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  China’s Aluminum Ingot Inventory Continued to Build Up, and the Pattern of High-Level Adjustment in Aluminum Prices Continued [SMM Aluminum Morning Meeting Summary]

  [China’s Aluminum Ingot Inventory Continues to Build Up, Aluminum Prices Remain in a High-Level Consolidation Pattern ]Overall, the geopolitical situation in the Middle East remained the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, coupled with support from expectations of a gradual release of peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

• Vale Plans to Increase Mineral Reserve and Resource Volumes; Overnight, Both LME Copper and SHFE Copper Closed Higher [SMM Copper Morning Meeting Summary]

  SMM Morning Meeting Summary: Overnight, LME copper opened at $12,402.6/mt. In early trading, it fluctuated downward to a low of $12,334.5/mt. Subsequently, the center of copper prices gradually moved higher, rising to $12,482.5/mt near the close, and finally closed at $12,472.6/mt, up 0.73%. Trading volume reached 24,900 lots, and open interest stood at 291,200 lots, down 7,698 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,300 yuan/mt. In early trading, it fluctuated downward to 96,210 yuan/mt. Subsequently, the center of copper prices fluctuated upward, touching a high of 96,970 yuan/mt near the close, with a gain of 0.45%. Trading volume reached 40,900 lots, and open interest stood at 183,400 lots, down 2,869 lots from the previous trading day, mainly due to bears reducing positions.

• Cast Aluminum Alloy Night Session Bottomed Out and Rebounded, Up 0.91%; ADC12 Is Expected to Continue Moving Sideways in the Short Term [SMM Morning Comment on Cast Aluminum Alloy]

  [SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Rebounded After Bottoming Out in the Night Session, Up 0.91%; ADC12 to Continue Moving Sideways in a Narrow Range in the Short Term] Overnight, the most-traded 2605 aluminum alloy contract opened at 23,680 yuan/mt, then quickly fell to around 23,623 yuan/mt, hitting an intraday low of 23,525 yuan/mt in the night session before stopping its decline and rebounding. During the session, bulls gradually pushed prices higher, sending them up to 23,780 yuan/mt, a fresh high for the night session, before pulling back slightly and moving sideways. It finally closed at 23,730 yuan/mt, up 215 yuan/mt from the previous close, or 0.91%.

• Geopolitical Tensions Eased, LME Lead Jumped to a Nearly Half-Month High [SMM Lead Morning Brief]

  [SMM Morning Lead Briefing: Easing Geopolitical Tensions Push LME Lead to a Near Half-Month High] SMM, April 2: Overnight, LME lead opened at $1,913/mt. As the market expected geopolitical tensions outside China to ease, the overall center of LME lead moved higher......

• Macro Tailwinds Boosted Lead Prices; Follow-Up Attention on Fundamental Alignment [SMM Lead Morning Meeting Minutes]

  [SMM Lead Morning Meeting Summary: Macro Tailwinds Boosted Lead Prices Higher; Follow-up Focus on Alignment With Fundamentals] US President Trump said he would consider a ceasefire only if the Strait of Hormuz were opened. Recently, there have been signs of easing geopolitical tensions outside China, and market risk aversion sentiment has weakened, leading to a relative rebound in nonferrous metals, among which imported lead has flowed into the Chinese market...