Silver prices fell sharply today, and spot market premium quotations varied widely. Suppliers generally held back sales and stayed on the sidelines, while some smelters cut prices to sell off cargoes. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were quoted at premiums of 150-200 yuan/kg against TD, but transactions were difficult. Some suppliers lowered premiums against TD to 100-120 yuan/kg, with only a small amount of rigid-demand transactions concluded. Spot cargo circulating in the market was relatively sufficient, and cargoes self-picked up from production site from smelters were sold off at premiums of 50-100 yuan/kg against TD or quoted at a premium of 50 yuan/kg against the SHFE silver 2606 contract. Downstream consumption weakened, and most downstream enterprises purchased cautiously for fear of further price declines, resulting in sluggish silver ingot transactions during the day.

SMM, March 23: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at 110 yuan/mt for high-quality copper, unchanged from the previous trading day; standard-quality copper was quoted at a discount of 10 yuan/mt, down 10 yuan/mt from yesterday; SX-EW copper was quoted at a discount of 70 yuan/mt, down 10 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 92,985 yuan/mt, down 2,960 yuan/mt from the previous trading day, while the average price of SX-EW copper was 92,865 yuan/mt, down 2,965 yuan/mt from the previous trading day. Spot market: Guangdong inventory fell for a fifth straight day, mainly due to limited arrivals and increased shipments. As copper prices plunged, suppliers once sought to hold prices firm and sell in early trading, with standard-quality copper quoted at a premium of 20 yuan/mt. However, as the current structure has shifted to a backwardation structure, more suppliers showed strong willingness to sell and proactively lowered premiums to move cargoes, sending standard-quality copper down to a discount of 10 yuan/mt. Today, the procurement sentiment for copper cathode in Guangdong was 2.63, up 0.12 from the previous trading day, while shipment sentiment was 3.42, up 0.04 from the previous trading day (historical data is available in the database). Overall, as futures shifted to a backwardation structure, suppliers actively sold, and spot turned to discounts, with overall trading remaining average.

SMM Nickel News, March 23: Macro and market news: (1) Trump demanded that Iran reopen the Strait of Hormuz within 48 hours, or its power stations would be destroyed. Iran's Islamic Revolutionary Guard Corps responded that if Trump's threat to attack Iranian power stations were carried out, Iran would immediately take four measures, including fully closing the Strait of Hormuz. (2) Pan Gongsheng, Governor of the People's Bank of China, said at the China Development Forum 2026 Annual Conference on March 22 that China would continue to implement a moderately accommodative monetary policy. A range of monetary policy tools, including the reserve requirement ratio (RRR), policy interest rates, and open market operations, would be used in a comprehensive manner to maintain ample liquidity. Spot market: On March 23, the SMM price of #1 refined nickel fell by 50 yuan/mt from the previous trading day. Spot premiums, the average premium for Jinchuan #1 refined nickel was 6,550 yuan/mt, unchanged from the previous trading day; the mainstream China electrodeposited nickel brands were at -300-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) fluctuated at highs during the session and closed the morning session at 134,810 yuan/mt, up 1.28%. Nickel prices are currently in a phase of intense tug-of-war between macro headwinds and supply risks. Short term, tighter Indonesian RKAB quotas, continued increases in ore prices, and the risk of sulfur supply disruptions have formed a solid bottom, but high inventory and the slow recovery in end-use demand still capped upside room. The core trading range of the most-traded SHFE nickel contract is expected at 130,000-140,000 yuan/mt in the short term.

Spot prices for #1 copper cathode in North China against the front-month contract averaged a discount of 30 yuan/mt today, unchanged from the previous trading day. The average transaction price was 92,840 yuan/mt, down 3,000 yuan/mt from the previous trading day.

[Downstream Enterprises Actively Priced and Purchased, with Spot Transactions Improving Significantly During the Week]: This week, Ningbo spot premiums continued to rise, with the weekly average price up 20 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2604 contract were at a discount of 30 yuan/mt, with a premium of 50 yuan/mt against Shanghai, and the premium against Shanghai widened during the week..

[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.

Spot #1 copper cathode in North China was quoted at discounts of 60 yuan/mt to parity against the front-month contract today. The average premium/discount fell by 30 yuan/mt from the previous trading day, and the average transaction price rose by 195 yuan/mt from the previous trading day to 95,840 yuan/mt.

[SMM Cast Aluminum Alloy Morning Comment: Futures Extended Losses, While Trading Sentiment Recovered Slightly] Market quotes generally moved lower last Friday, with the SMM ADC12 price down 300 yuan/mt to 25,000 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip strengthened, improving transactions for some enterprises. However, overall demand still mainly reflected rigid demand, end-users remained sensitive to price fluctuations, and the pace of restocking stayed cautious. In the short term, ADC12 prices are expected to remain in the doldrums. The pattern of demand being under pressure is unlikely to change in the short term; downstream acceptance of high prices is limited, and coupled with the weak trend in primary aluminum weighing on market sentiment, prices struggled to rise. But with cost support, downside room is also limited. Going forward, close attention should be paid to the trend in primary aluminum and the pace of downstream consumption release.

Today, spot #1 copper cathode in North China was quoted at a discount of 40 yuan/mt to a premium of 40 yuan/mt against the front-month contract, with the average premium/discount at parity, up 60 yuan/mt from the previous trading day. The average transaction price was 95,645 yuan/mt, down 3,375 yuan/mt from the previous trading day.

SMM, March 20: In the morning session, SHFE aluminum 2604 fluctuated downward, with the price center falling sharply from the previous trading day. Affected by the decline in aluminum prices, overall buying sentiment rose today, prompting sellers to hold prices firm. Mainstream transaction prices in the market today were concentrated around the average price of the SHFE aluminum 04 contract to a premium of 20 yuan/mt. Today, the east China market shipment sentiment index was 3.2, up 0.06 MoM; the buying sentiment index was 3.23, up 0.07 MoM.