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  LME inventories continue to decline, with the ratio of cancelled warrants approaching half [SMM Copper Morning Meeting Summary]

  SMM Morning Meeting Summary: Overnight, LME copper opened at $9,636.5/mt, initially touching a high of $9,645.0/mt before prices fluctuated downward. The lowest price reached during the session was $9,548.0/mt, and it eventually closed at $9,566.0/mt, down 0.31%. Trading volume was 14,383 lots, and open interest was 293,958 lots. Overnight, the SHFE copper 2507 contract opened at 78,010 yuan/mt, with prices fluctuating initially before declining steadily. It touched a high of 78,130 yuan/mt at the beginning of the session and fell to a low of 77,700 yuan/mt at the end, eventually closing at 77,790 yuan/mt, down 0.33%. Trading volume was 26,397 lots, and open interest was 168,556 lots.

• Stainless steel prices have reached historical lows, while nickel salt prices may rise [SMM Nickel Morning Meeting Summary]

  [5.29 Morning Meeting Minutes] Currently, the stainless steel market has entered the traditional consumption off-season, with significantly sluggish downstream demand. However, supply-side production remains at high levels, placing immense shipment pressure on steel mills. Inventory buildup among agent traders is evident, and social inventory continues to fluctuate at highs. Due to insufficient end-user orders, some futures-spot traders resorted to selling spot cargo at low prices after completing futures arbitrage, with some goods circulating only within the trade chain without reaching end-users. Although the rebound in high-grade NPI prices, historically low stainless steel prices, and corporate losses provided some support, the combination of shrinking off-season demand and persistently high supply suggests that stainless steel prices will continue to face downward pressure in the short term if shipment pressure persists.

• [5.29 Lithium Battery News] XPeng Motors' He Xiaopeng Predicts "Price War" Will Intensify in One of the Next Five Years

• Price spread between domestic and overseas markets narrows, alumina import window gradually opens [SMM Alumina Morning Comment]

• 0.759 yuan/W! PowerChina Announces Winning Bid Result for HJT Module Procurement

  On May 27, the winning bid result for the procurement of N-type HJT PV modules for the 5.8MW distributed PV power generation project at Xiaozhilin Lingzhi Base, Nanshan Town, Foshan City, undertaken by PowerChina, was announced. The bid winner was Shandong Quanwei New Energy Technology Co., Ltd., with a winning bid price of 5.3343 million yuan and a unit price of 0.759 yuan/W.