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]

Core Viewpoint - The export volume and average price of titanium dioxide from China have declined year-on-year and month-on-month in the first half of this year, marking a continuous decrease for three months in a row for month-on-month exports and four months for year-on-year exports. The main reasons for this decline are anti-dumping policies from India and Brazil, coupled with a slowdown in global economic growth leading to reduced end-user demand [1][2]. Group 1: Export Performance - China's titanium dioxide exports to India fell by 49% year-on-year in the second quarter, while exports to Brazil plummeted by 56% year-on-year due to the implementation of anti-dumping taxes [1]. - The overall export data for the first half of the year shows a decline in both volume and price, indicating a "three lows" scenario (low year-on-year, low month-on-month, and low export prices) [2]. Group 2: Market Conditions - The anti-dumping policies from the EU, Brazil, and India have significantly pressured China's titanium dioxide exports, leading to a crisis in export volume [2]. - Global demand for titanium dioxide is weak, with cautious purchasing behavior observed in Europe, South America, and Southeast Asia due to economic uncertainties and slow recovery [1][2]. Group 3: Future Outlook - Industry experts suggest a cautious optimism for the future, believing that China's titanium dioxide sector can recover to previous levels, but this recovery depends on global economic conditions and industry reforms [2]. - It is recommended that domestic titanium dioxide companies accelerate the exploration of non-restricted markets such as the Middle East and Africa, or consider overseas capacity layouts to mitigate long-term export pressures [1][2].