Conference Name: AIAC 2026 SMM (15th) Aluminum Industry Annual Conference Conference Date: October 12-13, 2026 Conference Venue: Guiyang, China Conference Theme: Long-term Contracts · Trade · Market Trends Organizer: SMM Information & Technology Co., Ltd. In 2026, the global aluminum industry is at a critical juncture of profound transformation and strategic transition. As the world's largest aluminum producer (accounting for approximately 60% of global aluminum production), China's industrial dynamics profoundly influence the global market landscape. The industry currently faces multiple challenges and opportunities, including global resource allocation and import dependence, the supply-demand pattern of alumina and aluminum, long-term contract trading models and risk management, and responses to geopolitical tensions and trade barriers. Against this backdrop, China's aluminum industry urgently needs to achieve breakthroughs through technological innovation, enhance efficiency and set benchmarks through management upgrades, and ultimately realize a strategic leap from "scale advantage" to "quality advantage," advancing steadily on the path of high-quality development. Thisis scheduled to be held in Guiyang on October 12-13, 2026. Organized by SMM Information & Technology Co., Ltd., the conference will focus on global bauxite allocation strategies, innovation in long-term contract pricing models, optimization of price forecasting models, application of risk hedging tools, energy transition pathways, and technological innovation directions, aiming to help enterprises seize opportunities for high-quality development of the aluminum industry under the "dual carbon" goals and achieve sustained industrial growth. Conference Value | Conference Value This conference focuses on upstream resource security, long-term contract trade, market insights and price forecasting, risk hedging, energy transition, and technological innovation sharing, with particular emphasis on global bauxite allocation, the supply-demand balance of alumina and aluminum, and long-term contract pricing models. It aims to help enterprises grasp market trends, optimize resource allocation, address trade challenges, and promote the healthy development of the aluminum industry. Attendees | Attendees This conference will invite representatives from premium enterprises across the aluminum industry chain (bauxite, alumina, aluminum, aluminum processing), traders, end-users, government leaders, trade associations, authoritative experts, industry research institutions, financial institutions, and other industry representatives. The conference is expected to attract over 500 attendees. Past Conference Guests Company Name Company Representative Name Name Job Title Job Title Main Products Main Products Shandong Aluminium Industry Association SHANDONG ALUMINIUM INDUSTRY ASSOCIATION Wen Xianjun Former Vice President of China Nonferrous Metals Industry Association (CNIA), Honorary President of Shandong Aluminium Industry Association China Aluminum International Trading Group Co., Ltd. China Aluminum International Trading Group Co., Ltd. Li Guangfei Deputy Secretary of the Party Committee, General Manager Aluminum, alumina, bauxite SPIC Aluminum International Trading Co., Ltd. State Power Investment Corporation Aluminum International Trading Co., Ltd. Liu Renjian General Manager Bauxite, alumina, aluminum and related products Gansu Dongxing Aluminium Co., Ltd. Gansu Dongxing Aluminium Co., Ltd. Li Jipeng General Manager Aluminum, aluminum billet, aluminum coil, aluminum rod Shandong Hongtuo Industrial Co., Ltd. Shandong Hongtuo Industrial Co., Ltd Jiang Zhen Sales General Manager Alumina, aluminum Henan Zhongfu Industrial Co., Ltd. Henan Zhongfu Industrial Co., Ltd. Qian Yu General Manager Aluminum, aluminum plate/sheet, strip and foil Henan Shenhuo International Trading Co., Ltd. HENAN SHENHUO INTERNATIONAL TRADING CO., LTD. Zhang Linhai General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Meng Tao General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Fan Weiguo Deputy General Manager Aluminum Ningbo Kaiton International Trade Co., Ltd. Ningbo Kaiton International Trade Co. Ltd. Wu Chuanghui General Manager Aluminum, copper cathode Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Wu Xiaojun Chairman Aluminum plate/sheet and strip Jiangxi Bestoo Energy Co., Ltd. Jiangxi Bestoo Energy Co., ltd. Zhao Yonghua Vice President Aluminum Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Gao Wenjie Deputy General Manager Aluminum Shandong Nanshan Aluminum Co.,Ltd. Shandong Nanshan Aluminum Co.,Ltd. Li Wenchao General Manager Shanghai Russia Xibo Economic and Trade Co., Ltd. Shanghai Russia Xibo Economic and TradeCo..Ltd Deng Gang President of China Marketing Primary Aluminum Luoyang Xiangjiang Wanji Aluminium Co., Ltd. LUOYANG XIANGJIANG WANJI ALUMINIUM Wang Wenjie General Manager Alumina Shandong Aluminium Industry Association Shandong Aluminium Industry Association He Faping President and Secretary General Shandong Aluminium Industry Association Shandong Aluminium Industry Association Li Zhenlei Director of Industry Information Department Henan Provincial Nonferrous Metals Association Henan Provincel Nonferrous Metals Association Li Ruxi Vice President Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Liu Lilin Secretary General Association Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Shen Yue Deputy Secretary General Association Huolinguole City Aluminum Industry Association Huolinguole City Aluminum Industry Association Gao Jinzhi President, Deputy Director of Huolinguole Municipal People's Congress Standing Committee Huolinguole Regional Economic Cooperation Financial Services Center Huolinguole Regional EconomicCooperation Financial Services Center Wang Kaifei Director Wenshan Prefecture Aluminum Industry Association Wenshan Prefecture Aluminum IndustryAssociation TBD Association * Only a partial list of attending guests is shown. To obtain the complete directory of the 2025 Aluminum Industry Annual Conference, please contact our customer service. Manager Chu (Miya) 13642049827 chuzhaolan@smm.cn Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days! Conference Content | Agenda This year's conference is planned to consist of two full-day main sessions | a processing and trade matchmaking session | a cross-border arbitrage training session | a public competitive bidding procurement session for bulk raw materials by a multinational aluminum giant (the specific company name is not disclosed for now) | an aluminum industry annual gala dinner | and a field trip to local leading aluminum enterprises. The first-day main session focused on upstream changes in the aluminum industry, energy reshaping and zero-carbon technologies, providing insights into the new course of China's aluminum industry under global supply chain restructuring. The second-day core highlights revolved around strategic opportunities arising from the global aluminum supply gap, with a focus on NEV lightweighting, battery foil and other growth segments, while driving aluminum semis toward high-end breakthroughs through digital transformation. Pending. Content Summary | Abstract I. Geopolitical Black Swans and Energy Crisis: Contraction of Aluminum Supply Outside China and Restructuring of Global Trade Flows II. Shifts in the Global Bauxite Supply Chain: Guinea's Policies, Geopolitical Risks and China's Resource Security III. Inert Anode Technology: The "Zero-Carbon Revolution" in the Aluminum Industry and Industrialisation Timetable IV. Middle East Black Swans and China's Opportunities: Aluminum Semis Export Strategy Amid the Global Aluminum Supply Gap V. Reshaping Energy Costs in the Aluminum Industry: From "Securing Supply" to "Reducing Costs" VI. As Electricity Market Reform Deepens, How Much Room Remains for Low-Cost Power in the Aluminum Industry? VII. Lightweighting Applications of Aluminum Alloys Across All NEV Scenarios VIII. Growth Segments for Aluminum Plate/Sheet, Strip and Foil: Demand Explosion in Battery Foil, Energy Storage and Packaging Materials IX. AI Large Models Empowering Aluminum: From Intelligent Electrolysis Cells to Full-Process Digital Factories X. Implementation of Guinea's New Policies: How to Balance Long-Term Contract Supply Security and Localisation Considerations ······ Past Industry Leaders: Wen Xianjun, Former Vice President of China Nonferrous Metals Industry Association (CNIA) and Honorary President of Shandong Aluminium Industry Association; Mamadou Cherif LY, General Manager of AISC Group; Wito Krisnahad, President of PT Kalimantan Aluminum Company; Ousmane Kaba, Director of Guinea's National Ministry of Mines and Geology; Bachir Diallo, Deputy Director of Guinea's Mining Infrastructure Development Bureau; Dong Chunming, General Manager of Sunlight Metal/ASI Consultant; Wang Lijiao, Deputy General Manager of Henan Mingtai Aluminum Co., Ltd.; Liu Xiaolei, Big Data Director of SMM Information & Technology Co., Ltd.··· *Only a partial list of guest speakers is shown. This year's conference is expected to feature 37+ presentation reports. If you have any questions about the specific arrangements and core content of the conference, please contact us. Contact: Chu Zhaolan Tel: 13642049827 (same number on WeChat) Email: chuzhaolan@smm.cn Conference Official Website Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days!

Early this week, the market continued to trade around geopolitical tensions, inflation expectations, and the rise in global long-end yields. US April non-farm payrolls added 115,000 jobs with the unemployment rate holding at 4.3%, indicating continued employment resilience. Subsequently, US April CPI rose to 3.8% YoY and PPI to 6.0% YoY, with retail sales growing consecutively, further reinforcing market expectations of "reflation" and the US Fed maintaining a tight policy stance. Meanwhile, Japan's April corporate goods prices rose 4.9% YoY, and the 10-year JGB yield climbed to a nearly 29-year high, with Japan's long-end rate center shifting upward. Overall, the macro theme this week remained the resonance between US inflation and economic resilience, with rising JGB and US Treasury yields suppressing risk appetite, while recurring Middle East tensions and supply concerns provided support for copper prices, which rallied before pulling back. Fundamentals side, supply disruptions remained a key support for copper prices' rise this week. On one hand, recurring Middle East tensions disrupted shipping through the Strait of Hormuz, with oil prices fluctuating at highs and continuously pushing up smelting and logistics costs. On the other hand, the Peruvian government approved on May 11 state-owned oil company Petroperu to seek a $2 billion state-backed loan to maintain operations, indirectly confirming that the local energy system remained under strain, and market concerns over ore supply disruptions had not subsided. China's spot cargo side was affected by the approaching delivery month, with suppliers showing increased willingness to ship to delivery warehouses, and overall spot circulation remained tight. However, high copper prices continued to suppress downstream purchase willingness, with the market still dominated by rigid restocking demand. Inventory rebounded slightly after destocking, and fundamentals exhibited a supply-demand dual-weakness structure. Looking ahead to next week, the macro logic is unlikely to change significantly in the near term. If US inflation stays high and global long-end yields continue to rise, the US dollar and interest rate side will still cap copper prices to some extent. However, given that Middle East tensions and Strait of Hormuz disruptions have not truly been resolved, coupled with ongoing risks on the ore and energy fronts, downside support for copper prices also remains strong. A short-term pullback is expected but with limited magnitude. LME copper is expected to fluctuate within $13,400-13,850/mt, and SHFE copper within 104,000-107,000 yuan/mt. Spot cargo side, supported by delivery logic and tight circulation, premiums are expected to remain firm, but downstream willingness to chase higher prices is limited under elevated prices, and overall trading activity may remain cautious. Spot prices against the SHFE copper front-month contract are expected to range from a discount of 80 yuan/mt to a premium of 100 yuan/mt.

Supply Contraction Expectations Persisted, MHP and High-Grade Nickel Matte Payable Indicators Fluctuated at Highs This Week

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Prices Remained Stagnant, Rigid Cost Support Was Significant] May 14: This week, China's graphitisation tolling services prices maintained a stalemate. Cost side, graphitisation toll processing costs continued to fluctuate at highs.

According to the latest statistics from the GACC, total iron ore imports in April 2026 amounted to 103.854 million tonnes, representing a decrease of 889,000 tonnes from the previous month, a month-on-month decline of 0.8%. From January to April, cumulative imports of iron ore and its concentrates reached 418.587 million tonnes, marking an 8.0% increase year-on-year. In April, steel mills generally exhibited subdued purchasing activity due to the limited cost-effectiveness of imported iron ore. Concurrently, rising premiums and shipping costs further compressed import margins, diminishing the purchasing intentions of some importers. Nonetheless, strong downstream demand resulted in high utilisation rates of blast furnaces within steel mills, sustaining elevated levels of pig iron production and maintaining robust iron ore demand. Additionally, ongoing geopolitical tensions in the Middle East led to adjustments in some iron ore shipping routes originally designated for export to that region, with China increasingly serving as a transit and receiving hub, which contributed to an overall increase in China's iron ore imports. Consequently, despite a slight decrease in April, import levels remained broadly stable under the influence of various factors. Looking ahead to May, the gradual recovery of port facilities in major importing countries from weather-related disruptions is expected to facilitate a significant increase in shipments from key iron ore-producing nations. Meanwhile, steel mills are anticipated to sustain high operating rates driven by profit margins, indicating that demand for iron ore imports is likely to remain strong. Furthermore, overseas mines that commenced production earlier are still in the ramp-up phase, which will support continued shipment growth. The Simandou iron ore mine is projected to reach its first shipping peak in May, with the majority of shipments destined for China. However, the Labour Day holiday in May, which reduces working days and could impact customs clearance efficiency and data collection, may result in a marginal increase in China's iron ore imports compared to April.

[Toyota's April Sales in China Fell 25% YoY] Toyota's April sales in China fell 25% YoY to 106,500 units. Affected by geopolitical tensions driving up international oil prices, Toyota's internal combustion engine vehicle sales declined significantly. In addition, many consumers chose to delay their car purchase plans to wait for Labour Day holiday promotional events. FAW Toyota, Toyota's joint venture with China FAW Group, saw April sales drop 38% YoY to 40,000 units, while GAC Toyota, its joint venture with GAC Group, saw sales decline 10% YoY to 54,100 units. Toyota's luxury brand Lexus saw sales fall 29% YoY, selling only 11,200 units. In contrast, Toyota's EV sales in China performed strongly, surging 88% YoY to 17,700 units.

SMM News, May 12: Metals market: Overnight, domestic market base metals mostly rose. SHFE copper was up 2.35%. SHFE aluminum was up 0.57%, SHFE lead was down 0.24%. SHFE zinc was up 1.33%. SHFE tin was up 1.8%. SHFE nickel was up 0.83%. In addition, the most-traded alumina futures were up 0.53%, and the most-traded foundry aluminum futures were up 0.82%. Overnight, ferrous metals mostly fell. Iron ore was down 0.24%, stainless steel edged down, rebar was down 0.18%, and hot-rolled coil edged up. Coking coal and coke: coking coal was down 0.65%, coke was up 0.19%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 2.84%. LME aluminum was up 2.27%, LME lead was up 0.56%. LME zinc was up 1.19%. LME tin was up 2.31%. LME nickel was up 1.64%. Overnight precious metals : COMEX gold was up 0.31%, COMEX silver was up 7.35%. Overnight, the most-traded SHFE gold contract was up 0.45%, and the most-traded SHFE silver contract was up 6.47%. Gandharv Walia, a columnist for India's Economic Times, said that on Monday, gold prices fell as geopolitical tensions sparked inflation concerns and shifted interest rate expectations. Silver performed differently — silver typically benefits from both industrial and investment demand, and traders increased purchases on expectations of industrial use and price momentum. The market currently expects fluctuations in the precious metals market. US April inflation data will be released this week. Strong inflation data could delay interest rate cuts, which could put pressure on gold again; lower inflation could support gold prices. Global diplomatic efforts on the Iran issue are equally important, as any outcome could affect market sentiment and precious metals prices. On the other hand, silver benefits from industrial demand. The manufacturing and technology sectors require silver for electronic devices and energy systems. If economic activity remains stable, silver may continue to outperform gold. (Jin10) As of 7:18 AM, May 12, overnight closing prices: Macro front China: [The General Office of the State Council Issued the "State Council 2026 Annual Legislative Work Plan"] The State Council Legislative Plan emphasized promoting high-quality development, maintaining high-level security through high-quality legislation, and ensuring the smooth achievement of economic and social development goals during the 15th Five-Year Plan period. First, to build a high-level socialist market economic system and accelerate the construction of a new development pattern, it listed the draft Financial Law, the draft amendment to the Tendering and Bidding Law, and the formulation of regulations on building a unified national market. Second, to strengthen the rule-of-law government and optimize the business environment, it will revise the implementation regulations of the Administrative Reconsideration Law and the procedures for formulating administrative regulations. Third, to accelerate high-level scientific and technological self-reliance and stimulate cultural innovation, it listed the draft amendment to the Teachers Law and the revision of the Internet Information Service Management Measures. Fourth, to strengthen people's livelihood and accelerate green transformation, it listed the draft amendment to the Road Traffic Safety Law, the formulation of water supply regulations, and the revision of the Drug Administration Law implementation regulations. Fifth, to modernize the national security system and build a safer China, it listed the draft amendment to the Earthquake Disaster Prevention and Mitigation Law and the formulation of regulations on production safety hazard investigation and management. Sixth, to strengthen foreign-related legal systems and expand high-level opening-up, it listed the draft amendment to the Customs Law, the formulation of State Council provisions on industry chain and supply chain security, and the revision of the regulations on origin of import and export goods. Meanwhile, the State Council Legislative Plan made arrangements for accelerating comprehensive legislation on the healthy development of artificial intelligence, and outlined plans for legislation urgently needed for further comprehensive deepening of reform, accelerating government function transformation, developing new quality productive forces, safeguarding national security, strengthening foreign-related rule of law, and advancing national defense and military modernization. (Xinhua) [PBOC Q1 Monetary Policy Implementation Report: Continue to Implement Moderately Accommodative Monetary Policy] The People's Bank of China released its Q1 2026 China Monetary Policy Implementation Report. The report stated: continue to implement a moderately accommodative monetary policy. Enhance the foresight, flexibility, and precision of policies, grasp the intensity, pace, and timing of policy implementation based on economic and financial conditions in and outside China and financial market operations, strengthen coordination between monetary and fiscal policies, smooth monetary policy transmission mechanisms, and promote stable economic growth and reasonable price rebound. Flexibly use various monetary policy tools, maintain ample liquidity and relatively accommodative social financing conditions, guide reasonable growth in aggregate financial volume and balanced credit allocation, so that the growth of aggregate social financing and money supply matches economic growth and overall price level targets. [China Automotive Battery Innovation Alliance: Combined Power Battery and ESS Battery Exports Reached 31.7 Gwh in April, up 42% YoY] The latest monthly data from the China Automotive Battery Innovation Alliance showed that in April, affected by the new export tax rebate policy, China's combined power battery and ESS battery exports reached 31.7 Gwh, down 12.3% MoM and up 42.0% YoY, accounting for 19.3% of monthly sales. Among them, power battery exports were 20.2 Gwh, accounting for 63.9% of total exports, down 9.0% MoM and up 40.1% YoY; ESS battery exports were 11.4 Gwh, accounting for 36.1% of total exports, down 17.4% MoM and up 45.4% YoY. [China Chamber of Commerce for Import and Export of Machinery and Electronic Products Submitted Comments on the EU Cybersecurity Act Amendment Draft] Recently, the EU has been pushing to amend the Cybersecurity Act, adding an "ICT Supply Chain Security" chapter to the amendment draft, which introduces numerous restrictive and exclusionary provisions for market access of overseas suppliers. Once implemented, this could seriously hinder fair competition for Chinese enterprises in the EU market. The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) noted the high level of industry concern and fully utilized the EU's legislative review opportunity to submit comments to the European Commission from an industry organization perspective. CCCME also noted that recent EU measures — including the Industrial Accelerator Act and other legislative initiatives, as well as the designation of China as a "high-risk country" in inverter projects at the implementation level — could seriously affect Chinese machinery and electronics enterprises' exports to and operations in the EU. CCCME will closely monitor developments on all fronts and assist domestic enterprises in actively addressing related risks and challenges. (Wallstreetcn) [Baotou Released 16 New Housing Market Policies, to Optimize Housing Provident Fund Support] Baotou officially issued the "Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market." Among the measures, it will optimize housing provident fund support by raising the maximum loan amount for families with two or more children purchasing owner-occupied housing by 10% above the current level (currently, the maximum loan for a single contributor is 700,000 yuan, and for dual-contributor couples, 1.2 million yuan); and support flexible employment workers in voluntarily participating in the housing provident fund system with equal access to housing provident fund policies. US dollar: Overnight, the US dollar index was up 0.08%, closing at 97.94. The US "inflation week" officially kicked off, with CPI (Tuesday), PPI (Wednesday), and import prices (Thursday) all to be released this week, directly affecting judgments on the US Fed's policy path. According to the CME FedWatch tool: the probability of the US Fed keeping rates unchanged through June was 97.7%, with a 2.3% probability of a cumulative 25-basis-point cut. The probability of rates remaining unchanged through July was 94.6%, with a 5.4% probability of a cumulative 25-basis-point cut and a 0.1% probability of a cumulative 50-basis-point cut. Kevin Warsh, Trump's nominee for the next Fed Chairman, cleared a key procedural hurdle in the Senate on Monday local time. Powell's chairmanship will end this Friday. The Senate is expected to vote as early as Tuesday, following Monday's so-called "cloture vote," to confirm Warsh as a Fed Governor for a 14-year term. Senators will then initiate the confirmation process for his concurrent four-year term as Fed Chairman, with a vote possible as early as Wednesday. The Republican-controlled Senate is expected to approve Warsh as the next Fed leader. The US Fed's next meeting — potentially Warsh's first as chairman — is scheduled for June 16-17 local time. (Jin10) Macro: Data to be released today include Germany's April CPI monthly rate final reading, Germany's May ZEW Economic Sentiment Index, Eurozone May ZEW Economic Sentiment Index, US April NFIB Small Business Optimism Index, US weekly ADP employment change for the week ending April 25, US April non-seasonally adjusted CPI annual rate, US April seasonally adjusted CPI monthly rate, US April seasonally adjusted core CPI monthly rate, and US April non-seasonally adjusted core CPI annual rate. In addition, attention should be paid to: the Bank of Japan's release of the summary of opinions from the April monetary policy meeting; permanent FOMC voter and New York Fed President Williams participating in a panel discussion on monetary policy; and Vice Premier He Lifeng leading a delegation to South Korea from May 12-13 for trade consultations with the US side. Crude oil: Overnight, both oil futures rose, with WTI up 2.97% and Brent up 3.25%. US-Iran ceasefire negotiations reached an impasse, and the near-standstill of traffic through the Strait of Hormuz continued to intensify market concerns over energy supply disruptions, pushing oil prices higher. (Wallstreetcn) The US Strategic Petroleum Reserve (SPR) allocated 53.5 million barrels of crude oil to companies including commodity trader Trafigura Group and US refiner Marathon Petroleum to help ease the oil price surge triggered by the Iran war. Ahead of the US summer driving peak, the US government is releasing near-record levels of crude oil to the market to bring down oil prices. The crude oil will be released from June to August, when refineries will ramp up capacity to meet peak gasoline demand. This sale, the second-largest SPR release in history, is also part of a global effort led by the International Energy Agency to bring down oil prices. Last week, the US had already released a record daily average of 1.22 million barrels of crude oil under this framework. The Trump administration pledged to release 172 million barrels of crude oil through a so-called "exchange program." Under this mechanism, crude oil is lent to companies and must later be returned in kind. To date, the US has agreed to release 133.1 million barrels of crude oil. (Jin10)

The Italian steel distributors association, Assofermet Acciai, reports that the domestic market is facing severe headwinds characterized by sluggish consumption in the construction and manufacturing sectors. High energy costs and geopolitical uncertainties related to shipping disruptions have led to cautious buying behavior, with distributors maintaining lean inventory levels. The association noted that regional price volatility is being exacerbated by the phased implementation of EU trade measures. This weak demand environment in Italy, a key European steel hub, suggests a bearish short-term outlook for flat products, potentially forcing regional mills to consider further production cuts to balance the market.

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,522.5/mt, fluctuated downward to $13,484.5/mt in early trading, then experienced wild swings reaching a high of $13,583/mt, before fluctuating downward to finally close at $13,535.5/mt, up 1.59%, with trading volume at 29,500 lots and open interest at 271,000 lots, down 1,154 lots from the previous trading day, indicating bears cutting positions. Last Friday evening, the most-traded SHFE copper 2606 contract opened at 104,500 yuan/mt, rose to 104,580 yuan/mt in early trading, then fluctuated downward to 103,690 yuan/mt, moved sideways near the end of the session to finally close at 104,200 yuan/mt, up 0.53%, with trading volume at 50,000 lots and open interest at 208,000 lots, down 1,584 lots from the previous trading day, indicating bears cutting positions.