As the world places greater emphasis on sustainable development, the recycling and reuse of metal resources not only effectively reduces resource waste but also mitigates environmental pollution, thereby promoting a green transformation of the economy.

Overnight, LME copper opened at $9,678.5/mt, touching a low of $9,664/mt shortly after the opening bell.

June 17 News: According to SMM statistics, on June 17, the aluminum ingot inventory in Guangdong was 166,500 mt; in Wuxi, it was 112,500 mt; and in Gongyi, it was 45,500 mt. The total inventory across these three locations was 334,500 mt, a decrease of 4,500 mt compared to the previous trading day.

[SMM Morning Comment on Cast Aluminum Alloy: The most-traded cast aluminum futures contract jumped initially and then pulled back overnight, while the spot market maintained a fluctuating trend rangebound] Yesterday, the SMM A00 aluminum price fell by 100 yuan/mt from the previous trading day to 20,630 yuan/mt. The domestic SMM ADC12 price remained stable within the range of 19,900-20,200 yuan/mt. Although aluminum prices showed a downward trend, the raw material end of secondary aluminum remained firm, providing some support for ADC12 prices, and market quotes generally remained stable.

[SMM Aluminum Morning Meeting Summary: Macro Bullish Factors Clash with Off-Season Demand, Aluminum Prices Fluctuate at Highs Amid Low Inventory] On the macro side, the market is closely monitoring the tense situation between Israel and Iran, as well as the US Fed's policy meeting this week, which is set to conclude on Wednesday. The market widely expects the US Fed to keep interest rates unchanged. On the fundamentals side, the operating capacity of domestic primary aluminum remains stable, with a decrease in casting ingot volume contributing to the ongoing destocking of domestic aluminum ingot inventory. On the cost side, prices of alumina and auxiliary materials are expected to weaken, leading to diminished cost support for primary aluminum. On the demand side, domestic seasonal weakness and trade uncertainties are exerting dual pressures, with the operating rate of aluminum processing enterprises expected to decline under pressure in the short term. Overall, the current low inventory and the anticipated increase in the proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices likely to hold up well in the short term.

According to SMM's latest monthly data survey, the total production of aluminum rods nationwide in May 2025 was 417,000 mt, an increase of 10,500 mt from April. After adjusting for the number of days in the month, the operating rate of aluminum rod plants in May was recorded at 62.15%, down 1.01% MoM and up 5.95% YoY. In the first half of May, due to the in the doldrums of aluminum prices and sufficient profit margins from orders on hand in the downstream sector, the market's purchasing efforts did not significantly weaken. Coupled with the industry still being in a concentrated shipping cycle, the supply side was able to maintain fluctuations at highs. However, in the second half of May, LME aluminum prices held up well due to the scarcity of aluminum ingots circulating in the market, while there was a noticeable weakening trend in industry deliveries. Consequently, market conditions took a sharp turn for the worse, and processing fees pulled back rapidly.