SMM Morning Meeting Summary: Overnight, LME copper opened at $12,223/mt. In early trading, it saw wide swings and climbed to $12,278/mt. Subsequently, the center of copper prices moved straight downward to a low of $12,153.5/mt, before fluctuating widely again and finally closing at $12,195/mt, up 0.44. Trading volume reached 15,300 lots, and open interest stood at 295,000 lots, down 454 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 96,100 yuan/mt and hit a high of 96,240 yuan/mt in early trading. Subsequently, the center of copper prices gradually moved lower to 95,210 yuan/mt, before fluctuating rangebound and finally closing at 95,350 yuan/mt, down 0.05. Trading volume reached 36,500 lots, and open interest stood at 183,000 lots, down 2,394 lots from the previous trading day, mainly due to bulls reducing positions.

[SMM Cast Aluminum Alloy Morning Comment: In March, the Secondary Aluminum Industry PMI Rebounded Sharply Into Expansion Territory, and Downward Pressure Remained in April] Overnight, the aluminum alloy 2605 contract price first fell and then rose, showing an overall fluctuating upward trend. After the opening, the price quickly dipped to an intraday low of 23,320 yuan/mt, then gradually stabilized and rebounded, fluctuating upward to a high of 23,610 yuan/mt. It pulled back slightly late in the session and finally closed at 23,585 yuan/mt, down 45 yuan/mt from the previous trading day, a decline of 0.19%.

Nouveau Monde Graphite (NMG) has signed a revised binding term sheet with the Canadian Government to supply 30,000 tonnes per annum of flake graphite concentrate from its Phase 2 Matawinie Mine in Québec over seven years. The take-or-pay agreement features a fixed price with inflation adjustments and allows NMG to resell volumes, splitting upside revenue with Canada. Bolstered by a $335 million debt commitment from Canadian agencies and existing offtake deals covering over 70% of planned production, this agreement marks a crucial step toward finalizing transaction agreements and reaching a positive final investment decision (FID).

On March 27, Dongxing Aluminum achieved its production targets for key products such as electrolytic aluminum, aluminum coils, and aluminum rods in the first quarter. Among them, the output of electrolytic aluminum was 425,800 tons, aluminum coils were 160,100 tons, and aluminum rods were 30,200 tons. The electrolytic cell operation rate reached a maximum of 99.9%, and the on-site conversion rate of molten aluminum reached 95.7%.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, coke producers' shipments were smooth, and coke inventory continued to decline, but recently the cost of coal charged into furnaces at coke producers continued to rise, dampening the production enthusiasm of some coke producers. Demand side, current hot metal production at steel mills continued to increase, boosting rigid demand for coke. In summary, coke fundamentals showed a tight trend, and coupled with strengthening cost support for coke, the coke market may hold up well in the short term, with the first round of coke price increases this week likely to be implemented.

In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.