SMM Morning Meeting Summary: Overnight, LME copper opened at $12,579.5/mt, touching a low of $12,536.5/mt early in the session. Copper prices then shifted higher, reaching a high of $12,712/mt before ultimately closing at $12,695.5/mt, down 0.27%, with trading volume at 18,000 lots and open interest at 297,000 lots, an increase of 3,404 lots from the previous trading day, mainly driven by bears adding positions. Overnight, the most-traded SHFE copper 2605 contract opened at 98,080 yuan/mt, touching a high of 97,820 yuan/mt early in the session and a low of 97,720 yuan/mt early in the session. Copper prices then shifted higher, reaching a high of 98,260 yuan/mt before ultimately closing at 98,070 yuan/mt, up 0.27%, with trading volume at 22,000 lots and open interest at 174,000 lots, a decrease of 1,255 lots from the previous trading day, mainly driven by bears reducing positions.

On Monday, April 6, Vizsla Copper said new drilling at the Poplar copper-molybdenum project in central British Columbia had extended mineralization 200 meters to the north. In a statement, the company said hole TH26-151 at the Thira zone intersected 675 meters of mineralization starting from 32 meters downhole, grading 0.26% copper and 0.015% molybdenum. Within this interval, a 435-meter section starting from 198 meters depth graded 0.31% copper and 0.022% molybdenum. Vancouver-based Vizsla Copper was spun off from Vizsla Silver in 2021. Vizsla Copper said the results from hole TH26-151 built on the 2025 results, indicating that the mineralized zone extended at least 800 meters east-west and at least 700 meters north-south. According to a 2021 resource report, the Poplar project had indicated resources of 152 million mt grading 0.32% copper, 0.09 g/mt gold, and 2.58 g/mt silver, containing 1.1 billion pounds of copper, 430,000 ounces of gold, and 12.6 million ounces of silver. In addition, the project had inferred resources of 139 million mt grading 0.29% copper, 0.07 g/mt gold, and 4.95 g/mt silver, containing 903 million pounds of copper, 320,000 ounces of gold, and 22.2 million ounces of silver. (Wenhua Comprehensive)

Weekly average electricity prices dropped across most major European markets last week, driven by falling gas prices and increased solar and wind output, according to AleaSoft Energy Forecasting. Spain and Portugal recorded the lowest daily averages at €0.18/MWh on March 29, the lowest since 2013 for Spain. Meanwhile, Italy and Spain set new all-time daily solar generation records for March, reaching 139 GWh and 194 GWh, respectively. TTF gas futures also trended downwards following geopolitical developments, although low European storage levels caused a slight rebound late in the week. AleaSoft anticipates further electricity price declines in early April, noting that 'gas price trends will continue to shape European electricity market prices.'

[Latest Data from the General Administration of Customs] In January 2026, China imported 232,300 mt in physical content of copper scrap and shredded copper scrap. Of this total, 139,300 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.98%; 24,300 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.47%. (HS code: 74040000)

Fortescue Metals has completed a deal to acquire full ownership of the Canariaco copper project in northern Peru for about C$139 million. The project hosts several mineral prospects and represents a significant exploration opportunity. The company plans to conduct technical studies and further development evaluations.

SMM Nickel News on March 2: Macro and Market News: (1) Iran Situation: Trump said the new Iranian leadership wants to resume negotiations, and he has agreed to dialogue. Military action against Iran could last for four weeks. (2) The Political Bureau of the CPC Central Committee held a meeting to discuss the draft outline of the 15th Five-Year Plan and the government work report. Spot Market: On March 2, the SMM #1 refined nickel price fell by 1,150 yuan/mt from the previous trading day. In terms of spot premiums and discounts, the average price of Jinchuan #1 refined nickel was 7,150 yuan/mt, down 700 yuan/mt from the previous trading day; the range for domestic mainstream brands of electrodeposited nickel was -700-300 yuan/mt, showing a decline. Futures Market: The most-traded SHFE nickel 2605 contract fluctuated rangebound in the morning session, closing at 139,010 yuan/mt with a decrease of 0.26% by the end of the morning session. Over the weekend, the US and Israel launched airstrikes on Iran, leading to a sharp escalation in geopolitical tensions in the Middle East, and market sentiment quickly turned risk-averse, causing a slight correction in nickel prices. The medium and long-term logic of supply tightening at the mine end remains unchanged, and it is expected that the most-traded SHFE nickel contract will continue to oscillate around the 140,000 yuan/mt level in the short term.