20230830-五矿期货-有色金属早报_6页_1mb

报告摘要

Spot price for tin closed at 211,690 CNY/ton, with a 0.62% decline. Domestic registered warehouse stock decreased by 97 tons to 7,871 tons, while LME inventory increased by 30 tons to 6,215 tons. Jiangxi spot price for tin No. 1 averaged 210,750 CNY/ton. Upstream tin concentrate at 40% grade was reported at 195,500 CNY/ton. July imports of tin concentrate increased by 38% to 61,284 tons equivalent, but tin exports decreased by 24% month-over-month. LME operating range reference is 22,000-29,000 USD.

Battery-grade lithium carbonate prices reported a sharp drop in spot, with SMM quotes at 207,000-222,000 CNY/ton, averaging a 5,500 CNY decrease or 2.6% lower than the previous workday. Imports of lithium carbonate concentrate declined. Overall market supply exceeds demand due to abundant production and low inventory pressures. Expected operating range is 205,000-215,000 CNY/ton, reflecting downward price trends amid weak downstream demand.

LME nickel fell 0.4%, and SHFE nickel decreased 1.27% in price. Domestic spot prices ranged from 165,700-169,500 CNY/ton. Imports of nickel are possible but not expected to surge significantly. Fundamentals show improvements from demand expectations but persistently supply excesses. Operating range reference is 150,000-180,000 CNY/ton.

Copper prices rose amid positive equity market and economic policy influences; SHFE copper closed at 69,480 CNY/ton. LME copper increased 1.15% to 8,455 USD/ton. Inventory data indicates low stock levels, with improved import profitability but steady domestic demand. Operating range reference is 68,600-69,800 CNY/ton.

Aluminum prices increased 0.48%, closing at 18,825 CNY/ton. SMM spot price averaged 18,910 CNY/ton. SHFE inventory decreased slightly. July aluminum imports surged 128.4% year-over-year, indicating potential supply pressures. Expected to remain range-bound, with operating range reference 17,800-18,800 CNY/ton.

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