Hong Kong equities closed higher: Hang Seng Index up 1.28%, Hang Seng Tech Index up 1.00%. Robotics sector led gains; 03952.HK surged 44.95% and 02715.HK rose 33.09%.

Citigroup expects aluminum to bottom within the next month and to recover to $3,300–3,500/ton during Sep–Dec. The call is based on a more dovish Fed outlook, falling real rates, an improving demand outlook and inventories declining on a consumption‑days basis. The bank says the recent ~20% drop from about $4,450/t over the past month largely reflected weaker-than-expected demand, slower visible inventory draws, easing geopolitical risk, concentrated liquidations of speculative and physical positions, and rising expectations of future supply increases. Citigroup warns conditions do not favor shorting: the market was in a supply deficit before the recent shock and new supply is unlikely to close the gap quickly. It also says concerns about a rapid return of Middle East supply may be overstated.

Sources say the Hong Kong government will launch a long‑planned gold clearing and settlement system next week and plans to process the first gold settlement via the new system on Tuesday. Market participants report large physical flows out of London, the US and Europe, with large-format bars being air‑freighted to Asia ahead of the start. The move could trigger near‑term volatility in the London gold market as participants rebalance. If the system draws significant international and local bank participation, Hong Kong could shift from a price taker to a price setter in global gold pricing.