[Silicon Metal Futures Center Shifted Higher with Increased Enterprise Shipments; Heavy Wait-and-See Sentiment in Polysilicon Market]: In the futures market, the most-traded contract trended stronger during the week, with the SI2609 contract center at 8700-8800 yuan/mt and the highest point touching above 8,900 yuan/mt. Driven by macro factors and news, futures rose, boosting silicon producers' shipment sentiment, and silicon enterprises' shipments to trading firms engaging in both spot and futures market increased. On the fundamentals side, silicon metal supply and demand were in tight balance in April, and the supply-demand structure is not expected to see major adjustments in May. Facing the pressure of increased supply during the rainy season in Sichuan and Yunnan from June to July, the market outlook leaned toward caution. On the cost side, raw material prices remained firm. With upside in silicon metal prices capped and downside supported by costs, the price fluctuation range was narrow.

[SMM Cast Aluminum Alloy Morning Comment: April Secondary Aluminum PMI Data Fell Below the 50 Mark, Off-Season Pressure Expected to Persist in May] The aluminum AL2606 contract opened at 23,010 yuan/mt in the night session, reaching a high of 23,120 yuan/mt and a low of 22,880 yuan/mt, closing at 22,940 yuan/mt, down 160 yuan/mt from the previous settlement price, a decline of 0.69%.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Pre-holiday downstream procurement saw strong sentiment to push for lower prices. Some suppliers made minor concessions on transactions, while most maintained stable quotes. Supply and demand remained weak, and the market was in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34-36.3 yuan/kg. Polysilicon prices were relatively stable this week overall, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Related meetings concluded, with some results falling short of expectations, and wait-and-see sentiment in the market increased.

[SMM Cast Aluminum Alloy Morning Comment: Futures Plunged Sharply, Aluminum Alloy Prices in the Doldrums] The aluminum alloy 2606 contract fell sharply in the overnight night session, opening at 23,075 yuan, reaching a high of 23,085 yuan, hitting a low of 22,945 yuan, and closing at 22,990 yuan, down 160 yuan from the previous settlement price, a decline of 0.69%.

[SMM Cast Aluminum Alloy Morning Comment: The Most-Traded Aluminum Alloy Futures Contract Fell in Volatile Overnight Trading, Pre-Holiday Stockpiling Sentiment Remained Weak] On Monday, the SMM ADC12 price remained flat from the previous trading day at 24,100 yuan/mt. On the cost side, aluminum price fluctuations narrowed, providing limited price support.

[SMM Cast Aluminum Alloy Morning Comment: Easing Costs and Sluggish Demand Keep Aluminum Alloy Prices in the Doldrums] Last Friday, the ADC12 market was generally in the doldrums. As aluminum prices weakened, cost support eased, and some enterprises actively lowered their quoted prices.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Generally Stable, Module Production Schedules Expected to Rise] Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices remained temporarily stable. In the earlier period, frequent industry meetings were held, with results presenting a mix of bearish and bullish signals. Parties held divergent views, wait-and-see sentiment increased, and prices remained temporarily stable.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices remained stagnant this week. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Silicon metal futures prices fluctuated around 8,700 yuan/mt. With absolute prices on the high side, downstream players mainly digested inventories, and new order transactions were sluggish. Supply and demand were largely balanced, and prices remained in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34.1-36 yuan/kg. Polysilicon prices were relatively stable overall this week. Orders were signed both in the preceding period and this week. Industry conferences continued to be held this week, coupled with wild swings in futures, and wait-and-see sentiment in the market gradually increased.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum alloy futures closed up 1.64% overnight as bullish sentiment heated up] The aluminum alloy 2606 contract opened at 23,755 yuan/mt overnight and closed sharply higher at 24,130 yuan/mt. At the beginning of the night session, prices moved sideways around the opening level with a steady trend. Mid-session, bulls pushed prices up rapidly, driving futures to the intraday high of 24,200 yuan/mt. Prices then pulled back slightly and consolidated, running above the intraday VWAP throughout the session, indicating a solid bullish structure.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: At the beginning of the week, futures prices saw wider fluctuations driven by market news. As the news was debunked, futures prices weakened again. Yesterday, SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, and #441 silicon was at 9,100-9,300 yuan/mt. Yesterday, the most-traded SI futures contract closed at 8,320 yuan/mt, down 95 yuan/mt from the previous day but up 70 yuan/mt from Monday. Polysilicon: N-type recharging polysilicon was quoted at 34-36.5 yuan/kg. Polysilicon prices continued to edge down slightly this week, but the decline narrowed. On one hand, prices were already approaching the cost lines of most producers; on the other hand, some market "rumors" circulating earlier, combined with unusual movements in futures, gave polysilicon producers more options.