CITICS Securities: Basic metal prices hit bottom and rebound, rigid supply of aluminum and copper may welcome a medium to long-term allocation window.

Zhongtai Securities released a research report stating that the China-US trade dispute has temporarily eased, and basic metal prices are rebounding. Due to the impact of the tariff retaliation in April, global economic momentum weakened, US stagflation expectations strengthened, the probability of a rate cut by the Federal Reserve decreased, and basic metal prices trended weakly. With the easing of tariffs in May, basic metal prices are showing a trend of rebounding. In the context of reshaping the long-term supply and demand situation, the downside space for basic metal prices may be limited. It is advisable to look for the next opportunity to enter the market, especially for rigid supply varieties such as aluminum and copper.