[SMM Daily HRC Trading] On May 25, the combined daily trading volume of HRC from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 14,210 mt, up 450 mt DoD (+3.3%), up 6.04% YoY (solar calendar), and up 62.59% YoY (lunar calendar).

In April 2026, domestic lead prices overall moved sideways, with spot cargo and futures trends remaining relatively stable. According to SMM data, the average spot price of SMM #1 lead ingot in April was 16,525 yuan/mt, with prices operating steadily within the range during the month, rising first then declining. Futures market, SHFE lead contract prices were generally higher than spot prices……

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged up during the day, market trading cooled notably, downstream enterprises mainly made just-in-time procurement, and demand was unlikely to see significant increases. The inter-month Contango price spread between futures contracts widened slightly, and suppliers showed some willingness to hold prices firm. In addition, according to SMM, available spot copper in Jiangsu was relatively tight, with some downstream enterprises reporting difficulty in finding low-priced supplies. Overall, amid high copper prices suppressing demand and the slightly widening Contango price spread between futures contracts, Shanghai spot copper is expected to maintain a discount against the 2606 contract tomorrow, potentially widening slightly.

Platinum prices were in the doldrums today. Precious metals futures fluctuated around expectations of Voss's inauguration and a US-Iran ceasefire. In the morning session, GFEX PT2606 closed at 485.65 yuan/gram, down slightly by 0.20%, and the most-traded PT2608 contract closed at 489.5 yuan/gram, down 0.10%. The SGE Pt9995 best offer price remained persistently inverted against GFEX PT2606, with the price spread maintained at around 5-10 yuan/gram. Spot side, mainstream quotations for spot platinum premiums were basically flat compared to the previous trading day. In the morning session, traders' mainstream quotations were at parity to a discount of 2 yuan/gram against GFEX PT2606. Transaction side, according to SMM, in the morning session suppliers found it difficult to transact at parity to a discount of 1 yuan/gram against the most-traded GFEX platinum contract. Downstream buyers purchased on rigid demand with price negotiations, and some suppliers reported small volumes transacted at a discount of 2 yuan/gram for spot cargo. Most suppliers had limited room for negotiation due to the approaching delivery period, and registered warrants were generally offered at relatively high shipments prices. Overall, the spot platinum market saw subdued consumption today.

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $13,624.5/mt. In the early session, it experienced wild swings and dipped to $13,575.5/mt. Subsequently, the center of copper prices shifted upward, reaching a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%. Trading volume reached 16,200 lots, and open interest stood at 269,000 lots, a decrease of 3,435 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2607 contract opened at 104,870 yuan/mt. In the early session, the center of copper prices fluctuated downward, touching a low of 104,420 yuan/mt. Subsequently, it fluctuated upward, reaching 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%. Trading volume reached 33,600 lots, and open interest stood at 172,000 lots, an increase of 627 lots from the previous trading day, indicating bulls adding positions.

[Geopolitical Risks Cool at the Margin; LME Outperforms SHFE Pattern in Aluminum Market Remains Unchanged] On the fundamentals side, the supply gap outside China and low inventory continue to provide bottom support. However, elevated inventory levels in China remain the core factor suppressing significant price rallies. Additionally, weak trading performance in the spot market further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the pattern of LME outperforming SHFE, fluctuating at highs.