[SMM Aluminum Morning Meeting Summary: Easing of China-U.S. Tariff Policies Stimulates Upside Movement in Aluminum Price Center] On the macro front, China's domestic favorable policies remain unchanged, while positive developments have emerged in the China-U.S. tariff game, potentially driving up the futures market. On the fundamental front, the reduction in domestic aluminum ingot inventory provides support for aluminum prices. Subsequent rush to meet deadlines during the China-U.S. tariff window period may continue to boost consumption, supporting the upside movement of aluminum prices. It is expected that domestic aluminum prices will mainly fluctuate upward in the short term.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 May, 2025

[Daily Commentary on ADC12 Prices: Aluminum Prices Rise, but Secondary Aluminum Prices Lack Momentum for Follow-up Increase] Today, the SMM A00 aluminum price increased by 200 yuan/mt from the previous trading day to 19,810 yuan/mt, while the domestic SMM ADC12 price remained stable in the range of 20,200-20,400 yuan/mt.