Today, the most-traded BC copper 2604 contract opened at 91,780 yuan/mt. It touched a high of 91,970 yuan/mt early in the session, then the center moved lower throughout the day, hitting bottom at 89,770 yuan/mt near the close. The center of copper prices then rose, and it finally closed at 90,560 yuan/mt, down 1.47%. Open interest reached 5,808 lots, an increase of 277 lots from the previous trading day, while trading volume reached 9,121 lots, down 1,051 lots from the previous trading day. On the macro front, the US-Iran situation continued to deteriorate, with divergent statements emerging within the US side. The escalation of geopolitical conflict in the Middle East lifted risk-off sentiment, and the stronger US dollar index weighed on copper prices. The US-Iran conflict also triggered market concerns over US inflation, reducing expectations for further interest rate cuts by the US Fed, which also weighed on copper prices. Fundamentally, domestically produced copper and previously price-locked imported supplies continued to arrive, leaving overall market availability ample. Demand side, downstream enterprises continued to advance work and production resumptions, and purchasing sentiment rebounded, but the overall pace of recovery remained slow. The SHFE copper 2604 contract closed at 102,100 yuan/mt. Based on the BC copper 2604 contract at 90,560 yuan/mt, its after-tax price was 102,333 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was -233 yuan/mt. The spread remained in backwardation and narrowed from the previous day.

Gold and silver prices are expected to begin the week on a strong note when trading resumes on Monday, as escalating tensions in the Middle East push investors toward safe-haven assets, analysts said.

[SMM Chromium Daily Review: Expectations Were Bullish on a Recovery in Trading Activity; the Chromium Market Ran Strong and Stable] March 3, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was flat MoM from the previous trading day…

Silver is no longer just a “precious metal”, it has become the primary financial barometer for global instability.

SMM Nickel News on March 2: Macro and Market News: (1) Iran Situation: Trump said the new Iranian leadership wants to resume negotiations, and he has agreed to dialogue. Military action against Iran could last for four weeks. (2) The Political Bureau of the CPC Central Committee held a meeting to discuss the draft outline of the 15th Five-Year Plan and the government work report. Spot Market: On March 2, the SMM #1 refined nickel price fell by 1,150 yuan/mt from the previous trading day. In terms of spot premiums and discounts, the average price of Jinchuan #1 refined nickel was 7,150 yuan/mt, down 700 yuan/mt from the previous trading day; the range for domestic mainstream brands of electrodeposited nickel was -700-300 yuan/mt, showing a decline. Futures Market: The most-traded SHFE nickel 2605 contract fluctuated rangebound in the morning session, closing at 139,010 yuan/mt with a decrease of 0.26% by the end of the morning session. Over the weekend, the US and Israel launched airstrikes on Iran, leading to a sharp escalation in geopolitical tensions in the Middle East, and market sentiment quickly turned risk-averse, causing a slight correction in nickel prices. The medium and long-term logic of supply tightening at the mine end remains unchanged, and it is expected that the most-traded SHFE nickel contract will continue to oscillate around the 140,000 yuan/mt level in the short term.

[SMMS Morning Meeting Summary: Sudden Geopolitical Risks in the Middle East, Zinc Prices Expected to Fluctuate at Highs] Last Friday, LME zinc recorded three consecutive days of decline, with the daily candlestick center shifting downward. The core PPI in the US reached its fastest growth rate in a year, complicating the US Fed's monetary policy. Additionally, over the weekend, a sudden geopolitical conflict erupted in the Middle East, leading to the closure of the Strait of Hormuz...