[SMM Morning Meeting Summary: Expectations for an End to Geopolitical Conflict Cool, LME Zinc Stops Rising and Starts to Fall] Overnight, LME zinc stopped rising and started to fall, with support provided by the middle Bollinger Bands. As expectations for a swift end to the Middle East conflict cooled, base metals generally fell, while zinc was affected by a sharp increase in LME registered warrants......

[Price Review] At the beginning of the week, silver prices fluctuated upward amid Trump-related remarks and the possibility of easing conflict. However, on Thursday (April 2), after Trump delivered a speech claiming a "swift, decisive, and overwhelming victory" in the war against Iran, precious metal prices plunged sharply. The chaotic signals and uncertainty surrounding the US-Iran negotiation situation themselves became a "bearish factor" for precious metal prices. In the short term, heated fund flows and weakening investment demand caused gold and silver to shift from "safe-haven inflation-resistant assets" into "liquidity tools," and the bearish sentiment in precious metals continued. As for the gold/silver ratio, as of April 1, the LBMA gold/silver ratio stood at 63, and is expected to maintain a fluctuating consolidation trend in the short term. [Key Data] Bullish: The final reading of the University of Michigan Consumer Sentiment Index for March in the US was 53.3, below both expectations and the previous reading Bearish: US ADP employment in March was 62,000, below both expectations and the previous reading US retail sales m/m in February rose 0.6, above both expectations and the previous reading The reported US ISM manufacturing PMI for March was 52.7, above the previous reading but below expectations Data and macro releases to watch next week include: April 3 (Friday): The US is set to release seasonally adjusted nonfarm payrolls and the unemployment rate for March. The market generally expects March payroll additions to rebound to 55,000. Bloomberg forecasts that, driven by a rebound in jobs after the end of the strike, nonfarm payrolls in March will increase by 80,000, while the unemployment rate remains stable at 4.4. April 9 (Wednesday): US February PCE Price Index April 10 (Thursday): US March CPI data On the Middle East conflict timeline, US President Trump postponed the airstrike on Iranian energy facilities to 20:00 ET on April 6. Trump said the US would "soon" withdraw from the conflict with Iran, but if the situation changes after the withdrawal, it may still re-engage. Regarding the Strait of Hormuz, on April 1, Ebrahim Azizi, chairman of the Iranian Parliament's National Security and Foreign Policy Committee, posted a message addressing US President Trump, saying that the Strait of Hormuz would definitely reopen, but not to the US. [Price Forecast] In the short term, the direction of the US-Iran conflict and cooling expectations for US Fed interest rate cuts are the main factors affecting silver prices. The lasting impact of persistently high oil prices has kept precious metal prices under pressure. On industrial demand, after the Middle East conflict pushed up energy costs, expectations for global manufacturing activity may be reassessed, and silver has been hit by the dual blow of "safe-haven failure + collapsing demand narrative." On China fundamentals side, end-user enterprises showed weak willingness to stock up raw materials in April. On the one hand, declining PV end-user production schedules led to weaker expectations for new silver nitrate orders. On the other hand, other end-users showed strong caution and reluctance to buy on falling prices, aggressively bargaining down premiums for procurement. As the SHFE April delivery approaches, suppliers generally said that amid difficult spot silver ingot transactions, they may mainly monetize through delivery. Social inventory of silver ingots may see a slight accumulation, and premiums are still expected to have room to pull back further. Next week, the basic situation of silver prices remaining in the doldrums is expected to be difficult to improve, but close attention should be paid to disruptions to market sentiment from changes in geopolitical conflict and adjustments in fund flows.

SMM Nickel News, April 2: Macro and market news: (1) On the evening of April 1 local time, Trump delivered a speech, claiming on his own that the military campaign against Iran had achieved a “rapid, decisive, and overwhelming victory.” The US’ core strategic objectives in the military campaign against Iran were “close to completion.” Trump also said that stronger firepower strikes against Iran would be carried out in the coming weeks. (2) US ADP employment increased by 62,000 in March, above market expectations of 40,000 and broadly flat from 63,000 in the previous month, indicating steady growth in US private-sector employment in March. Spot market: On April 2, the SMM price of #1 refined nickel fell by 1,650 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 3,650 yuan/mt, unchanged from the previous trading day; China’s mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) fluctuated lower and closed the morning session at 133,870 yuan/mt today, down 0.87%. In the short term, tighter Indonesian policies and cost support have built a solid bottom for nickel prices, but high inventory and weak end-use demand are capping upside room. The core trading range of the most-traded SHFE nickel contract is expected to be 133,000-143,000 yuan/mt.

[SMM Morning Meeting Summary: LME Zinc Posted a Four-Day Winning Streak; Focus on Trump's Speech Today] Overnight, LME zinc posted a four-day winning streak, with the center of the daily candlestick moving higher. Trump released a TACO signal, expectations for an end to the geopolitical conflict in the Middle East increased, the US dollar index fell, nonferrous metals saw bargain hunting, zinc inventory remained at low levels, and bears' exit provided support, driving zinc prices all the way up. Focus on......

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The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.