【SMM Steel】RPCL signed with SMS group to build a 2 Mt/y compact pellet plant in Karnataka. SMS will handle basic engineering, equipment supply, and digital solutions, with delivery in 15 months. The digital suite will reduce human intervention and improve efficiency. RPCL aims to build a reliable resource base and sustainable development. The partnership marks a step forward in its growth strategy.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) is finalizing a review of the Nickel Mineral Benchmark Price (HPM) formula, aiming for implementation within April 2026. Director General of Minerals and Coal, Tri Winarno, stated that the current HPM no longer reflects actual transaction values, as it fails to account for the "market premiums" currently paid by smelters. The upcoming revision intends to incorporate these premiums as variables in royalty calculations, ensuring that state revenue accurately captures the full value of nickel sales and shifting the HPM from a mere "floor price" to a more representative market benchmark.

Goldman Sachs has trimmed its copper price forecast, warning that prolonged geopolitical tensions and higher energy costs could weaken demand and push prices lower.

(Kitco News) – The war in Iran and the ramping up of defense spending in Europe as well as the U.S. are contributing to a strong bullish setup for gold prices in the medium term, and $6,000 gold is still on the horizon, according to Chris Mancini, co-portfolio manager of the Gabelli Gold Fund (GLDAX) at Gabelli Funds.

[Ceasefire Unlikely to Resolve Supply Weakness; Aluminum Prices Retain Strong Support at High Levels] Overall, the two-week ceasefire news was unable to reverse the firm pattern underpinned by substantive supply damage and low inventory. Expectations of tangible supply contraction triggered by attacks on Middle Eastern aluminum smelters, combined with low global inventory and the recovery of peak-season demand in China, will provide strong upward momentum for aluminum prices. In the near term, aluminum prices are expected to hold up well.

Overnight, BC was closed due to the Qingming Festival holiday. The most-traded BC copper contract 2605 opened at 85,390 yuan/mt during the day session, dipping to 85,200 yuan/mt at the start before the copper price center gradually shifted upward to 86,010 yuan/mt, then fluctuated downward to finally close at 85,580 yuan/mt, up 0.47%. Open interest stood at 6,450 lots, an increase of 46 lots from the previous trading day, and trading volume reached 2,046 lots, indicating bulls adding positions. On the macro front, Trump stated that Tuesday was the deadline for a US-Iran deal, while Iran refused to reach an interim ceasefire agreement. In addition, two US Fed officials warned of a severe inflation situation, hinting at tighter monetary policy, and market expectations for interest rate cuts continued to cool. On the fundamentals front, supply side, imported copper continued to arrive while domestic supply arrivals decreased, with overall supply relatively stable. Demand side, downstream buyers mainly made just-in-time procurement, and overall consumption slowed down slightly compared with the previous period. The SHFE copper 2605 contract closed at 96,560 yuan/mt. Based on the BC copper 2604 contract at 85,580 yuan/mt, its after-tax price was 96,707 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was -147, with the spread inverted and widening compared with the previous day.