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  Futures and Spot Prices Fell in Tandem, Oversupply Persists Amid High Inventory [SMM Alumina Morning Comment]

• Saudi Aramco Expands into Metal Trading, LME Copper Edged Down Slightly Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $10,681/mt overnight, initially touching a high of $10,715/mt before copper prices trended downward, hitting a low of $10,532.5/mt near the session close, and finally settled at $10,576/mt, down 0.21%, with trading volume reaching 16,000 lots and open interest at 320,000 lots. The most-traded SHFE copper contract 2511 opened at 85,240 yuan/mt overnight, touched a low of 84,960 yuan/mt at opening, then reached a high of 85,400 yuan/mt. After showing a "W" pattern early in the session, it maintained a sideways trend and finally settled at 85,160 yuan/mt, up 0.24%, with trading volume at 35,000 lots and open interest at 170,000 lots.

• SHFE tin prices opened slightly lower in the night session, and trading in the spot market remained sluggish [SMM Tin Morning News]

  During the night session, SHFE tin prices opened slightly lower. Trading in the spot market remained sluggish. [SMM Tin Morning Update] Futures: The most-traded SHFE tin contract (SN2511) opened slightly lower during the night session and maintained a fluctuating trend, continuing to fluctuate around the 280,000 mark. It closed at 280,070 yuan/mt, down 0.12% from the previous trading day.

• End-User Consumption Lacks Highlights, SHFE Zinc Records a Bearish Candlestick [SMM Zinc Morning Comment]

  [SMM Zinc Morning Comment] The most-traded SHFE zinc 2511 contract opened at 22,065 yuan/mt. At the start of the session, it quickly climbed to a high of 22,085 yuan/mt, then pulled back rapidly as bears increased their positions, touching a low of 21,925 yuan/mt. Subsequently, the contract attempted to rise above the daily average line but ultimately faced resistance and pulled back. Toward the end of the session, the price center fluctuated rangebound around 21,950 yuan/mt, finally closing down 70 yuan/mt at 21,945 yuan/mt.

• The price bottom still has some support, and LME zinc maintains a fluctuating trend. [SMM Morning Meeting Minutes]

  [SMM Morning Meeting Summary: Price Bottom Still Has Some Support, LME Zinc Maintains Fluctuating Trend] Overnight, the LME zinc contract opened at $2,955/mt. At the beginning of the session, the price fluctuated downward, hitting a low of $2,926.5/mt, then the center gradually moved up, reaching a high of $2,976/mt. Toward the end of the session, LME zinc pulled back again, finally closing down at $2,940.5/mt, down $13/mt, a decrease of 0.44%. Open interest decreased to 119,000 lots, while open interest increased by 4,285 lots to 224,000 lots.