[SMM Lead Morning Meeting Summary: Macro Uncertainty + Approaching Holiday, Lead Prices Are Expected to Remain in a Consolidation Pattern] US President Trump claimed on his own that he had achieved an “overwhelming victory” in the war against Iran and would launch extremely fierce strikes in the next two to three weeks. As of Friday, with parts of the European and US markets closed for Good Friday and China also approaching the Qingming Festival holiday, SHFE lead did not conduct night session trading on Friday...

SMM Nickel News, April 2: Macro and market news: (1) On the evening of April 1 local time, Trump delivered a speech, claiming on his own that the military campaign against Iran had achieved a “rapid, decisive, and overwhelming victory.” The US’ core strategic objectives in the military campaign against Iran were “close to completion.” Trump also said that stronger firepower strikes against Iran would be carried out in the coming weeks. (2) US ADP employment increased by 62,000 in March, above market expectations of 40,000 and broadly flat from 63,000 in the previous month, indicating steady growth in US private-sector employment in March. Spot market: On April 2, the SMM price of #1 refined nickel fell by 1,650 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 3,650 yuan/mt, unchanged from the previous trading day; China’s mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) fluctuated lower and closed the morning session at 133,870 yuan/mt today, down 0.87%. In the short term, tighter Indonesian policies and cost support have built a solid bottom for nickel prices, but high inventory and weak end-use demand are capping upside room. The core trading range of the most-traded SHFE nickel contract is expected to be 133,000-143,000 yuan/mt.

【SMM Steel】Mobarakeh Steel Co. said its facility sustained "another heavy attack" on Mar 31, the second since Feb 28. Affiliate Sefid Dasht Steel was also damaged. No precise production status was given. Sefid Dasht has 800,000 t/y capacity and supplies sponge iron to Mobarakeh. Before the attack, Iran expected the plants to resume operations soon.

[SMM Aluminum Express News] Emirates Global Aluminium (EGA) is moving to sell alumina on the market as its Al Taweelah smelter in Abu Dhabi faces significant damage and an extended shutdown following Iranian missile and drone strikes over the weekend.

[SMM Tin Midday Commentary: Initial Signs of Geopolitical Peace Emerge, SHFE Tin Prices Rebound Amid Improved Market Sentiment]

Strikes on Middle East 'LNG' infrastructure are affecting long-term 'PPAs' and battery energy storage system ('BESS') economics, according to Swiss firm Pexapark. Lead analyst Nicolas Briet noted that supply risks from Qatar have tightened European fundamentals, visibly impacting 'PPA' valuations. A 10-year solar pay-as-produced 'PPA' in the UK saw a 19% fair value increase. Despite improved economics, 'PPA' transactions may remain slow due to buyer caution and rising equipment costs linked to higher energy prices. Conversely, 'BESS' is directly benefiting from increased intraday volatility and wider price spreads. Pexapark also reported 30 new 'PPA' deals in February 2026, the highest monthly volume since February 2024.