SHFE issued a notice on May 27 regarding work arrangements during the 2025 Dragon Boat Festival holiday. Notice on Work Arrangements During the 2025 Dragon Boat Festival Holiday The original text is as follows: Relevant Units: In accordance with the "Announcement of the Shanghai Futures Exchange on Market Closure Arrangements for 2025" (SHFE Announcement [2024] No. 204), the work arrangements during the Dragon Boat Festival holiday are as follows: 1. No night session trading will be conducted on the evening of May 30, 2025 (Friday). The market will be closed from May 31, 2025 (Saturday) to June 2, 2025 (Monday). On June 3, 2025 (Tuesday), from 08:55 to 09:00, call auction will be conducted for all futures and options contracts, and night session trading will resume that evening. 2. Starting from the settlement at the close of trading on May 29, 2025 (Thursday), the margin ratios and price limit ranges will be adjusted as follows: For alumina futures contracts, the price limit range will be adjusted to 9%, the margin ratio for hedging transactions will be adjusted to 10%, and the margin ratio for speculative transactions will be adjusted to 11%. For silver futures contracts, the price limit range will be adjusted to 12%, the margin ratio for hedging transactions will be adjusted to 13%, and the margin ratio for speculative transactions will be adjusted to 14%. For gold futures contracts, the price limit range will be adjusted to 13%, the margin ratio for hedging transactions will be adjusted to 14%, and the margin ratio for speculative transactions will be adjusted to 15%. In the event of circumstances specified in Article 12 of the "Administrative Measures for Risk Control of the Shanghai Futures Exchange," adjustments will be made based on the aforementioned margin ratios and price limit ranges. 3. After trading on June 3, 2025 (Tuesday), starting from the settlement at the close of the first trading day without a unilateral market, the price limit ranges and margin ratios will be adjusted as follows: The price limit range and margin ratio for gold futures contracts will revert to their original levels. For alumina futures contracts, the price limit range will remain at 9%, the margin ratio for hedging transactions will remain at 10%, and the margin ratio for speculative transactions will remain at 11%. For silver futures contracts, the price limit range will remain at 12%, the margin ratio for hedging transactions will remain at 13%, and the margin ratio for speculative transactions will remain at 14%. Other matters regarding price limit ranges and margin ratios shall be implemented in accordance with the "Administrative Measures for Risk Control of the Shanghai Futures Exchange." Relevant units are requested to take proactive measures for risk prevention to ensure market stability and smooth delivery. This notice is hereby given. Attachment: List of Adjustments to Price Limit Ranges and Margin Ratios for Relevant Varieties During the Dragon Boat Festival Holiday Shanghai Futures Exchange May 27, 2025 Click to view the details of the announcement: "Notice on Work Arrangements During the 2025 Dragon Boat Festival Holiday"

[SMM Aluminum Morning Meeting Summary: US Employment Data Missed Expectations, Aluminum Ingot Destocking Continued This Week] Macro side, US employment data missed expectations, strengthening the expectation of multiple interest rate cuts by the US Fed this year, and the US dollar index pulled back. Domestically, the Two Sessions released signals to stabilize the economy, providing favorable macro support for aluminum prices. Fundamentals side, domestic aluminum production resumption progressed, with capacity expected to be released by the end of March. Inventory side, aluminum inventory continued destocking this week. According to the SMM survey, aluminum inventory decreased by 18,000 mt WoW to 868,000 mt today. Coupled with the "golden March and silver April" peak season, operating rates of aluminum processing enterprises continued to rebound, strengthening support for aluminum consumption. In summary, the macro side showed a mix of bullish and bearish factors. Domestically, the favorable macro tone remained unchanged, while overseas trade barriers increased but with high uncertainty. Fundamentals side, both supply and demand showed growth trends. As the consumption peak season approaches, most sectors saw a rebound in order volumes and operating rates. Combined with the destocking of aluminum ingot social inventory, strong support for aluminum prices is evident. Aluminum prices are expected to fluctuate upward at high levels in the short term.

SHANGHAI, Jan 4 (SMM) –After most-traded alumina futures contracts hit a record high of 3,838 yuan/mt yesterday, affected by the bearish sentiment and expanded delivery warehouses capacity of alumina futures, its gains gradually fell back.