Early comments on copper, aluminum, zinc, lead, tin and nickel on January 5
Copper price:
The market sentiment is optimistic and the US dollar remains weak. LME Copper closed up by US$102 overnight. The current fundamental performance is not satisfactory. The import of scrap copper has increased and the supply is relatively loose. The current copper material fell slightly today.
Aluminum price:
The expansion of manufacturing activities in the Eurozone accelerated. LME Aluminum closed up by US$49 overnight. Inventories accumulated slightly but remained low overall. The marginal pressure on near-term production weakened. Aluminum is expected to rise today.
Zinc price:
The US dollar weakened and LME Zinc fluctuated up overnight and closed up 1.78%. Processing fees continued to decline in January. The supply of zinc ore has not yet been resolved. Strong consumer resilience supports zinc prices. Zinc may rise today.
Lead price:
China's manufacturing PMI continued to expand. LME Lead rose sharply overnight and closed up 3.85%. Regional supply of recycled lead appeared tight, and market demand for battery replacement is improving. Lead may rise today.
Tin price:
Supported by supply concerns, LME Tin (LME Tin) opened higher overnight and closed up more than 3%; China's economic recovery is stable, the prospects for metal demand are optimistic, the supply of tin is tight, and the price of tin still has room for upwards. It is expected that spot tin will continue to rise today.
Nickel price:
The US dollar weakened and LME Nickel soared 4.86% overnight, leading the rise in other metals; new energy vehicle sales surged. Nickel market demand rebounded, and downstream purchases were active. Nickel prices were rebounded or rose further. Nickel is expected to rise today.
