Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Aluminum Morning Meeting Summary: Social Inventory of Aluminum Increased Slightly During the Week, Inventory Buildup Expectations Intensified; Short-Term Focus on the Game Between Demand and Arrival of Goods] On the supply side, domestic aluminum capacity is approaching its ceiling. Insufficient recovery of hydropower in Yunnan has exacerbated regional supply tightness, limiting the increase in aluminum ingot output. Cost side, a mine in Guinea that had its mining license revoked suddenly received a production halt notice late last Friday night, sparking market concerns about the supply of bauxite raw materials, which may drive up the cost of alumina. However, the specific impact remains to be evaluated.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025