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  [Platinum and Palladium Express] Interest Rate Cut Arrives as Expected, International Platinum and Palladium Futures Market Fluctuates and Pulls Back

• [ SMM Hydrogen Cost Daily Review ] 20251210

• Interest Rate Cut Expectations Fail to Offset Off-Season Realities, Aluminum Prices' Upside Momentum at High Levels Remains Limited [SMM Aluminum Morning Meeting Minutes]

  [ SMM Aluminum Morning Meeting Minutes: Interest Rate Cut Expectations Face Reality Check Against Off-Season Pressures; Aluminum Price Upside Momentum Limited at High Levels ] In summary, strong macro expectations have built a solid bottom support for aluminum prices, but seasonal fundamental pressures are gradually emerging. Amid the interplay of these factors, the upside room for aluminum prices is constrained by weakening spot aluminum fundamentals and cautious downstream sentiment. Risks of a pullback from elevated levels warrant caution.

• Anglo American and Teck Resources Merge, US Fed Cuts Interest Rate by 25 Basis Points as Expected [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $11,632/mt overnight, initially touched a high of $11,665/mt before falling straight to a low of $11,533/mt, and finally consolidated to close at $11,559.5/mt, up 0.78%, with trading volume reaching 21,000 lots and open interest at 345,000 lots. The most-traded SHFE copper contract 2601 opened at 92,250 yuan/mt overnight, touched a high of 92,490 yuan/mt at the beginning, then the center continued to decline to a low of 91,450 yuan/mt, and finally closed at 91,770 yuan/mt, up 0.32%, with trading volume reaching 56,000 lots and open interest at 194,000 lots. 201,000 lots.

• Lead Ingot Inventory Continues to Rise, LME and SHFE Lead Stop Falling and Rebound [SMM Lead Morning News]

  [SMM Lead Morning News: Lead Ingot Inventory Continues, LME Lead and SHFE Lead Stop Falling and Rebound] SMM December 11 News: Overnight, LME lead opened at $1,983/mt. Ahead of the US Fed's interest rate decision, the market awaited results quietly, with LME lead trading being mediocre. For most of the session, it consolidated within the range of 1,980-1,990 yuan/mt......