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  Profit-Taking Leads to High Aluminum Prices Retreating from Highs [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: Funds Take Profits and Exit, Aluminum Prices Retreat from Highs] Overall, the current fundamentals—with consumption under pressure and inventory continuing to accumulate—are exerting some downward pressure on aluminum prices. However, strong macro policy expectations and geopolitical risks are providing solid support for a rise in aluminum prices. SMM expects aluminum prices to fluctuate at highs in the short term.

• Ukraine's 2026 Copper Scrap Export Quota Set at Zero, LME Copper Plunged Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $13,117/mt overnight, initially touched a high of $13,141/mt before its price center gradually declined, hit a bottom of $12,833/mt, and finally closed at $12,866/mt, down 2.93%, with trading volume decreasing by 3,549 lots to 44,000 lots and open interest falling by 8,237 lots to 329,000 lots, mainly driven by long liquidation. The most-traded SHFE copper contract 2602 opened at 100,320 yuan/mt overnight, touched a high of 103,560 yuan/mt at the opening, then its price center moved downward to hit a bottom of 101,350 yuan/mt, and finally settled at 102,030 yuan/mt, down 1.98%, with trading volume decreasing by 187,000 lots to 143,000 lots and open interest falling by 5,778 lots to 210,000 lots, also largely due to long liquidation.

• Macro tailwinds fail to offset high-price resistance, the most-traded SHFE tin 2602 contract fluctuates at highs, closes down 0.28% [SMM Tin Morning News]

  [SMM Tin Morning Brief: Macro Tailwinds Fail to Offset High-Price Resistance, the Most-Traded SHFE Tin Contract (SN2602) Fluctuates at Highs and Closes Down 0.28%]

• Insufficient Price Support Combined with LME Impact, SHFE Zinc Center Declined [SMM Zinc Morning Comment]

  [SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2602 contract opened lower with a gap at 24,190 yuan/mt. At the beginning of the session, it climbed to a high of 24,230 yuan/mt, then started a downward trend, continuously falling to a low of 24,045 yuan/mt. Although it rebounded slightly afterward, it failed to recover the lost ground, fluctuating at lows until the close. It finally ended down 200 yuan/mt, or 0.82%, at 24,130 yuan/mt, with trading volume decreasing to 62,977 lots and open interest dropping by 684 lots to 90,919 lots.

• Futures bulls exited, LME zinc center moved lower [SMM Morning Meeting Minutes]

  [SMM Morning Meeting Summary: Bulls Exited Futures, LME Zinc Center Trended Lower] Overnight, the LME zinc contract opened at $3,246.5/mt. Initially, it maintained a fluctuating trend, reaching a high of $3,258.5/mt. Upon entering European trading hours, the price began a downward trend, continuously falling to a low of $3,153/mt. Although it rebounded slightly afterward, it failed to reverse the decline, ultimately closing down at $3,160/mt, a decrease of $85.5/mt, or 2.63%. Trading volume increased to 128,000 lots, while open interest decreased by 1,964 lots to 234,000 lots.