SMM Analysis: According to SMM, the operating rate of China's copper foil enterprises was 89.59% in March 2026, up 5.33 percentage points MoM and up 17.77 percentage points YoY...

Gold has overtaken US Treasuries as the largest component of global central bank reserves for the first time since the mid-1990s, marking a significant shift in the structure of the international monetary system, Bloomberg reports.

According to SMM, the operating rate of the copper plate/sheet and strip industry was 77.25% in March 2026......

According to SMM, the operating rate of the copper plate/sheet and strip industry was 77.25% in March 2026, up 35.27 percentage points MoM and up 8.11 percentage points YoY. Among them, the operating rate of large enterprises was 86.39%, that of medium-sized enterprises was 61.74%, and that of small enterprises was 68.2%.

[Concerns Over Supply Shortfalls Triggered by Attacks on Middle Eastern Aluminum Plants Give Aluminum Prices Strong Upward Momentum] Overall, expectations of a substantive supply contraction triggered by attacks on Middle Eastern aluminum plants, combined with low global inventory and a recovery in peak-season demand in China, will provide strong upward momentum for aluminum prices. In the short term, aluminum prices are expected to break out of their trading range and hold up well.

This week, against the backdrop of fluctuating upward copper prices, the secondary copper industry chain showed a complex situation in which extremely tight upstream raw material supply coexisted with persistent negative margins for downstream finished products. In the secondary copper rod market, SMM data showed that the operating rate fell further to 5.45% this week, down 0.38 percentage points MoM and 25.43 percentage points YoY