Platinum prices fluctuated downward today, with the most-traded platinum contract PT2606 on the Guangzhou Futures Exchange closing the morning session at 495.45 yuan/g, down 3.20%. In the spot market, spot platinum was quoted at a discount of 6-8 yuan/g against PT2606, or at a discount of 3-5 yuan/g against the SGE spot selling price 1. Spot discounts were basically flat from the previous trading day. As for spot transactions, SMM learned that suppliers reported weaker market consumption and limited transactions, while the price spread between intended prices and quoted prices remained relatively wide. Quotes at discounts of around 6 yuan/g on the Guangzhou Futures Exchange saw basically no transactions, and some traders purchased small volumes while seeking spot-futures price spread opportunities. Meanwhile, downstream enterprises reported fewer orders and limited purchases, with an overall wait-and-see stance prevailing. Overall transactions in the spot market were relatively subdued.

[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

On March 25, the SMM average price of battery-grade nickel sulphate remained stable.

Silver prices rebounded and rose today, and the spot-futures price spread between TD and the most-traded SHFE silver contract narrowed. Some suppliers were reluctant to sell and stayed on the sidelines, while downstream buyers generally negotiated prices and bought the dip. In the Shanghai market, during early trading, mainstream quotations from holders of national-standard silver ingots were quoted at premiums of 100-150 yuan/kg against TD, or at premiums of 50-80 yuan/kg against the SHFE silver 2604 contract. Only a small volume was traded in early trading. As the spot-futures price spread narrowed and silver prices surged, downstream purchasing interest declined markedly. Although some suppliers were reluctant to sell and remained on the sidelines due to costs and other factors, some sellers in the market cut prices and sold at premiums of 0-20 yuan/kg against the 2604 contract. Spot market quotations varied widely, buyers and sellers engaged in intense bargaining, downstream enterprises made small-volume purchases on dips, and market transactions turned subdued.

[SMM Aluminum Alloy Daily Review] Driven by the rebound in futures, the secondary aluminum alloy market saw quoted prices edge up today, with mainstream increases of 100 yuan/mt. Some enterprises raised prices accordingly to recover earlier losses, and market sentiment improved slightly from the previous period. However, transactions remained weak, with downstream buyers mainly purchasing as needed and showing limited acceptance of high prices, constraining upside room for prices. In the short term, ADC12 prices were expected to fluctuate rangebound, and further gains would still require substantive improvement on the demand side.

SMM News, March 24: Aluminum ingot: On March 24, SMM A00 aluminum (Foshan) was reported at 23,440, up 30, at a discount of 170 against the current-month contract, narrowing by 5 (unit: yuan/mt) The SHFE aluminum 04 contract generally stabilized today. Supported by aluminum prices halting their decline and edging up slightly, the South China spot market stabilized and improved, and buyers generally showed good purchasing sentiment today. Spot prices were significantly below the monthly average price, and sellers firmly held prices firm. However, amid weekend inventory buildup and ample circulating cargo, overall support for firm prices was clearly constrained under high inventory pressure. Mainstream transaction prices in the market today were concentrated at premiums of -175 yuan/mt to -165 yuan/mt against the SHFE aluminum 04 contract.