[SMM Morning Meeting Summary: Geopolitical Turmoil Resurfaced, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,297.5/mt. In early trading, bears increased open interest, dragging the center of LME zinc lower as it fluctuated downward throughout the session, and it hit an intraday low of $3,255/mt during European trading hours. The center then rebounded. Trading was suspended for about three hours due to technical issues during the period. After reopening, LME zinc touched a high of $3,306.5/mt, before the center moved lower again, and it finally closed down at $3,279/mt, down $14.5/mt, a decline of 0.44%. Trading volume increased to 7,502 lots, and open interest rose by 2,947 lots to 218,000 lots.

[Heavy Inventory Pressure Continues to Cap Zinc Prices on the Upside] The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, as bears reduced positions, SHFE zinc gradually rose to above the daily average line and touched a high of 24,055 yuan/mt. Later, as bears added positions, SHFE zinc gradually fell below the daily average line and hit a low of 23,720 yuan/mt, finally closing down at 23,730 yuan/mt.....

[Magnesium Ingot Transactions Increased Significantly, Rigid Demand Support Became More Evident, and a One-Way Market Was Unlikely in the Short Term] Today, quotations in the main production areas for 99.90% magnesium ingot were 16,600-16,700 yuan / mt, and low-priced supply in the market increased.

SMM, March 17: Aluminum ingot: Today, sentiment in the Foshan A00 spot aluminum market recovered moderately. The rebound in early-session futures prices drove spot prices higher, and suppliers took the opportunity to accelerate cashing out. Traders showed moderate willingness to purchase, while major players held prices firm in procurement, but downstream buyers were unwilling to rush to buy amid continuous price rise. In the afternoon, futures moved downward, buyers turned cautious, and transactions started steady before weakening, with overall performance showing a mild rebound. Aluminum billet: Today, the average processing fees for SMM 6063 aluminum billet (Guangdong) were 70 yuan/mt for Φ90/100 and 20 yuan/mt for Φ120 and above, down 80 yuan/mt from yesterday. The rise in the base price caused processing fees to continue to decline, while weaker intraday futures prices intensified downstream bearish sentiment, with procurement mainly driven by immediate needs. After futures surged and then pulled back, offers were lowered accordingly. Market inquiries were scarce, transactions were sluggish, and even volume discounts remained ineffective in stimulating deals.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 23,930 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 23,970 yuan/mt, then bulls reduced open interest, dragging the price center lower and leaving it in the doldrums. It touched a low of 23,820 yuan/mt during the session and finally closed down at 23,880 yuan/mt, down 25 yuan/mt, or 0.1. Trading volume fell to 29,661 lots, while open interest decreased by 531 lots to 76,786 lots.

Today, the most-traded BC copper 2604 contract opened at 88,450 yuan/mt. After the opening, it hovered at highs and then climbed to 88,940 yuan/mt, before its center moved all the way downward and fell to 87,730 yuan/mt near the close. It finally settled at 87,780 yuan/mt, down 0.37%. Open interest stood at 5,599 lots, down 113 lots from the previous trading day, and trading volume was 3,458 lots, down 1,917 lots from the previous trading day. On the macro front, Israel launched large-scale attacks in Tehran, Iran and Beirut, Lebanon, while a tanker anchored in the Gulf of Oman was hit by an unidentified projectile. Oil prices rose, intensifying market concerns over US inflation and weighing on copper prices. Fundamentally, arrivals of both imported and domestic cargoes remained stable, and overall supply was ample. Demand side, the slight increase in copper prices somewhat suppressed downstream purchase willingness, with buying maintained at just-in-time procurement levels. The SHFE copper 2604 contract closed at 99,340 yuan/mt. Based on the BC copper 2604 contract price of 87,780 yuan/mt, its tax-inclusive price was 99,191 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was 149 yuan/mt, and the spread remained in a contango structure, narrowing from the previous day.