Jidan Bio plans to repurchase 50–100 mln yuan of shares to fund an employee stock ownership plan or equity incentives; repurchase price capped at 12.51 yuan/share.

US-listed precious metals miners rose; Harmony Gold (HMY.N) +7.0%, Gold Fields +5.6%, Barrick Gold (GOLD.N) +4.1% and Newmont (NEM.N) +3.8%. The SPDR Gold ETF rose 2.3%.

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.