[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.

[SMM Henan Copper Cathode Flash] The purchasing sentiment index in the Henan copper cathode market was reported at 2.6 today. Spot cargo available in the market was limited, and some downstream buyers mainly engaged in just-in-time procurement. Overall trading activity in the market was average.

Spot #1 copper cathode prices in North China were quoted at an average discount of 60 yuan/mt against the front-month contract today, unchanged from the previous trading day. The average transaction price was 99,020 yuan/mt, down 1,240 yuan/mt from the previous trading day.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Fluctuated Downward After Opening in the Night Session, and Spot Transactions Were Relatively Sluggish]

[SMM Tin Midday Commentary: Under Macro Pressure, SHFE Tin Contracts Fell to 366,000, and Trading in the Spot Market Was Relatively Active]

[SMM Aluminum Alloy Flash News] Futures side, the most-traded aluminum alloy 2604 contract opened at 23,580 yuan/mt in early trading, briefly rose to 23,670 yuan/mt, and then, affected by long position reductions, fell in waves to a low of 23,380 yuan/mt. As of the midday close, the latest price stood at 23,425 yuan/mt, down 325 yuan/mt from the previous trading day's settlement price, a decline of 1.37%. Spot side, the ADC12 market generally trended downward today, with mainstream producers mostly lowering quotes by 100 yuan/mt. Affected by the pullback in aluminum prices, cost support weakened, and enterprises adjusted quotes accordingly, but the overall extent of adjustments remained relatively restrained, with market sentiment staying cautious.