SMM Morning Meeting Summary: Overnight, LME copper opened at $13,948.5/mt, touched a high of $13,952/mt early in the session, then the copper price center moved downward throughout the session, touching a low of $13,785/mt near the close, and finally settled at $13,785.5/mt, down 1.42%, with trading volume at 21,000 lots and open interest at 272,000 lots, a decrease of 370 lots from the previous trading day, mainly reflecting bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,360 yuan/mt, touched a high of 106,540 yuan/mt right at the open, then the copper price center fluctuated downward, touching a low of 105,730 yuan/mt near the close, and finally settled at 105,860 yuan/mt, down 0.49%, with trading volume at 38,000 lots and open interest at 185,000 lots, a decrease of 3,142 lots from the previous trading day, reflecting bulls reducing positions.

SMM June 2 News: During the session, the SHFE lead 2607 contract opened at 16,560 yuan/mt, briefly surged to 16,610 yuan/mt at the start before encountering resistance and failing to break through the overhead pressure, then fluctuated downward, dipping to a low of 16,535 yuan/mt. In the afternoon, funds gradually entered the market to support futures, and prices steadily recovered from the lows. Toward the close, prices moved sideways within the 16,570-16,600 yuan/mt range, ultimately settling at 16,600 yuan/mt, up slightly by 40 yuan/mt or 0.24%, recording a small bullish candlestick. Currently, secondary lead smelters have resumed production with increased output, but some primary lead enterprises remain under maintenance, with supply still tight in certain regions. On the demand side, the battery industry is deep in the traditional off-season, with end-use consumption lacking momentum. Downstream producers mostly restocked on an as-needed basis, with limited willingness for large-volume stockpiling. On the cost front, scrap battery supply remained tight with quotes staying high, providing strong floor support for lead prices from the raw material side. With bullish and bearish factors intertwined across supply-demand and cost dynamics, lead prices are highly likely to move sideways within a range in the short term. Data Source Disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

[Supply Concerns Increased, SHFE Zinc Center Shifted Upward] The most-traded SHFE zinc 2607 contract opened at 24,760 yuan/mt. In the early session, SHFE zinc fluctuated along the daily average line. In the afternoon, bulls increased open interest and SHFE zinc fluctuated upward all the way, touching a high near 25,020 yuan/mt, and finally closed up at 24,985 yuan/mt, up 205 yuan/mt or 0.83%. The trading volume increased to 72,155 lots, and open interest increased by 2,299 lots to 107,000 lots.

SMM June 1 News: During the session, the SHFE lead 2607 contract opened at 16,540 yuan/mt. Prices oscillated upward in the early session, then came under pressure and weakened in the afternoon, dipping to a low of 16,525 yuan/mt. The market subsequently stabilized and moved sideways within the 16,530-16,540 yuan/mt range. It closed slightly higher at 16,560 yuan/mt, with a % change of 0.00%. On the supply side, bullish and bearish factors were intertwined. Concentrated maintenance at China's primary lead smelters constrained primary lead supply, while some secondary lead smelters gradually resumed production and increased output. A slight destocking in lead ingot social inventory and the rigid cost support from scrap battery raw materials provided a floor for futures; however, downstream battery end-use consumption remained generally weak, limiting upside room. In the short term, lead prices are expected to mainly move sideways within a range. Data source disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

Today, the SMM battery-grade lithium carbonate spot price continued to rise from the previous working day. Futures side, the lithium carbonate 2609 contract opened high at 181,000 yuan/mt today, quickly dipped to the intraday low of 178,000 yuan/mt after the opening, then rebounded with fluctuations, hitting highs of 182,100 yuan/mt multiple times during the morning session; around midday, it accelerated downward, breaking below the 180,000 yuan/mt average price line; in the afternoon session, it hovered at lows and struggled to rebound, weakening again toward the close, ultimately settling down 0.71% at 178,900 yuan/mt, with open interest increasing by 5,887 lots. Spot market, at the beginning of the month, downstream customer-supplied and long-term contract cargoes arrived at plants successively. Combined with remaining volumes from prior spot order restocking, and with the market still watching this month's pricing tone, spot order purchase willingness was weak today, with inquiries and transactions overall sluggish. Upstream lithium chemical plants continued to hold prices firm, with spot order shipments still mostly concentrated among producers that had previously hedged, and their reluctance to sell remained unchanged. News side, supply-side disruptions continued. The DRC recently approved a decree classifying lithium as a strategic mineral, raising the royalty rate from 3.5% to 10%. However, given that the country's current lithium production is nearly zero and the Manono project is expected to commence production in H2, the policy's actual impact on immediate supply is limited, and it is more reflected in elevated medium and long-term cost expectations. In comparison, the continuation of Zimbabwe's lithium ore export controls, the uncertainty over the pace of production resumptions at Yichun lepidolite mines, and the support from continuously rising lithium concentrates prices on smelting costs remain more direct variables affecting current market sentiment. In the short term, lithium carbonate prices are expected to fluctuate at highs.

SMM May 27 news: The most-traded SHFE lead 2607 contract opened at 16,745 yuan/mt intraday. Prices fluctuated higher in early trading, touching a high of 16,810 yuan/mt, then moved sideways within the 16,770-16,810 yuan/mt range. During this period, the contract tested the 16,800 yuan/mt resistance level multiple times but failed to break through effectively. In the later session, it turned to fluctuate downward, probing a low of 16,705 yuan/mt. It rebounded slightly near the close, ultimately settling at 16,730 yuan/mt, down 25 yuan/mt or 0.15%. The lead-acid battery industry is currently in the traditional off-season, with weak downstream demand. Combined with the rebound in lead prices, battery manufacturers remained cautious in procurement. Supply side, domestic primary and secondary lead production rebounded slightly; supply and demand outside China diverged, with tight supply of high-grade lead ingots in Southeast Asia, while Australian smelters gradually ramped up production. With bullish and bearish factors intertwined, SHFE lead prices are expected to fluctuate at highs in the short term. Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

Market reports indicate that China is further regulating the operation of primary aluminum capacity, leading to a reduction in excess production in parts of Guangxi. Market Performance: In the afternoon session, the SHFE aluminum contract closed up 0.53% at 24,570 yuan/ton, having earlier touched a high of 24,710 yuan/ton. Among listed companies, Chalco (China Aluminum) hit the daily price limit with a 10.01% gain, Nanshan Aluminum rose 8.81%, Yunnan Aluminum Co. gained 7.39%, and Hongqiao Holdings climbed 8.14%.

[SMM Aluminum Alloy Daily Review] Futures: The most-traded aluminum alloy 2607 futures contract opened at 23,025 yuan/mt today, dipped under pressure to 22,880 yuan/mt in early trading, surged rapidly to 23,300 yuan/mt in the afternoon session before pulling back with fluctuations, and finally closed at 23,140 yuan/mt, up 120 yuan/mt (+0.52%) from the previous day's settlement price. Spot: SMM ADC12 was quoted at 23,600 yuan/mt today, down 100 yuan/mt. The current ADC12 market maintained a pattern of weakness on both the supply and demand sides: on one hand, the structural constraint of tight compliant aluminum scrap supply was difficult to ease in the short term, providing cost support; on the other hand, downstream demand recovery remained sluggish. Against the backdrop of no significant

On May 25, 2026, iron ore futures opened higher but retreated in the afternoon. The main contract I2609 finally closed at 793 yuan/ton, up 0.06% from the previous trading session. Port spot prices remained unchanged from the previous day.

[SMM Tungsten Daily Review: Guangdong Tungsten Enterprise Announces Long-Term Contract Prices, Tungsten Market's Stop Falling and Stabilize Trend Confirmed] SMM May 25: Today, tungsten market sentiment eased, downstream purchasing activity increased, and transactions in APT, powder, and other segments recovered. A tungsten mine in Hunan auctioned tungsten concentrates with a grade of approximately 12-21%, moisture content of approximately 12%, an estimated 430 mt in physical content, or about 100 standard tonnes (65%WO3 basis). The auction was successfully concluded, with transaction prices concentrated at over 370,000-380,000 yuan/standard tonne (65%WO3 basis). The decline in spot order transaction prices for tungsten concentrates slowed down significantly, and the ore side essentially consolidated at lows.