. 3.2.4 LME Maintains High Inventory, and Domestic Inventory is Mildly Reduced - In August, the LME lead inventory remained high, and it is expected to continue to increase, which will pressure the lead price. The domestic social inventory decreased slightly, and it is expected to continue to decline slowly in September [73]. 3.3 Summary and Future Outlook - The supply - demand of lead concentrate and waste batteries has gaps, and the cost side has support. The supply pressure of electrolytic lead and secondary lead is weakening, and the demand is affected by both positive and negative factors. The lead price is expected to fluctuate, and attention should be paid to the refinery overhauls and demand fulfillment [76].

Barksdale Resources Completes Payment for 51% Ownership of SunnysideJV With Regal Resources Moves ForwardSeptember 04, 2025 5:00 PM EDT | Source: Barksdale Resources Corp.Vancouver, British Columbia--(Newsfile Corp. - September 4, 2025) - Barksdale Resources Corp. (TSXV: BRO) (OTCQB: BRKCF) (FSE: 2NZ) ("Barksdale" or the "Company") is pleased to announce that it has completed the C$1 million cash payment and released 5 million shares of Barksdale stock, both to Regal Resources (now Great Basin ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively presents the overnight market trends of the domestic and international futures, important macro - economic news, the operational conditions of various industries, and the performance of the financial market. It includes information on price fluctuations of various commodities, corporate production and sales data, and policy - related news, which helps investors understand the current market situation and potential investment opportunities [3][4][5]. Summary by Relevant Catalogs Overnight Night - Market Market Trends - Domestic futures: SC crude oil and cotton rose over 1%, glass rose nearly 1%, while alumina, LPG, etc. fell over 1% [3] - International precious metals: COMEX gold futures rose 0.82%, COMEX silver futures rose 1.27% [4] - International crude oil: US oil rose 0.27%, Brent crude rose 0.31% [5] - London base metals: All rose, with LME nickel rising 1.12%, etc. [5] - International agricultural products: Prices were mixed, with US soybeans rising 0.07%, etc. [7] Important Information Macro Information - Real - estate policy: The central government promotes high - quality urban development, focusing on real - estate construction and renovation [9] - International trade: China - Canada and China - US economic and trade exchanges are ongoing, and the EU proposes to cancel some US tariffs [9][13] - Legal disputes: Cook sues Trump, and the outcome of the case is yet to be determined [10] - Monetary policy: Fed Governor Waller supports a 25 - basis - point rate cut in September [11] - Geopolitical situation: Israel attacks Yemen, and the UK, France, and Germany restart sanctions on Iran [17][16] Energy and Chemical Futures - Glass: National float glass inventory decreased, and some photovoltaic glass companies may raise prices [19][22] - Oil: Russia will increase oil exports to India, and Singapore's fuel oil inventory increased [19] - Chemicals: Anti - dumping duties on imported phenol from multiple countries will continue for 5 years, and domestic soda ash inventory decreased [21] - Natural gas: US natural gas inventory increased compared to the previous week [22] Metal Futures - South32: Driven by price increases and output growth, annual profit soared 5%, and alumina and aluminum output are expected to increase [25] - Harmony Gold: 2026 fiscal - year gold production target is 140 - 150 million ounces, and 2025 fiscal - year net profit increased by 26% [27] Black - Series Futures - Rebar: Output increased, factory inventory decreased, social inventory increased for the seventh consecutive week, and apparent demand increased for the second consecutive week [29] - Casting pig iron: Some blast furnaces in Shandong and Henan are shut down for maintenance, affecting output [29] - Coking: The average national profit per ton of coke is 55 yuan/ton, with different profitability in different regions [29] Agricultural Product Futures - Feed: In July, national industrial feed output increased, and product prices decreased year - on - year [31] - Soybeans: Argentina's soybean sales volume increased, and the US 2025/2026 soybean net sales increased [33][37] - Sugar: The number of ships waiting to load sugar in Brazilian ports increased, and the waiting sugar volume decreased [34] - Cotton: India's cotton planting area decreased by 3% [34] - Corn: The US 2025/2026 corn net sales decreased compared to the previous week [37] Financial Market Finance - A - shares: The three major indexes rebounded in a "V - shape", with a daily trading volume of 3 trillion yuan. M&A activities increased, and brokerages actively conducted research [39][41] - Hong Kong stocks: The Hang Seng Index fell 0.81%, with semiconductor stocks rising and pharmaceutical stocks falling [39] - Company performance: Ideal Auto's Q2 revenue and profit increased, and well - known fund managers adjusted their positions [42][41] Industry - Data industry: The National Data Bureau is deploying data industry cluster construction pilots [43] - Logistics: From January to July, the national social logistics volume increased by 5.2% year - on - year [44] - AI: The Shanghai AI Security Working Committee was established [45] - Automobile: European new - car sales increased in July, and Tesla's market share declined [46] Overseas - US economy: Q2 GDP growth was revised up to 3.3%, and the eurozone economic sentiment index declined [47][48] - EU - US trade: The EU proposes to cancel some US tariffs, and the US will reduce tariffs on EU cars [50] - South Korea: The central bank maintains the benchmark interest rate and raises economic growth and inflation expectations [50] International Stock Markets - US stocks: The three major indexes rose slightly, with the Dow and S&P 500 hitting new closing highs [51] - European stocks: Closed mixed, affected by Nvidia's earnings and French political uncertainty [51] - Company performance: Didi's Q2 GTV and profit increased, and Berkshire Hathaway increased its holdings in Japanese companies [52][54] Commodities - Precious metals: International precious - metal futures rose, driven by safe - haven demand [55] - Crude oil: International oil prices rose slightly, supported by a larger - than - expected decline in US crude - oil inventory [55] - Base metals: London base metals rose, but copper price increase was limited [55] - Cotton: India extends the exemption period for cotton import tariffs [56] Bonds - A - share bonds: Bond yields generally rose, and the central bank conducted reverse - repurchase operations [58] - Government bonds: China issued new local government bonds in July, and Japan's 2 - year government - bond auction demand was at a record low [58] - US bonds: Yields were mixed, affected by multiple factors [59] Foreign Exchange - RMB: The on - shore RMB against the US dollar rose, and the central bank renewed the currency - swap agreement with New Zealand [60][61] - US dollar: The US dollar index fell, and non - US currencies mostly rose [63] Upcoming Events and Data Releases - Data: Multiple countries will release economic data such as GDP, CPI, and unemployment rate [65] - Events: There are news conferences, corporate earnings announcements, and various industry summits [67]

Group 1: Energy and Metals Crude Oil - Overnight international oil prices fell, with Brent's October contract down 2.17%. From August 27, the US imposed a 25% tariff on India for buying Russian oil. Indian refineries' Russian oil purchases are expected to drop from 1.8 million barrels per day in the first half of the year to 1.4 - 1.6 million barrels per day after October. Before geopolitical risks further escalate, crude oil may enter a sideways trend [1]. Precious Metals - Overnight, precious metals trended sideways with an upward bias. The market has priced in a September Fed rate cut, but the future economic direction remains uncertain. Trump's dismissal of Fed officials has reignited concerns about the Fed's independence, which may further erode the US dollar's credit. Maintain a strategy of buying on dips [2]. Copper - Overnight, LME copper closed higher, while SHFE copper traded sideways below 79,500 yuan. The decline in US durable goods orders in July was better than expected, and consumer confidence remained weak. Hold short positions at high levels [3]. Aluminum - Overnight, SHFE aluminum rose. At the beginning of the week, social inventories of aluminum ingots increased by 20,000 tons, and aluminum rods by 9,000 tons compared to last Thursday. In the short - term, SHFE aluminum will test the resistance around 21,000 yuan [4]. Cast Aluminum Alloy - Cast aluminum alloy follows the trend of SHFE aluminum. The spot price of Baotai was raised to 20,200 yuan. There is room for the cross - variety spread between the spot and SHFE aluminum to further narrow [5]. Alumina - The operating capacity of alumina is at a historical high, and both industry inventory and SHFE warehouse receipts are rising. It is in a weak sideways trend, with support at the 3,000 - yuan level [6]. Zinc - The increase in global zinc mine supply is being realized, and TC continues to rise. Wait for short - selling opportunities after a rebound [7]. Lead - Due to weak demand, the rebound momentum is weak. However, the decline space is also limited [8]. Silver and Stainless Steel - SHFE silver rebounded slightly, with dull market trading. Technically, silver prices still show an intention to rebound, but the fundamentals are weak. Look for short - selling opportunities [8]. Tin - Overnight, both domestic and overseas tin prices rose, breaking through the integer - level resistance. It is expected that tin prices still have the potential to rise in the short term [9]. Lithium Carbonate - The futures price of lithium carbonate corrected, and market trading volume shrank. Adopt a bullish approach with risk control [10]. Industrial Silicon - The futures price of industrial silicon decreased with reduced positions. In the short term, the price is under pressure due to emotional factors. Observe the support at 8,300 yuan per ton [11]. Polysilicon - Polysilicon futures continued to trade sideways. In the short term, it is expected to maintain a range - bound trend. Continue to buy on dips [12]. Iron Ore - Overnight, the iron ore futures market traded sideways. Overall, the supply - demand situation of iron ore is weakening marginally, and it is expected to trade in a high - level range [14]. Coke - The intraday price of coke declined. In the short term, the price volatility is high. Observe the support at the previous low [15]. Coking Coal - The intraday price of coking coal declined. In the short term, the price volatility is high. Observe the support at the previous low [16]. Manganese Silicon - The intraday price of manganese silicon was in a weak sideways trend. Observe the support at the previous low [17]. Ferrosilicon - The intraday price of ferrosilicon was in a weak sideways trend. It mainly follows the trend of manganese silicon [18]. Shipping Index (European Line) - The spot market for shipping continues to decline. The spot price is expected to continue to fall [19]. Fuel Oil and Low - Sulfur Fuel Oil - Overnight, oil prices tumbled. The LU - FU spread is expected to continue to narrow [20]. Asphalt - Overnight, oil prices tumbled, but the decline of BU was limited. Low inventory levels support both the futures and spot prices of asphalt [21]. Liquefied Petroleum Gas - The international market rebounded supported by import demand. The futures market shows a pattern of near - term strength and far - term weakness [22]. Urea - Urea futures prices were in a weak sideways trend, and spot prices continued to fall. In the short term, it is expected to continue to trade in a low - level range [23]. Methanol - Methanol prices continued to fall overnight. Pay attention to the macro atmosphere and the possibility of the restart of coastal MTO plants [24]. Pure Benzene - Pure benzene prices continued to trade in a narrow range overnight. In the fourth quarter, the supply - demand situation may continue to be under pressure [25]. Styrene - The cost - side support has slightly improved, but there is no upward impetus. There is still an expectation of inventory accumulation [26]. Polypropylene, Plastic, and Propylene - The inventory pressure of propylene producers is not significant, but downstream demand has weakened. The supply of polyethylene and polypropylene is expected to increase slightly [27]. PVC and Caustic Soda - PVC is in a sideways trend. The price of caustic soda has fallen from a high level. The current price is not cost - effective for chasing long positions [28]. PX and PTA - Overnight, PX continued its strong trend, while PTA had a weak rebound. Pay attention to the actual dynamics of the plants, the direction of oil prices, and the pace of polyester capacity utilization increase [28]. Ethylene Glycol - Ethylene glycol is trading sideways around 4,500 yuan per ton. In the short term, it is relatively strong [29]. Short - Fiber and Bottle Chip - The supply - demand situation of short - fiber is stable, driven by cost. Consider a long - position allocation if demand improvement is realized in the medium term. The bottle - chip industry faces long - term over - capacity pressure [30]. Glass - The spot price of glass is facing a weak reality of decline. Given the current low valuation and positive macro policies, the downward space of futures prices is limited [31]. 20 - Rubber, Natural Rubber, and Butadiene Rubber - International crude oil futures prices tumbled, while the price of Thai raw materials was stable with a slight increase. Adopt a wait - and - see strategy [32]. Soda Ash - The supply of soda ash fluctuates slightly. In the long term, the supply of soda ash remains under high pressure. Consider short - selling at high rebounds [33]. Group 2: Agricultural Products Soybeans and Soybean Meal - As of the week of August 24, the US soybean good - to - excellent rate was 69%. In the medium - to - long term, there is a cautious bullish view on domestic soybean meal futures [34]. Soybean Oil and Palm Oil - The market has positive expectations for China - US trade negotiations. Consider buying soybean and palm oil on dips in the medium - to - long term [35]. Rapeseed and Rapeseed Oil - The domestic rapeseed sector is in a short - term sideways consolidation pattern, and the price center may shift downward [36]. Soybean No. 1 - The price of Soybean No. 1 showed a weak decline. Domestic soybeans need to continue to pay attention to policies and the performance of imported soybeans in the short term [37]. Corn - The Dalian corn futures may continue to operate weakly at the bottom [38]. Live Pigs - The spot price of live pigs is weak, and the futures market follows the spot trend. The pig price is expected to remain weak in the medium term [39]. Eggs - Egg futures are in a weak trend. The probability of significant capacity reduction in the second half of this year is increasing. Consider buying futures contracts for the first half of next year on dips [40]. Cotton - US cotton prices tumbled yesterday. Operate by buying on dips for Zhengzhou cotton [41]. Sugar - Overnight, US sugar prices traded sideways. It is expected that sugar prices will maintain a sideways trend [42]. Apples - Apple futures prices are in a sideways trend. The market's trading focus has shifted to the new - season yield estimate. Adopt a wait - and - see strategy [43]. Wood - Wood futures prices are in a sideways trend. The supply - demand situation has improved, but the peak - season demand has not started. Adopt a wait - and - see strategy [44]. Pulp - Pulp futures prices continued to fall yesterday. Adopt a wait - and - see strategy or trade within the range [45]. Group 3: Financial Products Stock Index - Yesterday, the broader market traded in a narrow range with reduced volume. Maintain an increased allocation to the technology - growth sector, and also pay attention to opportunities in the consumption and cyclical sectors [46]. Treasury Bonds - Treasury bond futures closed higher across the board. It is expected that the probability of a steeper yield curve will increase [47]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Base Metals, specifically Copper, Aluminium, and Zinc [2][3] Core Insights Market Dynamics - **Rangebound Prices**: Base metals have been rangebound due to mixed macroeconomic signals and supply-demand indicators [4] - **China's Policy Measures**: China is implementing small policy steps, including social welfare measures and infrastructure investments, which may support demand [4] - **US Tariff Rates**: Current US tariff rates are lower than expected, which could positively impact commodity prices [4] - **Economic Growth Concerns**: Ongoing concerns about economic growth, particularly in China, are affecting demand indicators [4] Copper Market - **LME Copper Outlook**: Modest downside expected for LME copper prices due to fading support from US front-loading demand and softening demand indicators in China [5] - **Price Forecast**: Morgan Stanley estimates LME copper prices at $9350 per ton for Q4 2025 [5] - **US Inventory Levels**: US inventories are well-stocked, which may limit future demand [5][14] - **Supply Challenges**: Recent supply disruptions and a weakening USD may help stabilize prices [5] Aluminium Market - **Positive Outlook**: Aluminium market shows potential upside due to high Midwest Premium incentivizing shipments and low inventories [6] - **Price Forecast**: Expected aluminium prices of $2700 per ton for Q4 2025 [6] - **China's Production**: China's aluminium output has peaked, and a major smelter is planning to shut down, tightening the market balance [6][41] Zinc Market - **Mixed Outlook**: Zinc market is facing challenges due to increased output in China during a seasonally softer demand period [7] - **Price Forecast**: Zinc prices are forecasted at $2800 per ton for Q4 2025 [7] - **Inventory Risks**: Low LME inventories present risks for price squeezes, while demand may improve in Q4 [7][79] Additional Important Insights - **China's Demand Indicators**: Recent data shows signs of slowing growth in China's copper demand, which may impact refined metal imports [19][22] - **Supply Disruptions**: Significant supply disruptions have been noted, with Woodmac reporting a 3.1% disruption rate YTD [26] - **US Aluminium Imports**: US aluminium imports have decreased, but the Midwest Premium is now high enough to encourage future imports [47][63] - **Zinc's Correlation with Iron Ore**: Zinc prices have been closely linked to iron ore prices, reflecting its connection to the steel market [64][78] Conclusion - The base metals market is currently characterized by mixed signals, with copper facing modest downside risks, aluminium showing potential for upside, and zinc presenting a mixed outlook. Ongoing developments in China and the US will be critical in shaping future price movements and market dynamics.

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The uncertainty and consistent expectations in the macro - environment remain weak, and market sentiment is easily swayed by changes in interest - rate hike expectations. The economic downturn risk caused by tariffs may also dominate the market at any time, with the long and short sentiments expected to switch back and forth, and the macro - impact volatility remaining large. On the fundamental side, the supply is basically stable, the consumption end is at the transition point between peak and off - peak seasons, the bearish expectations for future consumption are weakening, and the accumulation of social inventory is slowing down. Overall, the market has both long and short factors, and aluminum prices are expected to continue to fluctuate [3][8] 3. Summary by Directory 3.1 Transaction Data - The price of LME Aluminum 3 - month decreased by 12.0 yuan/ton from 2615 on August 8, 2025, to 2603 on August 15, 2025. The SHFE Aluminum Continuous Three increased by 95.0 dollars/ton from 20610 to 20705 during the same period. The Shanghai - London aluminum ratio rose by 0.1 to 8.0. The LME spot premium increased by 4.1 dollars/ton to 1.79. The LME aluminum inventory increased by 8975.0 tons to 479550 tons. The SHFE aluminum warehouse - receipt inventory increased by 21592.0 tons. The spot average price rose by 104.0 yuan/ton, and the spot premium increased by 50.0 yuan/ton. The South Reserve spot average price increased by 56.0 yuan/ton, and the Shanghai - Guangdong price difference increased by 48.0 yuan/ton. The electrolytic aluminum theoretical average cost decreased by 5.8 yuan/ton, while the electrolytic aluminum weekly average profit increased by 109.8 yuan/ton [4] 3.2 Market Review - The weekly average price of the spot market was 20694 yuan/ton, up 104 yuan/ton from last week; the South Reserve spot weekly average price was 20652 yuan/ton, up 56 yuan/ton from last week. In the macro - aspect, the Sino - US trade negotiation made progress, and the market's expectation of the Fed's interest - rate cut first increased and then decreased. In China, the social financing scale and RMB loans increased in the first seven months of this year. The growth rate of industrial added value in July was 5.7%, and the service industry production index was 5.8%. The consumption and investment growth rates on the demand side declined. The year - on - year growth rate of social retail sales in July was 3.7%. The export year - on - year growth rate was 7.2%. On the consumption side, the operating rate of the domestic downstream aluminum processing industry increased by 0.8 percentage points to 59.5%. In terms of inventory, the electrolytic aluminum ingot inventory was 58.8 tons, up 2.4 tons from last Thursday, and the aluminum rod inventory was 13.85 tons, down 0.5 tons from last Thursday [5][6][7] 3.3 Market Outlook - The macro - environment has high uncertainty, and market sentiment is easily affected by interest - rate hike expectations. The economic downturn risk caused by tariffs may also dominate the market. On the fundamental side, the supply is stable, the consumption end is at the transition between peak and off - peak seasons, the bearish expectations for future consumption are weakening, and the accumulation of social inventory is slowing down. Overall, the market has both long and short factors, and aluminum prices are expected to continue to fluctuate [8] 3.4 Industry News - Century Aluminum will restart about 57,000 tons of idle capacity at its Mt. Holly smelter in South Carolina, with an investment of about 50 million dollars, aiming to increase the local aluminum production in the US by nearly 10%. The plant is expected to reach full production by June 30, 2026, with an annual primary aluminum output of about 730,000 tons. Henan Wanjji Aluminum Industry Co., Ltd. will transfer 580,000 tons of production capacity to Xinjiang, with a planned production start in December 2027. Mozambique's Mozal aluminum plant faces the risk of shutdown due to power issues, and the company is communicating to ensure power supply after March 2026 [9] 3.5 Related Charts - The report provides charts on the price trends of LME Aluminum 3 - month and SHFE Aluminum Continuous Three, the Shanghai - London aluminum ratio, LME aluminum premium, Shanghai aluminum inter - period spread, Shanghai - Guangdong price difference, spot premium seasonality, domestic and imported alumina prices, electrolytic aluminum cost - profit, electrolytic aluminum inventory seasonality, and aluminum rod inventory seasonality [10][11][14][15][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overseas macro - end is relatively bullish before the September Fed interest - rate meeting, and the bottom support for domestic and overseas aluminum prices is becoming more obvious. It is advisable to be bullish after price corrections. For alumina, market speculation sentiment has cooled, and prices are returning to the weak fundamental situation, with short - term prices expected to fluctuate weakly above 3000 - 3100 yuan [2][77]. - In the aluminum market, domestic electrolytic aluminum production capacity is slowly increasing, while demand shows seasonal weakness but may be driven by photovoltaic and automotive sectors. Aluminum inventory is approaching its peak, which may support prices. In the alumina market, raw material supply is affected by multiple factors, production capacity has marginal changes, and the import window is opened periodically [2][77]. 3. Summary by Related Catalogs Strategy Outlook for Aluminum Macro - The US July PPI soared, reducing traders' bets on a Fed rate cut in September. The US is negotiating tariff agreements, and the tariff issue between the US and India has attracted attention in the aluminum market. The Russian and US presidents are scheduled to hold a meeting [2]. Industrial Supply - In August, domestic electrolytic aluminum operating capacity is expected to increase to around 4430 tons, mainly from the复产 of Anshun Aluminum Plant and Baise Yinhai. Some replacement and transfer projects have production plans, and new replacement capacities are expected to be put into production in 2026 - 2027. South32 expects a production decline at Mozal in the 2026 fiscal year [2]. Industrial Demand - Apparent demand shows seasonal weakness. In July 2025, China's unforged aluminum and aluminum product exports decreased year - on - year but increased month - on - month. In August, the increase in photovoltaic module production may drive aluminum consumption, and the automotive industry also contributes to aluminum demand [2]. Inventory - As of Thursday this week, the total inventory of aluminum ingots and billets increased slightly, with the increase rate slowing down. Aluminum ingot social inventory is expected to reach its peak soon. LME aluminum inventory has an impact on price support [2]. Trading Logic and Strategy - Before the September Fed meeting, the non - ferrous metal market is mainly influenced by interest - rate cut and inflation expectations. It is advisable to be bullish on aluminum prices after corrections. Pay attention to the opportunity of the widening of the monthly spread when aluminum ingot inventory starts to decline. For derivatives, it is advisable to wait and see [2]. Strategy Outlook for Alumina Raw Material End - Domestic bauxite mines in Shanxi and Henan are affected by multiple factors and have difficulty releasing production capacity in the short term. Guinea's bauxite shipments recovered in the first week of August, but the supply of spot goods decreased. The current bauxite supply is sufficient in absolute terms, and the spot price is expected to remain firm [77]. Supply End - As of mid - August, the national alumina operating capacity increased, but the actual production decreased marginally. Some alumina enterprises in Guangxi and Shanxi are affected by maintenance and ore supply, and the southern import window is opened [77]. Trading Strategy - The alumina price is expected to fluctuate weakly above 3000 - 3100 yuan in the short term. It is advisable to wait and see for arbitrage and options trading [77]. Other Aspects Aluminum Market - LME market performance, aluminum ingot import and export profits, and speculative fund net positions are presented through charts [4][6][8]. - Domestic and overseas aluminum inventory performance, including social inventory, bonded - area inventory, and LME inventory, is shown in charts [15][16][18]. - Price differences, including regional price differences, basis differences, and monthly spread differences, are presented in charts [20][22][27]. - Aluminum primary processing product processing fees, such as aluminum rod and aluminum pole processing fees, are shown in charts [32][36]. - The recycled aluminum alloy market has supply - demand imbalances, with tight supply and weak demand. There are opportunities for arbitrage [38]. - The supply - side situation of electrolytic aluminum includes production volume, profit, and capacity change expectations, both domestically and overseas [45][47][49]. - Aluminum processing enterprise start - up rates show a mild recovery, with different trends in various sub - sectors [54]. - Demand from downstream industries such as photovoltaic, automotive, real estate, power, home appliances, and exports has different performance characteristics [57][60][63][66][69][72]. Alumina Market - Bauxite resource tax rates and the comparison of different mines are presented [83][85]. - Alumina profit has increased, and different regions have different profit levels [95][98][99]. - Alumina supply and demand are in a state of theoretical excess, and production capacity and output have marginal changes [100][102]. - The alumina import window is opened periodically, and net imports may decline slightly [103][109]. - Alumina social inventory has a marginal decline, and the supply of spot goods is expected to improve [110][113][117]. - Alumina spot trading is in a state of discount and light trading volume [118]. - Alumina overseas and domestic price trends and transaction prices are presented [119][120][123]. - Alumina warehouse receipts have increased significantly [124].

Africa’s second-biggest aluminum smelter may close in March after operator South32 is yet to secure a new electricity supply agreement before the current one expires. The company’s shares plunged https://t.co/Hz6RTsZOaZ ...

Australian miner South32 will take a $372 million impairment on its aluminum project in Mozambique that it said could shut next year, after it failed to secure an affordable energy supply https://t.co/kkotlI7b3l ...