SMM, March 12: Today in Guangdong, spot premiums and discounts for #1 copper cathode against the front-month contract were reported at 160 yuan/mt, up 10 yuan/mt, for high-quality copper; 40 yuan/mt premium, up 20 yuan/mt, for standard-quality copper; and 20 yuan/mt discount, up 20 yuan/mt, for SX-EW copper. The average price of Guangdong #1 copper cathode was 100,860 yuan/mt, down 475 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,740 yuan/mt, down 470 yuan/mt from the previous trading day. Spot market: Today, Guangdong inventory continued to decline, with the drop widening, mainly due to increased warehouse withdrawals. As inventory kept falling and copper prices moved lower, suppliers actively held prices firm, and the price of standard-quality copper rose 20 yuan/mt from yesterday. However, downstream enterprises were less active in restocking than yesterday, and suppliers reported greater difficulty in making shipments than yesterday, with overall trading sentiment weaker than yesterday. Today, procurement sentiment for copper cathode in Guangdong was 2.51, down 0.23 from the previous trading day, while shipment sentiment was 3.57, up 0.15 from the previous trading day (historical data is available in the database). Overall, inventory continued to decline and copper prices moved lower, prompting suppliers to actively hold prices firm, but downstream procurement was weaker than yesterday, and overall trading was average.

[smm stainless steel daily review] geopolitical boost and cost support drive ss futures higher, spot stainless steel prices follow with a positive outlook smm march 2 news, ss futures fluctuated upward. influenced by the escalation of middle eastern geopolitical conflicts over the weekend, precious metals and crude oil-related futures rose first, followed by non-ferrous metals, with ss futures also strengthening, closing at 14,385 yuan/mt. in the spot market, driven by the strong performance of ss futures and the further increase in high-grade npi raw material prices, spot stainless steel quotations have risen; however, due to insufficient downstream end-user operations, overall purchasing attitudes remain cautious. despite this, under the multiple benefits of cost support, expectations for the peak "golden march and silver april" season, and recent increases in futures, traders generally hold an optimistic view of the future. the most-traded ss futures contract strengthened and probed higher. at 10:30 am, ss2604 was quoted at 14,160 yuan/mt, up 10 yuan/mt from the previous trading day. in wuxi, the spot premiums and discounts for 304/2b were in the range of 360-560 yuan/mt. in the spot market, wuxi cold-rolled 201/2b coils remained stable; the average price of wuxi cold-rolled 304/2b coils with trimmed edges increased by 50 yuan/mt, and foshan's average price also rose by 50 yuan/mt; wuxi cold-rolled 316l/2b coils increased by 200 yuan/mt; hot-rolled 316l/no.1 coils in wuxi rose by 300 yuan/mt; both wuxi and foshan cold-rolled 430/2b coils remained stable. the stainless steel market is gradually recovering, with ss futures strengthening and probing higher, fueled by rising expectations for the traditional "golden march and silver april" consumption peak and indonesian nickel ore...

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 for Jinchuan #1 refined nickel was 7,150 yuan/mt, down 700 yuan/mt from the previous trading day; the range for major domestic brands of electrodeposited nickel was -700-300 yuan/mt, showing a decline.

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.

In North China, #1 copper cathode spot prices against the front-month contract ranged from a discount of 480 to 320 yuan/mt, with an average discount of 400 yuan/mt, up 60 yuan/mt from the previous trading day. The transaction price was 101,690-102,390 yuan/mt, with an average of 102,040 yuan/mt, up 260 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,474.5/mt, initially fluctuating rangebound and reaching $13,527/mt. Later, the center of copper prices gradually shifted downward, touching $13,290/mt near the end of the session, and finally closed at $13,296/mt, with a gain of 0.28%. Trading volume reached 25,300 lots, and open interest stood at 315,000 lots, down by 497 lots from the previous trading day, mainly due to bears reducing their positions. The most-traded SHFE copper 2604 contract opened at 104,230 yuan/mt, quickly rising to 104,520 yuan/mt, then fluctuated downward, bottoming out at 103,100 yuan/mt, and finally closed at 103,280 yuan/mt, with a gain of 0.45%. Trading volume reached 77,700 lots, and open interest stood at 202,000 lots, down by 2,150 lots from the previous trading day, also characterized by bears reducing their positions.