[Three Consecutive Monthly Sales Championships, SAIC Sold 973,000 Vehicles from January to March] SAIC released its latest sales data. In March, it achieved vehicle sales of 376,000 units, successfully securing “three consecutive monthly sales championships” since the start of this year; from January to March, cumulative wholesale sales reached 973,000 units, up 3% YoY, maintaining a steady upward trend; retail sales reached 1.008 million units, making it the only automaker in China’s auto industry to surpass 1 million sales in Q1.

[SMM Tin Midday Commentary: The Geopolitical Situation Lacks Clear Guidance, and Repeated Swings in Macro Sentiment Put Futures Under Pressure Again]

As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,402.6/mt. In early trading, it fluctuated downward to a low of $12,334.5/mt. Subsequently, the center of copper prices gradually moved higher, rising to $12,482.5/mt near the close, and finally closed at $12,472.6/mt, up 0.73%. Trading volume reached 24,900 lots, and open interest stood at 291,200 lots, down 7,698 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,300 yuan/mt. In early trading, it fluctuated downward to 96,210 yuan/mt. Subsequently, the center of copper prices fluctuated upward, touching a high of 96,970 yuan/mt near the close, with a gain of 0.45%. Trading volume reached 40,900 lots, and open interest stood at 183,400 lots, down 2,869 lots from the previous trading day, mainly due to bears reducing positions.

[SMM Steel] On March 25, 2026, the European Steel Association (Eurofer) issued a stark warning following the release of the latest OECD data, labeling global steel overcapacity an "existential threat" to European steelmaking, investment, and jobs. The data reveals that global steelmaking capacity has climbed to a record 2.4 billion mt, with excess capacity reaching 640 million mt in 2025—exceeding total OECD production by over 200 million mt. Eurofer Director-General Axel Eggert is calling for the immediate adoption of a robust tariff-rate quota (TRQ) system to shield the EU market from trade diversion and stabilize the domestic industry before current measures expire

Latest data released by the National Bureau of Statistics on March 27 showed that in January and February 2026, the total profits of industrial enterprises above designated size nationwide were 1,024.56 billion yuan, up 15.2% YoY.

According to the latest production schedule report on the three major white goods categories released by ChinaIOL, the combined production schedule for air conditioners, refrigerators, and washing machines in April 2026 totaled 37.64 million units, down 3.6 YoY compared to actual production in the same period last year. By product, the production schedule for household air conditioners in April was 21.32 million units, down 4.9 YoY compared to actual production in the same period last year; refrigerator production schedule was 8.21 million units, down slightly 0.1 YoY compared to actual production in the same period last year; washing machine production schedule was 8.11 million units, down 3.7 YoY compared to actual production in the same period last year.

According to the latest statistics from CINNO•ICResearch, total investment in China’s PCB industry reached approximately 105.3 billion yuan in 2025, up 2.9% YoY from 2024. Although the number of investment projects in China’s PCB industry pulled back in 2025 compared with 2024, investment size per project increased significantly, with the largest single investment also rising accordingly. The investment landscape became more concentrated in the high-end segment, with an optimized structure. PCBs dedicated to AI computing power became the clear main theme, with key investment flowing into high-end products such as advanced HDI, high-layer-count boards, and high-speed, high-frequency boards; automotive electronics PCBs followed closely behind and posted strong growth, benefiting from upgrades in NEVs and intelligent driving; communications and industrial control PCBs provided steady support for 5G and data center construction. Overall, the industry moved away from the low and mid-end fragmented layout of 2024 and officially entered a new stage led by the high-end segment.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.

At this year’s national Two Sessions, Xie Yancui, a deputy to the National People’s Congress and chief engineer of the Technology and Quality Center at Northeast Light Alloy Co., Ltd. of Aluminum Corporation of China, showcased the team’s latest R&D achievement: a new-type high-performance rare earth aluminum alloy material. This represents the latest independently developed innovation in China’s aluminum processing sector. According to reports, this seemingly ordinary metal plate has already been successfully applied in the field of manned spaceflight.