》View SMM Metal Prices, Data, and Market Analysis 》Subscribe to View Historical SMM Metal Spot Price Trends This week (March 17-21), the weekly average price range for Yangshan copper premiums B/L was $81.8 to $95.8/mt, QP April, with an average of $88.8/mt, up $8.6/mt WoW. Warrant prices were $54.6 to $65/mt, averaging $59.8/mt, up $9.8/mt WoW, QP April. EQ copper CIF B/L prices were $24 to $34/mt, averaging $29/mt, up $12/mt WoW, QP April. As of March 21, the SHFE/LME copper price ratio for SHFE copper contract 2504 was 8.17, with import profit/loss around -900 yuan/mt. By Friday, LME copper 3M-Apr was C$18.64/mt; the 4th month and 5th month date swap fee difference was C$14.95/mt. Currently, high-quality ER copper warrant spot prices are $75/mt, mainstream pyrometallurgy is $70/mt, and hydrometallurgy is $65/mt; high-quality copper B/L prices are $105/mt, mainstream pyrometallurgy is around $98/mt, and hydrometallurgy is $91/mt; EQ copper CIF B/L prices are $30 to $40/mt, averaging $35/mt. This week, the supply liquidity in the spot market decreased, but buyer inquiries were significantly more active. According to SMM, the delivery pace of long-term contracts for April continued to be delayed, with most long-term contracts not fully delivered or delayed, leading to a chain reaction. The market saw a large volume of long-term contract shorts, and near-port EQ B/L and warrant premiums continued to rise, reaching around $80/mt by the end of the week in Shanghai and Huangpu. CME registered B/L premiums remained high, and after the LME-COMEX price spread hit a new historical high this week, CME registered brand B/L premiums surged. It was heard that 3rd grade B/Ls arriving in March-April were traded at over $200, and buyers still had room to bid higher to secure supplies. According to the SMM survey, on Thursday (March 20), domestic bonded zone copper inventories rose 10,400 mt from the previous period (March 13) to 73,100 mt. Shanghai bonded inventory increased 10,300 mt to 63,300 mt, while Guangdong bonded inventory rose 100 mt to 9,800 mt. Bonded zone inventories continued to increase this week, partly due to fixed exports by domestic smelters caused by the price ratio, and also because the high premium markets in Southeast Asia attracted some traders to seek FOB export sources. Overall, the bonded zones have become a reservoir for the US dollar copper market in the Asian region, and it is expected that inventories will continue to rise next week. 》View SMM Industry Chain Database

》View SMM Metal Quotes, Data, and Market Analysis 》Subscribe to View Historical Price Trends of SMM Metal Spot This week (February 24-28), the weekly average price range of Yangshan copper premiums B/L transactions was $48.6-60.6/mt, QP March, with an average price of $54.6/mt, down $3.15/mt WoW. Warehouse warrants were $32.4-43.2/mt, with an average price of $37.8/mt, down $19/mt WoW, QP March. EQ copper CIF B/L was -$1.6/mt to $6.4/mt, with an average price of $2.4/mt, down $5.35/mt WoW, QP March. As of February 28, the SHFE/LME copper price ratio for the SHFE copper 2503 contract was 8.2, with an import profit/loss of approximately -1,000 yuan/mt. As of Friday, the LME copper 3M-Mar backwardation was $12.87/mt, and the February date to March date swap spread was $8.02/mt backwardation. Currently, the spot price for pyro high-quality copper warehouse warrants is $40/mt, mainstream pyro is $35/mt, and hydrometallurgical is $30/mt. High-quality copper B/L is $63/mt, mainstream pyro is around $57/mt, and hydrometallurgical is $51/mt. CIF B/L EQ copper is -$4/mt to $4/mt, with an average price of $0/mt. This week, the SHFE/LME price ratio remained low due to the LME structure shifting to backwardation, increasing suppliers' holding costs. Additionally, as domestic smelters gradually confirmed export plans, near-port cargoes and warehouse warrant premiums were halved. By the end of the week, warehouse warrant spot prices settled around $30/mt. Affected by expectations of a US tariff investigation, the LC price spread briefly recovered but returned to around $1,000/mt, with the spread expected to persist long-term. As a result, South American registered B/L prices rose against the trend, with the spread to warehouse warrants continuing to widen. Overall, market sentiment and expectations were largely consistent with last week, and the price spread is unlikely to recover before the SHFE/LME price ratio improves. According to the SMM survey, as of Thursday (February 27), copper inventories in domestic bonded zones increased by 6,600 mt WoW to 45,400 mt compared to the previous period (February 20). Among them, Shanghai bonded inventory rose by 4,300 mt WoW to 37,300 mt, while Guangdong bonded inventory increased by 2,300 mt WoW to 8,100 mt. This week's increase in bonded zone inventory was still driven by domestic smelters' export arrivals. The export window remained open this week, with domestic smelters gradually confirming export plans. FOB cargo offers in bonded zones were active, and further export growth is expected. Bonded zone inventories are expected to continue increasing next week. 》View SMM Metal Industry Chain Database

》View SMM Metal Prices, Data, and Market Analysis 》Subscribe to View Historical Spot Price Trends of SMM Metals This week (February 10-14), the weekly average price range of Yangshan copper premiums for B/L transactions was $53-69/mt, QP March, with an average price of $61/mt, down $2/mt WoW. Warehouse warrants were $57-71/mt, with an average price of $63.8/mt, down $3.53/mt WoW, QP February-March. EQ copper CIF B/L ranged from $3.4/mt to $17.4/mt, with an average price of $10.4/mt, up $0.4/mt WoW, QP March. As of 15:00 on February 13, the SHFE/LME copper price ratio for the SHFE copper 2503 contract was 8.17, with an import loss of approximately -700 yuan/mt. As of Friday, the LME 3M-Feb contango was C$50.55/mt, and the February-to-March date swap fee spread was C$0.6/mt. Currently, the spot price for pyro high-quality copper warehouse warrants is $68/mt, mainstream pyro copper is $61/mt, and hydrometallurgical copper is $54/mt. High-quality copper B/L is $70/mt, mainstream pyro copper is around $61/mt, and hydrometallurgical copper is $52/mt. CIF B/L EQ copper ranges from $2/mt to $16/mt, with an average price of $9/mt. This week, the SHFE/LME price ratio continued to deteriorate, and transactions in the US dollar-denominated copper market cooled. At the beginning of the week, suppliers' offers remained firm, with spot prices for long-term two-brand cargoes exceeding $70/mt. The market held a tight supply outlook for March port arrivals. By mid-week, import losses expanded to approximately -600 yuan/mt, and domestic brand warehouse warrants were heavily sold in the market. The transaction center for spot prices fell continuously, and near-month B/L prices were also affected. Sellers' enthusiasm for shipments weakened, and buyers lacked import motivation, leading the market into a phase of weak supply and demand. As the LME February date approached, a large number of shorts rolled over positions from February to March, causing the LME copper February-to-March structure to plummet from a contango of $36/mt on February 13 to near $0/mt, with the price spread almost flattening. Meanwhile, due to the rally in copper prices across COMEX, LME, and SHFE, the import loss for the SHFE copper 2502 contract expanded to over -900 yuan/mt. Looking ahead, the export window is expected to open, and Chinese smelters may begin planning export opportunities. Attention should be paid to inventory changes in the LME Asia region and their impact on total inventory recovery. Port arrivals in mid-to-late March are expected to decrease significantly, leading to tighter supply in the US dollar-denominated copper market. However, premiums are unlikely to rise in the short term due to pressure from the SHFE/LME price ratio, and the price spread between registered copper brands is expected to widen. According to the SMM survey, as of Thursday (February 13), copper inventories in domestic bonded zones increased by 7,100 mt WoW to 35,400 mt compared to the previous week (February 6). Among them, Shanghai bonded inventory rose by 6,400 mt WoW to 28,300 mt, while Guangdong bonded inventory increased by 700 mt WoW to 7,100 mt. This week's increase in bonded zone inventory was as expected and was still driven by exports from domestic smelters. However, the digestion of unreported inventory by processing material enterprises will take time, and warehouse warrant supply remains relatively loose in the short term. As the export window opened this week, some domestic smelters plan to increase export volumes, and bonded zone inventories are expected to continue growing next week. 》View SMM Metal Industry Chain Database

》View SMM Metal Quotes, Data, and Market Analysis 》Subscribe to View Historical Spot Price Trends of SMM Metals This week (January 6-10), the weekly average price range of Yangshan copper premiums B/L transactions was $57-71/mt, QP February, with an average price of $64/mt, down $0.5/mt WoW; warehouse warrants were $64.8-78.8 to $80/mt, with an average price of $71.8/mt, down $3.8/mt WoW, QP January. EQ copper CIF B/L ranged from $7.8/mt to $21.8/mt, with an average price of $14.8/mt, down $5.2/mt WoW, QP February. As of 15:00 on January 10, the SHFE/LME copper price ratio for the SHFE copper 2501 contract was 8.26, with an import profit and loss of approximately -177 yuan/mt. For the SHFE copper 2502 contract, the SHFE/LME copper price ratio was also 8.26, with an import profit and loss of approximately -517 yuan/mt. As of Thursday, the LME 3M-Jan was at C$104.31/mt, and the January date to February date was at C$47/mt. Currently, the spot price for pyro high-quality copper warehouse warrants is $80/mt, mainstream pyro is $73/mt, and hydrometallurgical is $66/mt; high-quality copper B/L is $72/mt, mainstream pyro is around $65/mt, and hydrometallurgical is $58/mt; CIF B/L EQ copper is $6-20/mt, with an average price of $13/mt. This week, the import profit window gradually closed, but spot quotations remained high. Due to the financial costs and port congestion costs during the Chinese New Year holiday, there was a significant divergence in supply and demand between buyers and sellers: sellers focused on cargo arriving in mid-to-late January, while buyers mainly demanded cargo arriving after the holiday. This week, the LME Kaohsiung warehouse cancelled warrants of 5,350 mt. Due to the price spread in domestic trade premiums and discounts between Shanghai and Guangdong, some cargoes are expected to be shipped to Guangdong. For EQ, demand for cargo arriving in late January was also weak this week, and premiums fell rapidly due to the SHFE/LME price ratio. SMM noted that the current price spread between the LME 0-3 contract and the COMEX most-traded contract exceeded $450/mt, attracting market attention. If the price spread remains high before the holiday, some South American cargoes are expected to shift to North America. Looking ahead, as copper prices rise, the SHFE/LME price ratio window is expected to deteriorate gradually, and the transaction center for recent arrivals, especially EQ cargoes, is expected to decline. Due to the continued low inventory in bonded zones, registered pyro prices are expected to remain relatively firm. According to the SMM survey, as of Thursday (January 9), copper inventories in domestic bonded zones increased by 3,500 mt WoW (compared to January 2) to 22,400 mt. Among them, Shanghai bonded inventory increased by 3,500 mt WoW to 18,900 mt, while Guangdong bonded inventory remained flat WoW. This week, bonded inventories stopped declining and rebounded, but the supply mainly came from within the customs territory, with overseas inflows into bonded zones decreasing compared to last week. Looking ahead, although the import profit window has closed, warehouse warrant prices are expected to remain firm. Assuming no change in shipments from domestic smelters, bonded zone inventories are expected to increase slightly next week. 》View SMM Metal Industry Chain Database

[SMM Flash] This week, the nickel inventory in the bonded area was recorded at 4,700 tons, flat from last week.

According to SMM research, domestic bonded copper inventory declined by 3,700 tonnes from the previous week (August 8) to 83,900 tonnes on Thursday (August 15). Among them, the bonded inventory in Shanghai decreased by 3,100 tonnes from the previous week to 80,900 tonnes, while the bonded inventory in Guangdong decreased by 600 tonnes to 3,000 tonnes. The continuous drawdown of bonded warehouse inventory this week was mainly due to the successive inflow of warehouse receipts previously traded into the domestic market. Looking ahead, there will not be many arrivals of electrolytic copper in August, most of which will be directly arranged for import, and domestic mainstream smelters have no export plans for the time being. It is expected that bonded warehouse inventory will continue to decline.

According to the SMM survey, as of Thursday May 30, copper inventory in the domestic bonded zone decreased by 6,600 mt from May 23 to 93,200 mt.

In the early trading session today, the most-traded SHFE aluminum contract fluctuated downward.

In the early trading session today, the most-traded SHFE aluminum contract slightly dipped before fluctuating upwards.

Copper inventories in the domestic bonded zones grew 9,500 mt from May 9 to 90,700 mt as of Thursday May 16, according to the latest SMM survey.