3. Coke market may firm up this week

[SMM Aluminum Morning Meeting Minutes: Macro and Fundamentals Present Mixed Bullish and Bearish Factors, SHFE Aluminum Maintains Fluctuating Trend] On the night of November 4, the most-traded SHFE aluminum contract opened higher but came under pressure and pulled back, then entered a period of consolidation, ultimately stabilizing at a high level. The 2512 contract opened at 21,395 yuan/mt, reached a high of 21,440 yuan/mt and a low of 21,335 yuan/mt, and closed at 21,405 yuan/mt, down 0.28% from the previous close. From a technical perspective, the MA moving average system showed a bullish alignment (MA5: 21,403 > MA10: 21,320 > MA20: 21,140.25 > MA60: 20,845.83), while the MACD on the 4-hour candlestick chart maintained a golden cross (DIFF: 125.94, DEA: 115.85). In terms of trend, although prices at the night session pulled back from the intraday high, they ultimately closed at 21,405 yuan/mt, above most short-term moving averages, indicating that the current upward trend remains technically intact, though short-term pullback risks should be noted.

[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 Lead Morning Meeting Minutes: Concentrated Production Cuts by Lead-Acid Battery Enterprises, Lead Prices Expected to Remain in the Doldrums] Wang Yi Holds Phone Conversation with US Secretary of State Rubio: Hopes Both Sides Move Towards Each Other to Prepare for High-Level China-US Interactions. Following last week's surge in lead prices, lead-acid battery enterprises' purchasing enthusiasm has significantly weakened, and inventory in social warehouses in some regions has stopped destocking...

The International Copper Study Group (ICSG) held a meeting in Lisbon, Portugal, on October 7, 2025. Government representatives and industry advisors from major copper-producing and copper-consuming countries worldwide attended to discuss key issues affecting the global copper market. The following is the ICSG's assessment of the global refined copper supply-demand balance:  

SMM Analysis：As the National Day and Mid-Autumn holidays approach, SMM conducted a survey on the operational status of downstream galvanized sheet enterprises during the holiday. This survey covered 20 galvanized sheet enterprises with a total capacity of 17.82 million mt. According to the survey results, most enterprises maintained normal production during the National Day holiday.....

According to SMM, as of Thursday (June 27), inventory in the Shanghai Bonded Zone was 13,500 mt, flat WoW. The zinc ingot import window remained closed during the week, keeping bonded warehouse inventory stable.

Last week, on April 25th, the UK government made a significant announcement regarding the Deposit Return Scheme (DRS) for drinks containers.

Overnight, the most-traded SHFE nickel contract opened at 130,850 yuan/mt, and closed at 132,590 yuan/mt, up 990 yuan/mt.

DMC prices in the online shopping mall of Shandong-based plants opened at 15,500 yuan/mt this week, down 300 yuan/mt WoW. Offers from leading DMC plants were 15,200 yuan/mt this week, down 1,300 yuan/mt, while those from other plants were 15,300 yuan/mt. Mainstream transaction prices dipped by 400 yuan/mt WoW. 

This resource update can be reflected in the company's valuation and potentially change the coming-up acquisition landscape.