[SMM Tin Midday Review: SHFE Tin Holds High in Sideways Trading at Midday, 290,000 Yuan Level Becomes Bull-Bear Focus Amid Tight Supply-Demand Balance]

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 150-90 yuan/mt, averaging a discount of 120 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 85,750 to 86,070 yuan/mt, with an average of 85,910 yuan/mt, up 85 yuan/mt from the previous trading day.

[SMM Lead Morning Brief: Fundamentals Remain Tepid, LME and SHFE Lead Both Record Four-Day Losing Streaks] SMM, Nov. 19: Overnight, LME lead opened at $2,039/mt. As the US dollar index continued to strengthen and base metals generally weakened, LME lead extended its step-like decline trend...

[SMM Magnesium Morning Meeting Minutes: Oversupply Pattern Difficult to Change, Magnesium Prices Under Pressure] Magnesium plants have strong reluctance to sell, but under the dual pressures of inventory and financial strain, some manufacturers may make concessions. The quoted range for magnesium prices is expected to widen again, and magnesium prices are likely to remain under pressure in the subsequent period.

[SMM Aluminum Morning Meeting Minutes: Aluminum Prices Decline with Slight Rebound in Downstream Demand, Short-Term Prices Expected to Hover at Highs] Overall, driven by earlier macro tailwinds and capital flows, aluminum prices surged higher. However, the domestic fundamentals lack sufficient momentum to support a sustained rally, and prices have already pulled back to around 21,500 yuan/mt. Aluminum prices are expected to fluctuate at highs in the near term.

[SMM Survey: EU Salt Brine Magnesium Extraction Technology Breakthrough and Weak Market Performance of Indian Magnesium Enterprises] The EU's MAREMAG LIFE project has successfully extracted green magnesium from bittern, a by-product of the salt industry, replacing traditional high-carbon smelting with a renewable process. It has secured interest from potential customers and is preparing for capacity expansion, which is expected to promote the localization of low-carbon magnesium material supply in Europe. Meanwhile, the stock price of India's Southern Magnesium & Chemicals Ltd. plummeted, dropping 4.54% in a single day and accumulating a decline of over 50% year-to-date, reflecting the dual pressures of the macro environment and market sentiment faced by enterprises in the magnesium industry chain. The breakthrough in green technology and the performance in the capital market highlight the opportunities and challenges amid industrial transformation.

SMM Morning Meeting Minutes: LME copper opened at $10,700.5/mt overnight, fluctuated downward after initial sideways consolidation to touch a low of $10,667/mt, then gradually moved upward to a high of $10,766/mt, before fluctuating downward again and finally closing at $10,698/mt, down 0.64%, with trading volume reaching 25,000 lots and open interest at 320,000 lots. The most-traded SHFE copper contract 2601 opened at 85,540 yuan/mt overnight, touched a low of 85,510 yuan/mt at the beginning of the session, then gradually moved upward to a high of 86,210 yuan/mt, before fluctuating downward and finally closing at 85,930 yuan/mt, up 0.01%, with trading volume reaching 37,000 lots and open interest at 177,000 lots.