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[SMM Aluminum Morning Meeting Minutes: Strong Macro Expectations Continue to Underpin Aluminum Prices, High Price Resilience Faces Test] In summary, robust macro expectations have built a solid bottom support for aluminum prices, but seasonal pressures from the fundamentals are gradually emerging. Amid the interplay between these factors, the upside potential for aluminum prices is constrained by weakening spot aluminum fundamentals and downstream sentiment wary of high prices, necessitating vigilance against the risk of a pullback from elevated levels.
SMM Morning Meeting Minutes: LME copper opened at $11,657.5/mt overnight, with its price center gradually rising at the beginning of the session, touching a high of $11,707/mt, then falling straight to a low of $11,583/mt, and finally closing at $11,675/mt, up 0.09%, with trading volume reaching 21,000 lots and open interest reaching 342,000 lots. The most-traded SHFE copper 2601 contract opened at 92,820 yuan/mt overnight, touched a high of 93,040 yuan/mt at the beginning of the session, then fluctuated downward to a low of 92,020 yuan/mt, and finally closed at 92,400 yuan/mt, down 0.04%, with trading volume reaching 77,000 lots and open interest reaching 222,000 lots.
SMM Lead Morning Meeting Minutes: Fundamentals Mediocre, Short-Term Lead Prices May Temporarily Consolidate] The Political Bureau of the Central Committee of the Communist Party of China Meeting: Next year's economic work should adhere to seeking progress while maintaining stability, improving quality and efficiency, and leveraging the integrated effects of existing policies and incremental policies. Currently, both primary lead and secondary lead smelters are undergoing maintenance or production cuts, leading to tight regional supply of lead ingots...
