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[Caixin Futures: Precious Metals and Base Metals Fluctuate, Lithium Carbonate Trends Downward] ⑴ Shanghai Copper: Geopolitically, the US-Iran ceasefire agreement remains unresolved. Affected by the fluctuating geopolitical situation in the Middle East, copper prices are showing a fluctuating trend. The continued tension in the Middle East, market concerns about inflation due to high oil prices, and liquidity panic under central bank tightening policies are unlikely to subside in the short term. Copper prices are expected to maintain a fluctuating trend. ⑵ Shanghai Aluminum: Affected by the fluctuating geopolitical situation in the Middle East, aluminum prices are showing a fluctuating trend. The continued tension in the Middle East, market concerns about inflation due to high oil prices, and liquidity panic under central bank tightening policies are unlikely to subside in the short term. Non-ferrous metal prices are under pressure, but at the same time, attention should be paid to further deterioration in market supply, which may provide some support for Shanghai aluminum prices. ⑶ Shanghai Zinc: The continued tension in the Middle East, market concerns about inflation due to high oil prices, and liquidity panic under central bank tightening policies are unlikely to subside in the short term. Non-ferrous metal prices are under pressure. On the fundamental side, smelter maintenance increased in April, and domestic processing fees continued to decline, providing some support for zinc prices. (4) Precious Metals: With the US-Iran ceasefire agreement still pending, precious metal prices have fluctuated due to the ongoing geopolitical situation in the Middle East. Given the continued tension in the Middle East, market concerns about inflation under high oil prices and liquidity panic under central bank tightening policies are unlikely to subside in the short term, and precious metal prices may maintain a fluctuating trend. (5) Lithium Carbonate: Lithium carbonate rebounded after a period of fluctuation, with the rebound over the past four days capped at 163,000 yuan. On the supply side, domestic lithium salt production and inventory increased simultaneously, easing the tightness in the spot market, but there was a lack of upward momentum above 160,000 yuan. On the demand side, the fundamentals remained robust. High growth in the energy storage sector effectively offset the weakness in the power battery sector, and the accelerated electrification of commercial vehicles and the increase in battery capacity per vehicle further brought new growth to the market, with industrial procurement support below 140,000 yuan. In the futures market, the LC05 contract encountered resistance at the 5-day average price of 163,000 yuan/ton and fell back, with limited upward momentum at higher levels during the session. SMM's spot price for battery-grade lithium carbonate is 158,000 yuan/ton, unchanged from yesterday; the futures closing price is 159,340 yuan, a premium of approximately 1,340 yuan over the spot price.