[SMM Aluminum Morning Meeting Minutes: Interest Rate Cut Expectations Heat Up, Boosting Aluminum Market; Fundamentals Limit Upside Potential] Overall, domestic fundamentals currently struggle to provide strong support for sustained aluminum price increases. However, overseas production reduction risks and improving macro sentiment offer some support. SMM expects aluminum prices to maintain a fluctuating trend at highs in the short term.

SMM Morning Meeting Minutes: LME copper opened at $11,726/mt overnight, initially fluctuating considerably and touching a high of $11,790/mt, then the center of copper prices gradually shifted downward to a low of $11,667/mt, followed by considerable fluctuations before finally closing at $11,727/mt, down 0.16%, with trading volume at 14,500 lots and open interest at 345,000 lots. The most-traded SHFE copper contract 2602 opened at 92,600 yuan/mt overnight, initially fluctuating considerably and touching a high of 93,020 yuan/mt, then the center of copper prices gradually shifted downward to a low of 91,960 yuan/mt, followed by fluctuating upward and finally closing at 92,870 yuan/mt, up 0.13%, with trading volume at 91,300 lots and open interest at 231,000 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2602 contract opened at 22,985 yuan/mt. At the beginning of the session, SHFE zinc briefly fell to a low of 22,935 yuan/mt, then bulls increased their positions, causing SHFE zinc to fluctuate upward and touch a high of 23,085 yuan/mt by the end of the session. It finally closed up at 23,060 yuan/mt, rising 25 yuan/mt, or 0.11%. Trading volume decreased to 43,757 lots, while open interest increased by 959 lots to 84,684 lots.

[SMM Magnesium Morning Meeting Minutes: Raw Materials Hold Steady, Magnesium Ingot Prices Edge Up, Short-Term Volatility Dominates Amid Tug-of-War Between Sellers and Buyers] Yesterday, magnesium producers' reluctance to sell intensified further, with mainstream producers collectively raising quotations. The market quotation range was concentrated at 15,600-15,700 yuan/mt. However, downstream end-users showed limited willingness to accept high-priced resources, adopting a cautious procurement stance.

[SMM Morning Meeting Minutes: LME Inventory Continues to Increase, LME Zinc Center Shifts Downward] Overnight, LME zinc opened at $3,041.5/mt, initially fluctuating around the daily average line, then briefly dipped to a low of $3,034.5/mt during European trading hours. Subsequently, bears increased their positions, and LME zinc fluctuated upward, reaching a high of $3,085.5/mt during the night session, finally closing up at $3,071.5/mt, up $36.5/mt, a gain of 1.20%. Trading volume decreased to 13,235 lots, and open interest decreased by 5,382 lots to 227,000 lots.

[SMM Cast Aluminum Alloy Morning Comment: Cast aluminum alloy social inventory maintains weak destocking pattern; spot prices fluctuate at highs in the short term] On Thursday, the SMM A00 aluminum price saw a slight correction of 20 yuan/mt to 21,730 yuan/mt, while the ADC12 price held steady at 21,650 yuan/mt. Aluminum prices fluctuated rangebound, and quotations in the secondary aluminum market remained generally stable. Currently, raw material supply is tight, and aluminum scrap traders show strong willingness to hold prices firm, providing support for secondary aluminum costs. However, aluminum price fluctuations have intensified downstream wait-and-see sentiment, with demand marginally weakening and market transactions performing sluggish. It is expected that ADC12 prices will continue to fluctuate at highs in the short term, with limited room for change on either side. Downside support comes from the rigid cost floor due to tight aluminum scrap supply, while upside pressure stems from marginally weakening demand and downstream wait-and-see sentiment triggered by aluminum price fluctuations. Subsequent attention should be paid to raw material circulation, regional environmental protection policies, and changes in downstream orders.