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[Caixin Futures: Non-ferrous and New Energy Metals Generally Fluctuate, Lithium Carbonate Spot Price Falls to 175,450 Yuan/Ton] ⑴ Shanghai Copper: Fluctuating. On the macro front, renewed tensions between the US and Iran, and the potential continuation of the inflationary shockwaves triggered by the Middle East conflict, have amplified market expectations for a Fed rate hike. On the fundamental front, the tight spot market has improved marginally, but the supply of high-quality copper remains tight, and high copper prices are suppressing downstream purchasing intentions, with companies mostly replenishing their stocks as needed. Copper prices are expected to remain volatile in the short term. ⑵ Shanghai Aluminum: Fluctuating. The macro front is also affected by tensions between the US and Iran and expectations of a rate hike. On the fundamental front, overseas supply gaps and low inventories continue to provide bottom support, while the unexpected accumulation of domestic inventories will continue, dragging down domestic aluminum prices. Overall, aluminum prices are expected to fluctuate in the short term. ⑶ Shanghai Zinc: Fluctuating. The macro front is affected by geopolitical tensions and expectations of a rate hike. Overseas processing fees remain low due to mining disruptions, smelters have extremely low production intentions, and strong expectations of supply contraction provide bottom support, but demand is weak. Zinc prices are expected to remain volatile in the short term. (4) Precious Metals: Prices are expected to fluctuate with a slight downward bias. With renewed tensions between the US and Iran, the seesaw effect between crude oil and precious metals has led to a continued decline in precious metal prices. Considering the significant uncertainty surrounding the Middle East conflict and strong expectations of a Fed rate hike, gold and silver prices are unlikely to see significant improvement and are expected to fluctuate with a slight downward bias. (5) Lithium Carbonate: Prices are expected to fluctuate downwards. Lithium prices have continued to fluctuate downwards. The previous rebound to 200,000 yuan/ton was mainly supported by factors such as contracted lithium mine supply in Jiangxi, tight overseas lithium mine shipments, and strong downstream demand. The current market logic has shifted. Lithium carbonate shipments from Chile and Argentina remain high, and with lithium mines from Zimbabwe arriving in July, the supply and demand situation is becoming more relaxed. The expectation of a medium-term supply easing continues to suppress the market. Downstream purchasing intentions are weak, spot prices have been successively lowered, and futures are showing a deep discount. Market open interest has declined, and funds continue to flow out. At present, there is no clear opportunity for bottom-fishing. Today, the spot price of battery-grade lithium carbonate fell by 1,850 yuan to 175,450 yuan/ton.