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[Caixin Futures: Copper and Zinc Fluctuate, Lithium Carbonate Inventory Adjustment Exceeds Expectations] ⑴ Shanghai Copper: On the macro front, Trump stated that negotiations between the US and Iran have entered the "final stage," while Iran's establishment of a controlled navigation zone in the Strait of Hormuz, requiring permits for ship passage, is seen as a substantial step towards de-escalation. Against the backdrop of overall improved risk sentiment, the US dollar index weakened, and US Treasury yields fell slightly. On the fundamental front, supply-side supply is affected by concentrated maintenance at smelting plants, leading to reduced domestic arrivals and limited imported arrivals, resulting in an overall tight market supply. In the short term, copper prices are expected to remain volatile. ⑵ Shanghai Aluminum: On the macro front, the US dollar index weakened, and US Treasury yields fell slightly. On the fundamental front, preliminary results were achieved in Sino-US trade negotiations, with both sides agreeing to continue implementing previous tariff arrangements and establishing a Trade and Investment Council, which is expected to promote tariff reductions on some products. However, the unexpected accumulation of domestic inventory continues, which will drag down domestic aluminum prices. Overall, aluminum prices are expected to fluctuate with a slightly downward bias in the short term. (3) Shanghai Zinc: The macroeconomic situation is the same as above. The US dollar index weakened, and US Treasury yields fell slightly. On the fundamental side, mining disruptions and persistently low overseas processing fees led to extremely low smelter production intentions and strong expectations of supply contraction, providing bottom support. The rising expectations of a Fed rate hike suppressed the upward trend in non-ferrous metals. Despite the bottom support from fundamentals, zinc prices are expected to fluctuate in the short term. (4) Precious Metals: The macroeconomic situation is the same as above. The US dollar index weakened, and US Treasury yields fell slightly, leading to a brief recovery in precious metal prices. Although the US-Iran conflict has eased somewhat, the prospect of a Fed rate hike is increasingly strengthening, meaning that gold and silver prices are unlikely to improve significantly. (5) Lithium Carbonate: Today, the SMM lithium salt spot inventory statistical adjustment officially took effect, with new and old sample data released simultaneously. Inventories under both categories continued to decline month-on-month. Other inventories in the new sample increased by 36,587 tons compared to the old sample, far exceeding the market's previous expectation of 20,000 tons. The inventory increase brought about by the adjustment exceeded expectations. The September contract rebounded weakly, failing to break through yesterday's resistance level of 185,000 yuan. In the afternoon, bargain hunters exited the market, causing prices to fall back to yesterday's lows. Significant capital outflows and simultaneous contract reductions in open interest continued the market's downward trend. On the spot market, battery-grade lithium carbonate rose slightly to 178,950 yuan, with the July contract trading at a significant discount to spot prices, indicating continued strong market expectations of ample future supply.