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  Macro and Supply Side Dominate Market, SHFE Aluminum Fluctuates at Highs in Short Term [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: Macro and Supply Side Dominate the Market, SHFE Aluminum to Fluctuate at Highs in the Short Term] On the night of November 3, the most-traded SHFE aluminum contract opened lower, fluctuated higher, and overall remained stable at highs. It opened at 21,555 yuan/mt, reached a high of 21,610 yuan/mt and a low of 21,435 yuan/mt, and closed at 21,570 yuan/mt, up 0.42% from the previous close. From a technical perspective, the MA moving average system showed a bullish alignment (MA5: 21,402 > MA10: 21,294.5 > MA20: 21,109.75 > MA60: 20,831.33), while the MACD 4-hour candlestick maintained a golden cross (DIFF: 133.99, DEA: 108.41). In terms of trend, SHFE aluminum remains in an upward channel. Although prices at the night session pulled back from the intraday high, they ultimately closed at 21,570 yuan/mt, above most short-term moving averages, indicating that the current upward trend has not been technically broken.

• Cast Aluminum the Most-Traded Contract Fluctuates Above 21,000, Focus on Breaking Previous Highs and Downstream Order Performance [SMM Cast Aluminum Alloy Morning Comment]

  [SMM Cast Aluminum Alloy Morning Comment: Cast Aluminum Most-Traded Contract Fluctuates at Highs Above 21,000 yuan/mt, Focus on Breakthrough of Previous High and Downstream Order Performance] On Monday, the SMM ADC12 price rose by 100 yuan/mt to 21,400 yuan/mt. The tight raw material supply continued, with aluminum scrap market showing signs of holding back cargoes, and procurement costs for secondary aluminum plants kept climbing. Although end-use consumption remained resilient, the rapid price surge has triggered wait-and-see sentiment among downstream enterprises, and the transaction pace slowed down. Overall, cost and supply-side support currently dominate, and ADC12 prices are expected to hold up well in the short term, with attention needed on raw material prices, inventory changes, and downstream order performance.

• Indonesia's Amman Mineral Copper Concentrate Exports Advance, LME Copper Fluctuated and Closed Lower Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $10,857.5/mt overnight on Friday, with prices initially rising to a high of $10,948/mt before fluctuating downward to a low of $10,834.5/mt, then fluctuating upward to close at $10,891.5/mt, down 0.35%, with a trading volume of 21,000 lots and open interest of 336,000 lots. The most-traded SHFE copper 2512 contract opened at 87,210 yuan/mt overnight, initially falling to a low of 86,700 yuan/mt before fluctuating upward to a high of 87,450 yuan/mt near the close, then fluctuating downward to close at 87,130 yuan/mt, down 0.09%, with a trading volume of 76,000 lots and open interest of 254,000 lots.

• Spot market transactions were sluggish, and tin prices fluctuated downward slightly during the night session [SMM Tin Morning News]

  Spot market trading was sluggish. Tin prices fluctuated slightly downward during the night session. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2512) fluctuated slightly downward during the night session, closing at 284,900 yuan/mt, down 0.25% from the previous trading day.

• Bullish Funds Drive SHFE Zinc to Fluctuate at Highs [SMM Zinc Morning Comment]

  [SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a three-day winning streak, with the center of the daily candlestick moving higher and the MACD bullish candlestick expanding. Boosted by overnight LME gains, SHFE zinc saw an influx of bulls' capital, breaking through the high levels seen since August, coupled with...