Silver prices edged up today, with the spread of spot market quotations continuing to widen. In Shanghai, suppliers held prices firm with TD premiums at 1,700-1,800 yuan/kg and were reluctant to sell, while some traders slightly lowered premiums to 1,500 yuan/kg for inventory clearance ahead of the holiday due to concerns such as potential post-holiday declines in spot premiums. It is understood that consumption in the Shenzhen market improved slightly compared to earlier, with some downstream enterprises and jewelers purchasing silver ingot raw materials to ensure normal production during the Chinese New Year holiday due to special reasons such as rush orders and delivery deadlines. The Chinese New Year holiday atmosphere remains strong, with a significant reduction in supplier quotations and an overall slowdown in actual market transactions.

As of now, the FOB price of Indonesian MHP nickel is $15,015/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt Ni.

SMM Morning Meeting Minutes: LME copper opened at $13,357/mt overnight, fluctuated upward initially and touched a high of $13,480/mt, then the center of copper prices gradually moved downward to a low of $13,115/mt, before rebounding to close at $13,239/mt, up 1.06%, with trading volume reaching 26,500 lots and open interest at 326,000 lots, an increase of 893 lots from the previous session, overall showing bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 103,620 yuan/mt overnight, climbed to 103,730 yuan/mt at the beginning of the session, then experienced wide swings and touched a low of 101,840 yuan/mt, before fluctuating upward to close at 102,190 yuan/mt, up 0.26%, with trading volume at 69,800 lots and open interest at 152,000 lots, a decrease of 6,478 lots from the previous session, overall showing bears reducing positions.

[SMM Aluminum Morning Meeting Minutes: Overall Warm Macro Front Contends with Inventory Buildup Reality, Aluminum Prices Under Pressure and Fluctuating in the Short Term] In summary, aluminum prices are expected to continue their fluctuating trend under pressure in the short term, constrained above by the reality of inventory buildup and supported below by macro expectations. They are anticipated to remain in the doldrums with limited room for a rebound.

On February 11, the SMM battery-grade nickel sulphate index price was 31,628 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400-32,500 yuan/mt, and the average price remained unchanged from the previous day.

[SMM Silicon-Based PV Morning Meeting Minutes] Polycrystalline silicon N-type recharging polysilicon quotes 48.5-58.8 yuan/kg, granular polysilicon quotes 49-51 yuan/kg, the polysilicon price index is 52.6 yuan/kg, polysilicon prices rise slightly, mainly due to some manufacturers being affected by cost delineation subsequently raising expectations slightly, mainstream prices remain stable. Approaching Chinese New Year, market transactions slow down, overall atmosphere shows no significant changes.

[SMM Tungsten Daily Review: Tungsten Market Rises on Long-Term Contract Price Increases Amid Pre-Holiday Shrinking Volume] SMM February 10 – Today, tungsten product prices maintained an overall upward trend. Approaching the Chinese New Year, factors such as production cuts at mines and stricter control over tax-exclusive business contributed to scarce circulation in the tungsten ore market, driving transaction prices up significantly. Last Friday, an enterprise in Luoyang auctioned 25% tungsten concentrate, with transaction prices concentrated in the range of 10,155–10,160 yuan/mtu. Shipments from other mines remained scarce ahead of the holiday.

Iron ore futures fluctuated during the morning session today, rising first then falling in the afternoon. The most-traded contract I2605 finally settled at 761.5 yuan/mt, unchanged from the previous trading day. Spot prices increased by 2-8 yuan/mt compared to the previous trading day. Traders showed moderate enthusiasm in offering prices, while steel mills mainly purchased based on rigid demand, with limited inquiries. Overall market trading activity was moderate. Looking ahead, this week's hot metal production affected by maintenance fell by 169,100 mt WoW, driving the daily average hot metal output to stabilize and rebound, indicating a substantial improvement in the rigid demand for iron ore. However, the market still faces inventory pressure, as both port visible inventory and steel mill in-factory inventory remain at high levels. Ample inventory levels effectively buffer raw material procurement demand, causing a noticeable lag in the transmission of incremental rigid demand to the spot market. Considering these factors, against the backdrop of unresolved inventory pressure and relatively slow demand release pace, iron ore prices are expected to struggle with forming a unilateral breakthrough in the short term and are likely to continue fluctuating at lows.

[SMM Coking Coal and Coke Daily Brief] Supply side, coking plants maintained normal production, but pre-holiday shipments were weak, inventory pressure gradually increased, and some coking plants accumulated coke inventory. Demand side, end-use consumption of finished steel showed no signs of recovery, steel prices fluctuated downward, steel mill profits were under pressure, market sentiment weakened further, and post-holiday is traditionally the off-season, steel mills had weak production willingness and remained cautious about coke purchasing, mainly purchasing as needed. In summary, the coke market may remain in the doldrums before the holiday.

[SMM Tin Futures Review: Macro Sentiment Cools and Spot Cargo Consolidates in Parallel, the Most-Traded SHFE Tin Contract Is Expected to Run in the Doldrums]