Price
News
- Platinum Prices Rose First and Then Fell During the Week, While the Market as a Whole Remained in Stagflation Panic Mode [SMM Weekly Review]
[SMM Weekly Review] This week (March 23–March 27), platinum prices rose first and then fell back. On the GFEX in China, the most-traded platinum futures contract PT2606 opened at 487.1 yuan/gram and closed at 493.05 yuan/gram, down 23.5 yuan/gram from the previous week's settlement price, a decline of 4.53%. The highest price during the week was 518.85 yuan/gram, and the lowest price during the week was 437.25 yuan/gram; the most-traded palladium contract PD2606 opened at 355 yuan/gram and closed at 358.2 yuan/gram, down 16.15 yuan/gram from the previous week's settlement price, a decline of 4.31%. The highest price during the week was 380.65 yuan/gram, and the lowest price during the week was 321.15 yuan/gram. In futures trading, the most-traded platinum contract PT2606 posted total weekly trading volume of 46,314 lots, total turnover of 22.397 billion yuan, and open interest of 16,467 lots, with open interest down 2,049 lots WoW. The most-traded palladium contract PD2606 posted total weekly trading volume of 24,537 lots, total turnover of 8.71 billion yuan, and open interest of 7,356 lots, with open interest down 492 lots WoW. Recently, as geopolitical conflict in the Middle East persisted, the precious metals market as a whole entered a stagflation panic mode. The specific logic was that the US-Iran conflict exceeded expectations, pushing up oil prices and thereby triggering concerns over imported inflation in the US, which in turn delayed the pace of interest rate cuts. Regarding the US-Iran conflict, on March 26, Trump announced a 10-day extension of the deadline for Iran's energy facilities; according to Iran's Tasnim News Agency, informed sources said Iran had concluded that the US negotiation statement was a "deception" project, with three real objectives under its cover: first, to deceive the international community by fabricating a posture of peace; second, to suppress global oil prices; third, to buy preparation time for an aggressive ground invasion launched from southern Iran. Regarding the independence of the US Fed, the US Department of Justice admitted that its investigation into Powell lacked evidence. On tariffs, after the US reciprocal tariff was overturned by the Supreme Court, policy uncertainty increased, and the Trump administration was seeking a more solid legal basis to reconstruct the tariff system: in the short term, using Section 122 temporary tariffs to fill the tariff-rate vacuum, and in the medium and long term, planning to rely on Sections 232 and 301 to maintain a high-tariff framework. In addition, the ruling that the tariffs were illegal triggered pressure for massive tax refunds, exacerbating the US fiscal burden and reinforcing expectations for a weaker US dollar. Supply side, Eskom will raise electricity prices by 8% for two consecutive years in the future, and recently frequent announcements of breakdowns in negotiations with the mine side have led some miners to shut down their international operations, triggering concerns over supply disruptions in platinum and palladium. In addition, continue to monitor changes in the US dollar index, which involve the relative strength of currencies such as the euro and the yen. Watch for details on the new manager announced by the LME. Monitor the latest changes in the Middle East political situation. The precious metals sector mainly benefited from the interplay between policy and the political environment under the US Fed's midterm election time window. Strategy-wise, a strategic bullish view on precious metals was still maintained, and pullbacks were seen as opportunities to build long positions for the medium and long-term. In the short term, as the risk of escalation in the Middle East conflict has not been eliminated, the strength of any rebound may remain limited, and prices may fluctuate at lows. Under high volatility in platinum and palladium, attention should be paid to position control. Due to the discontinuity between domestic and overseas market trading, the opening prices of platinum and palladium often refer to overseas night session conditions, and investors should pay attention to trading prices in international markets and stay alert to opening gaps.
Mar 27, 2026 18:09 - [SMM Stainless Steel Daily Review] Geopolitical Disruptions Combined with Cost Support Kept Stainless Steel Spot Prices Stable
[SMM Stainless Steel Daily Review] Geopolitical Disruptions Coupled With Cost Support Kept Spot Stainless Steel Stable SMM News on March 27: SS futures stopped falling and rebounded. Uncertainty remained high around news related to geopolitical conflicts, and futures were still likely to maintain a fluctuating trend. As of the midday close, the quote stood at 14,395 yuan/mt. In the spot market, affected by fluctuations in SS futures, downstream transaction demand for rigid needs had been largely released at the beginning of the week. At present, the arbitrage window in futures had closed, and spot stainless steel transactions pulled back accordingly. Stainless steel mills were currently operating at losses, and with cost support, mills still showed a strong willingness to hold prices firm, while spot prices mostly remained stable. The most-traded SS futures contract stopped falling and rebounded. At 10:15 a.m., SS2605 was quoted at 14,355 yuan/mt, down 85 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 165-365 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was unchanged; for cold-rolled trim-edge 304/2B coil, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi was unchanged; for hot-rolled 316L/NO.1 coil, the Wuxi quote was unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. The stainless steel market had now entered the traditional peak consumption season. Downstream end-user transactions remained steady, but market sentiment turned cautious. End-users lacked willingness to stockpile, and procurement was still mainly driven by restocking based on immediate needs. The brisk trading pattern typical of the peak season had not emerged, and overall demand remained stable and neutral. Futures...
Mar 27, 2026 14:10 - Global Copper Cathode Surplus in January; Overnight LME Copper and SHFE Copper Both Closed Lower [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $12,264.5/mt. After testing a low of $12,282.5/mt in early trading, its center fluctuated downward, nearing the close and hitting a low of $12,079/mt, before finally closing at $12,120/mt, down 1.33. Trading volume reached 18,000 lots, open interest stood at 296,000 lots, an increase of 326 lots from the previous trading day, mainly reflecting bears adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,350 yuan/mt, tested a low of 95,900 yuan/mt in early trading, and then its center moved lower to a low of 94,950 yuan/mt, before finally closing at 95,150 yuan/mt, down 0.45. Trading volume reached 39,000 lots, open interest stood at 188,000 lots, a decrease of 2,104 lots from the previous trading day, mainly reflecting bulls reducing positions overall.
Mar 27, 2026 09:16 - INE Adjusts the Trading Margin Ratio and Price Limit Range for Newly Listed Futures Contracts of the Container Freight Index (Europe Service)
On March 26, the Shanghai International Energy Exchange issued a notice on adjusting the trading margin ratios and price limit ranges for newly listed Container Freight Index (Europe Service) futures contracts. Notice on Adjusting the Trading Margin Ratios and Price Limit Ranges for Newly Listed Container Freight Index (Europe Service) Futures Contracts To all relevant parties: Upon review and decision, the price limit ranges and trading margin ratios for the following contract shall be adjusted as follows from the date of listing: For the Container Freight Index (Europe Service) EC2703 contract, the price limit range shall be 20%, the trading margin ratio for hedging positions shall be 22%, and the trading margin ratio for general positions shall be 22%. In the event of any circumstance specified in Article 16 of the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management, adjustments shall be made on the basis of the above price limit ranges and trading margin ratios. Other matters concerning price limits and trading margins shall be implemented in accordance with the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management and other relevant business rules. Hereby notified. Shanghai International Energy Exchange Mar 2026 Shanghai International Energy Exchange Mar 2026
Mar 27, 2026 08:57 - Shanghai International Energy Exchange: Adjustment to Trading Limits for Newly Listed Container Freight Index (Europe Service) Futures Contracts
On March 26, the Shanghai International Energy Exchange issued a notice on adjusting the trading limit for newly listed contracts of Containerized Freight Index (Europe Service) futures. Notice on Adjusting the Trading Limit for Newly Listed Contracts of Containerized Freight Index (Europe Service) Futures To All Relevant Parties: In accordance with the relevant provisions of the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management and other applicable rules, it was decided after deliberation that, effective from the time the Containerized Freight Index (Europe Service) futures EC2703 contract is listed, the maximum number of intraday opening trades by non-futures company members, overseas special non-broker participants, and clients in such contract shall be 50 lots. The maximum number of intraday opening trades for account groups under the same actual control relationship shall be implemented in accordance with the standard for a single client. The number of opening trades for hedging transactions and market-making transactions shall not be subject to this limit. Hereby notified. Shanghai International Energy Exchange Mar 2026
Mar 27, 2026 08:56 - Shanghai Spot Copper Price Spread Narrowed as Consumption-Driven Characteristics Emerged [SMM Shanghai Spot Copper]
[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance of current price levels. From the market structure perspective, suppliers showed strong willingness to sell, with some brands continuing to offload cargo, putting pressure on discounts. Downstream buyers mostly maintained a wait-and-see stance, with procurement mainly driven by rigid demand and buying on dips. It is worth noting that the price spread between high-quality copper and standard-quality copper narrowed somewhat from the previous period, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at the current stage. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, spot prices against the 2604 contract are expected to maintain the current discount level tomorrow.
Mar 25, 2026 11:49
Announcements
SMM Clarification Statement SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM" or "the Company"), as a professional spot market price reporting agency and information provider, has recently noticed the circulation of false information regarding the fairness of SMM's price assessment. To avoid market misunderstandings, maintain a healthy and transparent market environment, and protect the Company's legitimate rights and interests, SMM hereby makes the following solemn clarification and statement: I. The Difference Between Spot Prices and Futures Prices is a Normal Reflection of Market Mechanisms According to basic economic principles, spot prices reflect the immediate supply-demand relationship and deliverable transaction conditions of the underlying asset, while futures prices reflect market expectations for future supply and demand, including factors such as capital cost and carrying costs. Both follow the principle of "convergence at maturity," meaning that futures prices gradually converge towards spot prices as the contract expiration date approaches. Therefore, during the life of the contract, the difference between spot prices and futures prices, especially with far-month contracts, is a normal phenomenon under the market pricing mechanism. II. Historical Data Proves the Rationality of the Price Spread Structure To objectively present the facts, SMM has made a price spread analysis chart based on publicly available market data: The chart clearly shows that from September 2023 to 2025, the monthly price spread between the SMM battery-grade lithium carbonate average price and the GFEX lithium carbonate futures contract prices fluctuated between positive and negative territory, always remaining within a reasonable range, and exhibited a significant convergence trend as the contract expiration date approached. This fully aligns with the market rule of futures and spot price convergence. Comparing a certain periods' futures prices (especially those of far-month most-traded contracts) with spot assessment prices and concluding that there is a "consistent significant deviation" is fundamentally flawed in methodology and can easily mislead market judgment. Any behavior that selectively highlights short-term trends in the price spread without considering the broader context is partial and irresponsible, failing to reflect the overall market situation. III. Recent Market Risk Control Measures Recently, to maintain the stable operation of the lithium carbonate futures market and prevent potential risks, the Guangzhou Futures Exchange, in accordance with its risk management rules, issued multiple notifications consecutively between November and December 2025, implementing a series of risk control measures for relevant contracts, including adjustments to transaction fee standards and trading limits. These measures represent the exchange's commitment to fulfill its self-regulatory duties in accordance with the law during specific market periods, aiming to promote the steady development of the market. IV. The Emergence, Nature, and Harm of False Information It is noteworthy that during this sensitive period, when the aforementioned risk control measures were being intensively implemented, a significant amount of false information began circulating on the Internet. While such information varies in content, it shares an identical core narrative: False claims have been made that SMM’s prices "consistently and significantly deviate from fair value and futures prices" and that "there are illegal benefit-related connections with certain institutions". These claims are entirely groundless. The timing and manner of their dissemination indicate that their purpose is not professional discussion but rather an attempt to exert improper pressure on SMM by confusing the price logic of spot and futures markets, interfere with the neutrality of spot price assessments, and consequently potentially mislead market expectations and disrupt the normal relationship between futures and spot prices. SMM hereby solemnly declares that SMM is always committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order. V. The Compliance, Neutrality, and Supervision Mechanisms of SMM's Price Assessment As a professional market price assessment agency, SMM always adheres to the principles of neutrality, objectivity, and fairness. SMM's price assessment methodology strictly follows the International Organization of Securities Commissions (IOSCO) "Principles for Financial Benchmarks" and is subject to audits by independent third-party audit firms. In terms of internal governance, SMM has established a comprehensive firewall system to ensure that personnel and management involved in the price assessment process do not hold any related futures or spot positions, thereby eliminating conflicts of interest at an institutional level. SMM also has no history of any penalties from securities regulatory authorities for violations. We consistently maintain an open attitude towards market supervision based on facts. VI. Appeal to the Public SMM strongly condemns the recent malicious fabrication and dissemination of false information in the market, which damages SMM's commercial reputation and attempts to disrupt the order of the futures and spot markets, and has initiated legal proceedings to protect its rights. Currently, SMM is comprehensively and continuously collecting and preserving evidence related to the infringements. For suspected infringing acts, the Company will take all legal measures, including but not limited to reporting to relevant regulatory authorities and filing complaints with relevant online platforms, to resolutely pursue the legal liability of the infringing parties. SMM reserves the right to pursue all legal consequences against the relevant responsible parties. We once again call on all market participants to enhance their legal awareness and professional discernment capabilities, obtain information from authoritative channels, analyze the market rationally, resolutely resist and refuse to spread any unverified and unfounded rumors, and jointly maintain a fair, orderly, and healthy development environment for the industry chain. SMM Information & Technology Co., Ltd. Dec 26, 2025
Dec 26, 2025 17:30