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[Caixin Futures: Non-ferrous and New Energy Metals Generally Fluctuate, Lithium Carbonate Spot Price Falls to 179,700 Yuan] ⑴ Shanghai Copper: Fluctuating. On the macro front, the US military carried out a self-defense strike in southern Iran on the 25th, but all parties stated that negotiations are still progressing, weakening market optimism. On the fundamental front, the spot supply of electrolytic copper is sufficient, and imported copper continues to arrive and be stored in ports. However, high copper prices suppress downstream purchasing intentions, and enterprises mostly replenish their stocks as needed. In the short term, copper prices are expected to remain fluctuating. ⑵ Shanghai Aluminum: Fluctuating. The macro front is also affected by the situation in the Middle East, weakening market optimism. On the fundamental front, the overseas supply gap and low inventory still provide bottom support, while the domestic unexpected inventory accumulation continues, which will drag down domestic aluminum prices. Overall, aluminum prices are expected to fluctuate in the short term. ⑶ Shanghai Zinc: Fluctuating. Due to disturbances at the mining end, overseas processing fees remain low, smelters have extremely low production intentions, and strong expectations of supply contraction provide bottom support. Due to geopolitical instability, zinc prices are expected to remain fluctuating in the short term. ⑷ Precious Metals: Fluctuating. Macroeconomic optimism has weakened, leading to a slightly weaker performance in precious metals today. The seesaw effect between crude oil and precious metals persists, and the Middle East conflict remains highly uncertain, suggesting that precious metals may continue to fluctuate in the future. Although the conflict shows signs of easing, strong expectations of a Fed rate hike will limit significant gains in gold and silver prices. (5) Lithium Carbonate: Fluctuating. The current lithium carbonate market is in a phase of balancing between concentrated negative news and resilient demand. Prices may continue to weaken in the short term, but the downside is limited due to rigid supply constraints. Today, the spot price of battery-grade lithium carbonate fell by 300 yuan to 179,700 yuan, with the 06 contract trading at a discount of 8,000 yuan to the spot price and the 09 contract at a discount of 3,700 yuan. Continued tax compliance rectification in the trade and distribution sector has tightened the cash flow of small and medium-sized traders and intermediaries, reducing their willingness to purchase and weakening the spot market's buying power. Meanwhile, previously hidden inventories are gradually entering the market, coupled with the resumption and expansion of overseas lithium mining companies, further easing global supply expectations and increasing overall market supply pressure, driving prices down. On the demand side, the new energy end-user market remains highly active. Production plans for lithium iron phosphate and battery cells in June are expected to increase by 3%-4% compared to May, with downstream demand providing a floor for prices. On the supply side, domestic lithium ore inventories remain at historically low levels. Increased book inventories at some smelters are essentially just inventory transfers and do not change the current tight supply of raw materials. Actual lithium carbonate production will be significantly limited in June, and the inflection point in lithium ore spot supply is not expected to appear until at least early July.