Bank of America Securities released a research report saying that inventories of tungsten, copper, aluminum, and lithium have all declined rapidly recently, but downstream will to replenish stocks is limited due to weak demand prospects during the peak season, limiting room for price increases. Luoyang Molybdenum Industry, Zijin Mining, and Minmetals Resources all expect copper supply to maintain discipline, and overseas mines may fall even lower than the guidelines. US copper tariffs became a short-term focus. China Aluminum and Shanghai Nonferrous Network expect Indonesia's aluminum production to increase by 1.6 million tons in 2027, lower than earlier market concerns; tungsten stocks are about 0.5 months. The bank has a positive view on copper and suggests “buying” Zijin Mining and Luoyang Molybdenum.

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