[SMM Cast Aluminum Alloy Morning Comment: Aluminum Price Sees Slight Correction, ADC12 Fluctuates at Highs in Short Term; Focus on Raw Material Supply and Demand Recovery Progress] On Monday, the aluminum price saw a slight correction, while the SMM ADC12 price remained stable at 21,050 yuan/mt. Due to tight domestic and overseas aluminum scrap circulation resources and increased demand from scrap utilization enterprises, the aluminum scrap market shortage has intensified, continuing to support the ADC12 price from the cost side. Meanwhile, on the demand side, downstream procurement sentiment has slightly recovered since September, with demand continuing to rebound, but the actual strength of the traditional peak season remains to be verified.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2510 contract opened at 22,290 yuan/mt. At the beginning of the session, it briefly fell to a low of 22,245 yuan/mt, then fluctuated upward as bears reduced their positions, touching a high of 22,370 yuan/mt toward the end of the session. It then consolidated near the daily moving average, finally closing up at 22,335 yuan/mt, an increase of 25 yuan/mt, or 0.11%. Trading volume decreased to 48,000 lots, while open interest fell by 2,597 lots to 89,406 lots.

[SMM Morning Meeting Summary: Overseas Inventories Continue Destocking, LME Zinc Center Rises] Overnight, the LME zinc contract opened at $2,953/mt. At the beginning of the session, bulls increased their positions, and LME zinc fluctuated upward. However, due to insufficient upward momentum, it then fluctuated downward, touching a low of $2,943.5/mt during the night session. Subsequently, bulls continued to add positions, and LME zinc fluctuated upward throughout, reaching a high of $2,985/mt toward the end of the session. It finally closed up at $2,982/mt, gaining $26/mt, an increase of 0.88%. Trading volume decreased to 11,876 lots, while open interest increased by 13,993 lots to 219,000 lots.

SMM Morning Meeting Minutes: LME copper opened at $10,076/mt overnight, initially fluctuating rangebound and dipping to $10,061/mt, then copper prices moved upward all the way, touching a high of $10,192.5/mt near the end of the session before pulling back to finally close at $10,189/mt, up 1.09%, with trading volume reaching 17,000 lots and open interest at 295,000 lots. The most-traded SHFE copper contract 2510 opened at 80,890 yuan/mt overnight, dipping to 80,850 yuan/mt at the beginning of the session, then copper prices rallied all the way, touching a high of 81,530 yuan/mt near the end of the session before finally closing at 81,380 yuan/mt, up 0.68%, with trading volume reaching 30,000 lots and open interest at 179,000 lots.

US to Reduce Import Tariffs on Japanese Cars to 15% SHFE Tin Prices Open Lower and Stabilize in Night Session [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2510) opened lower and maintained a low-level consolidation during the night session, closing at 272,900 yuan/mt, down 0.33% from the previous trading day.