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EFTA01747494 | EFTA01747495 Zn $2176.5 Ni $15,635 Pb $1885 +$51.5 -$15 +$20 $2100 $15,300 $1830 $2200 $16,300 $1900 Investor risk appetite has returned following the stabilization in the Ruble and oil prices, causing equities and the base complex to rise but Nickel and Aluminium have been left behind by the move. Chinese housing data has improved with completions rising 8.1% yoy but the floor space under construction was only up 10.1%, the smallest increase in 9 years. Copper moved upwards as the bears take profit. It hit highs of —$6430 at around noon and dropped off slightly in the afternoon. The IMF has urged Zambia, Africa's 2nd biggest copper producer to resolve the issues with moving from a value added tax regime to a royalty model which has been cited as the cause for the closure of the 117 kMT/yr Lumwana copper mine, with First Quantum and Vedanta expected to follow suit. Chile's Codelco have approved a $3.3bn investment to transform the Chuquicamata mine into an underground operation to extend it's life by 40 years and have it producing 320kMT/year Global copper production is approaching the 2 mMT record high at 1.993 mMT. Aluminium traded up in the morning but dropped sharply at around 15:00 to test support at around $1900. Nickel did not see much in terms of a sustained rally in the morning and came off sharply at around 13:00. Chinese ferronickel imports are set to surge in the next 2 years on the removal of a tax on overseas purchases and a number of Indonesian projects coming online as Chinese firms have skirted the Indonesian ore export ban by investing in in plants in Indonesia in order to export Nickel Pig Iron. China has been seen importing 200-250kMT in 2015. Zinc prices rose in the morning and were stable throughout the afternoon. Zinc production has hit a new high of 1.17 mMT. Lead has rallied on the news that smelters in Henan are cutting output by up to 30%, causing the global lead surplus to fall to 7451 kMT Shanghai Aluminium on warrant stocks are down 6.55% to 69.8 kMT. LME Aluminium on warrant stocks are down 2.47%% to 1957.7 kMT. Shanghai Copper on warrant stocks are down 6.41% to 26.6 kMT. LME Copper stocks are flat 140.7 kMT. LME Nickel stocks are up 0.03% to 304.6 kMT. Copper Vols are up —0.84%, Ali Vols down —0.19% in the front, Nickel Vols are up around 0.35%, lead and Zinc Vols unch Upcoming Data 22/12-US Existing Home Sales- Survey 5.2m, Prior 5.26m 23/12-US Durable Goods Orders-Survey 2.9%, Prior 0.4%, Revised 0.3% 23/12-US Durable Personal Consumption- Prior 0.4% 23/12-US Richmond Fed Manufacturing Index- Survey 7, Prior 4 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA_R1_00041974 EFTA01747495 Epstein Web iOS app on the App Store.
March 8, 2026 at 11:05 PM