News on March 20, 2026: Today, the average warrant price rose by $1/mt from the previous trading day and closed at $48/mt (price range: $42-54/mt); the average B/L price rose by $1/mt from the previous trading day and closed at $47/mt (price range: $41-53/mt); the average price of EQ copper (CIF B/L) rose by $2/mt from the previous trading day and closed at $28/mt (price range: $21-35/mt), with quotations referring to cargoes arriving from late March to mid-April. During the day, spot transaction premiums continued to rise, and suppliers actively sought bonded warrants or B/L scheduled to arrive in the near term. It was heard that a small volume of ER copper B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, while EQ B/L arriving in mid-to-late April was offered at $35/mt and traded at $30/mt, with both April and May QPs available. General ER copper warrants for delivery within this week were offered at $50/mt, QP April.

News dated March 18, 2026: Today, the average warrant price was unchanged from the previous trading day, closing at $47/mt (price range: $42-52/mt); the average B/L price was unchanged from the previous trading day, closing at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price was unchanged from the previous trading day, closing at $25/mt (price range: $19-31/mt), with quotations referenced to cargoes arriving from late March to mid-April. Intraday, the SHFE/LME price ratio premium showed no significant fluctuations, and market transactions remained active. It was heard that a small volume of pyrometallurgy B/L arriving in late March was quoted at $50-60/mt, QP April; EQ B/L for late March and early April was offered at $35, and EQ B/L arriving in mid-to-late April was quoted at $35/mt, QP May. Ordinary ER copper warrants for delivery within this week were quoted at $50/mt, QP April.

February 26, 2026: Today, warrant prices were $45-55/mt, QP March, with the average price flat from the previous trading day; B/L prices were $42-52/mt, QP March, with the average price flat from the previous trading day; ER copper (CIF B/L) was $15-23/mt, QP March, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in late February and early March. The intraday market remained largely consistent with yesterday, with supply and demand in balance. A small amount of pyrometallurgy B/L for late February arrival was heard closed at $55-60/mt, QP March; ER B/L for late February and early March arrival were offered at $25-30/mt, QP March, while ER B/L for mid-to-late March arrival were offered at $30/mt, QP April. Warrant prices rose sharply, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.

News on February 5, 2026: Today, warrant prices were $28-46/mt, QP February, with the average price up $1/mt from the previous trading day; B/L prices were $36-52/mt, QP March, with the average price up $1/mt from the previous trading day; ER copper (CIF B/L) was $12-24/mt, QP March, with the average price up $4/mt from the previous trading day, and the quotation referred to cargoes arriving in mid-February. During the day, there were many offers in the market but only sporadic transactions, and the forward premium for ER B/L continued to rise. Warrant offers were heard at $40-50, with QP covering February to March; transactions were concentrated around $30-40/mt, and cargoes for delivery in late February were heard traded at $35-40/mt, QP March. A small number of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; ER B/L offers for late February were heard at $15-25, while ER B/Ls for arrival in early to mid-February were offered at $10-20/mt, with transactions heard at $25, QP March.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,566/mt, touching a low of $9,532/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of $9,654.5/mt near the close, and finally closed at $9,647.5/mt, down 0.44%. Trading volume reached 18,000 lots, and open interest reached 291,000 lots. On Friday evening, the most-traded SHFE copper 2507 contract opened at 77,910 yuan/mt, touching a low of 77,810 yuan/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of 78,480 yuan/mt near the close, before pulling back slightly to close at 78,350 yuan/mt, down 0.06%. Trading volume reached 30,000 lots, and open interest reached 192,000 lots.

SMM News on June 13: Metal Market: As of the daytime close, domestic market base metals generally fell, with only SHFE aluminum and SHFE lead rising together. SHFE aluminum rose by 0.49%, and SHFE lead rose by 0.27%. SHFE zinc led the decline with a drop of 1.09%, SHFE copper fell by 0.85%, and the rest of the metals all dropped slightly. Alumina fell by 1.38%, the main continuous contract of foundry aluminum fell by 0.03%. In addition, the main continuous contract of lithium carbonate fell by 1.38%, the main continuous contract of silicon metal fell by 1.8%, and the main continuous contract of polysilicon fell by 0.49%. The main continuous contract of European container shipping rose by 2.76%. On the ferrous metals series front, most prices fell. Stainless steel fell by 0.24%, rebar fell by 0.2%, and HRC fell by 0.26%. In the coking coal and coke sector, coking coal rose by 0.06%, and coke rose by 0.75%. In the overseas market, as of 15:05, overseas market base metals collectively fell, with LME copper and LME zinc both falling over 1%. LME copper fell by 1.1%, and LME zinc fell by 1.21%. The declines of the remaining metals were all within 1%. In the precious metals sector, as of 15:05, COMEX gold fell by 0.97%, reaching a high of $3,467 per ounce during the session, hitting a new high since April 22. COMEX silver fell by 0.36%. Domestically, SHFE gold rose by 1.72%, reaching a high of 801.14 yuan per gram during the session, hitting a new high since May 8. SHFE silver fell by 0.49%. Market conditions as of 15:05 today 》Click to view SMM market dashboard Macro Front Domestic front: [Guangzhou: Optimizing Real Estate Policies by Fully Lifting Purchase, Sales, and Price Restrictions, and Reducing Loan Down Payment Ratios and Interest Rates] The "Implementation Plan for Special Actions to Boost Consumption in Guangzhou (Draft for Public Comment)" is open for public comment. It mentions that consumption restrictions will be reduced in an orderly manner. Real estate policies will be optimized by fully lifting purchase, sales, and price restrictions, and reducing loan down payment ratios and interest rates. This will better meet housing consumption needs. Solid progress will be made in the renovation of urban villages and old residential communities. In 2025, it is planned to promote the renovation of over 150 old residential communities, replace over 9,000 old elevators in residential buildings, and complete fixed asset investment of 100 billion yuan in the renovation of urban villages. The use of special loans to purchase existing commercial housing as resettlement housing will be promoted. The policy on the use of housing provident funds will be continuously optimized, supporting depositors in applying for individual housing loans from housing provident funds while withdrawing housing provident funds to pay for down payments on home purchases, and further optimizing policy measures for rent withdrawal. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on June 13 was 7.1772 yuan per US dollar. US dollar front: As of 15:05, the US dollar index rose by 0.3% to 98.15. US PPI data fell short of expectations, with initial jobless claims reaching a new high since October last year. Expectations for a US Fed interest rate cut in September continued to rise. US PPI in May increased by 2.6% YoY, in line with expectations. US PPI in May rose by 0.1% MoM, missing expectations of 0.2%. The number of initial jobless claims in the US for the week ending June 7 reached 248,000, the highest since the week of October 5, 2024. Traders now expect the US Fed to cut interest rates by 55 basis points before the end of the year, starting in September instead of the previously anticipated October. Macro: Today, data including China's M2 money supply annual rate for May (the exact time between June 13-17 is uncertain), China's aggregate financing to the real economy year-to-date for May, China's new RMB loans year-to-date for May, the preliminary US University of Michigan consumer sentiment index for June, the eurozone's seasonally adjusted trade balance for April, the eurozone's total reserve assets for May, the final annual CPI rate for Germany in May, the monthly manufacturing sales rate for Canada in April, and the monthly new orders rate for Canada's manufacturing sector in April will be released. Additionally, the National Energy Administration typically releases data on total electricity consumption around the 15th of each month. Crude Oil: Due to renewed concerns about supply disruptions, as of 15:05, oil prices in both markets surged by over 5%, with US crude oil rising by 5.54% and Brent crude oil increasing by 5.41%. US crude oil briefly reached $77.64 per barrel, the highest since January 20, while Brent crude oil briefly hit $78.5 per barrel, the highest since January 23, both marking new highs in nearly five months. Analysts from ING reported, "This significantly increases the uncertainty surrounding geopolitical risks, requiring the oil market to price in a larger risk premium for any potential supply disruptions." SMM Daily Review ► June 13: The SHFE aluminum squeeze remains unresolved, with the market witnessing "negative processing fees" for aluminum billets [Daily Review of Spot Aluminum Billets] ► [SMM Daily Review of Nickel Sulphate] June 13: Nickel salt prices remained stable. ► [SMM Daily Review of MHP] June 13: Indonesian MHP prices slightly declined. SMM Weekly Review ► Mid-year negotiation results begin to emerge, with KK mine's copper production target slashed by 28% [SMM Weekly Review of Spot Copper Concentrates] ► Deteriorating price ratios lead to inactivity from both buyers and sellers, with Yangshan copper premiums remaining at low levels [SMM Weekly Review of Yangshan Copper] ► Smelters continue to fulfill prior contracts, with domestic TCs remaining stable [SMM Weekly Review of Zinc Concentrates] ► This week's sales promotions boosted operating rates, but market demand is gradually weakening [SMM Weekly Review of Wire and Cable Market]