The US Treasury (OFAC) has issued new licenses lifting major sanctions on Venezuela’s gold and mining industries, including state-owned miner Minerven. Following the 2026 political shift in Caracas, this move allows companies to resume investments, provide technical services, and sign contracts. The policy aims to secure global access to Venezuela's vast reserves of gold, bauxite, and rare minerals essential for high-tech supply chains.

[Overnight, LME Aluminum and SHFE Aluminum Edged Up Slightly, but Aluminum Prices Faced Short-Term Pressure at High Levels] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum remained insufficient, and the backwardation structure weakened somewhat. China’s social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had yet to end, with high inventory and weak spot fundamentals jointly weighing on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and prices were mainly under pressure in the short term.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,093.5/mt. Early in the session, the center of copper prices gradually moved lower and fell to $11,754/mt, then fluctuated upward to a high of $12,228.5/mt, before seeing wide swings and finally closing at $12,211.5/mt, down 1.05%. Trading volume reached 46,900 lots, open interest stood at 288,600 lots, an increase of 239 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 92,500 yuan/mt and fell to 91,820 yuan/mt early in the session. The center of copper prices then fluctuated upward to a high of 95,530 yuan/mt, before fluctuating rangebound and finally closing at 94,920 yuan/mt, down 0.91%. Trading volume reached 153,000 lots, open interest stood at 197,000 lots, down 6,302 lots from the previous trading day, mainly due to long liquidation.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is:

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

SMM Morning Brief: Overnight, LME copper opened at $13,104.5/mt, then its center moved downward to a low of $13,003.5/mt. It then fluctuated upward, hitting a high of $13,096.5/mt near the close, and finally closed at $12,919/mt, up 1.37%. Trading volume reached 22,000 lots, down 9,254 lots from the previous trading day; open interest stood at 304,000 lots, up 1,035 lots from the previous trading day, mainly reflecting long position buildup overall. Overnight, the most-traded SHFE copper 2604 contract opened at 101,430 yuan/mt. After dipping to 101,200 yuan/mt in early trading, it hovered at highs, hitting a high of 101,930 yuan/mt near the close, and finally closed at 101,860 yuan/mt, up 0.7%. Trading volume reached 28,000 lots, down 88,000 lots from the previous trading day; open interest stood at 193,000 lots, down 1,780 lots from the previous trading day, mainly reflecting short position reduction overall.

Futures: Overnight, LME lead opened at $1,940/mt and stayed relatively strong during the Asian session, hitting a high of $1,942/mt. Entering the European session, it pulled back to hover near the intraday moving average before sliding to an intraday low of $1,927.5/mt. It edged up slightly before the close and finally settled at $1,931/mt, down $15/mt, or 0.77%. Overnight, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. After rising early to a high of 16,750 yuan/mt, it turned lower and weakened, staying under pressure around 16,700 yuan/mt and moving sideways. It rose slightly late in the session and finally closed at 16,720 yuan/mt, down 35 yuan/mt from yesterday, or 0.21%. On the macro front: US President Trump said at a press conference that the US military action against Iran would end “soon,” but “not” within this week. To address market turbulence caused by the military action and to stabilise international oil prices, Trump announced the cancellation of some oil-related sanctions. National Bureau of Statistics (NBS): In February 2026, the national CPI rose 1.3% YoY. On average in January–February, the national CPI increased 0.8% from the same period a year earlier. The work report of the Standing Committee of the National People’s Congress in 2026 disclosed this year’s legislative “construction blueprint”. Centered on accelerating the building of a strong financial country, China will formulate the Financial Law and the Financial Stability Law this year, and revise the Law of the People’s Bank of China and the Law on Banking Supervision and Administration, to build the top-level design of financial rule of law. Spot fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of -100~0 yuan/mt against the SHFE lead 2604 contract. After SHFE lead probed lower and then rebounded, suppliers quoted in line with the market. As delivery approaches, circulating cargoes increased in Jiangsu, Zhejiang, Shanghai. In addition, cargoes self-picked up from production site at primary lead smelters were mostly shipped at discounts, while some suppliers showed significant divergence in shipments. Mainstream producing areas offered ex-works quotations at discounts of 50 yuan/mt to premiums of 100 yuan/mt against the SMM #1 lead average price. Circulating cargoes in the secondary lead market were limited, and smelters held prices firm for shipments. Secondary refined lead was quoted ex-works at discounts of 50 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price. Meanwhile, quotations for imported crude lead increased. Downstream enterprises showed strong wait-and-see sentiment, with relatively scattered procurement, and spot order market transactions showed no obvious improvement for now. Inventory: As of March 6, LME lead inventory stood at 283,875 mt, down 1,025 mt from the previous day; as of March 9, SMM social inventory of lead ingots across five regions continued to rise. Lead price forecast for today: After the Chinese New Year holiday factor faded, both supply and demand for lead ingots increased, but even if secondary lead enterprises delayed resuming operations, lead ingot inventories at smelters were still being digested slowly. With delivery of the SHFE lead 2603 contract approaching, and considering that the spread between futures and spot prices has recently stayed above 200 yuan/mt, suppliers in the spot market showed strong willingness to transfer inventory and ship to delivery warehouse, gradually moving smelter plant inventories to delivery warehouses. Social inventory of lead ingots is expected to continue rising in the short term, and lead price expectations are expected to remain in the doldrums.

[SMM Morning Meeting Minutes: US Dollar Index Plunged; LME Zinc Center Moved Higher] Overnight, LME zinc opened at $3,313/mt and dipped to $3,282/mt in early trading. It then fluctuated upward, with its center moving higher to a peak of $3,367.5/mt. After entering the European trading session, prices pulled back. During the night session, LME zinc gradually recouped its losses and returned to trade near the daily moving average.

A blocked Strait of Hormuz would upend global methanol supplies, hammer conventional methanol markets, and elevate green methanol’s strategic value, pushing China to diversify imports and boost green methanol for supply security.