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.

Silver is no longer just a “precious metal”, it has become the primary financial barometer for global instability.

SMM Nickel News on March 2: Macro and Market News: (1) Iran Situation: Trump said the new Iranian leadership wants to resume negotiations, and he has agreed to dialogue. Military action against Iran could last for four weeks. (2) The Political Bureau of the CPC Central Committee held a meeting to discuss the draft outline of the 15th Five-Year Plan and the government work report. Spot Market: On March 2, the SMM #1 refined nickel price fell by 1,150 yuan/mt from the previous trading day. In terms of spot premiums and discounts, the average price of Jinchuan #1 refined nickel was 7,150 yuan/mt, down 700 yuan/mt from the previous trading day; the range for domestic mainstream brands of electrodeposited nickel was -700-300 yuan/mt, showing a decline. Futures Market: The most-traded SHFE nickel 2605 contract fluctuated rangebound in the morning session, closing at 139,010 yuan/mt with a decrease of 0.26% by the end of the morning session. Over the weekend, the US and Israel launched airstrikes on Iran, leading to a sharp escalation in geopolitical tensions in the Middle East, and market sentiment quickly turned risk-averse, causing a slight correction in nickel prices. The medium and long-term logic of supply tightening at the mine end remains unchanged, and it is expected that the most-traded SHFE nickel contract will continue to oscillate around the 140,000 yuan/mt level in the short term.

[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:

[SHFE Tin Midday Review: Overseas Mining Bottlenecks Advance, SHFE Tin Contract Retreats from Highs Amid Stable Supply Expectations]

Today, the Dalian iron ore futures showed a strong trend, with the most-traded I2605 contract closing at 754.5 yuan/mt, up 0.87% from the previous trading session. Spot prices rose by 4-8 yuan/mt compared to the previous trading day. Traders' enthusiasm for quotations was moderate, and steel mills purchased as needed with limited inquiries. Overall, the spot trading atmosphere was mediocre. From a fundamental perspective, March marks the first full month of post-holiday resumption of work and production, and the recovery in end-use demand will drive a gradual increase in steel consumption. As a result, pig iron production at steel mills is also expected to see some growth. It is worth noting that during the first week after the holiday, the willingness of steel mills to restock was generally weak, focusing mainly on depleting existing in-factory inventory. By entering March, in-factory inventories have dropped to relatively low levels, coupled with an increase in hot metal production, it is expected that overall iron ore demand will show a more noticeable recovery. Macro perspective, with the Two Sessions approaching in early March, as the first major meeting of the '15th Five-Year Plan', there are positive expectations regarding policy direction and monetary arrangements. Market sentiment leans optimistic, which is generally beneficial for iron ore. In terms of news, the escalation of geopolitical tensions in the Middle East brings significant uncertainty and risks. Although the Middle East is not a core production area for iron ore, the rise in crude oil prices is expected to directly translate into higher freight premiums for Brazilian and Australian iron ore arriving in China (CFR), thereby increasing the cost of iron ore imports and supporting prices. However, in the long term, this may drag down steel exports and squeeze steel mill profits, thus weighing on ore prices. Therefore, in the short term, iron ore prices are likely to follow a pattern of rising first and then falling.

[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...

[Domestic Iron Ore Brief: Shandong Region Iron Ore Concentrates Prices May Have Some Upside Potential] In the west Liaoning region, domestic iron ore prices remained relatively stable, with 66 grade iron ore concentrates wet basis ex-factory prices at 745-755 yuan/mt; feedback from local mines and beneficiation plants indicated that during the Two Sessions next week, there may be some restrictions on explosives, further exacerbating the overall tightness of iron ore concentrates resources. Demand side, local steel mills are currently operating according to plan

[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...