I'm still trying to understand the physics here. My current understanding is that this is a competing rate effect: air gets exchanged slowly between ambient and the inside of a metal conduit system, while the temperature will change more quickly. So when the outside air cools off, the conduit cools off more quickly than the air inside can change to the new ambient cooler, less moist air, and you get condensation.
If so, then a sleeve on the underside of a porch roof is perhaps one of the least likely places for this to occur outdoors: one end is open, so the air exchange will be faster than a fully closed system. And the underside of a porch roof is a fairly protected location, so it will not see as quick temperature changes.
But maybe it still happens. Do you ever see condensation dripping out of a metal, ceiling mounted light fixture on a porch?
Thanks, Wayne