Group 1 - The core message of the article revolves around the escalating tensions between the U.S. and China regarding rare earth magnets, with President Trump threatening a 200% tariff on Chinese imports if they do not supply these critical materials [1][5] - The U.S. heavily relies on China for rare earth magnets, with over 70% of its imports coming from China in 2024, highlighting the challenges the U.S. faces in achieving self-sufficiency in this sector [3][5] - China's dominance in the rare earth supply chain, controlling over 60% of global production and 85% of processing, poses a significant concern for the U.S. as it seeks to reduce dependency [1][3] Group 2 - The ongoing trade negotiations are complicated by the U.S. domestic situation, where farmers are struggling with unsold soybeans while retailers face shortages, illustrating the broader economic impact of tariffs [5][13] - The U.S. has invested over $400 million in efforts to develop its own rare earth supply chains, but progress has been slow, with no stable production from domestic sources like the Mountain Pass mine [3][5] - The article emphasizes that the U.S.-China economic relationship is fundamentally interdependent, with both countries needing each other's markets and supply chains, despite the current tensions [11][13]

Group 1: China-Africa Economic Cooperation - In the first seven months of this year, China's imports from the least developed African countries reached $39.66 billion, a year-on-year increase of 10.2% [2] - China supports the least developed African countries by providing 100% zero-tariff treatment on certain products, enhancing trade relations and facilitating the entry of African specialty products into the Chinese market [1][2] - Chinese enterprises are investing in Africa through overseas economic cooperation zones, focusing on sectors such as agricultural processing, home appliances, logistics, and new energy, thereby improving industrialization levels in Africa [2] Group 2: Green Development and Digital Economy - Chinese financial institutions are establishing special funds for green industrial chains, and numerous clean energy projects are being implemented in Africa to support its green development [3] - Initiatives such as the "Cloud Classroom" for e-commerce are being launched to cultivate digital talent in Africa, promoting deeper cooperation in the digital economy [3] Group 3: Future Directions - The Ministry of Commerce will continue to promote the "Ten Major Partnership Actions" to enhance economic integration and development collaboration between China and Africa [3]

Group 1: China-US Economic Relations - The Ministry of Commerce emphasizes the importance of continuing dialogue and cooperation with the US to maintain a healthy and stable economic relationship [1] - Chinese delegation led by Li Chenggang visited Canada and will meet US officials in Washington to discuss trade issues [1] Group 2: China-Africa Economic Cooperation - China imported $39.66 billion from the least developed African countries from January to July, a year-on-year increase of 10.2%, enhancing consumer choices in China and supporting African industries [2] - Chinese enterprises are investing in Africa through overseas economic cooperation zones, focusing on sectors like agricultural processing, home appliances, logistics, and renewable energy [2] - The IMF report highlights that China-Africa cooperation contributes 1-2 percentage points to Africa's economic growth annually, with local processing rates in Africa increasing from 15% to 45% due to Chinese investments [2] Group 3: Green Development Initiatives - Chinese electric vehicles and solar products are gaining popularity in Africa, supported by Chinese financial institutions establishing special funds for green industries [3] - Initiatives include clean energy projects and digital economy cooperation, such as e-commerce training programs and the establishment of a digital verification platform [3] - The Ministry of Commerce aims to further implement the "Ten Partnership Actions" to enhance economic integration and shared development between China and Africa [3]

Core Points - The recent extension of the "truce period" between China and the U.S. indicates a temporary halt in escalating trade tensions, with tariffs on each other's goods remaining suspended for an additional 90 days until November 10 [1][3] - The U.S. Secretary of the Treasury, Mnuchin, acknowledged that the U.S. has limited leverage in negotiations with China, particularly regarding energy purchases from Iran and Russia, which China firmly rejected [3] - China's control over rare earth resources serves as a significant bargaining chip, compelling the U.S. to seek negotiations after facing challenges from China's export restrictions [5] - The U.S. is exploring alternative partnerships in the rare earth sector, particularly with Myanmar, to reduce dependency on China, although achieving this in the short term is unlikely due to China's dominance in rare earth processing [5] - Mnuchin's characterization of China as the "greatest competitor" reflects the ongoing strategic rivalry, suggesting that the U.S. will continue to pursue measures against China despite the current truce [7]

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]

Group 1 - The core point of the news is the announcement of a joint statement from the US and China regarding trade negotiations, which includes a temporary suspension of additional tariffs on each other's goods for 90 days [2][3] - The US will pause the implementation of a 24% tariff on Chinese goods while retaining a 10% tariff, and China will similarly suspend the 24% tariff on US goods while keeping the 10% tariff in place [2][3] - The adjustments to tariffs are part of a broader strategy to stabilize trade relations and may influence future negotiations, particularly regarding market access and technology transfer [7][8] Group 2 - The Chinese government has decided to continue suspending export control measures against 16 US entities for 90 days and will stop executing measures against 12 other entities [5] - The adjustments to the unreliable entity list will also see a 90-day suspension of measures against certain US entities, allowing domestic companies to apply for transactions with them [6] - Future negotiations are expected to focus on key issues such as market access, intellectual property protection, and macroeconomic policies, including currency issues [7][8] Group 3 - China's foreign trade data shows a total import and export value of 25.7 trillion yuan in the first seven months of 2025, with exports growing by 7.3% and imports declining by 1.6% [10] - The new "China-Europe Arctic Express" shipping route will significantly reduce transport time to Europe, enhancing trade efficiency and positioning Ningbo-Zhoushan Port as a key trade hub [11][12]

Group 1: U.S.-China Trade Relations - Trump's willingness to visit China is contingent on reaching a favorable agreement, indicating a fluctuating stance on U.S.-China relations [1][3] - Ongoing trade negotiations have seen three rounds of discussions, with persistent disagreements on issues like agricultural procurement and market access [3] - The U.S. has tightened export restrictions on NVIDIA's H20 chips to China, raising questions about the sincerity of U.S. negotiations [3] Group 2: Tariff Implications - Trump announced plans to impose tariffs on approximately $120 billion worth of Chinese imports, with rates as high as 250% on certain products like chips and pharmaceuticals [3][4] - The pharmaceutical sector is a key target, as 35% of U.S. prescription drug imports come from China, and high tariffs could significantly increase costs [4] - The unilateral imposition of tariffs contradicts existing agreements, such as the U.S.-EU Digital Products Tariff Reduction Agreement, which includes many of the products targeted by Trump's tariffs [7] Group 3: Global Trade Dynamics - Concerns over U.S. trade policy uncertainty have risen, with the EU Trade Representative's office expressing dissatisfaction and indicating a reevaluation of trade agreements with the U.S. [7] - Japanese companies are advised to reduce reliance on U.S. supply chains, while South Korean firms like Samsung are shifting production back to Korea due to tariff concerns [7] - China's countermeasures against U.S. tariffs have led to a significant decrease in imports from the U.S. and an increase in exports to Belt and Road Initiative countries, showcasing a successful diversification strategy [9]

Report Industry Investment Ratings - Cotton: ★★★ [1] - Pulp: ★☆☆ [1] - Sugar: ★★★ (implied by the text description) [1] - Apple: ★★★ (implied by the text description) [1] - Logs: ★☆★ [1] - Natural Rubber: ★★★ (implied by the text description) [1] - 20 - rubber: ☆☆☆ [1] - Butadiene Rubber: ★★★ [1] Core Views - Overall, for most commodities, the current advice is to take a wait - and - see approach due to various factors such as uncertain supply and demand, and unclear market trends. Only for logs, a bullish investment strategy is recommended [2][3][4][6][7][8] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton slightly declined today, with the mainstream sales basis of cotton spot remaining stable, and some high - basis prices still being adjusted downwards. The trading atmosphere in the cotton yarn market was average [2]. - After consecutive declines, cotton prices have stabilized. Low inventory supports prices, but weak downstream orders drag them down. In July, the inventory digestion slowed, downstream demand was weak, and processing profits were under pressure [2]. - Macroscopically, Sino - US economic and trade negotiations may remain unchanged in the short term. There are strong expectations of increased production in Xinjiang in the new year, with an increase in planting area and generally ideal weather [2]. - Operationally, it is advisable to wait and see, and maintain a positive spread trading strategy for the 9 - 11 spread [2] Sugar - Overnight, US sugar fluctuated. The production data of the central - southern region of Brazil in the first half of July was neutral to bearish. Although the production progress accelerated in July due to less rainfall, the overall progress was still slow, and some international institutions lowered the annual production forecast [3]. - Domestically, Zhengzhou sugar fluctuated. In July, rainfall in Guangxi was better than usual, but the medium - term forecast indicates that rainfall may decrease later, increasing the uncertainty of Guangxi's sugar production in the 25/26 season [3]. - Overall, the US sugar trend is downward, and Zhengzhou sugar lacks positive factors. It is expected that sugar prices will fluctuate in the short term, and it is recommended to wait and see [3] Apple - The futures price rose. As the production season nears the end, the remaining inventory in cold storage is small, and traders are actively selling at weak prices. The listing volume of early - maturing apples increased, and prices dropped after an initial high [4]. - Due to high temperatures this year, the coloring of early - maturing apples was average, and the quantity of high - quality products was small. As of August 7, the national cold - storage apple inventory was 512,000 tons, a year - on - year decrease of 48.1%. Last week, the national cold - storage apple destocking volume was 64,100 tons, a year - on - year decrease of 23.87% [4]. - The market's focus has shifted to the new - season yield estimate. Although the western producing areas were affected by cold snaps and strong winds during the flowering period, the impact on yield was small, mainly increasing the risk of fruit rust. There are still differences in the yield forecast. It is recommended to wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Today, RU fluctuated, NR rose slightly, and BR declined slightly. The domestic natural rubber spot price continued to fall, while the synthetic rubber spot price was generally stable. The Asian price of butadiene at foreign ports was stable, and European prices varied. The prices in the Thai raw material market fluctuated [6]. - In terms of supply, the global natural rubber supply is gradually entering the high - yield period, with heavy rainfall in major Southeast Asian producing areas. This week, the operating rate of domestic butadiene rubber plants dropped significantly, and the operating rate of upstream butadiene plants increased slightly [6]. - In terms of demand, the operating rate of domestic tire plants declined slowly this week, the end - market demand was still weak, tire companies' sales were poor, and the inventory of semi - steel tires increased while that of all - steel tires decreased [6]. - In terms of inventory, the total natural rubber inventory in Qingdao decreased to 631,800 tons this week, and both the bonded and general trade inventories decreased. The social inventory of Chinese butadiene rubber decreased to 12,700 tons, and the upstream Chinese butadiene port inventory increased to 14,700 tons [6]. - Overall, demand is slowly weakening, natural rubber supply is increasing, synthetic rubber supply is decreasing, rubber inventory is falling, and market sentiment is stable. It is recommended to wait and see [6] Pulp - Today, pulp futures slightly declined. The spot price of Shandong Yinxing pulp was 5,850 yuan/ton, remaining stable; the price of Russian pulp in the Yangtze River Delta was 5,180 yuan/ton; and the price of broad - leaf pulp Jinyu was 4,080 yuan/ton [7]. - As of August 7, 2025, the inventory of mainstream pulp ports in China was 2.048 million tons, a decrease of 57,000 tons from the previous period, a month - on - month decrease of 2.7%. In July, China imported 2.877 million tons of pulp, a year - on - year increase of 557,000 tons and a month - on - month decrease of 153,000 tons [7]. - Currently, domestic port inventory is relatively high year - on - year, pulp supply is relatively abundant, and demand is still weak. After entering August, downstream demand may gradually pick up as the peak season approaches. It is recommended to wait and see [7] Logs - Futures prices fluctuated. The spot price in Rizhao increased by 10 yuan [8]. - In terms of supply, it is still the off - season for New Zealand log shipments, and the domestic arrival volume of coniferous logs remains low. Although the foreign price has risen for two consecutive months, domestic spot prices remain weak, and traders' pressure has increased, so it is expected that imports will not increase in the short term, and domestic supply may remain low [8]. - In terms of demand, after entering the off - season, the average daily outbound volume at ports fluctuates around 60,000 cubic meters, and the overall outbound situation is good [8]. - As of August 1, the total log inventory at national ports was 3.17 million cubic meters, with relatively low inventory and small inventory pressure [8]. - Fundamentally, the supply - demand situation has improved, and spot prices are relatively low. As the peak season is approaching, log inventory will gradually decrease, and spot prices are expected to rebound in the short term, with futures prices likely to continue rising. A bullish investment strategy is recommended [8]

Report Industry Investment Ratings - Cotton: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Pulp: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Sugar: ☆☆☆, suggesting a short - term equilibrium state with poor operability, advising to wait and see [1] - Apple: ☆☆☆, suggesting a short - term equilibrium state with poor operability, advising to wait and see [1] - Timber: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Natural Rubber: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - 20 - rubber: ☆☆☆, suggesting a short - term equilibrium state with poor operability, advising to wait and see [1] - Butadiene Rubber: ☆☆☆, suggesting a short - term equilibrium state with poor operability, advising to wait and see [1] Core Viewpoints - The overall market shows a mixed trend, with different commodities facing various supply - demand and macro - economic situations. For most commodities, the current advice is to wait and see, except for timber which has a bullish outlook [2][3][4][6][7][8] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton slightly declined today, and the spot sales basis of inland warehouse cotton remained stable but with sluggish shipments. The cotton yarn market was generally quiet [2] - After continuous declines, cotton prices have stabilized. Low cotton inventories support prices, but weak downstream orders drag them down. The inventory digestion speed slowed in July, and processing profits are under pressure [2] - Macroscopically, Sino - US economic and trade negotiations may remain unchanged in the short term. There is a strong expectation of increased cotton production in Xinjiang in the new season, with more planting areas and favorable weather [2] - Operationally, it is advisable to wait and see. For spreads, maintain a positive spread strategy for the 9 - 11 contracts [2] Sugar - Overnight, US sugar fluctuated. The production data of the central - southern region of Brazil in the first half of July was neutral to bearish. Due to less rainfall in July, the production progress accelerated, with increased cane crushing and sugar production year - on - year. However, due to previous heavy rainfall, the overall production progress is still slow, and some international institutions have lowered the annual production forecast [3] - In China, Zhengzhou sugar fluctuated. After entering July, rainfall in Guangxi was good, but the medium - term forecast from the European Meteorological Center suggests that rainfall may decrease later, increasing the uncertainty of sugar production in the 25/26 season in Guangxi [3] - Overall, the US sugar trend is downward, and Zhengzhou sugar lacks positive factors. It is expected that sugar prices will fluctuate in the short term, and it is advisable to wait and see [3] Apple - Apple futures prices fluctuated. As the production season nears its end, the remaining inventory in cold storage is low, and traders are eager to sell, leading to weak prices. The supply of early - maturing apples has increased, with prices starting high and then dropping [4] - Due to high temperatures this year, the coloring of early - maturing apples is average, and there is a shortage of high - quality products. As of August 1, the national cold - storage apple inventory was 576,100 tons, a year - on - year decrease of 46.2%. Last week, the de - stocking volume was 72,000 tons, a year - on - year decrease of 26.9% [4] - The market's focus has shifted to the new - season production estimate. Although the western production areas were affected by cold snaps and strong winds during the flowering period, the impact on production is small, mainly increasing the risk of fruit rust. There are still differences in the production estimates. It is advisable to wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Today, RU, NR, and BR all fluctuated strongly. The domestic natural rubber spot price declined, the synthetic rubber spot price was stable with a slight decline, and the overseas butadiene port price was stable. The prices in the Thai raw material market were mixed [6] - In terms of supply, the global natural rubber supply is gradually entering the high - yield period, and there is heavy rainfall in the main Southeast Asian production areas. Last week, the operating rate of domestic butadiene rubber plants increased further, with some plants under maintenance or low - load operation, and the operating rate of upstream butadiene plants slightly decreased [6] - In terms of demand, last week, the operating rate of domestic all - steel tires dropped significantly, and that of semi - steel tires continued to decline slightly, mainly due to plant maintenance or reduced production in some tire enterprises. Terminal market demand was weak, and tire inventories decreased [6] - In terms of inventory, this week, the total natural rubber inventory in Qingdao decreased to 631,800 tons, and both bonded and general trade inventories declined. Last week, the social inventory of Chinese butadiene rubber increased to 129,000 tons, and this week, the upstream Chinese butadiene port inventory rebounded to 147,000 tons [6] - In July, China imported 634,000 tons of natural and synthetic rubber (including latex), a year - on - year increase of 3.4% and a month - on - month increase of 5.9%. From January to July, the cumulative import was 4.709 million tons, a cumulative year - on - year increase of 20.8% [6] - Overall, downstream demand continues to weaken, rubber supply continues to increase, natural rubber inventories decline, and synthetic rubber inventories increase. Market sentiment remains stable. It is advisable to wait and see [6] Pulp - Today, pulp futures rose slightly. The spot price of Shandong Yinxing was 5,850 yuan/ton, remaining stable; the price of Russian needles in Jiangsu, Zhejiang, and Shanghai was 5,180 yuan/ton; and the price of broad - leaf pulp Jinyu was 4,080 yuan/ton [7] - As of August 7, 2025, the inventory of mainstream Chinese pulp ports was 2.048 million tons, a decrease of 57,000 tons from the previous period, a month - on - month decrease of 2.7%. In July, China imported 2.877 million tons of pulp, a year - on - year increase of 557,000 tons and a month - on - month decrease of 153,000 tons [7] - Currently, domestic port inventories are relatively high year - on - year, pulp supply is relatively abundant, and demand is still weak. After entering August, the downstream may gradually enter the peak season, which may boost demand. It is advisable to wait and see [7] Timber - Futures prices fluctuated. Spot prices remained stable [8] - In terms of supply, it is still the off - season for log shipments from New Zealand, and the arrival volume of domestic coniferous logs remains low. Although overseas prices have rebounded for two consecutive months, domestic spot prices are still weak, increasing the pressure on traders. It is expected that imports will not increase in the short term, and domestic supply may remain low [8] - In terms of demand, after entering the off - season, the average daily outbound volume at ports fluctuates around 60,000 cubic meters, with good overall outbound conditions [8] - As of August 1, the total national port log inventory was 3.17 million cubic meters, with relatively low inventory and less inventory pressure [8] - Fundamentally, the supply - demand situation has improved, and spot prices are relatively low. As the peak season approaches, logs will gradually be de - stocked, and short - term spot prices are expected to rebound, with futures prices likely to continue rising. It is advisable to maintain a bullish strategy [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices are expected to have limited upside due to weakening US economic data and a tense raw material supply situation, with the Shanghai copper main contract expected to trade between 77,800 - 78,800 yuan/ton and LME copper 3M between 9,550 - 9,760 US dollars/ton [1] - Aluminum prices have rebounded significantly, but considering the off - season and export pressure, the upside space is limited. The Shanghai aluminum main contract is expected to trade between 20,600 - 20,900 yuan/ton and LME aluminum 3M between 2,580 - 2,640 US dollars/ton [3] - Lead prices are expected to have limited upside as supply remains loose and domestic inventories are rising slowly [4] - Zinc prices are at a higher risk of decline as domestic industry data is weak and previous supporting factors have weakened [5] - Tin prices are expected to fluctuate weakly in the short term due to the expectation of increased supply from Myanmar and weak demand [6] - Nickel prices are expected to have correction pressure despite a short - term rebound, and it is recommended to wait and see [7] - Lithium carbonate prices are expected to be supported at the bottom, but the sustainability of supply reduction needs to be observed, and the 2509 contract on the Guangzhou Futures Exchange is expected to trade between 67,200 - 70,800 yuan/ton [9][10] - Alumina is recommended to short at high levels as the over - capacity situation is difficult to change, and the domestic main contract AO2509 is expected to trade between 3,000 - 3,400 yuan/ton [12] - Stainless steel prices are expected to be strongly volatile in the short term [14] - Cast aluminum alloy prices are expected to have limited upside as the off - season leads to weak supply and demand [17] Group 3: Summary by Metal Copper - Market performance: LME copper rose 0.41% to 9,674 US dollars/ton, and the Shanghai copper main contract closed at 78,360 yuan/ton [1] - Inventory: LME inventory increased by 2,275 tons to 156,125 tons, and Shanghai Futures Exchange copper warehouse receipts increased by 0.2 to 20,000 tons [1] - Price analysis: The weak US non - farm data increased the expectation of Fed rate cuts, but the sentiment may not be optimistic after the tariff implementation. The raw material supply is tense, but the copper supply outside the US is expected to increase [1] Aluminum - Market performance: LME aluminum rose 2.2% to 2,621 US dollars/ton, and the Shanghai aluminum main contract closed at 20,770 yuan/ton [3] - Inventory: LME aluminum inventory increased by 0.2 to 468,000 tons, and Shanghai Futures Exchange aluminum warehouse receipts decreased by 0.2 to 43,000 tons [3] - Price analysis: The domestic aluminum ingot inventory is low, which supports the price, but the off - season and export pressure limit the upside [3] Lead - Market performance: The Shanghai lead index rose 0.48% to 16,853 yuan/ton, and LME lead 3S rose 17.5 to 1,986.5 US dollars/ton [4] - Inventory: Shanghai Futures Exchange lead inventory was 58,700 tons, and LME lead inventory was 273,000 tons [4] - Price analysis: The supply of lead ore is tight, but the overall supply of lead ingots is loose, and the domestic inventory is slowly rising [4] Zinc - Market performance: The Shanghai zinc index fell 0.05% to 22,370 yuan/ton, and LME zinc 3S fell 2 to 2,770.5 US dollars/ton [5] - Inventory: Shanghai Futures Exchange zinc inventory was 14,400 tons, and LME zinc inventory was 92,300 tons [5] - Price analysis: Zinc ore inventory is increasing, production is rising, downstream consumption is weakening, and the risk of price decline is increasing [5] Tin - Market performance: On August 6, 2025, the Shanghai tin main contract closed at 266,940 yuan/ton, down 0.21% [6] - Inventory: Shanghai Futures Exchange tin registered warehouse receipts increased by 75 tons to 7,358 tons, and LME inventory decreased by 125 tons to 1,755 tons [6] - Price analysis: The expectation of increased supply from Myanmar is strengthening, and short - term supply and demand are weak. The domestic tin price is expected to trade between 250,000 - 275,000 yuan/ton, and the LME tin price between 31,000 - 34,000 US dollars/ton [6] Nickel - Market performance: Nickel prices rebounded slightly on Wednesday [7] - Inventory: No significant inventory data provided - Price analysis: The short - term macro environment is positive, but the downstream demand improvement is limited, and the price has correction pressure [7] Lithium Carbonate - Market performance: The MMLC spot index was flat, and the LC2509 contract rose 2.62% [9] - Inventory: No significant inventory data provided - Price analysis: The expectation of supply reduction supports the price, but the sustainability needs to be observed, and the 2509 contract on the Guangzhou Futures Exchange is expected to trade between 67,200 - 70,800 yuan/ton [9][10] Alumina - Market performance: On August 6, 2025, the alumina index rose 0.62% to 3,246 yuan/ton [12] - Inventory: The Wednesday futures warehouse receipts were 13,200 tons, remaining unchanged at a historical low [12] - Price analysis: The over - capacity situation is difficult to change, and it is recommended to short at high levels. The domestic main contract AO2509 is expected to trade between 3,000 - 3,400 yuan/ton [12] Stainless Steel - Market performance: The stainless steel main contract closed at 12,935 yuan/ton, down 0.19% [14] - Inventory: The social inventory was 1.1112 million tons, a decrease of 0.66% [14] - Price analysis: The supply of 316L is tight, and the price is expected to be strongly volatile in the short term [14] Cast Aluminum Alloy - Market performance: The AD2511 contract rose 0.35% to 20,075 yuan/ton [17] - Inventory: The inventory in Foshan, Ningbo, and Wuxi decreased slightly [17] - Price analysis: The off - season leads to weak supply and demand, and the price upside is limited [17]