[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.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Futures Closed Higher in Overnight Session, Spot Cargo Remained Stable] The aluminum alloy 2606 contract opened at 23,760 yuan/mt during the night session. After the opening, futures prices rose steadily, with prices running above the average price line throughout the session, showing a solid trend structure. Futures saw a slight increase in open interest simultaneously, with open interest edging higher. Volume and momentum were well-coordinated during the rise, and the price center continued to shift upward. Prices during the night session ranged from 23,695 to 23,920 yuan/mt. Prices moved sideways at highs near the close with no notable pullback, and the daily candlestick ultimately closed at 23,890 yuan/mt, up 0.84% for the day.

[Silicon Metal Prices Remained Stagnant at Low Levels]: The silicon metal market remained stagnant with a weak tone this week, with price centers for some specifications shifting lower. As of April 9, SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, down 100 yuan/mt WoW; #441 silicon was at 9,200-9,300 yuan/mt, down 100 yuan/mt WoW; #421 silicon was at 9,300-9,500 yuan/mt, down 100 yuan/mt WoW; and #3303 silicon was at 10,100-10,300 yuan/mt, flat WoW. In the futures market, the most-traded silicon metal contract moved sideways around 8,200-8,400 yuan/mt over the past week, as the silicon metal market was under pressure with narrow price fluctuations.

[SMM Cast Aluminum Alloy Morning Comment: Weak Demand, ADC12 Spot Continued to Weaken] Spot side, the ADC12 market continued in the doldrums yesterday. Affected by aluminum prices being in the doldrums and poor demand-side performance, market sentiment turned cautious. Most market participants slightly lowered their quotes, while a few enterprises held prices steady and took a wait-and-see approach. Currently, low-priced resources increased, the transaction center shifted downward, and prices showed a passive pullback pattern. In the short term, against the backdrop of marginally weakening cost support and limited demand improvement, ADC12 prices are expected to remain in the doldrums.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices trended weaker yesterday. SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, down 100 yuan/mt from the previous day. #441 silicon was at 9,200-9,300 yuan/mt, down 100 yuan/mt from the previous day. The SI2605 contract closed at 8,260 yuan/mt yesterday. The decline in silicon prices stimulated the release of some rigid demand orders from downstream buyers and traders. With weak supply and demand, silicon prices consolidated at lows. Polysilicon: N-type recharging polysilicon was quoted at 34.5-37.5 yuan/kg. Polysilicon prices continued to decline recently, and bearish sentiment persisted in the market. Some individual transactions below current mainstream transaction prices emerged. Polysilicon inventory pressure remained significant, exerting pressure on future prices.

[SMM Cast Aluminum Alloy Morning Comment: Weaker Aluminum Prices Weigh on the Market, ADC12 Remains in the Doldrums] Spot side, the ADC12 market continued to fluctuate downward. Affected by the widening decline in aluminum prices, market sentiment turned cautious, and most enterprises lowered their quotations; a few enterprises temporarily held prices steady and stayed on the sidelines with support from costs. As the Qingming Festival holiday approaches, downstream stockpiling demand fell short of expectations, with procurement still mainly driven by rigid demand, and transaction performance showed no obvious improvement. Coupled with market expectations of weakening demand in April, ADC12 prices are still facing some downward pressure in the short term, and the market remains in the doldrums.

[Silicon Metal Price Center Remained in the Doldrums]: This week, the silicon metal market stayed weak, with the transaction center for some silicon metal grades edging lower. As of April 2, SMM east China prices were oxygen-blown #553 silicon at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW; 441# silicon at 9,300-9,400 yuan/mt, down 50 yuan/mt WoW; and 3303# silicon at 10,100-10,300 yuan/mt, down 100 yuan/mt WoW. In the futures market, the most-traded silicon metal contract remained weak, with the SI2605 contract closing at 8,300 yuan/mt on Thursday, down 435 yuan/mt WoW. Spot declines were narrower than futures prices, and the advantage in supplier shipments shifted from silicon enterprises to trading firms engaging in both spot and futures market. During the week, market prices were under pressure, while procurement volume from some downstream users and export traders increased, with transactions in some grades remaining moderate.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Rebounded After Bottoming Out in the Night Session, Up 0.91%; ADC12 to Continue Moving Sideways in a Narrow Range in the Short Term] Overnight, the most-traded 2605 aluminum alloy contract opened at 23,680 yuan/mt, then quickly fell to around 23,623 yuan/mt, hitting an intraday low of 23,525 yuan/mt in the night session before stopping its decline and rebounding. During the session, bulls gradually pushed prices higher, sending them up to 23,780 yuan/mt, a fresh high for the night session, before pulling back slightly and moving sideways. It finally closed at 23,730 yuan/mt, up 215 yuan/mt from the previous close, or 0.91%.

[SMM Silicon-Based PV Morning Briefing] Silicon metal: The silicon metal market remained in a weak stalemate. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, down 50 yuan/mt from the previous day. Weaker expectations for production cuts on the supply side weighed on market sentiment. At the start of the week, futures prices trended weaker, and the center of spot transactions for some cargoes in the market edged lower. Cost support from the raw material side remained firm, and prices may fall back into stalemate. Polysilicon: N-type recharging polysilicon was quoted at 35.5-41.5 yuan/kg. Polysilicon prices have continued to decline recently, mainly affected by market sentiment and inventory exit the market among some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some producers, and the sentiment to hold quotes firm has strengthened somewhat. Relevant meetings still need to be monitored going forward.