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  Magnesium Prices Remain High and Stable, with Significant Divergence Between Domestic and Foreign Markets [SMM Magnesium Morning Meeting Minutes]

  [SMM Magnesium Morning Meeting Summary: Magnesium Prices Remain High and Stable, Significant Divergence Between Domestic and Foreign Markets] Magnesium industry chain varieties are stable with a slight upward bias, the supply-demand tight balance continues, raw material support is robust, and the divergence between domestic and foreign trade is evident.

• Macro and Fundamentals in a Tug-of-War, Aluminum Prices Expected to Hover at Highs in the Short Term [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: Macro and Fundamentals Compete, Aluminum Prices Expected to Hover at Highs in the Short Term] Currently, the reality of pressured fundamental consumption and continuously accumulating social inventory is exerting some downward pressure on the sustained rise in aluminum prices. However, strong macro policy expectations and geopolitical risk disruptions continue to provide support, driven by sentiment and capital flows. Aluminum prices are expected to mainly fluctuate at highs.

• Enamelled Wire: High Copper Prices Suppress Operating Rates, Resulting in Year-on-Year and Month-on-Month Declines in December

  According to SMM, the comprehensive operating rate of the enamelled wire industry in December was 66.28%, down 1.63 percentage points MoM and down 6.32 percentage points YoY. Among them, the operating rate of large enterprises was 70.22%, that of medium-sized enterprises was 55.27%, and that of small enterprises was 66.59%.

• Aluminum Alloy Futures Fluctuate at Highs, Short-Term Macro Tailwinds Boost the Market [SMM Cast Aluminum Alloy Morning Comment]

  [SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Futures Fluctuate at Highs, Short-Term Macro Tailwinds Boost Market] Last Friday, aluminum prices resumed their upward trend, with A00 aluminum rising by 30 yuan/mt to 24,030 yuan/mt, while the SMM ADC12 price remained stable at 23,700 yuan/mt. Secondary aluminum enterprises generally held their quotations steady, with some producers raising prices by 100-200 yuan/mt to recover from the previous afternoon's decline. Market transactions continued to be driven by rigid demand, as downstream acceptance of high prices remained limited and wait-and-see sentiment was relatively strong.

• LME Lead and SHFE Lead Both Closed Higher, Fluctuated Upward to Record a Bullish Candlestick [SMM Lead Morning News]