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  SMM Analysis: Processing Fees for Aluminum Billets Remain "Negative"! When Will the Discounted Pricing End?

  On January 5, 2026, the first trading day after the New Year's holiday, the SMM A00 aluminum price surged by 850 yuan/mt in a single day, surpassing the largest single-day increase of any day in 2025. As a result, aluminum billet processing fees across regions rapidly pulled back, generally decreasing by 0–160 yuan/mt, but still remaining above the zero line. However, on the following day, January 6, 2026, the aluminum price soared another 600 yuan/mt, initiating an extreme market trend that lasted nearly two weeks—aluminum billet processing fees fell below the zero line and entered negative territory.

• SMM Analysis: Sellers and Buyers Are Evenly Matched, Aluminum Rod Processing Fees Remain Stable

  Reviewing the aluminum rod market in December, overall supply and demand improved, with processing fees bottoming out and returning to reasonable levels. According to SMM surveys, aluminum rod production totaled 323,800 mt in December, down 5.06% MoM.

• Is the U.S. Tariff Delay a Turning Point for Copper Market Structure?

  In early 2026, U.S. trade policy has once again become a key variable impacting the global copper market. On Wednesday, former U.S. President Donald Trump publicly stated that he currently does not intend to impose tariffs on rare earths, lithium, and other critical minerals — including copper, which has been listed as a critical mineral since 2023. This statement quickly triggered a reassessment of U.S. copper import dynamics, leading to a narrowing of the LME-COMEX arbitrage spread.

• Vehicle Production and Sales Hit a New Record High in 2025, Maintaining the Global Top Position for 17 Consecutive Years [SMM Special Report]

• Bear funds exerted downward pressure, with the most-traded SHFE lead contract fluctuating to close lower and recording a long upper shadow bearish candlestick [Lead Futures Brief Review]