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⑴ Shanghai Copper: Fluctuating operation. On the macro side, on the 25th, the US military carried out self-defense strikes in southern Iran, but all parties have stated that negotiations are still progressing, which has weakened market optimism. Fundamentally, there is ample supply of spot electrolytic copper, and imported copper continues to arrive in the warehouse. However, high copper prices are suppressing downstream procurement willingness, with most companies restocking only as needed. In the short term, copper prices are expected to remain range-bound.⑵ Shanghai Aluminum: Fluctuating operation. Macros are similarly affected by the Middle East situation, with market optimism weakening. On the fundamentals side, the overseas supply gap and low inventories continue to provide bottom support, but the pattern of higher-than-expected domestic inventory accumulation persists, which will weigh on domestic aluminum prices. Overall, aluminum prices are expected to fluctuate in the short term.⑶ Shanghai Zinc: Fluctuating operation. With mine-end disruptions, overseas processing fees remain low, smelters' willingness to produce is extremely low, and expectations for supply contraction are pronounced, providing bottom support. Given unstable geopolitical conditions, zinc prices are expected to remain volatile in the short term.⑷ Precious Metals: Fluctuating operation. Macros show diminished optimism, with precious metals trending weaker today. The seesaw effect between crude oil and precious metals persists, and the Middle East conflict still contains significant uncertainty, suggesting precious metals may continue fluctuating as the main trend. Although the conflict shows signs of easing, expectations for Federal Reserve rate hikes remain strong, so gold and silver prices are unlikely to see marked improvement.⑸ Lithium Carbonate: Fluctuating operation. The current lithium carbonate market is in a tug-of-war between concentrated bearishness and resilient demand support. In the short term, prices may remain weak, but the downside room is limited due to rigid supply constraints. Today, spot price for battery-grade lithium carbonate fell by 300 yuan to 179,700 yuan. The June futures contract is at a discount of 8,000 yuan to spot, and the September contract is at a discount of 3,700 yuan. Tax compliance reforms on the trading and circulation front are ongoing, with funding chains tightening for small and medium-sized traders and middlemen, reducing their willingness to purchase. Buying strength in the spot market is relatively weak. Meanwhile, implicit inventory from earlier periods is gradually entering the market. Coupled with lithium mining enterprises overseas resuming and expanding production, expectations for global supply have relaxed further, increasing overall supply pressure and pushing prices down. On the demand side, the new energy end market remains robust. June's planned output of lithium iron phosphate and battery cells is expected to increase 3%-4% month-on-month compared to May, with downstream rigid demand providing a price floor. On the supply side, domestic lithium mine inventories remain historically low. Increases in smelters' reported inventories mainly reflect inventory transfers and have not changed the raw material shortage. Actual lithium carbonate output in June will be clearly constrained, and a turning point for spot supply of lithium mines is not expected until at least early July.

BlockBeats News, May 26th, according to LookIntoChain monitoring, the whale who "Shorted Before the Hype Pump" closed their short position one hour before the pump, ending up losing nearly $7 million.

Glonghui May 26｜1. All three major U.S. stock index futures rose: Nasdaq futures up 1.13%, S&P 500 index futures up 0.71%, Dow futures up 0.56%. 2. European stock indexes were mixed: Germany's DAX index down 0.48%, UK's FTSE 100 index up 0.48%, France's CAC index down 0.72%, Euro Stoxx 50 index down 0.61%. 3. The U.S. military said it launched a "defensive" airstrike; Iran warned it would retaliate fiercely and block regional oil exports if war resumes. 4. BlackRock "takes a contrarian stance," expecting the Federal Reserve under new Chair Waller may have sufficient reason to cut rather than raise interest rates. 5. JPMorgan expects the S&P 500 index to surpass 9,000 points within the next year, suggesting the AI supercycle could be even stronger than anticipated. 6. ComputeX 2026 is about to open; Jensen Huang, Lisa Su, and Lihwu Chen have all arrived in Taiwan for discreet supply chain visits. 7. SK Hynix released its iHBM cooling solution, closing up 5.7% today at a record high and up 215% year-to-date. 8. According to German media, the EU is planning to impose an antitrust fine on Google worth several hundred million euros. 9. U.S. President Trump publicly praised Micron Technology, and options market whales are suspected of "positioning in advance." 10. Micron CEO: Memory shortages could persist until after 2026; large-scale new capacity will only be released in 2028. 11. BP removed Albert Manifold from his positions as Chairman and Director due to "serious" governance concerns. 12. Eli Lilly reportedly plans to spend nearly $4 billion acquiring three vaccine development companies. 13. Alibaba Cloud launched new AI product websites Qwen Cloud, Agent product MuleRun, and others for overseas markets. 14. Uber is considering raising its acquisition offer for Delivery Hero after its previous €11.5 billion bid was rejected. 15. Ferrari's first electric vehicle, Luce, debuted with a starting price of €550,000 (about 4.35 million CNY). 16. Zoom's early investment in AI startup Anthropic has yielded over $1 billion in returns. 17. S&P Global Ratings: Given continued growth in non-mainland business, Futu's business flow is expected to remain stable over the next two years. Earnings Announcements: 1. MINISO Q1 revenue was 5.688 billion CNY, up 28.5% year-on-year; net profit was 1.248 billion CNY, up 199.7% year-on-year; total store count reached 8,565, a net increase of 797 year-on-year. 2. Pony.ai's Q1 Robotaxi business hit a quarterly revenue record of 59.12 million CNY, up 395.4% year-on-year; annual revenue and fleet size targets upgraded.Key Events to Watch During U.S. Stock Trading Hours:21:00 U.S. March FHFA House Price Index MoM / U.S. March S&P/CS 20-City Non-Seasonally Adjusted Home Price Index YoY22:00 U.S. May Conference Board Consumer Confidence Index22:30 U.S. May Dallas Fed Business Activity Index