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- Silver Prices Fell Sharply, Downstream Buyers Were Cautious About Purchasing Amid Fears of Further Declines, and Trading Was Muted [SMM Daily Review]
Silver prices fell sharply today, and spot market premium quotations varied widely. Suppliers generally held back sales and stayed on the sidelines, while some smelters cut prices to sell off cargoes. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were quoted at premiums of 150-200 yuan/kg against TD, but transactions were difficult. Some suppliers lowered premiums against TD to 100-120 yuan/kg, with only a small amount of rigid-demand transactions concluded. Spot cargo circulating in the market was relatively sufficient, and cargoes self-picked up from production site from smelters were sold off at premiums of 50-100 yuan/kg against TD or quoted at a premium of 50 yuan/kg against the SHFE silver 2606 contract. Downstream consumption weakened, and most downstream enterprises purchased cautiously for fear of further price declines, resulting in sluggish silver ingot transactions during the day.
Mar 23, 2026 11:44 - Futures Shifted Into a Backwardation Structure, and Suppliers Actively Increased Shipments, While Spot Copper Turned to a Discount [SMM South China Spot Copper]
SMM, March 23: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at 110 yuan/mt for high-quality copper, unchanged from the previous trading day; standard-quality copper was quoted at a discount of 10 yuan/mt, down 10 yuan/mt from yesterday; SX-EW copper was quoted at a discount of 70 yuan/mt, down 10 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 92,985 yuan/mt, down 2,960 yuan/mt from the previous trading day, while the average price of SX-EW copper was 92,865 yuan/mt, down 2,965 yuan/mt from the previous trading day. Spot market: Guangdong inventory fell for a fifth straight day, mainly due to limited arrivals and increased shipments. As copper prices plunged, suppliers once sought to hold prices firm and sell in early trading, with standard-quality copper quoted at a premium of 20 yuan/mt. However, as the current structure has shifted to a backwardation structure, more suppliers showed strong willingness to sell and proactively lowered premiums to move cargoes, sending standard-quality copper down to a discount of 10 yuan/mt. Today, the procurement sentiment for copper cathode in Guangdong was 2.63, up 0.12 from the previous trading day, while shipment sentiment was 3.42, up 0.04 from the previous trading day (historical data is available in the database). Overall, as futures shifted to a backwardation structure, suppliers actively sold, and spot turned to discounts, with overall trading remaining average.
Mar 23, 2026 11:33 - [SMM Nickel Midday Review] On March 23, nickel prices rose slightly as Trump demanded that Iran reopen the Strait of Hormuz within 48 hours
SMM Nickel News, March 23: Macro and market news: (1) Trump demanded that Iran reopen the Strait of Hormuz within 48 hours, or its power stations would be destroyed. Iran's Islamic Revolutionary Guard Corps responded that if Trump's threat to attack Iranian power stations were carried out, Iran would immediately take four measures, including fully closing the Strait of Hormuz. (2) Pan Gongsheng, Governor of the People's Bank of China, said at the China Development Forum 2026 Annual Conference on March 22 that China would continue to implement a moderately accommodative monetary policy. A range of monetary policy tools, including the reserve requirement ratio (RRR), policy interest rates, and open market operations, would be used in a comprehensive manner to maintain ample liquidity. Spot market: On March 23, the SMM price of #1 refined nickel fell by 50 yuan/mt from the previous trading day. Spot premiums, the average premium for Jinchuan #1 refined nickel was 6,550 yuan/mt, unchanged from the previous trading day; the mainstream China electrodeposited nickel brands were at -300-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) fluctuated at highs during the session and closed the morning session at 134,810 yuan/mt, up 1.28%. Nickel prices are currently in a phase of intense tug-of-war between macro headwinds and supply risks. Short term, tighter Indonesian RKAB quotas, continued increases in ore prices, and the risk of sulfur supply disruptions have formed a solid bottom, but high inventory and the slow recovery in end-use demand still capped upside room. The core trading range of the most-traded SHFE nickel contract is expected at 130,000-140,000 yuan/mt in the short term.
Mar 23, 2026 11:31 - Sharp Drop in Copper Prices Left Downstream Buyers Wary of High Levels, and Market Wait-and-See Sentiment Gradually Strengthened [SMM North China Spot Copper]
Spot prices for #1 copper cathode in North China against the front-month contract averaged a discount of 30 yuan/mt today, unchanged from the previous trading day. The average transaction price was 92,840 yuan/mt, down 3,000 yuan/mt from the previous trading day.
Mar 23, 2026 11:17 - Downstream Enterprises Actively Fixed Prices for Purchases, and Spot Transactions Improved Significantly During the Week [SMM Ningbo Spot Weekly Review]
[Downstream Enterprises Actively Priced and Purchased, with Spot Transactions Improving Significantly During the Week]: This week, Ningbo spot premiums continued to rise, with the weekly average price up 20 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2604 contract were at a discount of 30 yuan/mt, with a premium of 50 yuan/mt against Shanghai, and the premium against Shanghai widened during the week..
Mar 20, 2026 15:21 - Futures Zinc Prices Fell Significantly, While Spot Premiums Strengthened During the Week [SMM Shanghai Spot Weekly Review]
[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.
Mar 20, 2026 15:22
Announcements
Against this backdrop, SMM will begin publishing the US Midwest DDP aluminum premium starting February 27, 2026. Through daily market communication, SMM will introduce ......
PriceFeb 13, 2026 15:04Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14
PriceNov 14, 2025 18:13- Price[SMM Announcement] on publishing Copper grade A cathode premium, cif Rotterdam on February 24, 2026
Shanghai Metals Market (SMM) officially launched the Copper grade A cathode premium, cif Rotterdam, USD/(tonne) on February 24th, 2026.
PriceFeb 11, 2026 10:00