Nickel Sulphate Spot Cargo Supply-Demand Pattern Remains Tight, Nickel Salt Prices Continued to Rise This Week

[SMM Magnesium Morning Meeting Summary: Strong Sentiment for Price Increases, Magnesium Prices Held Firm Today] Yesterday, mainstream quotations from magnesium plants stood at 16,800 yuan/mt. Influenced by rising raw material prices such as ferrosilicon, coal, and dolomite, magnesium prices bottomed out.

[SMM Cast Aluminum Alloy Morning Comment: US Fed Cut Interest Rate by 25 bps, Cast Aluminum Alloy Futures Fell Overnight] On the macro front, the US Fed cut interest rates by 25 basis points, fueling market risk-off sentiment and causing overnight futures to decline. Fundamentals side, current ADC12 prices are strongly supported by costs, coupled with downstream stocking demand ahead of the National Day holiday. Short-term prices are expected to hover at highs. Close attention should be paid going forward to raw material supply conditions, the pace of demand recovery, and potential market impacts from policy developments.

SMM Morning Meeting Minutes: LME copper opened at $9,958/mt overnight, initially fluctuated downward to a low of $9,943.5/mt, then the center of copper prices continuously moved upward to a high of $10,013/mt, fluctuated downward toward the session close and finally settled at $9,974/mt, down 1.41%, with trading volume at 28,000 lots and open interest at 293,000 lots. The most-traded SHFE copper contract 2511 opened at 79,980 yuan/mt overnight, initially rose to 80,830 yuan/mt, then fluctuated downward to a low of 79,670 yuan/mt, afterward fluctuated upward to a high level and moved sideways before finally settling at 79,880 yuan/mt, down 1.08%, with trading volume at 41,000 lots and open interest at 176,000 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2511 contract opened at 22,215 yuan/mt. At the beginning of the session, bears reduced their positions, and SHFE zinc plunged to a low of 22,095 yuan/mt. It then consolidated around 22,138 yuan/mt before finally closing down at 22,120 yuan/mt, a decrease of 165 yuan/mt or 0.74%. Trading volume fell to 43,725 lots, while open interest increased by 4,580 lots to 98,723 lots.

[SMM Morning Meeting Summary: US Fed Interest Rate Cut as Expected, LME Zinc Declines] Overnight, LME zinc opened at $2,983.5/mt. Initially, it fluctuated around the daily average line, then rose during European trading hours to a high of $2,998.5/mt. Subsequently, bears increased their positions, and LME zinc fluctuated downward, hitting a low of $2,937/mt toward the end of the session. It finally closed up at $2,943/mt, down $41.5/mt, a decline of 1.39%. Trading volume increased to 14,598 lots, and open interest rose by 229 lots to 216,000.