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.

[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.

According to the latest market news:South 32 revised Q2 ‘2026 CIF MJP Premium offer is US$353/mt.

News on March 20, 2026: Today, the average warrant price rose by $1/mt from the previous trading day and closed at $48/mt (price range: $42-54/mt); the average B/L price rose by $1/mt from the previous trading day and closed at $47/mt (price range: $41-53/mt); the average price of EQ copper (CIF B/L) rose by $2/mt from the previous trading day and closed at $28/mt (price range: $21-35/mt), with quotations referring to cargoes arriving from late March to mid-April. During the day, spot transaction premiums continued to rise, and suppliers actively sought bonded warrants or B/L scheduled to arrive in the near term. It was heard that a small volume of ER copper B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, while EQ B/L arriving in mid-to-late April was offered at $35/mt and traded at $30/mt, with both April and May QPs available. General ER copper warrants for delivery within this week were offered at $50/mt, QP April.

[Zinc Prices Fell During the Week, Guangdong Spot Premiums Rose] Guangdong premiums rose 20 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 0 to premiums of 40 yuan/mt against the market, and the Shanghai-Guangdong price spread continued to widen......