Today, the most-traded BC copper 2604 contract opened at 87,780 yuan/mt. After the opening, it hovered at highs and then touched a high of 87,890 yuan/mt. By the close of the morning trading session, its center had fallen to 84,000, after which it returned to its normal trading range. It finally consolidated sideways to close at 87,050 yuan/mt, down 1.62. Open interest stood at 5,432 lots, down 167 lots from the previous trading day, while trading volume reached 5,024 lots, up 1,566 lots from the previous trading day. On the macro front, Trump said he was not yet ready to end the conflict immediately, but said he would withdraw before long; Iran’s supreme leader firmly rejected the proposal for peace talks, insisting on retaliation and compensation. Meanwhile, the secretary of Iran’s Supreme National Security Council and the head of the Basij militia were confirmed dead, and Iran was urgently filling candidates for key positions. Amid the combined impact of escalating geopolitical tensions and demand concerns triggered by elevated LME inventory, copper prices were overall under pressure and bearish. Fundamentals side, arrivals of both imported and domestic cargo remained stable, and overall supply was ample. Demand side, downstream purchase willingness rebounded as copper prices pulled back. The SHFE copper 2604 contract closed at 98,590 yuan/mt. Based on the BC copper 2604 contract at 87,050 yuan/mt, its after-tax price was 98,367 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was 223 yuan/mt, and the spread remained in contango structure, widening from the previous day.

Spot #1 copper cathode prices in North China were quoted at an average discount of 60 yuan/mt against the front-month contract today, unchanged from the previous trading day. The average transaction price was 99,020 yuan/mt, down 1,240 yuan/mt from the previous trading day.

[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,724.5/mt. In early trading, it fluctuated upward to a high of $12,829.5/mt, after which the center of copper prices shifted straight downward to a low of $12,721/mt. It then fluctuated upward in a pullback and finally closed at $12,780/mt, down 1.07%. Trading volume reached 17,000 lots, and open interest stood at 293,000 lots, down 8,255 lots from the previous trading day, mainly due to longs reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 99,120 yuan/mt. In early trading, it rose to 99,530 yuan/mt, then fluctuated downward all the way to a low of 98,900 yuan/mt. Afterwards, the center of copper prices moved upward and finally closed at 99,140 yuan/mt, down 0.92%. Trading volume reached 27,700 lots, and open interest stood at 177,000 lots, down 1,993 lots from the previous trading day, mainly due to longs reducing positions.

News dated March 18, 2026: Today, the average warrant price was unchanged from the previous trading day, closing at $47/mt (price range: $42-52/mt); the average B/L price was unchanged from the previous trading day, closing at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price was unchanged from the previous trading day, closing at $25/mt (price range: $19-31/mt), with quotations referenced to cargoes arriving from late March to mid-April. Intraday, the SHFE/LME price ratio premium showed no significant fluctuations, and market transactions remained active. It was heard that a small volume of pyrometallurgy B/L arriving in late March was quoted at $50-60/mt, QP April; EQ B/L for late March and early April was offered at $35, and EQ B/L arriving in mid-to-late April was quoted at $35/mt, QP May. Ordinary ER copper warrants for delivery within this week were quoted at $50/mt, QP April.

As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.

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.

SMM News, March 12: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 30 yuan/mt for high-quality copper, down 20 yuan/mt from yesterday; standard-quality copper was quoted at a discount of 80 yuan/mt, down 70 yuan/mt from yesterday; and SX-EW copper was quoted at a discount of 140 yuan/mt, down 55 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 100,255 yuan/mt, up 1,300 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,140 yuan/mt, up 1,290 yuan/mt from the previous trading day. Spot market: After Guangdong inventory rose slightly for only one day yesterday, it declined again today, mainly due to fewer arrivals and increased warehouse withdrawals. As inventory fell, suppliers took the opportunity to hold prices firm and make shipments, but downstream processing enterprises showed only average restocking sentiment today. On the one hand, copper prices posted a relatively large gain; on the other hand, premiums also rose sharply. However, traders' purchase willingness increased from yesterday, and overall trading sentiment improved after the contract rollover. Today, purchasing sentiment for copper cathode in Guangdong was 2.43, up 0.11 from the previous trading day, while shipment sentiment was 3.26, up 0.25 from the previous trading day (historical data is available in the database). Overall, market trading sentiment improved after the contract rollover. Attention should be paid to inventory changes tomorrow. If destocking continues, premiums are expected to keep rising.

[SMM Shanghai Spot Copper] Intraday trading in the spot market was subdued, while suppliers still showed willingness to hold prices firm. Downstream wait-and-see sentiment remained relatively strong, and spot premiums edged down slightly from yesterday. As the contango price spread between nearby contracts narrowed, suppliers' willingness to ship to delivery warehouses weakened somewhat, putting pressure on spot premiums. On the demand side, downstream buyers maintained just-in-time procurement, and transactions remained sluggish even after suppliers slightly lowered their quotations, as current copper prices had limited appeal to end-users. On the supply side, domestic copper and imported cargoes previously locked in at fixed prices continued to arrive, while social inventory remained at a high level. The outflow of warrants over the next two days may further weigh on spot premiums. Meanwhile, signs that the import window may still open persisted, and expectations for subsequent inflows of ex-China cargoes strengthened, further increasing supply-side pressure. Overall, amid a pattern of weak supply and demand, Shanghai spot copper premiums are expected to remain under pressure tomorrow, with a possibility of a slight widening.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,751/mt and dipped to $12,743/mt at the start of the session. Thereafter, the center of copper prices gradually moved higher and, near the close, touched a high of $12,940/mt, before finally closing at $12,918.5/mt, up 1.44. Trading volume reached 19,700 lots, and open interest stood at 302,000 lots, down 5,166 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,020 yuan/mt and hit a low of 99,820 yuan/mt at the start of the session. It then fluctuated upward to 100,420 yuan/mt, followed by wide swings, and finally closed at 100,190 yuan/mt, up 0.58. Trading volume reached 274,000 lots, and open interest stood at 190,000 lots, down 3,315 lots from the previous trading day, mainly due to bears reducing positions.