The UK construction industry has strongly criticized proposed trade measures that would introduce stricter steel tariffs of 50% alongside quota reductions of up to 60%. Industry representatives warn these measures will drastically inflate costs for private housing and public infrastructure, particularly threatening the viability of companies involved in the €115 billion HS2 railway project, where large volumes of imported steel are already contracted. Thorsten Gerber, CEO of the Gerber Group, warned that these protectionist approaches disproportionately harm SMEs, automotive manufacturers, and the entire downstream metal processing sector, urging both London and Brussels to reconsider their strategies to avoid massive economic damage and widespread job losses.

According to foreign media reports, as the ongoing escalation of geopolitical conflict in the Middle East disrupted navigation through the Strait of Hormuz, shipments of aluminum products in the region had “stalled.” Mercuria Energy Group, the world’s largest independent integrated energy and commodities trading house, was expected to urgently withdraw nearly 100,000 mt of aluminum from London Metal Exchange (LME) warehousing facilities to ease the supply gap in European and US markets. Three sources familiar with the matter revealed that Switzerland-based Mercuria had on Monday canceled warrants for, or earmarked for delivery, nearly 100,000 mt of aluminum stored in LME-approved warehouses at Port Klang. Mercuria has so far declined to comment on the move.

LONDON, March 3 (Reuters) - Gold's appeal as it draws support from the widening conflict in the Middle East is expected to ​remain intact even if some investors have favoured the dollar as their preferred safe haven, traders and analysts said.

Futures: Overnight, LME lead opened at $1,905/mt. During the Asian session, LME lead consolidated around the daily average line. Entering the European session, LME lead dipped slightly to $1,883/mt, then fluctuated upward. Around midnight, after moving sideways, LME lead futures were dominated by bulls, with the center gradually moving higher to a peak of $1,926/mt, and finally closed at $1,925/mt, up $22/mt, or 1.16%. Overnight, the most-traded SHFE lead contract opened higher with a gap at 16,450 yuan/mt. In early trading, SHFE lead prices plunged rapidly, hitting a low of 16,320 yuan/mt before a slight correction. Thereafter, bulls and bears competed, and SHFE lead prices saw wide swings within the 16,355-16,405 yuan/mt range. At the end of the night session, SHFE lead prices fluctuated upward, but due to strong bearish momentum, turned to fluctuate downward and closed at the low of 16,405 yuan/mt. It posted a long upper-shadow bearish candle, up 90 yuan/mt, or 0.55%. On the macro front: 1. Trump: Once the Iran war ends, oil prices will fall rapidly like a rock. 2. Iran's foreign minister denied recent contact with the US special envoy, saying such reports appeared to be only intended to mislead oil traders. 3. Foreign media: The Saudi crown prince suggested Trump continue striking Iran. 4. US Treasury Secretary: There was no intervention in the oil futures market, and oil prices may be "well below" $80 within months. 5. Iranian Foreign Ministry: Ships from parties not involved in the war have already passed through the Strait of Hormuz. 6. Trading in key London Metal Exchange contracts was once suspended for several hours. 7. Li Chenggang: The Chinese and US teams reached preliminary consensus on certain issues. 8. China and the US agreed to study the establishment of a cooperation mechanism to promote bilateral trade and investment. 9. National Bureau of Statistics (NBS): From January to February, the national economy got off to a strong start and began well Spot fundamentals: Yesterday morning, SHFE lead fell sharply, once dropping below 16,200 yuan/mt in early trading, before recovering part of the losses. Suppliers shipped in line with the market, while some suppliers were reluctant to sell at low prices. Discounts narrowed significantly from last Friday, especially for primary lead smelter cargoes self-picked up from production site, with quotations in major producing areas quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price, ex-works. In addition, as losses widened at secondary lead smelters, some enterprises suspended shipments or offered quotes at high premiums. Secondary refined lead was quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises actively inquired and purchased, with more purchases in major producing areas. However, as market discounts narrowed or turned into premiums, procurement decreased accordingly, and spot market trading was relatively active. Inventory: As of March 16, LME lead inventory increased by 75 mt, or 0.03%, to 284,575 mt; SMM social inventory of lead ingot across five regions increased slightly again. Lead Price Forecast for Today: After plunging sharply yesterday, SHFE lead recovered some of its losses, while discounts for primary lead spot cargo against last Friday narrowed. As losses widened, secondary lead enterprises quoted at premiums, with some choosing not to make shipments; secondary lead prices inverted against primary lead prices, prompting downstream buyers to favor purchases of primary lead. Overall, support from the spot market and cautious downstream sentiment are in a tug-of-war, making it difficult for lead prices to stage a strong reversal for now, with weak consolidation and sideways movement likely to dominate.

From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with the US lead negotiators, US Treasury Secretary Scott Bessent, Commerce Secretary Gina Raimondo, and Trade Representative Jamie Grierson in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important agreements reached during the phone call between the two heads of state on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. He Lifeng stated that this meeting was an important consultation conducted under the strategic consensus reached by the two heads of state on June 5 this year. China's attitude and stance on China-US economic and trade issues are clear and consistent. The essence of China-US economic and trade relations is mutual benefit and win-win results. Both countries stand to gain from cooperation and suffer from confrontation in the economic and trade field. There are no winners in a trade war. China does not want to fight one, but it is not afraid to do so either. Both sides should resolve economic and trade differences through equal dialogue and mutually beneficial cooperation. China is sincere and principled in its economic and trade consultations. Going forward, both sides should further leverage the role of the China-US economic and trade consultation mechanism in accordance with the important agreements and requirements reached during the phone call between the two heads of state, continuously enhance consensus, reduce misunderstandings, and strengthen cooperation. China reiterates that both sides should work together, honor their commitments, and take concrete actions to fulfill the consensus. They should demonstrate the spirit of integrity in upholding commitments and make efforts to jointly safeguard the hard-won outcomes of the dialogue, continue to maintain communication and dialogue, promote the steady and long-term development of China-US economic and trade relations, and inject more certainty and stability into the world economy. The US side stated that the meeting achieved positive outcomes, further stabilizing bilateral economic and trade relations. It will work together with China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached during this meeting. (CCTV News)

The Intercontinental Exchange (ICE) is expected to launch derivatives for cobalt, spodumene, and nickel in London later this year, according to ICE executives.

London has lost its lead as the world's top financial centre, according to the City of London Corporation's annual report published on Thursday.

The London Metal Exchange was closed last Friday for the Good Friday holiday.

In the context of the evolving global economic landscape and ongoing industrial development, the lead-zinc industry, as a vital foundational sector, is facing unprecedented opportunities and challenges. On one hand, the rise of the new energy industry has brought about new market demands for the lead-zinc sector, such as the continuous application of lead-acid batteries in the ESS sector and the innovative use of zinc in new materials. On the other hand, increasing environmental protection pressures are driving the industry to accelerate its transformation and upgrading, exploring more green and sustainable production methods. Meanwhile, with the end of the pandemic, the resumption of overseas smelters and the impact of various countries' policies on mineral resource protection, tariff adjustments, and trade barriers are affecting the import and export patterns of lead and zinc, compelling companies to reassess their market strategies and expand diversified supply and sales channels. At this critical juncture, the 2025SMM (20th) International Lead-Zinc Conference and Industry Expo was born. This summit will gather leading enterprises, experts, scholars, government officials, and professionals from the domestic and overseas lead-zinc industries to jointly discuss hot topics in industry development, share the latest technological achievements and management experiences, and build a high-end, professional, and practical exchange platform for promoting the sustainable development of the lead-zinc industry. At this conference, the London Metal Exchange (LME) will be present, joining hands with upstream and downstream peers in the lead-zinc industry to deeply explore the pain points and difficulties in industry development, collectively uncover business opportunities for win-win cooperation, and discuss ways to promote high-quality industry development. Click the registration form to sign up immediately, grasp the trends in lead and zinc, and lead the future of the industry. We look forward to seeing you in Nanjing. The London Metal Exchange (LME), established in 1877 and fully acquired by Hong Kong Exchanges and Clearing Limited in 2012, is the world's center for industrial metals trading. The LME is directly regulated by the UK Financial Conduct Authority (FCA), and its clearing house, LME Clear, is supervised by the Bank of England. The LME provides market participants with a variety of price risk management tools for multiple metals, including aluminum, copper, nickel, tin, zinc, lead, molybdenum, cobalt, lithium, steel scrap, rebar, hot-rolled coil, aluminum premium, and aluminum alloy contracts. Market participants can hedge price risks and conduct hedging and other futures and options contract transactions on three trading platforms: LMEselect (electronic trading), the Ring (open outcry trading), and 24-hour telephone trading. In 2023, the total transaction value of the LME reached $15 trillion, with a trading volume of 149 million lots, equivalent to 3.5 billion mt of metal, and the open interest once reached 1.8 million lots. As of December 2023, the LME had approved over 450 storage facilities at 32 delivery locations across 14 countries or regions, with a total registered warrant volume of approximately 1.16 million mt. The LME is committed to promoting sustainable development, actively guiding the global metals industry towards a more responsible supply chain transformation. The LME's Responsible Sourcing Programme ensures that market participants adhere to internationally recognized human rights standards, promoting greater transparency in metal production. Additionally, the LME launched LMEpassport, a digital registry platform that provides producers and brand owners with an open and transparent channel for sharing sustainability data and electronic analysis certificate information about metals. LMEpassport not only enhances market visibility but also helps buyers more easily access environmental performance and supply chain compliance information, thereby promoting more sustainable procurement decisions. As the world's largest spot and futures market for base metals, the LME plays a crucial role in connecting the supply chain and promoting industry sustainability. For more information on LME sustainability and physical markets. Contact: SPMdevelopment@lme.com Scan the QR code to register now for the 2025SMM (20th) Lead-Zinc Conference and Industry Expo.

On March 28 (Friday), London copper futures hit a near two-week low as concerns over US tariffs dampened market sentiment. At 14:45 Beijing time, the three-month copper contract on the London Metal Exchange (LME) fell 0.3% to $9,823/mt. The contract briefly dropped to $9,800/mt during the session, the lowest level since March 17. So far this week, the LME three-month copper contract has declined 0.3%, halting the previous three weeks of consecutive gains. Dan Smith, research director at Amalgamated Metal Trading, said: "We also believe that the US tariff hike will harm the global economic outlook or weaken base metal demand in the coming year." Earlier, a notice stated that Myanmar's Wa State, rich in tin, will hold a meeting with investors next week at the Manxiang mine to discuss resuming mining activities in the area. According to the notice from the Wa State Industrial and Mineral Resources Administration, the meeting will be held on April 1 at the Manxiang government office. In other base metals, the three-month aluminum contract fell 0.1% to $2,560/mt; the three-month lead contract dropped 0.05% to $2,040/mt; the three-month zinc contract declined 0.24% to $2,892.5/mt; the three-month tin contract decreased 0.2% to $35,200/mt; and the three-month nickel contract rose 0.8% to $16,380/mt.