Today, the most-traded BC copper 2605 contract opened at 85,360 yuan/mt. After the opening, its center moved higher to a high of 85,910 yuan/mt, then fell to a low of 84,530 yuan/mt, and finally closed at 84,820 yuan/mt, down 0.84%. Open interest reached 6,442 lots, up 237 lots from the previous trading day, while trading volume reached 4,508 lots, up 219 lots from the previous trading day. On the macro front, market sentiment was affected by Trump's remarks on the US-Iran issue, with risk appetite weakening and expectations for a swift end to the Middle East conflict cooling, which was bearish for copper prices. Fundamentals, on the supply side, imported cargoes have continued to arrive recently, and overall spot circulation remained relatively ample. On the demand side, downstream enterprises still showed limited acceptance of current price levels, with just-in-time procurement remaining the main approach overall. Inventory, as of Thursday, April 2, SMM copper inventories in major regions across China fell 14.04% WoW from last Thursday, while total inventory increased 53,800 mt YoY and has posted destocking for three consecutive weeks. The SHFE copper 2605 contract closed at 95,880 yuan/mt. Based on the BC copper 2605 contract price of 84,820 yuan/mt, its after-tax price was 95,847 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was 33 yuan/mt, showing a contango structure.

[Silicon Metal Price Center Remained in the Doldrums]: This week, the silicon metal market stayed weak, with the transaction center for some silicon metal grades edging lower. As of April 2, SMM east China prices were oxygen-blown #553 silicon at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW; 441# silicon at 9,300-9,400 yuan/mt, down 50 yuan/mt WoW; and 3303# silicon at 10,100-10,300 yuan/mt, down 100 yuan/mt WoW. In the futures market, the most-traded silicon metal contract remained weak, with the SI2605 contract closing at 8,300 yuan/mt on Thursday, down 435 yuan/mt WoW. Spot declines were narrower than futures prices, and the advantage in supplier shipments shifted from silicon enterprises to trading firms engaging in both spot and futures market. During the week, market prices were under pressure, while procurement volume from some downstream users and export traders increased, with transactions in some grades remaining moderate.

Iron ore futures showed a stronger trend in the morning session today but weakened in the afternoon. The main contract I2605 eventually closed at 805 yuan/ton, down 1.29% from the previous trading session.

LME has announced that the "SMD" brand cathode copper produced by CNMC's Deziwa Mining Company has been recognized as a high-quality deliverable product meeting the Copper Grade A contract standard.

Dalian iron ore was stronger in the morning session today, but pulled back in the afternoon. The most-traded contract, I2605, finally closed at 805 yuan/mt, down 1.29% from the previous trading session. Spot prices fell by about 3-7 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made fewer inquiries; as of now, spot market transactions were average. Fundamentals, inventory at the 10-port sample showed clear structural divergence this week. Among them, mainstream mid-grade ores such as PB fines and blended fines saw a notable inventory buildup, with PB fines surging 1.24 million WoW to nearly 9 million. In contrast, IOCJ fines, super special fines, and high-silicon Brazilian coarse ore bucked the trend and posted destocking. This divergence indicated that, against the backdrop of steel mill profits coming under pressure, the consumption side was accelerating toward extreme cost reduction. Steel mills generally adopted a barbell-style ore blending strategy of pairing high- and low-grade materials, significantly squeezing demand for mainstream mid-grade ore and putting further pressure on iron ore's upward momentum. On the macro front, driven by persistently high inflation outside China and fading expectations for US Fed interest rate cuts, tighter US dollar liquidity further weighed on bullish sentiment in commodities. Combined with pressure from elevated inventory on the micro side and weak demand for mid-grade ore, iron ore prices lacked drivers for an upward breakout in the short term and are expected to remain in the doldrums within a narrow range.

[SMM Daily Chrome Review: Ferrochrome Saw No Fluctuations, and the Overseas Chrome Ore Market Was Flat] News on April 2, 2026: Fluctuations in the ferrochrome and chrome ore markets were limited...

This week, the price spread between the TD price on the Gold Exchange and the SHFE April contract did not continue to narrow, and the total quoted trading volume of circulating imported silver ingot cargoes in the market had already declined from March. Although many suppliers still held prices firm and were reluctant to sell due to costs and delivery intentions, among other reasons, downstream just-in-time procurement generally transacted at sharply lowered premiums after aggressive bargaining. Investment demand in the Shenzhen market was sluggish, and some suppliers dumped non-registered brand silver ingots at quotes on parity with TD or at slight discounts. Overall spot market transactions remained weak. As of Thursday, tradable quotes for standard silver ingots in the Shanghai market against TD premiums edged down to 60-80 yuan/kg, while a small number of end-users' small orders of less than 50 kg were still concluded at premiums of 80-100 yuan/kg. Some holders of standard silver ingots suspended quotations and intended to make delivery, while enthusiasm for stockpiling on dips did not improve, and sluggish spot market trading remained unchanged. Inventory side, spot market consumption did not improve this week. Downstream just-in-time procurement maintained aggressive bargaining, with transactions mainly concluded at lowered premiums. Many suppliers did not accept price cuts to sell cargoes, and mentioned increased delivery intentions next week, transferring silver ingot inventory from non-delivery warehouses to delivery warehouses. Social inventory of silver ingots posted a slight buildup.

[SMM Aluminum Price Weekly Review: Geopolitical Disruptions Dominate, and the Pattern of Elevated Aluminum Prices Continues]

【SMM Steel】TenarisSSP finalized a SAR 127m supply agreement with Saudi Aramco on Mar 29 for steel pipes for oil and gas ops over 12 months. The deal involves no related parties. The financial impact is expected in H1 2027.

SMM, April 2: During the day, the most-traded SHFE lead 2605 contract opened at 16,765 yuan/mt, then moved sideways at the high range of 16,690-16,750 yuan/mt, before dropping back slightly late in the session to a low of 16,675 yuan/mt, and finally closed at 16,695 yuan/mt. It posted a small bullish candlestick, up 40 yuan/mt, or 0.24%. Driven by bullish sentiment, lead prices overall fluctuated upward today. In terms of supply, the resumption of work at primary lead enterprises drove supply growth, while in the secondary lead market, work resumptions and maintenance proceeded in parallel, with some small and medium-sized plants planning to cut production due to insufficient raw material; demand side, elevated lead prices suppressed downstream purchase willingness, and spot transactions were weak. SMM expected lead prices to continue consolidating in the short term. Data source statement: Except for public information, all other data was processed and derived by SMM based on public information, market communication, and SMM's internal database model, and is for reference only and does not constitute decision-making advice.