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  SHFE tin prices opened slightly higher in the night session and maintained a high-level consolidation. Trading in the spot market was relatively sluggish. [SMM Tin Morning News]

  During the night session, SHFE tin prices opened slightly higher and then maintained a high-level consolidation. Trading in the spot market was relatively sluggish. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2512) opened slightly higher during the night session and maintained a high-level consolidation, closing at 284,760 yuan/mt, up 0.4% from the previous trading day.

• SHFE Zinc Recorded a Bearish Candlestick, Focus on Subsequent Export Performance [SMM Zinc Morning Comment]

  [SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2512 contract opened at 22,720 yuan/mt. After an initial rise to 22,735 yuan/mt at the start of the session, it fluctuated downward, touching a low of 22,530 yuan/mt during trading before rebounding slightly. It finally closed down at 22,575 yuan/mt, falling 145 yuan/mt, or 0.64%. Trading volume decreased to 56,801 lots, and open interest dropped by 157 lots to 112,000 lots.

• Overseas inventories increase slightly, LME zinc maintains fluctuating trend [SMM Morning Meeting Summary]

  [SMM Morning Meeting Minutes: Overseas Inventories Increase Slightly, LME Zinc Maintains Fluctuating Trend] Last Friday, LME zinc opened at $3,050/mt. In early trading, the price center fluctuated upward, reaching a high of $3,072/mt, then pulled back. During the night session, it once fell to $3,045.5/mt, before fluctuating and rebounding toward the session's close, ultimately settling up at $3,066.5/mt. This represented an increase of $15.5/mt compared to the previous trading day, a gain of 0.51%. Trading volume decreased to 91,783 lots, while open interest fell by 4,145 lots to 221,000 lots.

• Copper prices fluctuated downward, and the supply-demand pattern in the secondary copper market underwent changes—awaiting direction amid policy observation.

  Copper prices experienced a significant pullback this week with limited rebound, accumulating a decline of 1,400 yuan/mt. The price of bare bright copper in Guangdong was quoted at 77,800-78,000 yuan/mt, down 500 yuan/mt week-on-week. Following the US Fed's interest rate cut and the implementation of favorable China-US tariff policies, copper prices entered a macro event "vacuum period," showing a short-term trend in the doldrums, which directly led to a sharp pullback in prices on Tuesday.

• Positive Market News Driving Pr-Nd Price Increase Amid Medium-to-Long Term Uncertainties【SMM Analysis】

  Recent positive signals from the international economic market have significantly impacted the rare earth market, altering the expectations and behavioral patterns of market participants. Driven by these favorable developments, suppliers have quickly raised the quotations for Pr-Nd raw materials. As downstream enterprises had maintained a low-inventory strategy over the medium and long-term during the previous price decline cycle, they were forced to accelerate the pace of restocking after the shift in expectations, further driving up the price of Pr-Nd. Such policy-induced changes in psychological expectations often lead to price fluctuations more rapidly than actual supply-demand changes, particularly in the strategically significant rare earth market.