[SMM Nickel Flash] Supply side, the center of upstream offers continued to decline, with some traders continuously lowering their intended prices. Demand side, the market remained relatively sluggish, and the price spread between high- and low-grade NPI continued to widen. Overall, consumption was relatively weak, and high-grade NPI prices maintained a slight downward trend.

(Kitco News) – BRICS+ nations now hold 17.4% of global gold reserves, up from 11.2% in 2019, while the dollar’s share of global reserves fell to its lowest level since 1994 – and one BRICS member could well buy as much as all other countries combined, according to Michael Harris, technical analyst at EBC Financial Group.

[SMM Chrome Daily Review: Market Operated Steadily after the Holiday, Demand Remained Subdued and Transactions Were Slightly Mediocre] April 7, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

[SMM Cast Aluminum Alloy Morning Comment: Weak Demand, ADC12 Spot Continued to Weaken] Spot side, the ADC12 market continued in the doldrums yesterday. Affected by aluminum prices being in the doldrums and poor demand-side performance, market sentiment turned cautious. Most market participants slightly lowered their quotes, while a few enterprises held prices steady and took a wait-and-see approach. Currently, low-priced resources increased, the transaction center shifted downward, and prices showed a passive pullback pattern. In the short term, against the backdrop of marginally weakening cost support and limited demand improvement, ADC12 prices are expected to remain in the doldrums.

As of now, the FOB price of Indonesian MHP nickel was $15,341/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,425/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stood at 86-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,623/mt Ni.

April 7, 2026: The average warrant price fell $2/mt from the previous trading day, closed at $63/mt (price range $58-68/mt); the average B/L price was flat from the previous trading day, closed at $61/mt (price range $56-66/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closed at $33/mt (price range $26-40/mt), with quotes referencing cargoes arriving from mid-April to early May. During the day, B/L offers remained high, but buyers showed weak acceptance. The trading range was largely in line with last Thursday, but trading volume was low. A small volume of ER copper B/L arriving in mid-April was heard offered at $70/mt, QP May; EQ B/L arriving in mid-April was offered at $40/mt, EQ B/L arriving in mid-to-late April was offered at $40/mt, B/L arriving in mid-May was offered at $55/mt, with a small volume traded at $28-33/mt, QP May. General ER copper warrants for delivery within this week were offered at $60/mt, QP May.

Since the outbreak of the US-Iran war on February 28, 2026, financial and commodity markets have experienced a severe correction and roller-coaster ride.

[SMM Cast Aluminum Alloy Morning Comment: Weaker Aluminum Prices Weigh on the Market, ADC12 Remains in the Doldrums] Spot side, the ADC12 market continued to fluctuate downward. Affected by the widening decline in aluminum prices, market sentiment turned cautious, and most enterprises lowered their quotations; a few enterprises temporarily held prices steady and stayed on the sidelines with support from costs. As the Qingming Festival holiday approaches, downstream stockpiling demand fell short of expectations, with procurement still mainly driven by rigid demand, and transaction performance showed no obvious improvement. Coupled with market expectations of weakening demand in April, ADC12 prices are still facing some downward pressure in the short term, and the market remains in the doldrums.

[Concerns Over Supply Shortfalls Triggered by Attacks on Middle Eastern Aluminum Plants Give Aluminum Prices Strong Upward Momentum] Overall, expectations of a substantive supply contraction triggered by attacks on Middle Eastern aluminum plants, combined with low global inventory and a recovery in peak-season demand in China, will provide strong upward momentum for aluminum prices. In the short term, aluminum prices are expected to break out of their trading range and hold up well.

[SMM Morning Meeting Summary: Both SHFE and LME Were Closed Yesterday Due to Holidays; Focus on Macro Factors and Inventory Changes] Overnight, LME zinc was closed for Easter. Overnight, SHFE zinc was closed for the Qingming Festival holiday. The market awaited further signals on the U.S.-Iran situation before Trump’s “deadline” arrived, and uncertainty in the Middle East remained high. Meanwhile, social inventory outside China stayed low, and LME zinc was expected to hold up well in a fluctuating trend, with attention on macro developments.