According to the latest customs data, China’s total exports of die-casting zinc alloy from January to February reached 689.33 mt, up slightly by 0.9 percentage points YoY on a cumulative basis; imports, however, totaled 48.11 million mt, down 35.46 percentage points YoY on a cumulative basis. Overall, China’s die-casting zinc alloy trade from January to February showed a pattern of slightly higher exports and a significant pullback in imports.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is:

【SMM Analysis: Copper Wire and Cable Exports Surged YoY in December, Philippine Market Rose to Second Place】According to data from the General Administration of Customs, China's exports of wires and cables totaled 277,400 mt in December 2025, up 1.38% MoM and 13.38% YoY. Among them, exports of copper wire and cable reached 140,500 mt in December, up 2.13% MoM and 30.8% YoY......

》Check SMM's aluminum product quotes, data, and market analysis SMM, June 16: Today, the most-traded SHFE aluminum 2507 contract opened at 20,450 yuan/mt, with a high of 20,330 yuan/mt, a low of 20,405 yuan/mt, and closed at 20,460 yuan/mt, down 0.29%. Trading volume was 98,000 lots, and open interest was 204,000 lots. SMM Commentary: On the macro front, as trade tensions ease, US consumer confidence improved for the first time in six months, and pessimism over soaring underlying inflation has also significantly eased. The rebound in China's May manufacturing PMI and improvement in export indicators provide demand support, with domestic economic resilience remaining. Fundamentals side, domestic aluminum smelters' operating capacity remained stable, with reduced casting ingot volumes prompting domestic aluminum ingot inventory to continue destocking. Cost side, alumina and auxiliary material prices are expected to weaken, weakening cost support for aluminum. Demand side faces dual pressures from domestic seasonal weakness and trade uncertainties, with aluminum processing enterprises' operating rates expected to come under pressure in the short term. Overall, the current low inventory and expectations of a higher proportion of liquid aluminum provide strong support for aluminum prices, but off-season pressure on the demand side limits upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices expected to hold up well in the short term. Today, the most-traded alumina 2509 contract opened at 2,846 yuan/mt, with a high of 2,863 yuan/mt, a low of 2,822 yuan/mt, and closed at 2,852 yuan/mt, unchanged at 0.00%. Trading volume was 163,000 lots, and open interest was 299,000 lots. SMM Commentary: Last week, alumina's operating capacity rose 1.74 million mt/year MoM to 89.01 million mt/year. Spot alumina supply was relatively looser compared to the previous period, with aluminum smelters' total weekly alumina inventory rising 16,000 mt to 2.646 million mt. In the short term, alumina fundamentals are expected to maintain a relatively loose pattern, with alumina spot prices expected to pull back. Subsequent attention should be paid to changes in domestic alumina enterprises' capacity, as well as the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct investment research and decision-making advice. Clients should make cautious decisions and not rely on this as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM.]

[SMM Aluminum Morning Meeting Summary: Continuous Destocking Strengthens Support, Aluminum Price Trend to Remain Strong] Macro side, as trade tensions ease, US consumer confidence has improved for the first time in six months, and pessimism over soaring underlying inflation has also significantly eased. The rebound in China's manufacturing PMI and improvement in export indicators in May have provided demand support, with the resilience of the domestic economy remaining. Fundamentals side, the operating capacity of domestic primary aluminum has remained stable, with a decrease in casting ingot volume prompting domestic aluminum ingot inventory to continue destocking. Cost side, prices of alumina and auxiliary materials are expected to weaken, reducing cost support for primary aluminum. Demand side, it is facing dual pressures from domestic seasonal weakness and trade uncertainties, with the operating rate of domestic aluminum processing enterprises expected to be under pressure in the short term. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices expected to hold up well in the short term.

[SMM Morning Aluminum Meeting Summary: Macro Factors Favorable, Coupled with Destocking Support, Aluminum Price Center Moves Higher] Overall, on the macro side, the Sino-US consultation meeting is expected to ease the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals. Currently, the low inventory and the expectation of a rising proportion of liquid aluminum provide strong support for aluminum prices. However, the pressure of the off-season on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are expected to remain volatile and range-bound in the short term.

[SMM Aluminum Morning Meeting Summary: Low Inventory Provides Strong Support for Prices, Aluminum Prices Expected to Fluctuate] Overall, on the macro side, the Sino-US consultation meeting may lead to a relaxation of the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals. Currently, low inventory and the expectation of a rising proportion of liquid aluminum provide strong support for aluminum prices. However, the pressure of the off-season on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with short-term aluminum prices expected to remain volatile and range-bound.

》Check SMM aluminum product quotes, data, and market analysis SMM News on June 10: Today, the most-traded SHFE aluminum 2507 contract opened at 20,075 yuan/mt, with a high of 20,010 yuan/mt, a low of 19,925 yuan/mt, and closed at 19,980 yuan/mt, down 0.12%. Trading volume was 149,000 lots, and open interest was 184,000 lots. SMM Commentary: On the macro front, the phone call between China and the US may lead to a de-escalation of the trade war, while the rebound in China's May manufacturing PMI and improvement in export indicators provide demand support, indicating that the domestic economy remains resilient. Fundamentals side, the operating capacity of domestic aluminum smelters remained stable, with a decrease in casting ingot volume prompting a temporary destocking trend in domestic aluminum ingot inventory. Cost side, the impact of the Guinea ore incident on alumina prices has eased somewhat, and the real-time cost of aluminum has slightly declined MoM. On the demand side, there is dual pressure from domestic seasonal weakness and trade uncertainties, and the operating rate of aluminum processing enterprises will be under pressure in the short term, with the off-season atmosphere intensifying. Overall, the current low inventory and expectations of a higher proportion of liquid aluminum provide strong support for aluminum prices, but the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are likely to remain range-bound in the short term. Today, the most-traded alumina 2509 contract opened at 2,906 yuan/mt, with a high of 2,920 yuan/mt, a low of 2,827 yuan/mt, and closed at 2,886 yuan/mt, down 0.31%. Trading volume was 354,000 lots, and open interest was 295,000 lots. SMM Commentary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina has arrived at Chinese ports, with supply recovering while demand has not changed significantly. Last week, the total inventory of alumina at aluminum smelters increased by 19,000 mt to 2.63 million mt. As of June 9, the price of imported alumina has turned from profit to loss, and the import window has closed. In the short term, the alumina market fundamentals will remain relatively loose, and alumina spot prices are expected to be in the doldrums. Subsequent attention should be paid to the capacity changes of domestic alumina enterprises. Today, the most-traded cast aluminum alloy 2511 contract opened at 19,400 yuan/mt, with a high of 19,500 yuan/mt, a low of 19,070 yuan/mt, and closed at 19,190 yuan/mt, up 4.49%. Trading volume was 52,000 lots, and open interest was 9,000 lots. SMM Commentary: At 9:00 a.m. on June 10, cast aluminum alloy futures were officially listed on the Shanghai Futures Exchange. The listing benchmark prices for the AD2511, AD2512, AD2601, AD2602, AD2603, AD2604, and AD2605 contracts were 18,365 yuan/mt. In the morning opening, the main cast aluminum alloy futures contract once surged by more than 5%, and although the gains slightly pulled back later, they remained at around 4%. By the end of the day session, the main cast aluminum alloy futures contract closed at 19,190 yuan/mt, up 4.649%. Regarding the reasons for the significant increase in the opening price of cast aluminum alloy futures, it is widely believed in the industry that the benchmark listing price of the futures was significantly lower than the spot price, driven by a clear bullish market sentiment. SMM suggests focusing on the price range of 19,000-19,500 yuan/mt on the first day. In terms of spot prices, according to SMM spot quotes, as of June 10, after a decrease of 100 yuan/mt, the SMM ADC12 aluminum alloy spot quote fell to 19,800-20,000 yuan/mt, with an average price of 19,900 yuan/mt. [The information provided is for reference only. This article does not constitute direct advice for investment research and decision-making. Clients should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by clients are unrelated to SMM.]

[SMM Aluminum Morning Meeting Summary: Mixed Sentiments, Aluminum Prices Expected to Fluctuate] Macro side, the phone call between China and the US may lead to a de-escalation of the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals side, the operating capacity of domestic primary aluminum remains stable, and the reduction in casting ingot volume has temporarily maintained the destocking trend of domestic aluminum ingot inventory. Cost side, the impact of the Guinea mine incident on alumina prices has eased somewhat, and the real-time cost of primary aluminum has declined slightly MoM. Demand side, it is facing dual pressures from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of domestic aluminum processing enterprises will be under pressure, and the off-season atmosphere is becoming more pronounced. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are expected to remain volatile and range-bound in the short term.

》Check SMM's aluminum product quotes, data, and market analysis SMM News on June 9: Today, the most-traded SHFE aluminum 2507 contract opened at 19,980 yuan/mt, with a high of 20,095 yuan/mt, a low of 19,935 yuan/mt, and closed at 20,025 yuan/mt, down 0.22%. Trading volume was 133,000 lots, and open interest was 182,000 lots. SMM Commentary: On the macro front, the phone call between China and the US may ease trade tensions, while the rebound in China's May manufacturing PMI and improvement in export indicators provide demand support, indicating that the domestic economy remains resilient. Fundamentals side, the operating capacity of domestic aluminum smelters remained stable. The reduction in casting ingot volumes has temporarily maintained the destocking trend of domestic aluminum ingot inventory. Cost side, the impact of the Guinea ore incident on alumina prices has eased, and the real-time cost of aluminum has slightly decreased MoM. On the demand side, there is dual pressure from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of aluminum processing enterprises will be under pressure, and the off-season atmosphere will intensify. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are expected to remain rangebound and volatile in the short term. Today, the most-traded alumina 2509 contract opened at 2,909 yuan/mt, with a high of 2,926 yuan/mt, a low of 2,859 yuan/mt, and closed at 2,892 yuan/mt, down 0.31%. Trading volume was 516,000 lots, and open interest was 301,000 lots. SMM Commentary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina has arrived at Chinese ports. With supply recovering and no significant changes in demand, the total alumina inventory of aluminum smelters increased by 19,000 mt to 2.63 million mt last week. The import window remained open, and imported alumina supply is expected to increase in the future. In the short term, the alumina fundamentals may shift to a relatively loose pattern, and alumina spot prices are expected to remain in the doldrums. It is necessary to continue to monitor changes in the capacity of domestic alumina enterprises and the supply of imported alumina. [The information provided is for reference only. This article does not constitute direct investment research and decision-making advice. Clients should make cautious decisions and should not rely on this as a substitute for independent judgment. Any decisions made by clients are not related to SMM.]