Futures: Overnight, LME lead opened at $1,965/mt, fluctuating downward during the Asian session; it dipped to $1,948.5/mt upon entering the European session, but then rose due to a weakening US dollar index, touching a high of $1,976.5/mt before finally settling at $1,974.5/mt. Overnight, the most-traded SHFE lead 2603 contract opened at 16,665 yuan/mt, briefly touched a low of 16,560 yuan/mt early in the session, then rebounded as bears reduced positions, reaching a high of 16,680 yuan/mt before finally settling at 16,665 yuan/mt, up 0.48%, forming a doji star. On the macro front: As markets awaited a series of US economic data, a weaker US dollar made dollar-denominated commodities more attractive to overseas buyers; spot gold extended gains. The White House's Hassett predicted worsening employment: AI boosts productivity, reduces labor demand. Alphabet planned to raise about $15 billion by issuing US dollar bonds. China's Ministry of Commerce held a symposium with automakers: Multiple measures to promote the expansion and quality improvement of auto consumption. The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing. Seven departments including the Ministry of Human Resources and Social Security provided administrative guidance on employment to leading platform companies and courier firms. Three departments including the Ministry of Finance issued an announcement on tax incentives for re-exported cross-border e-commerce goods. : SHFE lead stopped falling and stabilized, but as the Chinese New Year holiday approached, logistics vehicles halted in some regions, leading to reduced shipments and quotations from suppliers. Only some cargoes self-picked up from primary lead smelters were quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price ex-works. In the secondary lead sector, more smelters were on holiday and reluctant to sell at low prices, with most enterprises suspending quotations; a few secondary refined lead offers were at discounts of 25 yuan/mt to premiums of 50 yuan/mt against the SMM #1 lead average price ex-works. Downstream enterprises generally entered the year-end wrap-up phase, with minimal inquiries, resulting in thin trading in the spot market. Inventory: On February 9, LME lead inventory decreased by 100 mt to 232,750 mt. As of February 9, SMM lead ingot social inventory across five regions rose to a five-month high. Today's lead price forecast: With previously in-transit lead ingots by rail concentratedly arriving at warehouses, social inventory of lead ingots increased significantly, mainly reflected in Jiangsu and Zhejiang region warehouses. Last week, lead prices fell, prompting lead-acid battery enterprises to conduct relatively concentrated stockpiling of lead ingots, leading to a noticeable decline in lead smelters' in-factory inventory. This week being the last before the Chinese New Year, the final batch of lead-acid battery enterprises will enter the holiday state, further weakening lead consumption. Meanwhile, with the start of the Spring Festival travel season, migrant workers have returned to their hometowns, and the number of vehicles in operation has gradually decreased. Currently, some regions no longer support road transportation. It is expected that the growth momentum of social inventory for lead ingots will slow down, and the inventory buildup of lead ingots is anticipated to be more reflected in the smelters' plant inventories. Overall, lead prices are in the doldrums ahead of the holiday. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice.

On February 27, the SMM battery-grade nickel sulphate index price was 31,795 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,570-32,800 yuan/mt, and the average price slightly decreased compared to the previous day.

Hong Kong is accelerating its drive to become a global gold trading hub, in a move that supports China’s broader ambition to strengthen its influence over international bullion markets amid a shifting geopolitical landscape and record-high prices.

SMM Nickel February 27 News: Macro and Market News: (1) Indirect talks between the U.S. and Iran concluded. The Iranian foreign minister stated the negotiations made good progress, with differences remaining but nearing consensus in some areas. Technical talks will be held on March 2. (2) China's Ministry of Commerce responded regarding the upcoming sixth round of U.S.-China trade talks: China is willing to work with the U.S. to properly manage differences and expand practical cooperation through equal consultations. Spot Market: On February 27, SMM #1 refined nickel prices were 137,600-147,700 yuan/mt, averaging 142,650 yuan/mt, down 1,050 yuan/mt from the previous trading day. Spot premiums for Jinchuan #1 refined nickel were quoted in the range of 7,500-8,200 yuan/mt, averaging 7,850 yuan/mt, down 300 yuan/mt from the previous day. Spot premiums/discounts for mainstream domestic electrodeposited nickel were quoted at -600-300 yuan/mt, showing a decline. Futures Market: The most-traded SHFE nickel contract (2605) opened lower and trended down, fluctuating at lows during the morning session, closing at 140,360 yuan/mt by the morning close, down 0.82%. Nickel prices saw a slight correction today, but the medium and long-term logic of tightening supply from the mine end remained unchanged, with the most-traded SHFE nickel contract expected to fluctuate around 140,000 yuan/mt in the short term.

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.

[ SMM Morning Meeting Minutes: US Dollar Strength Puts LME Zinc Under Pressure ] Overnight, the LME zinc contract opened at $3,388/mt. Initially, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,398.5/mt. Subsequently, bears increased their positions, causing the center of LME zinc to move downward. During European trading hours, it touched a low of $3,338/mt, after which LME zinc fluctuated and ultimately closed down at $3,366.5/mt, down $20.5/mt, a decrease of 0.61%. Trading volume increased to 9,909 lots, and open interest rose by 616 lots to 230,000 lots.