China government bond futures opened: 2-year (TS) main contract flat; 5-year (TF) main contract up 0.02%; 10-year (T) main contract up 0.04%; 30-year (TL) main contract up 0.12%.

傑富瑞：將紐蒙特礦業(NEM.N)目標價從158美元下調至146美元。

UBS cut its global aluminum price forecasts to $1.50/lb for 2026 and $1.42/lb for 2027. After factoring SHFE-LME discounts, UBS lowered its China aluminum price forecasts to RMB23,000/ton for 2026 and RMB22,500/ton for 2027. UBS cut 2024 earnings estimates for Aluminum Corporation of China (Chalco) (02600.HK) and China Hongqiao Group (01378.HK) by 15% and 13% respectively, and cut 2025 estimates by 31% and 24%. UBS reduced Chalco H-share PT to HK$14.2 from HK$17.5 and Hongqiao PT to HK$36.8 from HK$46.1; both stocks retain Buy ratings.