SMM News, March 30: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 130 yuan/mt for high-quality copper, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 40 yuan/mt, down 10 yuan/mt from yesterday; SX-EW copper was quoted at a discount of 20 yuan/mt, unchanged from last Friday. The average price of Guangdong #1 copper cathode was 95,225 yuan/mt, down 270 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,120 yuan/mt, down 255 yuan/mt from the previous trading day. Spot market: After the weekend, Guangdong inventory continued to decline and has now fallen for 10 consecutive trading days. Although inventory kept falling, suppliers did not continue to hold prices firm on shipments today, but instead lowered prices slightly to move cargo, mainly because downstream restocking interest was mediocre, with tight funds and invoices at month-end being the main reasons. Today, copper cathode procurement sentiment in Guangdong stood at 2.51, down 0.11 from the previous trading day, while shipment sentiment was 3.63, up 0.04 from the previous trading day (historical data is available in the database). Overall, downstream restocking interest weakened at month-end, and suppliers slightly lowered premiums for shipments, with overall trading not as good as last Friday.

According to China Weather Network, the National Meteorological Center continued to issue a yellow alert for severe convective weather at 6:00 on March 30: From 8:00 on March 30 to 8:00 on March 31, parts of eastern south-west China, the central and eastern parts of Jiangnan, and South China will experience thunderstorm gales above force 8 or hail. Among them, parts of southeastern Hunan, southern Jiangxi, central and eastern Guizhou, central and northwestern Guangdong, and other areas will experience thunderstorm gales above force 10, with maximum wind speeds reaching above force 11, and the possibility of tornadoes cannot be ruled out in some localities.

[Latest Data from the General Administration of Customs] In February 2026, China imported 167,900 mt in physical content of copper scrap and shredded copper scrap. Of this, 100,700 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.94%; 17,400 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.34%. (HS code: 74040000)

[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)

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $12,157.5/mt and dipped to $12,106/mt at the start of the session, then fluctuated upward to $12,246.5/mt. Later, the center of copper prices gradually moved lower and finally closed at $12,141/mt, up 0.17%, with trading volume at 15,500 lots and open interest at 295,000 lots, down 991 lots from the previous trading day. Last Friday night, the most-traded SHFE copper 2605 contract opened at 95,080 yuan/mt and touched a low of 95,040 yuan/mt at the start of the session, then the center of copper prices gradually moved higher to 95,880 yuan/mt. Later, it fluctuated downward and finally closed at 95,490 yuan/mt, down 0.22%, with trading volume at 42,900 lots and open interest at 185,500 lots, down 1,897 lots from the previous trading day, mainly due to long liquidation.

[SMM Cast Aluminum Alloy Morning Comment: Escalating Geopolitical Risks in the Middle East, ADC12 Expected to Hold Up Well in the Short Term] On the macro front, the Taweelah complex of Emirates Global Aluminium (EGA) in the UAE suffered severe damage in Iranian missile and drone attacks. Amid macro disruptions, ADC12 prices were expected to continue holding up well in the short term. Going forward, close attention should be paid to the impact of developments in the Middle East on aluminum prices and the pace of downstream consumption recovery.