On the evening of 28th February, Iran announced a prohibition on all maritime traffic through the Strait of Hormuz, effectively closing the waterway. According to multiple shipowners, a radio warning regarding the closure was issued by the Iranian military on the 28th. Following this escalation, a number of smaller tankers have reportedly altered their course to exit the strait, whilst others approaching the area have halted at the entrance to the waterway to assess the developing situation.

[Geopolitical Tensions Intensify SHFE Zinc Rises During Daytime]: The Most-Traded SHFE Zinc 2604 Contract Opened at 24,590 Yuan/mt. After Opening, SHFE Zinc Fluctuated and Rose, Reaching a Low of 24,425 Yuan/mt Early in the Session and Peaking at 24,880 Yuan/mt Towards the End, Finally Closing Up at 24,850 Yuan/mt.

[SMMS Morning Meeting Summary: Sudden Geopolitical Risks in the Middle East, Zinc Prices Expected to Fluctuate at Highs] Last Friday, LME zinc recorded three consecutive days of decline, with the daily candlestick center shifting downward. The core PPI in the US reached its fastest growth rate in a year, complicating the US Fed's monetary policy. Additionally, over the weekend, a sudden geopolitical conflict erupted in the Middle East, leading to the closure of the Strait of Hormuz...

Recently, geopolitical turbulence in the Middle East has emerged, bringing a certain degree of impact to the overall overseas PV market. Below, we provide an in-depth analysis of the current Middle East PV market from various perspectives:

[SMMSHFE zinc morning comment] On Friday, SHFE zinc recorded a bearish candlestick, with the middle Bollinger Band forming resistance above and the 40-day moving average providing support below. Due to the inventory buildup in social inventory after the Chinese New Year, and...

Gold and silver prices are expected to begin the week on a strong note when trading resumes on Monday, as escalating tensions in the Middle East push investors toward safe-haven assets, analysts said.

[SMM Lead Morning Meeting Summary: Coexistence of Energy Supply Pressure and Lead Ingot Inventory Buildup May Lead to Continued Price Consolidation] The escalation of geopolitical tensions in the Middle East, obstruction of major shipping routes, and expectations for rising transportation costs are anticipated to increase pressure on Europe's energy supply. After the domestic holiday, the lead market has experienced severe inventory buildup...

[SHFE Aluminum Morning Meeting Summary: SHFE aluminum consolidates narrowly in night session, downstream resumption slow, aluminum prices fluctuate] The Middle East turmoil triggered by the US-Iran conflict has become the largest geopolitical black swan for the global primary aluminum market, potentially causing supply disruptions at the million-mt level and pushing up smelting costs. Coupled with market risk aversion sentiment, aluminum price volatility may intensify. Going forward, it is necessary to remain vigilant against risks such as escalation of conflicts, strait blockades, raw material supply disruptions, and further macroeconomic disturbances impacting aluminum prices, and prudently address operational and investment risks brought about by supply chain fluctuations. Seasonal fundamental pressures remain prominent. On the supply side, new domestic and overseas aluminum projects are steadily ramping up production, with the liquid aluminum conversion ratio currently low. On the demand side, post-holiday processing material production is showing a steady recovery pace. However, under the current situation where seasonal supply exceeds demand and some goods are stockpiled at railway stations, it is expected that domestic aluminum ingot inventory will peak above 1.35 million mt after the holiday, setting a five-year high, which will be a key factor suppressing price rises. Overall, before and after the Chinese New Year, aluminum prices showed a trend of first declining then rising, and it is expected that SHFE aluminum will maintain a relatively strong consolidation pattern in the short term.

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

A joint military strike by the US and Israel on Iran, triggering unrest in the Middle East, has become the biggest geopolitical black swan for the global primary aluminum market, potentially causing supply disruptions at the million-metric-ton level and simultaneously driving up smelting costs. Coupled with market risk-averse sentiment, the volatility of aluminum prices may intensify. Going forward, it is necessary to remain vigilant against risks such as escalating conflicts, strait blockades, and raw material supply disruptions, as well as further impacts on aluminum prices from macroeconomic disturbances, and to prudently address the operational and investment risks brought about by supply chain fluctuations.