[SMM Magnesium Morning Meeting Summary: Market Deadlock Persists as Buyers and Sellers Remain in Stalemate] Current magnesium alloy inventory levels are at a low, providing a floor for prices. With relatively small inventory pressure, smelters generally lack the willingness to lower selling prices, leading to multiple rebounds after magnesium prices hit periodic lows. Overall, magnesium prices maintained a slight fluctuation trend.
[SMM Silicon-Based PV Morning Meeting Summary: Transaction Prices in the Wafer Market Continue to Decline, Solar Cell Inventory Falls Nearly 30% WoW] Wafer: The market price of N-type 18X wafers is 0.85-0.88 yuan/piece; the price of 210R wafers is 1-1.05 yuan/piece. Wafer prices continue to weaken, with market transaction prices continuing to decline. Solar cell: At month-end, export factories intensified their destocking efforts, with inventory falling nearly 30% WoW, with 183 accounting for the highest proportion.
SMM Morning Meeting Summary: Overnight, LME copper opened at $9,843.5/mt, touching a low of $9,812/mt early in the session before fluctuating upward throughout, reaching a high of $9,881/mt near the close. It ultimately closed at $9,879/mt, down 0.01%, with trading volume reaching 18,000 lots and open interest at 292,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 79,630 yuan/mt, touching a low of 79,560 yuan/mt early in the session before fluctuating upward to reach a high of 79,910 yuan/mt during the session. It ultimately closed slightly lower at 79,780 yuan/mt, up 0.01%, with trading volume reaching 32,000 lots and open interest at 211,000 lots.
[SMM Morning Comment on Cast Aluminum Alloy: Aluminum Prices Weaken, Secondary Aluminum Market Shows Strong Wait-and-See Sentiment, ADC12 to Fluctuate Rangebound in the Short Term] On Monday, aluminum prices weakened overall, and the secondary aluminum market generally adopted a cautious wait-and-see attitude, with a general lack of willingness to adjust prices. The SMM ADC12 price remained stable at 20,000-20,200 yuan/mt. However, demand continued to be weak, with downstream enterprises maintaining just-in-time procurement, and market trading activity remained sluggish.
[SMM Aluminum Morning Meeting Summary: Proportion of Liquid Aluminum Pulls Back, Increase in Casting Ingot Volume May Be Bearish for Aluminum Prices] Overall, on the macro side, domestic favorable policies continue to intensify, promoting the direction of consumption unchanged; overseas macro conditions are a mix of bullish and bearish factors, with risks still present. On the fundamental side, in some regions, aluminum smelters have increased their casting ingot volume. Coupled with the off-season downstream and fear of high prices, market transactions are far from ideal. Aluminum ingot inventory has seen a slight buildup, and spot premiums/discounts have weakened significantly. It is expected that aluminum prices will be in the doldrums in the short term. Attention should be paid to the changes in casting ingot volume and inventory in the future.