Since the end of June, the price trend of non-ferrous metals has diverged, with the price of copper, lead and zinc showing a significant rebound, while the price of aluminum and nickel has continued the decline since the end of May. We believe that there are two main reasons for the divergence in the price trend of non-ferrous metals: on the one hand, the fundamentals of supply and demand are different, in the case of demand in the seasonal off-season, copper, lead and zinc are facing the problem of tight supply at the mine end or smelting end, while aluminum and nickel have no shortage of mine end for the time being. On the other hand, the financial attributes of copper are stronger, and the price has rebounded from the recent interest rate cut expectations of the Federal Reserve and the "Trump trade".

(Source:SMM)