Nonferrous Metals Quotes Morning Post

**Abstract** Core Tip: China's import and export figures for July showed strong performance, with both copper and scrap copper imports recording positive growth. At the same time, industrial output exceeded expectations, boosting market sentiment and pushing copper prices to $7,200 per ton. However, the impact of the positive news is likely to be short-lived, as downstream demand for replenishment remains weak, putting pressure on the recent rebound in copper prices. [Latest Market Update] ● LME Copper: Pan copper rose 80.5 to 7,270.5; aluminum gained 28.2 to 1,872; zinc increased by 44.2 to 1,940; lead climbed 38.3 to 2,176.8; nickel surged 410 to 14,716; tin jumped 270 to 22,000; COMEX copper remained flat at 3.31. ● Gold and Precious Metals: International spot gold rose 14.66 to 1,329.23; silver gained 0.32 to 20.86; platinum climbed 5.75 to 1,507.5; palladium added 4.2 to 745.65. ● LME Stock Levels: Copper stocks fell 3,075 to 594,500; aluminum dropped 8,125 to 5,463,350; zinc decreased 1,075 to 1,047,875; lead slipped 550 to 199,275; nickel declined 84 to 204,024; tin remained flat at 13,750. ● Shanghai Futures Inventory: Copper warehouse receipts dropped 250 to 47,044; aluminum fell 1,567 to 84,764; zinc remained flat at 107,803; lead dropped 426 to 98,095. [**LME Analysis & Today’s Outlook**] ● **Copper**: Eurozone data continued to outperform expectations, supporting a rebound in copper prices. A small increase is expected in the short term, but resistance at $7,400 may limit further gains. ● **Aluminum**: Aluminum prices rose as expected last week, but the upward momentum has largely been exhausted. There is limited room for further rebounds, so gradually increasing short positions may be a prudent approach. ● **Lead**: Lead prices surged sharply this week, hitting a six-month high, driven by strong industrial production data. With China showing signs of economic stability, a correction is likely this week. ● **Zinc**: Strong macroeconomic data from China boosted market confidence, pushing zinc to a six-month high. However, the rebound was overbought, and without strong spot demand, a pullback is possible this week. ● **Tin**: Industrial data supported a four-month high in tin prices, though gains have narrowed. Technical indicators remain positive, but traders should watch for potential retracement risks during the day. ● **Nickel**: Positive Chinese data eased market concerns, lifting nickel to a six-month high. From a technical perspective, a short-term rise is still expected. [**Industry Insights**] ● **Hunan Zinc Production**: Zinc output in Hunan Province increased by 12.25% year-on-year in January-June 2013, with June alone seeing a 9.66% rise. As one of China’s top zinc-producing regions, Hunan accounts for about 20% of national output. Despite oversupply in the domestic market, large zinc companies continue expanding production, leading to sustained growth. ● **China’s Copper Imports**: In July, China imported 410,380 tons of unwrought copper, up 8% from June. This marked the highest level since May 2012. Analysts suggest that much of the increase was due to financing-related copper inflows, as liquidity tightened. With the peak season approaching and low bonded inventory, July’s strong imports are expected to continue into August. [**Financial Highlights**] The Dow Jones fell 72.8 to 15,425.5; Nasdaq dropped 9.01 to 3,660.11; CRB index declined 0.12 to 510.33; U.S. Dollar Index rose 0.04 to 81.16; EUR/USD fell 0.0008 to 1.3333; USD/JPY increased 0.07 to 96.3; U.S. crude oil fell 0.14 to 105.83. [**Economic Watch**] ● **Germany’s Economic Outlook**: The German economy is expected to grow strongly in Q2, driven by rising private consumption and construction investment. However, growth is likely to slow in the second half of the year. ● **China’s Industrial Output**: China’s industrial output grew by 9.7% in July, surpassing the 9% forecast. This marks the second-highest growth rate this year, following January-February. Strong industrial data has eased concerns about slowing economic growth and provided support for base metals. [**Solder Industry Update**] Solder companies in Guangzhou and Zhejiang saw mixed results in August. While some factories reported improved operations due to rising electronics demand, overall performance remains weaker than last year. High temperatures reduced operating rates, and many solder manufacturers are adopting on-demand procurement strategies due to uncertainty in raw material prices.

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