[SMM Morning Meeting Summary: May Inflation Data Basically in Line with Expectations, LME Zinc Maintains Fluctuating Trend] Overnight, LME zinc recorded a small bullish candlestick, with the lower Bollinger Band overhead forming resistance. The US May PCE data was basically in line with expectations, easing market expectations of further interest rate hikes by the US Fed...

[SMM Aluminum Express] The macro environment currently shows significant positive factors: China-US trade consultations released positive signals; the 15th Five-Year Plan focuses on fostering strategic emerging industries, and domestic growth-stabilizing policies continue to provide support, bolstering market confidence. Fundamentally, overseas supply is expected to tighten, while domestic supply remains stable, leading to an overall contraction in aluminum supply. Demand side, as aluminum prices fluctuate at highs and severe smog in central China triggers environmental protection-driven production restriction policies, demand is somewhat suppressed. Inventories currently fluctuate rangebound, but are expected to build again as in-transit inventories grow and environmental restrictions curb demand. Cost side, support weakened due to falling alumina prices. Overall, with aluminum prices at high levels, downstream processing enterprises prioritize destocking finished products, weakening raw material demand. However, aluminum ingot inventories remain relatively low, providing limited fundamental drive for prices in the short term. With macro sentiment still relatively optimistic domestically and overseas, SHFE aluminum is expected to find support at 20,800 yuan/mt, while facing resistance at 21,500 yuan/mt in the absence of clear fundamental drivers.

[SMM Tin Midday Review: Supply-Demand Tight Balance Continues, SHFE Tin Fluctuates at Highs Awaiting US Fed Meeting Guidance] At the midday close on October 28, 2025, the most-traded SHFE tin contract 2512 settled at 285,180 yuan/mt, up 0.08% from the previous day. The intraday trend showed rangebound fluctuations at highs, with the trading range concentrated around 284,000-285,500 yuan/mt. Meanwhile, three-month tin on the London Metal Exchange (LME) was quoted at $36,095/mt, a slight increase of 0.01% from the previous day.