SMM Morning Meeting Minutes: Overnight LME copper opened at $13,813/mt. At the open, copper prices showed wild swings, dipping to $13,776.5/mt during the session. Then the price center fluctuated upward, touching a high of $13,835.5/mt near the close, and finally closed at $13,835/mt, up 0.13%. Trading volume reached 11,500 lots, and open interest stood at 251,000 lots, down 7,579 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2607 contract opened at 105,280 yuan/mt. In early trading, it hit a high of 105,580 yuan/mt, then the price center dipped to 105,210 yuan/mt. Subsequently, the center fluctuated upward, and finally closed at 105,510 yuan/mt, up 0.1%. Trading volume reached 18,000 lots, and open interest reached 122,000 lots, down 2,119 lots from the previous trading day, indicating a reduction in bearish positions.

Alcoa Corporation expects alumina shipments from its Pinjarra refinery in Western Australia to decline by approximately 120,000 tonnes in the second quarter compared with the first quarter after Cyclone Narelle disrupted LNG supplies in March. The refinery, which has an annual alumina production capacity of 4.7 million tonnes, is expected to incur an additional USD30 million in production costs during the quarter. Alcoa also expects around USD15 million in extra fuel costs at its São Luís alumina refinery in Brazil due to ongoing Middle East tensions. The company noted that its alumina business is facing pressure from weak alumina prices and lower-quality bauxite supplies in Western Australia. Following the update, Alcoa shares fell 9.5%.

[SMM Rare Earth News] US-based Ultra Rare Metals recently completed full ownership of the PCH rare earth project in Goiás State, Brazil. Through a share swap agreement, Ultra Rare Metals increased its previously held 50% stake to 100%. Upon completion of the transaction, former Canadian partner Appia Rare Earths & Uranium Corp. will hold 25% equity in Ultra Rare Metals. The PCH project covers a total area of 42,932.2 hectares, encompassing two mineralization systems: hard rock carbonatite and ionic adsorption clay (IAC).

Alcoa shares climbed sharply as LME aluminum prices reached their highest level in four years amid concerns over potential Chinese production cuts and continued Middle East supply disruptions. On May 26, LME three-month aluminum prices rose to USD 3,682/t, while the cash offer price reached USD 3,759/t, the highest level since March 2022. Alcoa shares increased from USD 71.38 on May 22 to USD 74.57 on May 26, gaining about 4.5%. Markets remain focused on possible output restrictions at Chinese smelters linked to energy and environmental inspections, while Middle East tensions continue to tighten global aluminum supply expectations.

On March 19, Junda Shares (002865.SZ) stated on the investor interaction platform that current high silver prices were putting certain pressure on the cost of PV silver paste. The company was adopting a two-pronged strategy in response: first, smoothing raw material price fluctuations through refined supply chain management; second, continuously advancing the R&D and application of low-silver and silver-free technologies to reduce silver paste consumption per unit of solar cell and ease cost pressure.

On March 13, according to the Beijing Stock Exchange website, the Beijing Stock Exchange Listing Review Committee is scheduled to hold its 28th listing review meeting of 2026 at 9:00 a.m. on March 20, at which time it will review the IPO of Huzhou Anda Auto Parts Co., Ltd.