Ore Support and Demand Drag Coexist, Non-ferrous Metals Continue Range-bound Trading: Oct 21 Summary of Views on Non-ferrous Sector

English summary

Non-ferrous metal varieties generally see support from the ore side, with some smelting maintenance causing supply contraction. However, downstream terminal demand recovery is weak, and high prices suppress procurement. Combined with a stronger US dollar and disturbances from overseas policy expectations, bullish and bearish forces are balanced. There is no unilateral driver for any variety in the short term, maintaining range-bound oscillation.