[SMM Shanghai Spot Copper] Copper prices rose from yesterday, but both buying and selling sentiment pulled back intraday, indicating that downstream acceptance of current price levels remained limited. In terms of market structure, under the current price spread between futures contracts structure, suppliers showed strong willingness to sell, with some offloading cargo, driving overall spot discounts down rapidly, while downstream willingness to make counteroffers was relatively evident. Entering the second trading session, after premiums were cut further, market transactions improved somewhat, but downstream procurement remained generally cautious, mainly focused on restocking on dips, with insufficient willingness to chase higher prices. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, Shanghai spot copper discounts were expected to remain under pressure tomorrow.

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.

On March 20, 2026, China Hongqiao announced its audited annual results for the year ended December 31, 2025. During the reporting period, the Group recorded revenue of approximately 162.354 billion yuan, up 4.0% YoY; net profit attributable to shareholders of the Company was approximately 22.636 billion yuan, up 1.2% YoY; basic earnings per share were 2.3842 yuan, up 1.0% YoY.

[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a tug-of-war. Copper prices declined somewhat during the day, and downstream enterprises showed stronger restocking sentiment, but considering the heavy concentrated purchases already made last week, actual incremental buying was relatively limited. Inventory side, according to SMM, combined social inventory in Shanghai and Jiangsu fell by about 41,600 mt, showing a sharp destocking trend. During the day, supplier quotations were steady at first and then declined, with suppliers actively selling as premiums rebounded, and the sell-off put pressure on spot prices. In addition, some suppliers had already quoted against the SHFE copper 2604 contract using cargoes with invoices dated next month during the day, indirectly reflecting moderate sales volume within the month and strong willingness to sell among suppliers. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at the current level tomorrow.

【SMM Analysis】As of this week, the weekly net profit of Pr-Nd alloy reached 36,812.4 yuan, with a net margin of 4.1%. Compared with last week, net profit increased 134%, setting a new profit high for the past nearly two years. The main reasons behind this were the decline in raw material costs and relatively high metal quotes.

XPeng Motors' Q4 2025 revenue was 22.25 billion yuan, up 38.2% YoY; Q4 non-GAAP net profit was approximately 510 million yuan. XPeng Motors expected Q1 vehicle deliveries to decline 29.8%-35.1% YoY, to between 61,000 and 66,000 units.

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.

On March 18, Chery Automobile announced its full-year 2025 results. In 2025, Chery Automobile recorded total revenue of 300.29 billion yuan, up 11.3% YoY; net profit of 19.51 billion yuan, up 36.1% YoY; and net profit margin improved from 5.3% to 6.5%, indicating continuously stronger profitability. Profit attributable to owners of the company was 19.019 billion yuan, up 34.6% YoY, further enhancing shareholder returns. In 2025, Chery Automobile’s self-owned brand passenger vehicle sales reached 2.6314 million units, up 14.6% YoY; new energy self-owned brand passenger vehicle sales reached 826,500 units, up 72.5% YoY, with new energy and globalization becoming key drivers of earnings growth.

[SMM Shanghai Spot Copper] Copper prices opened lower with a gap in the night session yesterday, and some enterprises placed orders to restock at low levels. Intraday purchasing demand increased somewhat, but given that restocking had already been concentrated the previous day, the actual increase in new procurement was limited. According to data released by SHFE on March 19, SHFE copper warrants fell by 12,200 mt during the day, confirming that after copper prices pulled back, downstream enthusiasm for buying the dip picked up, and the center of spot premiums moved higher accordingly. From the market structure perspective, the import profit window widened slightly, and expectations for subsequent inflows of cargo from outside China strengthened, which may put some pressure on the supply side. Overall, amid the tug-of-war between faster destocking and supplier selling, Shanghai spot copper premiums are expected to remain at the current level tomorrow.