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[Caixin Futures: Most Non-ferrous and Precious Metals Trade in Fluctuations, Lithium Carbonate Trends Downward] ⑴ Shanghai Copper: Trading in fluctuations. Geopolitically, the US-Iran ceasefire showed cracks from its initial implementation. The Israeli Prime Minister's Office clarified that Lebanon was not within the ceasefire area and continued to strike Hezbollah militants in southern Lebanon. Iran also continued its missile and drone attacks on the UAE and other Gulf countries. The market corrected yesterday's optimistic expectations, and copper prices shifted slightly downward. Fundamentals have improved somewhat, with a turning point in domestic inventory reduction, providing support for bargain hunting. However, caution is still needed. The US does not accept Iran's 10 ceasefire terms, and Iran may not approve signing the ceasefire agreement, potentially leading to a market reversal. ⑵ Shanghai Aluminum: Trading in fluctuations. Geopolitically, the US-Iran ceasefire showed cracks from its initial implementation. The Israeli Prime Minister's Office clarified that Lebanon was not within the ceasefire area and continued to strike Hezbollah militants in southern Lebanon. Iran also continued its missile and drone attacks on the UAE and other Gulf countries. Fundamentally, 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. (3) Shanghai Zinc: Trading in a volatile range. Geopolitically, the US-Iran ceasefire showed cracks from its initial implementation. The Israeli Prime Minister's Office clarified that Lebanon was not included in the ceasefire and continued its operations against Hezbollah militants in southern Lebanon. Iran also continued its missile and drone attacks on the UAE and other Gulf states. (4) Precious Metals: Trading in a volatile range. Geopolitically, the US-Iran ceasefire showed cracks from its initial implementation. The Israeli Prime Minister's Office clarified that Lebanon was not included in the ceasefire and continued its operations against Hezbollah militants in southern Lebanon. Iran also continued its missile and drone attacks on the UAE and other Gulf states. The market corrected yesterday's optimistic expectations, and precious metal prices shifted slightly downward. However, caution is still needed. The US did not accept Iran's 10 ceasefire terms, and Iran may not approve signing the ceasefire agreement, potentially leading to a market reversal. (5) Lithium Carbonate: Trading in a volatile downward trend. Lithium carbonate has been trending downwards, establishing a shift from bullish to bearish patterns, with further downside potential. This round of volatile rebound lasted five days, with the high consistently capped by the 163,000 yuan level, indicating insufficient upward momentum. Today's weekly inventory data showed a significant increase of 1,453 tons, becoming a key catalyst for a market reversal, with prices weakening accordingly. In the futures market, the LC05 contract broke below the key support level of 156,000 yuan, the 20-day moving average. A gap-down opening could trigger an accelerated decline. The spot market also weakened, with SMM's battery-grade lithium carbonate spot price at 154,750 yuan/ton, down 3,900 yuan from the previous trading day; the futures closing price was 152,420 yuan, a discount of approximately 2,330 yuan to the spot price.