Group 1 - LME reported a decline in aluminum inventory, with the latest level at 491,225 tons, reaching a one-month low [1] - The Shanghai Futures Exchange indicated a reduction in aluminum inventory, decreasing by 2.2% to 122,028 tons, marking a near two-month low [1] - Generally, the continuous decline in inventories on domestic and international exchanges tends to support futures prices, while an increase may exert downward pressure [3]

Core Viewpoint - The London Metal Exchange (LME) reported a significant increase in tin inventory, rising from a two-year low of 1,630 tons on August 19 to a three-month high of 2,410 tons recently, indicating a potential bearish trend for tin prices due to rising inventories [2] Group 1: LME Tin Inventory - As of September 10, 2025, LME tin inventory reached 2,410 tons, up from 2,355 tons on September 9 and 2,280 tons on September 8 [4] - The inventory has shown a consistent upward trend since hitting a low of 1,630 tons on August 19, 2025 [2][4] - The increase in LME inventory suggests a potential shift in market dynamics, which could impact tin pricing negatively [2] Group 2: Shanghai Futures Exchange Inventory - The Shanghai Futures Exchange reported a weekly increase of 2.74% in tin inventory, bringing it to 7,773 tons as of September 5, 2025 [2] - This accumulation of inventory at the Shanghai exchange aligns with the trend observed in LME, indicating a broader market condition affecting tin supply [2] - The rising inventory levels in both exchanges may exert downward pressure on tin prices in the near term [2]

Group 1 - The London Metal Exchange (LME) reported an increase in nickel inventory, reaching a four-year high of 212,232 tons on August 8, before slightly decreasing to 211,296 tons [1] - The Shanghai Futures Exchange (SHFE) also saw a continuous accumulation of nickel inventory, increasing by 1.72% to 25,750 tons, marking a two-month high [1] - Generally, a decline in inventories on domestic and international exchanges supports futures prices, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and SHFE nickel inventories since July 2025 shows the following data: - As of August 11, 2025, LME inventory was 211,296 tons - On August 8, 2025, LME inventory was 212,232 tons, while SHFE inventory was 26,194 tons - The trend indicates a consistent increase in SHFE inventory over the past weeks [4][5]

注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来LME和上期所锌库存对比 以下为2025年7月以来LME和上期所锌库存数据：（单位：吨） | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/8/4 | 97, 000 | | | 2025/8/1 | 100, 825 | 61,724 | | 2025/7/31 | 104, 800 | | | 2025/7/30 | 109, 050 | | | 2025/7/29 | 112, 150 | | | 2025/7/28 | 115, 500 | | | 2025/7/25 | 115, 775 | 59, 419 | | 2025/7/24 | 116, 900 | | | 2025/7/23 | 115, 325 | | | 2025/7/22 | 116, 600 | | | 2025/7/21 | 118, 225 | | | 2025/7/18 | 119, 100 | 54, 630 | | 2025/7/17 | 121, 475 | | | 2025/7/ ...