[SMM Cast Aluminum Alloy Morning Comment: The Most-Traded Contract Fluctuated Upward Overnight, Aluminum Tense Scrap Series Rose 100 Yuan/mt MoM] Overnight, the most-traded cast aluminum alloy 2512 futures contract opened at the day's low of 20,540 yuan/mt, then fluctuated upward, hitting a high of 20,690 yuan/mt, and finally closed at 20,680 yuan/mt, up 105 yuan/mt or 0.51% from the previous close. Trading volume was 617 lots, and open interest was 5,096 lots, with bears mainly reducing positions. Technical indicators suggest that the aluminum alloy 2512 futures contract is in a short-term bullish trend, with the moving averages in a bullish alignment providing strong support, and the price stabilizing and rebounding above the support level; however, attention should be paid to whether it can break through the resistance level at 20,775.

[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Spot silicon metal prices remained low and stagnant. Yesterday, SMM oxygen-blown #553 silicon in east China was quoted at 9,300-9,400 yuan/mt, flat from the previous day. Futures prices fluctuated, with the SI2512 contract hitting a low of 8,975 yuan/mt and closing at 8,980 yuan/mt at the end of the session, unchanged from the previous day. Operating rates of silicon enterprises diverged between the north and south. As the dry season approaches in Sichuan and Yunnan, some silicon enterprises in Yunnan and Sichuan recently implemented production cuts, leading to a downward trend in silicon metal supply. Polysilicon: N-type recharging polysilicon was quoted at 50.9-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 52.66 yuan/kg. Market prices were largely stable overall, as the market awaited the latest offers from the new round of order signing at month-end and the latest developments in this week's meetings.

[SMM Aluminum Morning Session Summary: Strong Macro Support Maintains Aluminum Prices Fluctuating at Highs] On the night session of October 28, the most-traded SHFE aluminum contract opened at 21,180 yuan/mt, with the highest price at 21,280 yuan/mt and the lowest price at 21,155 yuan/mt, finally settling at 21,245 yuan/mt, up 0.50%. The night session showed a pattern of rising initially and then fluctuating, with the trading center moving upward. From a technical perspective, the MA moving averages continued their bullish alignment (MA5: 21,249.00 > MA10: 21,205.00 > MA20: 21,077.25 > MA60: 20,918.67), while the MACD 4-hour candlestick level saw a narrowing of the red bars, maintaining a golden cross state (DIFF: 99.48, DEA: 87.72). In terms of trend, SHFE aluminum remains in an upward channel but is experiencing a short-term pullback. Based on recent highs and lows (low: 20,640, high: around 21,365), the resistance level is expected to be in the range of 21,350-21,550, and the support level in the range of 20,650-20,850.

[SMM Lead Morning Meeting Minutes: Low Inventory and Weak Consumption at a Stalemate, Lead Prices Remain in the Doldrums] China's "16th Five-Year Plan" Proposal Full Text: Adopt Unconventional Measures to Comprehensively Promote Decisive Breakthroughs in Key Core Technologies Across the Entire Chain in Key Areas. Recently, medium and large lead-acid battery enterprises are expected to implement concentrated production cuts or maintenance from late October to early November, with lead consumption anticipated to weaken...

SMM Morning Meeting Minutes: LME copper opened at $10,941.5/mt overnight, initially testing the low at $10,935/mt, then copper prices rose steadily to a high of $11,048/mt, before consolidating and closing at $11,029.5/mt, up 0.26%, with trading volume reaching 22,000 lots and open interest at 323,000 lots. The most-traded SHFE copper contract 2512 opened and tested the low at 87,220 yuan/mt overnight, then copper prices rose steadily, approaching a high of 88,120 yuan/mt near the end of the session, before finally closing at 87,910 yuan/mt, up 0.25%, with trading volume at 81,000 lots and open interest at 283,000 lots.

[SMM Lead Morning Brief: Overseas Continuous Destocking, Divergence Between Domestic and Overseas Lead Prices Unchanged] SMM October 29: Overnight, LME lead opened at $2,023.5/mt. In early trading, LME lead held up well, while during the Asian session, it was more influenced by the weakness in SHFE lead...

Yesterday afternoon, the spot market saw some recovery. During the night session, SHFE tin prices opened higher and fluctuated at highs [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2511 contract opened higher during the night session and hovered at highs, closing at 286,460 yuan/mt, up 0.56% from the previous trading day.

[SMM Zinc Morning Meeting Minutes: LME Zinc Hovers at Highs, Awaiting Further Macro Guidance] Overnight, the LME zinc contract opened at $3,051/mt. After opening, it fluctuated downward, hitting a low of $3,008.5/mt during the session. Subsequently, it continued to pull back from the lows, reaching a high of $3,068/mt before hovering at highs, ultimately closing down at $3,056.5/mt...

[SMM Zinc Morning Comment: LME Continues to Boost SHFE Zinc Maintains Fluctuating Trend] Overnight, the most-traded SHFE zinc 2512 contract opened at 22,355 yuan/mt. After opening, SHFE zinc briefly maintained a fluctuating trend, then quickly rose, reaching a high of 22,435 yuan/mt before hovering at highs, finally closing up at 22,410 yuan/mt.