Group 1 - The black metal futures market in China experienced a collective decline on August 20, with manganese silicon futures dropping over 2% [1] - As of the latest data, iron ore futures fell by 0.97% to 763.00 CNY/ton, hot-rolled coil futures decreased by 0.93% to 3391.00 CNY/ton, manganese silicon futures dropped by 2.61% to 5814.00 CNY/ton, and silicon iron futures fell by 2.10% to 5602.00 CNY/ton [1][2] Group 2 - On August 19, the warehouse futures data for black metals showed an increase in rebar futures warehouse receipts by 15,137 tons compared to the previous trading day, while iron ore futures receipts decreased by 100 contracts [3] - The data also indicated an increase in stainless steel warehouse receipts by 19,010 tons and a slight increase in hot-rolled coil futures receipts by 880 tons [3] - Conversely, silicon iron futures receipts decreased by 114 contracts, and manganese silicon futures receipts fell by 407 contracts [3] Group 3 - As of August 19, several black metal varieties exhibited a phenomenon of "backwardation," where spot prices were higher than futures prices [3] - The basis for rebar was 102 CNY with a basis rate of 3.14%, while the basis for manganese silicon was -130 CNY with a basis rate of -2.23% [3]

Group 1 - LME zinc inventory decreased to 75,850 tons, marking a near two-year low [1] - SHFE zinc inventory increased by 16.51% to 76,803 tons, reaching a near five-month high [1] - The trend of declining inventories in domestic and international exchanges generally supports futures prices, while increasing inventories may exert downward pressure [3] Group 2 - Comparison of LME and SHFE zinc inventories since 2023 shows significant fluctuations [4]

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 19, with some metals experiencing slight gains while others faced declines [1][2]. Group 2 - Shanghai aluminum rose by 0.07%, while lead increased by 0.03% [1]. - Nickel fell by 0.10%, tin decreased by 0.18%, and copper dropped by 0.23% [1]. - Stainless steel declined by 0.27%, zinc fell by 0.63%, and alumina experienced a significant drop of 1.28% [1].

Core Viewpoint - The aluminum oxide futures market is experiencing a downward trend with weak performance, influenced by supply and demand dynamics, and various market factors [1] Group 1: Market Performance - On August 15, the aluminum oxide futures market showed a decline, with the main contract opening at 3236.0 CNY/ton and fluctuating between a high of 3268.0 CNY and a low of 3160.0 CNY, reflecting a drop of approximately 2.12% [1] - The overall market sentiment indicates a weak performance for aluminum oxide, with prices expected to remain under pressure due to oversupply and limited demand growth [1] Group 2: Institutional Perspectives - Guangzhou Futures noted that the aluminum oxide futures have turned into a discount, with continuous increases in warehouse receipts and an impending referendum in Guinea affecting supply, leading to an oversupply situation [1] - Copper Crown Jin Yuan Futures highlighted a stalemate in the aluminum oxide market, with expectations of long-term capacity increases and short-term impacts from events affecting transportation and production [1] - Wukuang Futures pointed out ongoing disturbances in domestic and international ore supply, which may support ore prices, but the oversupply situation in aluminum oxide production remains challenging [1]

Group 1 - As of 20:30, New York gold futures decreased by 0.18% [1] - New York silver futures fell by 0.82% [1] - New York copper futures dropped by 0.76% [1]

Group 1 - The black metal futures market in China experienced a collective decline on August 14, with iron ore futures dropping nearly 3% [1] - As of the latest data, iron ore futures fell by 2.88% to 775.50 CNY/ton, rebar futures decreased by 1.97% to 3184.00 CNY/ton, silicon iron futures dropped by 2.25% to 5914.00 CNY/ton, and wire rod futures fell by 1.79% to 3406.00 CNY/ton [1][2] Group 2 - On August 13, the inventory data for black metal futures showed an increase in rebar futures warehouse receipts by 9919 tons to 106673 tons, while iron ore futures receipts increased by 400 contracts to 3600 contracts [3] - Stainless steel warehouse receipts decreased by 422 tons to 103518 tons, and silicon iron futures receipts decreased by 40 contracts to 21898 contracts [3] Group 3 - The basis data as of August 13 indicated that rebar, wire rod, hot-rolled coil, and stainless steel contracts experienced a "backwardation" phenomenon, where spot prices were higher than futures prices [3] - The basis and basis rate for various products showed that rebar had a basis of 79 CNY with a basis rate of 2.37%, while silicon iron had a negative basis of -538 CNY with a basis rate of -9.76% [4]

Group 1 - The London Metal Exchange (LME) reported a decrease in tin inventory last week, but there was an increase in the first two days of this week, with the latest inventory level at 1,765 tons [1] - The Shanghai Futures Exchange indicated that tin inventory continued to accumulate for the fourth consecutive week, with a weekly increase of 1.75% to 7,805 tons, marking a two-month high [1] - Generally, a continuous decline in inventories on domestic and international exchanges supports price levels, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and Shanghai Futures Exchange tin inventories since July 2025 shows the following data: as of August 12, 2025, LME inventory was 1,765 tons, while the Shanghai Futures Exchange inventory was 7,805 tons [4][5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Shanghai copper market maintained strong performance with a slight increase in open interest. Favorable domestic and overseas macro - factors, such as rising overseas interest - rate cut expectations and a weak US dollar index, along with a decline in Mysteel's electrolytic copper social inventory, may keep copper prices strong [5]. - The Shanghai aluminum market oscillated upward with a slight decrease in open interest. Although the domestic market atmosphere was favorable, the downstream off - season led to inventory accumulation, and it is expected that the futures price will show a moderately strong oscillation [6]. - The nickel price oscillated upward with little change in open interest, and the main futures price broke through the 122,000 - yuan mark. Supported by the improved domestic macro - environment and stable nickel ore operations with rising port inventories, the nickel price is expected to follow the macro - trend, and attention should be paid to the long - short game at the 122,000 - yuan level [7]. Industry Dynamics - **Copper**: On August 11, Mysteel's domestic market electrolytic copper spot inventory was 132,200 tons, a decrease of 210 tons compared to August 4 and 110 tons compared to August 7 [9]. - **Aluminum**: On August 11, Mysteel's electrolytic aluminum social inventory was 571,000 tons, an increase of 24,000 tons compared to August 4 and 22,000 tons compared to August 7 [10]. - **Nickel**: On August 11, for the refined nickel Shanghai market's mainstream reference contract, the Shanghai Nickel 2509 contract, the mainstream premium of Jinchuan electrolytic nickel was +2,200 yuan/ton with a price of 124,160 yuan/ton; that of Russian nickel was +500 yuan/ton with a price of 122,460 yuan/ton; that of Norwegian nickel was +3,200 yuan/ton with a price of 125,160 yuan/ton; and that of nickel beans was +2,550 yuan/ton with a price of 124,510 yuan/ton [11]. Related Charts Copper - Charts include copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai Futures Exchange (SHFE) warrant inventory, etc. [12][14][15] Aluminum - Charts involve aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina trend, alumina inventory, etc. [35][31][27] Nickel - Charts cover nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, nickel ore port inventory, etc. [38][44][40]

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Group 1 - As of 20:30, London nickel increased by 1.44% [1] - London copper decreased by 0.49% [1] - London lead fell by 0.20% [1] - London zinc dropped by 0.68% [1] - London aluminum declined by 0.84% [1]