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[Caixin Futures: Precious Metals and Base Metals Show a Slightly Stronger Trend, Lithium Carbonate Shows a Slightly Lower Trend] ⑴ Shanghai Copper: Slightly stronger. Significant changes in geopolitical tensions, a brief ceasefire between the US and Iran, and the reopening of the Strait of Hormuz for two weeks have greatly eased concerns about inflationary pressures previously caused by soaring oil prices. Market expectations for a Fed rate cut are expected to be more optimistic, potentially raising copper prices. ⑵ Shanghai Aluminum: Slightly stronger. Significant changes in geopolitical tensions, a brief ceasefire between the US and Iran, and the reopening of the Strait of Hormuz for two weeks have greatly eased concerns about inflationary pressures previously caused by soaring oil prices. Market expectations for a Fed rate cut are expected to be more optimistic, potentially raising non-ferrous metal prices. Regarding electrolytic aluminum, the Middle East production cut crisis has eased, domestic inventories have accumulated, and downstream operations have rebounded. April is expected to enter a destocking cycle, with wide fluctuations expected. ⑶ Shanghai Zinc: Slightly stronger. Significant changes in geopolitical tensions, a brief ceasefire between the US and Iran, and the reopening of the Strait of Hormuz for two weeks have greatly eased concerns about inflationary pressures previously caused by soaring oil prices. Market expectations for a Fed rate cut are expected to be more optimistic, potentially raising non-ferrous metal prices. On the fundamental side, smelter maintenance increased in April, and domestic processing rates continued to decline, providing some support for zinc prices. Short-term prices are expected to fluctuate with a slight upward bias. (4) Precious Metals: Fluctuating with a slight upward bias. Significant changes in the geopolitical situation, a brief ceasefire between the US and Iran, and the reopening of the Strait of Hormuz for two weeks have greatly eased concerns about inflationary pressures previously triggered by soaring oil prices. Market expectations for a Fed rate cut are likely to be more optimistic, potentially raising the center of gravity for precious metals. Previous data showed that the central bank added 16 ounces of gold reserves in March, marking the 17th consecutive month of increases, indirectly indicating that the pullback in gold prices has increased demand, providing support for gold prices. Silver inventories remain low, and demand from A1 and new energy sectors will continue to support silver prices. However, caution is still needed. The US has not accepted Iran's 10 ceasefire terms, and Iran may not approve signing the ceasefire agreement, potentially reversing market trends. (5) Lithium Carbonate: Fluctuating downwards. Lithium carbonate futures traded sideways, with the five-day rebound capped at 163,000 yuan. Attention will be focused on the weekly production and sales data to be released tomorrow at noon, which will provide a catalyst for price increases. On the supply side, domestic lithium salt production and inventory increased simultaneously last week, easing the tightness in the spot market. However, there was a lack of upward momentum above 160,000 yuan. On the demand side, fundamentals remained robust. Strong growth in the energy storage sector effectively offset the weakness in the power battery sector. Accelerated electrification of commercial vehicles, coupled with increased battery capacity per vehicle, further boosted the market, providing support for industry procurement 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. The spot market weakened, with SMM's battery-grade lithium carbonate spot price at 159,000 yuan/ton, down 500 yuan from yesterday; the futures closing price was 158,320 yuan, a premium of approximately 680 yuan over the spot price.