This week, ferrous metals exhibited a pattern of initial weakness followed by strength. At the beginning of the week, after the U.S.-Iran peace talks failed to reach an agreement, the U.S. military announced it would impose a blockade on all maritime traffic in and out of Iranian ports, pushing international oil prices higher once again. Mid-week, disturbances from iron ore long-term contract negotiations intensified, with market rumors suggesting that restrictions on certain previously limited products had been partially lifted. Subsequently, news emerged of an unexpected shutdown at an Australian refinery, raising market concerns that a diesel supply deficit could trigger mine shutdowns, which in turn would lead to short-term supply tightening. Coupled with rising expectations of a second round of coke price increases, ferrous metals successfully rallied in the latter half of the week...

Nickel Intermediate Product Market Weekly Review: Continued Weakness in Both Supply and Demand, MHP Payables Under Pressure

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,579.5/mt, touching a low of $12,536.5/mt early in the session. Copper prices then shifted higher, reaching a high of $12,712/mt before ultimately closing at $12,695.5/mt, down 0.27%, with trading volume at 18,000 lots and open interest at 297,000 lots, an increase of 3,404 lots from the previous trading day, mainly driven by bears adding positions. Overnight, the most-traded SHFE copper 2605 contract opened at 98,080 yuan/mt, touching a high of 97,820 yuan/mt early in the session and a low of 97,720 yuan/mt early in the session. Copper prices then shifted higher, reaching a high of 98,260 yuan/mt before ultimately closing at 98,070 yuan/mt, up 0.27%, with trading volume at 22,000 lots and open interest at 174,000 lots, a decrease of 1,255 lots from the previous trading day, mainly driven by bears reducing positions.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,398/mt, dipped to a low of $12,280/mt early in the session, then the price center rose to test a bottom at $12,755.5/mt, and finally moved sideways to close at $12,705.5/mt, up 3.06%, with trading volume at 28,000 lots and open interest at 294,000 lots, down 357 lots from the previous trading day, mainly driven by bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 98,080 yuan/mt, touched a high of 98,500 yuan/mt early in the session, then the price center fluctuated lower to test a bottom at 97,890 yuan/mt, and finally closed at 98,330 yuan/mt, up 0.11%, with trading volume at 33,000 lots and open interest at 178,000 lots, down 3,110 lots from the previous trading day, mainly driven by bears reducing positions.

[SMM Titanium Spot Daily: Cost Support Strengthens, Rutile Titanium Dioxide Prices Rise Slightly] On April 7, titanium dioxide market prices rose slightly. High sulphuric acid prices coupled with expectations of supply tightening supported titanium dioxide prices. Enterprises operated at high rates, but demand was mediocre. Domestic trade was driven mainly by rigid demand, while export trade was divergent. In the short term, prices are expected to hold up well, but further rises depend on demand improvement.

[Supply Tightening Coupled With Macro Tailwinds Keeps Aluminum Prices Firmly at High Levels] Overall, the geopolitical situation in the Middle East remains the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, together with support from expectations of gradually releasing peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.