The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 Mar , 2026

[SMM Tin Midday Review: Resonance Between Macro Pressures and Supply Recovery Kept SHFE Tin Under Pressure and Continued to Weaken]

[SMM Flash] SHFE data showed that as of March 19, the total registered volume of cast aluminum alloy warrants was 50,319 mt, down 1,109 mt from the previous trading day. By region, the total registered volume was Shanghai (4,055 mt, down 211 mt), Guangdong (18,312 mt, down 119 mt), Jiangsu (6,043 mt, down 269 mt), Zhejiang (16,379 mt, down 510 mt), Chongqing (4,053 mt, increase 0 mt), and Sichuan (1,477 mt, increase 0 mt).

[Macro Pressures Combined With High Inventory, SHFE Aluminum Remained Under Pressure at Elevated Levels in the Short Term] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum was insufficient, and the backwardation structure weakened somewhat. In China, social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had not ended. High inventory and weak spot fundamentals jointly weighed on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and SHFE aluminum fell below the key threshold of 25,000 yuan/mt, remaining mainly under pressure at elevated levels in the short term.

March 18, 2026: The average warrant price was unchanged from the previous trading day, closed at $47/mt (price range: $42-52/mt); the average B/L price was unchanged from the previous trading day, closed at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closed at $26/mt (price range: $21-31/mt), with quotations referring to cargoes scheduled to arrive from late March to mid-April. Since last night, SHFE prices had continued to decline, while China spot premiums rose, opening the window for spot imports. Suppliers actively sought bonded warrants or B/Ls arriving in the near term. It was heard that a small volume of ER copper B/Ls arriving in late March was offered at $50-60/mt, QP April; EQ B/L offers for arrival in late March and early April were quoted at $35, while EQ B/Ls arriving in mid-to-late April were offered at $35/mt and traded at $30/mt, with both April and May QP available. Standard ER copper warrants for delivery within the week were offered at $50/mt, QP April.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Opened Sharply Lower in the Night Session and Maintained a Fluctuating Trend at Lows, While Spot Market Transactions Gradually Recovered]

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,714.5/mt and climbed to $12,715/mt at the start of the session. Copper prices then saw the center move straight downward, before fluctuating rangebound and eventually closing at $12,340/mt, down 3.44%. Trading volume reached 33,600 lots, and open interest stood at 288,300 lots, down 4,872 lots from the previous trading day, mainly due to long position liquidation. Overnight, the most-traded SHFE copper 2605 contract opened at and touched a high of 98,000 yuan/mt, after which the center of copper prices moved straight downward to a low of 95,920 yuan/mt, then fluctuated upward and finally closed at 96,340 yuan/mt, down 2.58%. Trading volume reached 103,000 lots, and open interest stood at 198,000 lots, up 9,911 lots from the previous trading day, mainly due to increased short positions.

SMM News, March 19: SHFE aluminum 2603 fluctuated downward in early trading, with the price center falling sharply from the previous trading day. Affected by the decline in aluminum prices, overall purchasing sentiment rose today. Sellers held prices firm, and today’s market mainstream quotations and transaction prices were mainly concentrated around the average price to +10 yuan/mt. Today, the shipment sentiment index in east China was 3.24, up 0.08 MoM; the purchasing sentiment index was 3.16, up 0.13 MoM. Today, SHFE aluminum futures prices extended losses, and buying sentiment in the central China market was strong. Traders and downstream processing enterprises were both bullish and tended to purchase at low prices with moderate stockpiling. Meanwhile, suppliers showed a strong willingness to hold prices firm, and transaction premiums showed no sign of weakening. In the end, quotations in the central China market were mainly concentrated at premiums of 10-40 yuan over the central China price, while actual transaction prices were mainly concentrated at premiums of 20-30 yuan over the central China price. Today, the shipment sentiment index in the central China market was 2.59, flat MoM; the purchasing sentiment index was 2.43, up 0.01 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 3,000 mt MoM today, with inventory buildup seen across all three regions. In the short term, aluminum ingot inventory continued seasonal inventory buildup after the Chinese New Year. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

[SHFE Zinc Continued to Decline Today, with Focus on Overseas Rate Decisions and China Social Inventory] The most-traded SHFE zinc 2605 contract opened at 23,470 yuan/mt. After the opening, bulls and bears engaged in fierce competition, and SHFE zinc fluctuated rangebound below the daily average line. During the session, SHFE zinc touched a high of 23,475 yuan/mt and a low of 23,260 yuan/mt, and finally closed down at 23,345 yuan/mt, down 110 yuan/mt, or 0.47%. Trading volume increased to 55,115 lots, and open interest increased by 3,955 lots to 95,164 lots.....

SMM, March 19: Overnight, LME lead opened at $1,928.5/mt. During the Asian session, LME lead fluctuated upward, hitting a high of $1,938/mt. It then moved in a narrow range of $1,926-1,935/mt as bulls and bears were evenly matched. Entering the European session, bears took the lead, and LME lead began to fluctuate downward, falling to a low of $1,906/mt, before consolidating in a narrow range of $1,906-1,911/mt. Near the close, LME lead edged up slightly to settle at $1,913/mt, down $13/mt, or 0.67%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,590 yuan/mt. Early in the session, SHFE lead prices surged to a high of 16,675 yuan/mt, then fluctuated downward. Although prices rebounded slightly intraday, the rebound was weak, and lead prices again came under pressure and pulled back, fluctuating rangebound within 16,555-16,590 yuan/mt and touching a low of 16,555 yuan/mt during the period. It finally closed at 16,585 yuan/mt, posting a small bearish candlestick, down 65 yuan/mt, or 0.39%. China mine side, lead concentrate TCs remained weak, with some smelters operating at insufficient rates and market supply staying tight. On the imported ore side, the import window opened and expectations for price hikes emerged, but enterprises showed low willingness to pay, limiting additional volumes. Primary lead: inventory at primary lead smelters continued to decline, while suppliers held firm on quotes and showed a clear reluctance to sell. Secondary lead: as losses widened, most secondary lead enterprises stayed on the sidelines and were reluctant to sell, tightening effective supply in the market overall. Downstream battery plants: after restocking demand was met, the procurement pace slowed down, and downstream demand remained weak. Overall, the market still showed a pattern of weak supply and weak demand. In the short term, lead prices are expected to remain in the doldrums, and close attention should be paid to changes in secondary lead operating rates in late March and shifts in downstream purchasing strength.