SMM News, March 25: In early trading, SHFE aluminum 2604 fluctuated downward, but was slightly higher than the previous trading day. Overall market buying sentiment was good, and sellers held prices firm as aluminum prices remained at relatively low levels. Later in the morning, SHFE aluminum 2604 fluctuated upward, with its center running higher than the previous trading day. Some sellers still did not quote prices, while some showed a notably stronger willingness to hold prices firm. Overall market buying sentiment was good. Today’s mainstream transaction prices were concentrated around the average price of the SHFE aluminum 04 contract to a premium of 10 yuan/mt. Today, the east China market shipment sentiment index was 2.64, up 0.01 WoW; the purchasing sentiment index was 2.42, up 0.02 WoW. Today, aluminum prices stopped falling and rebounded. Affected by the fear of further declines over the previous two days, traders and downstream processing enterprises in central China showed slightly improved buying sentiment today from the previous day, but overall transactions had not yet returned to a fully active state, and buyers tended to purchase at wider discounts. Ultimately, actual transaction prices in the central China market ranged from a discount of 20 yuan to a premium of 10 yuan against the central China price. Today, the central China market shipment sentiment index was 2.64, up 0.01 WoW; the purchasing sentiment index was 2.42, up 0.02 WoW. Inventory side, aluminum ingot inventory in major consumption regions increased by 4,000 mt from the previous period today, with Guangdong being the main source of destocking. In the short term, aluminum ingot continued its post-Chinese New Year seasonal inventory buildup. Supported by bullish sentiment, premiums are expected to remain on a narrowing trend.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance of current price levels. From the market structure perspective, suppliers showed strong willingness to sell, with some brands continuing to offload cargo, putting pressure on discounts. Downstream buyers mostly maintained a wait-and-see stance, with procurement mainly driven by rigid demand and buying on dips. It is worth noting that the price spread between high-quality copper and standard-quality copper narrowed somewhat from the previous period, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at the current stage. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, spot prices against the 2604 contract are expected to maintain the current discount level tomorrow.

The latest customs data showed that in February 2026, China’s imports of unwrought silver ingots with a purity of no less than 99.99% reached 206.76 mt, up 499% MoM and surging 5,910% YoY to a multi-year high. The rare opening of the import window drove significant changes in the supply-demand pattern of the domestic silver ingot market.

Silver prices rebounded and rose today, and the spot-futures price spread between TD and the most-traded SHFE silver contract narrowed. Some suppliers were reluctant to sell and stayed on the sidelines, while downstream buyers generally negotiated prices and bought the dip. In the Shanghai market, during early trading, mainstream quotations from holders of national-standard silver ingots were quoted at premiums of 100-150 yuan/kg against TD, or at premiums of 50-80 yuan/kg against the SHFE silver 2604 contract. Only a small volume was traded in early trading. As the spot-futures price spread narrowed and silver prices surged, downstream purchasing interest declined markedly. Although some suppliers were reluctant to sell and remained on the sidelines due to costs and other factors, some sellers in the market cut prices and sold at premiums of 0-20 yuan/kg against the 2604 contract. Spot market quotations varied widely, buyers and sellers engaged in intense bargaining, downstream enterprises made small-volume purchases on dips, and market transactions turned subdued.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,016.5/mt. After dipping to $11,955.5/mt in early trading, its center rose sharply to a high of $12,160/mt, and then continued to hover at highs, finally closing at $12,092.5/mt, down 1.05%. Trading volume reached 23,000 lots, open interest stood at 293,000 lots, up 406 lots from the previous trading day, mainly reflecting increased short positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 93,600 yuan/mt and touched a low of 93,480 yuan/mt at the open. Its center then moved higher to a high of 94,990 yuan/mt, after which copper prices maintained a fluctuating trend at highs, finally closing at 94,670 yuan/mt, up 0.17%. Trading volume reached 51,000 lots, open interest stood at 198,000 lots, down 533 lots from the previous trading day, mainly reflecting reduced short positions throughout the day.

On March 25, SHFE issued an announcement approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a copper delivery warehouse The original text was as follows: Announcement on Approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse Recently, our exchange received the relevant application materials from Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. In accordance with the Delivery Warehouse Management Measures of the Shanghai Futures Exchange and other relevant regulations, it was decided after deliberation that: I. Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. was approved to become a copper delivery warehouse of our exchange. The storage address is No. 108 Dongjiang Avenue, Huangpu District, Guangzhou, Guangdong Province, with an approved storage capacity of 20,000 mt, and no regional premiums will be applied. II. It will be put into operation as of the date of this announcement. All relevant parties should attach great importance to this matter, effectively carry out all related work, and ensure the normal and orderly conduct of delivery business. Hereby announced. Shanghai Futures Exchange Mar 2026 Click to view announcement details: