[SMM Aluminum Morning Meeting Minutes: Macro Tailwinds and Solid Fundamentals Support Aluminum Prices to Hold Up Well in the Short Term] During the night session on October 17, the most-traded SHFE aluminum contract opened at 20,935 yuan/mt, reaching a highest price of 20,960 yuan/mt and a lowest price of 20,890 yuan/mt, before finally closing at 20,925 yuan/mt, down 0.2%. The night session overall showed a consolidating trend, fluctuating around 20,930 yuan/mt. From a technical perspective, the MA system maintained a bullish alignment (MA5: 20,928 > MA10: 20,903 > MA30: 20,818), with prices holding above the moving averages; the MACD indicator continued its golden cross (DIF: 63.3 > DEA: 58.6); however, trading volume was 51,011 lots, down 26,366 lots MoM. Considering recent highs and lows (monthly low around 20,600, high around 21,200), resistance is expected in the 21,280–21,480 range, with support in the 20,530–20,750 range.

[SMM Cast Aluminum Alloy Morning Comment: Warrant and Inventory Both Increase, Tight Aluminum Scrap Supply Supports Costs] Last Friday, aluminum prices held steady compared to the previous day, with the SMM ADC12 price also unchanged at 21,050 yuan/mt, showing limited momentum for price adjustments. The current tight supply of aluminum scrap is unlikely to ease in the short term, providing solid cost support. Some enterprises, constrained by material shortages or losses due to cost-price inversions, have seen a decline in their operating rates. Meanwhile, demand resilience and low plant inventories are supporting prices, but caution is warranted against the suppression of upside room from high social inventory and warrant pressure. Attention should also be paid to the impact of policy implementation on the supply side. In the short term, ADC12 prices are expected to hold up well, with key focus on raw material circulation, the pace of demand recovery, and inventory changes.

SMM Morning Meeting Minutes: On Friday night, LME copper opened at $10,483.5/mt, initially dipped to $10,471.5/mt, then fluctuated upward to a high of $10,650/mt, fluctuated considerably, and finally closed at $10,607/mt, down 0.12%, with trading volume reaching 25,000 lots and open interest at 322,000 lots. On Friday night, the most-traded SHFE copper 2512 contract opened at 84,660 yuan/mt, initially rose to a high of 85,230 yuan/mt, then fluctuated downward to a low of 84,410 yuan/mt, after which copper prices gradually shifted upward and finally closed at 84,890 yuan/mt, up 0.15%, with trading volume reaching 64,000 lots and open interest at 216,000 lots.

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2512 contract opened lower with a gap at 21,830 yuan/mt, which was also the intraday low. Subsequently, bulls increased their positions, leading to a brief rise in SHFE zinc. However, due to insufficient upward momentum, prices gradually pulled back, eventually closing up at 21,855 yuan/mt, an increase of 25 yuan/mt or 0.11%. Trading volume decreased to 47,508 lots, while open interest rose by 7,282 lots to 116,000 lots.

[SMM Morning Meeting Minutes: US Dollar Boosted, LME Zinc Center Shifted Downward] Last Friday, the LME zinc contract opened at $2,963/mt. At the beginning of the session, bulls reduced their positions, causing LME zinc to fluctuate downward. During European trading hours, it touched a low of $2,914/mt, then fluctuated upward and reached a high of $2,972/mt during the night session. It finally closed down at $2,942.5/mt, falling by $25.5/mt, a decrease of 0.86%. Trading volume increased to 11,000 lots, while open interest decreased by 279 lots to 224,000 lots.

[SMM Morning Meeting Minutes: SHFE Tin Prices Expected to Fluctuate at Highs, Tight Supply Conditions Provide Some Support for Tin Prices] On the macro front, US unemployment and US Fed policy remain stable, with relatively small fluctuations in the US dollar exchange rate. However, new trends in the global smart connected automotive industry and the construction of EV charging infrastructure have had some impact on tin market demand.

[Night Session SHFE Tin Early Morning Report] Futures: The most-traded SHFE tin contract (SN2511) opened lower in the night session and maintained a fluctuating trend, closing at 277,830 yuan/mt, down 1.26% from the previous trading day.