【SMM Copper Cathode Rod Flash Update】Inventory side, affected by higher copper prices, enterprises became more cautious in raw material procurement, and raw material inventory pulled back; downstream pick-up pace was relatively slow, with enterprises basically balancing production and sales, and finished product inventories edging down slightly. Next week, the operating rate of copper cathode rod enterprises is expected to be stable with a slight decline, and SMM expects the operating rate to pull back MoM to 82.58%.

[Weak Market Transactions During the Week, Guangdong Spot Premiums Continued to Decline] Zinc prices continued their upward trend this week, while downstream end-users in Guangdong showed weak purchasing interest. Coupled with the successive arrivals of some enterprises' long-term contract cargoes, market trading sentiment was sluggish, and spot premiums continued to decline......

[Consumption Performance Varied Across Market Segments, and Die-Casting Zinc Alloy Operating Rates Are Expected to Decline Next Week] From the order performance perspective, terminal hardware enterprises had already completed stockpiling at low price levels earlier, and demand was suppressed after prices rose recently. Overall, orders across various die-casting zinc alloy segments showed mediocre performance. Among them, zipper hardware was in the peak consumption season, and relatively solid demand was broadly in line with enterprise expectations......

On April 3, the SMM average price of battery-grade nickel sulphate declined slightly.

[SMM Tin Midday Commentary: Tin Prices Stabilized and Fluctuated Amid a Geopolitical Stalemate, While Spot Market Trading Turned Subdued]

[SMM Shanghai Spot Copper] Looking ahead to next week, the Shanghai spot copper market is expected to remain under pressure. Supply side, smelters will maintain normal operations during the Qingming Festival holiday, and domestic spot copper output will continue, while imported copper will arrive successively, making spot cargo in circulation in the post-holiday market more ample. In addition, although some suppliers sold off cargo slightly during the day, with Honglu quoted at a discount of 80 yuan/mt, this did not drive overall spot discounts lower, reflecting that suppliers still have the willingness to hold prices firm at current price levels, with spot discounts receiving some support on the downside. Overall, amid the tug-of-war between expectations of ample supply and suppliers' willingness to hold prices firm, Shanghai spot copper prices against the 2604 contract are expected to remain at a discount after the holiday.