[SMM Aluminum Morning Meeting Minutes: SHFE Aluminum Fluctuates Rangebound in Night Session, Game Between Macro Boost and Inventory Pressure Intensifies] Overall, macro front, domestic and overseas macro sentiment leans positive, with market expectations for US Fed interest rate cuts strengthening, boosting base metal prices. Fundamentally, domestic fundamentals currently struggle to provide strong support for sustained aluminum price increases, end-use demand remains weak, and the proportion of liquid aluminum declines accordingly. In summary, although fundamental drivers are limited, domestic and overseas macro performance remains optimistic, and aluminum prices continue to fluctuate at highs.

SMM Morning Meeting Minutes: LME copper opened at $11,986.5/mt overnight, with its center rising to touch a high of $12,159.5/mt, breaking through $12,000/mt for the first time, then declining to touch a low of $11,961.5/mt, followed by a rangebound fluctuation with an upward center, ultimately closing at $12,055/mt, a gain of 1.21%. Trading volume increased by 10,400 lots to 26,000 lots, while open interest decreased by 2,837 lots to 342,000 lots. Overnight, the most-traded SHFE copper 2602 contract opened at 94,850 yuan/mt, touching a high of 95,180 yuan/mt at the start of trading, then the center of copper prices shifted downward, probing to 93,830 yuan/mt, and finally closed at 94,890 yuan/mt. Trading volume increased by 46,800 lots to 186,000 lots, while open interest rose by 5,200 lots to 246,000 lots.

[SMM Cast Aluminum Alloy Morning Comment: Year-End Aluminum Scrap Demand Rises, Significant Cost Support for Secondary Aluminum] In yesterday's spot market, the SMM A00 aluminum price pulled back by 60 yuan/mt to 21,870 yuan/mt, while the ADC12 price held firm at 21,800 yuan/mt. Today, the aluminum price edged down slightly, but the secondary aluminum market remained generally stable. Currently, raw material supply is tightening, coupled with secondary aluminum enterprises entering a stockpiling phase, aluminum scrap demand is rising, and traders' sentiment to hold prices firm is evident, providing support for secondary aluminum costs. However, demand side, marginal weakening is observed, and overall market transactions performed sluggish. Supply side, recent heavy pollution weather warnings were activated in multiple regions, some secondary aluminum enterprises faced production restrictions or shutdowns, leading to a slight contraction in supply. Overall, cost support and tightening supply jointly solidify the price bottom, but demand slowdown and aluminum prices fluctuating at highs are curbing downstream purchase willingness. ADC12 prices are expected to maintain a fluctuating trend at highs in the short term.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon Metal: Spot silicon metal prices fluctuated rangebound. Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt. In the past two days, futures held up well, with the most-traded silicon futures contract closing at 8,780 yuan/mt at the end of yesterday's session, up 185 yuan/mt from the previous day. Silicon enterprise offers were largely stable, while trading firms engaging in both spot and futures market raised their absolute offer prices due to the futures increase. Downstream buyers mainly adopted a wait-and-see approach and made purchases on demand, resulting in a thin trading atmosphere. Polysilicon: N-type recharging polysilicon was offered at 49.7-55 yuan/kg, granular polysilicon at 49-51 yuan/kg, and the polysilicon price index stood at 52.06 yuan/kg. Market prices remained stable. Currently, downstream efforts to push up prices are uncertain, new contract signings have nearly halted, and downstream buyers are temporarily unwilling to accept excessively high polysilicon prices. Approaching year-end, both upstream and downstream participants are adopting a wait-and-see stance for the time being.

[SMM Zinc Morning Meeting Minutes: US Dollar Index Weakens, LME Zinc Center Rises] Overnight, the LME zinc contract opened at $3,079.5/mt, initially dipped to $3,068/mt, then fluctuated upward, reaching a high of $3,135/mt before pulling back below the daily average line, and finally closed up at $3,096.5/mt, rising by $18.5/mt···

[SMM Zinc Morning Comment: Insufficient Upward Momentum, SHFE Zinc Moves Downwards After a Higher Opening] Overnight, the most-traded SHFE zinc 2602 contract opened at 23,290 yuan/mt. After opening, SHFE zinc fluctuated downward throughout the session, reaching a high of 23,315 yuan/mt early in the session and a low of 23,045 yuan/mt near the close. It finally closed up at 23,105 yuan/mt, gaining 15 yuan/mt, an increase of 0.06%. Trading volume increased to 108,000 lots, and open interest rose by 1,083 lots to 94,190 lots.

The night session opened slightly higher but then fluctuated downward. Trading in the spot market recovered during the night session. [SMM Tin Morning News]

Recently, the domestic aluminum ingot market inventory structure has undergone a phased adjustment. The previously troubling backlog of shipments from Xinjiang has been gradually resolved, leading to a rebound in supply chain circulation efficiency. However, at the same time, inventory buildup pressure has emerged in some storage areas, compounded by regional market differences and weak downstream demand. As a result, domestic aluminum ingot inventory is characterized by "overall circulation improvement with localized pressure becoming prominent." This article provides an in-depth analysis of the current domestic aluminum ingot inventory situation based on the latest shipment, in-transit, and storage area feedback data, and offers predictions for future trends...

[SMM Tin Futures Review: SHFE Tin Fluctuated Upward During Day Session, Overall Spot Market Trading Was Sluggish] On December 23, 2025, the most-traded SHFE tin contract (SN2602) fluctuated upward during the day session and closed at 344,750 yuan/mt in the afternoon, up 0.55% from the previous day. Overseas markets also strengthened, with LME tin rising by $720 to $43,450/mt.