[Zinc in Ningbo: Traders Raise Quotes, Ningbo Premium Rises MoM] The transaction price of mainstream 0# zinc in Ningbo was around 24,920-25,015 yuan/mt. Ningbo conventional brands quoted a premium of 20 yuan/mt against the 2609 contract, and a premium of 30 yuan/mt against Shanghai spot zinc. In Ningbo, mainstream quotes were mainly against the 2609 contract..

[Shanghai Zinc: Traders Continued to Hold Prices Firm, Spot Premiums Rose MoM] Today, mainstream transaction prices for #0 zinc were concentrated at 24,910-25,045 yuan/mt, Shuangyan had no transactions, while mainstream transaction prices for #1 zinc stood at 24,840-24,975 yuan/mt. In morning trading, offers against the SMM average price were at premiums of 40-60 yuan/mt, with no offers reported against the futures contract...

[SMM Shanghai spot copper] Tomorrow, the SHFE copper price center is expected to rise above 106,500 yuan/mt, significantly dampening downstream purchases. Although it is still in the purchasing cycle at the beginning of the month, some downstream users have rigid restocking demand, and purchasing sentiment has slightly rebounded compared to the previous trading day. However, actual purchases remain cautious, with suppliers continuously lowering quotes before transactions were made. Meanwhile, low-priced non-registered copper was traded at a premium of around 50 yuan/mt, and the price spread with registered standard-quality copper further widened, exerting some pressure on standard-quality copper quotes. The backwardation structure between nearby months has narrowed compared to earlier periods, marginally weakening the basis for suppliers to hold prices firm. Overall, under the combined effect of high copper prices dampening downstream purchases, low-priced supply impacting the market, and increased willingness to sell among suppliers, spot copper quotes against the SHFE copper 2608 contract are expected to maintain a premium tomorrow, but the overall price center may shift slightly lower.

[Guangdong: Trader Offers Remain Firm, Spot Premiums Edge Up] Guangdong mainstream 0# zinc traded at 25,010-25,050 yuan/mt, mainstream brands quoted at a discount of 120-60 yuan/mt against the 2609 contract, and a discount of 70 yuan/mt against spot Shanghai, with the Shanghai-Guangdong price spread remaining...

SMM Nickel News, August 4: Macro and Market News: (1) The US and Iran give conflicting accounts of negotiations: Trump insists talks with Iran are underway, divided into two phases—separate discussions on the Strait of Hormuz reopening and denuclearization—and claims the strait will reopen by August 4 at the latest; Iran denies talks with the US, stating it is only advancing related negotiations with Oman. (2) US Fed's Williams: Optimistic that inflationary pressures will gradually ease. The Fed will act to achieve price stability if inflation does not return to the 2% path as expected. Spot Market: On August 4, the average price of SMM #1 refined nickel was 133,400 yuan/mt, up 2,000 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,150 yuan/mt, flat from the previous trading day, and the range for mainstream domestic brands of electrodeposited nickel was -300 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2609) surged in early trading, closing the morning session at 132,650 yuan/mt, up 1.55%. Nickel prices rallied sharply today, driven by market rumors of quota tightening as the period enters a critical phase for approving Indonesia's supplementary RKAB nickel ore quotas. Indonesia's Minister of Energy and Mineral Resources, Bahlil Lahadalia, stated on August 3 that the government will implement a "measured relaxation" of the RKAB, with additional quotas expected to be released gradually while maintaining the market supply-demand balance. The most-traded SHFE nickel contract is expected to trade in the 128,000-135,000 yuan/mt range in the near term.

In North China today, spot #1 copper cathode against the front-month contract was quoted at a premium of 10–80 yuan/mt, with an average premium of 45 yuan/mt, down 40 yuan/mt from the prior trading day. The average transaction price stood at 106,695 yuan/mt, up 880 yuan/mt from the previous trading day.

On August 4, the SMM #1 refined nickel average price was 133,400 yuan/mt, up 2,000 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 1,150 yuan/mt, unchanged from the previous trading day, while the premium range for mainstream domestic electrodeposited nickel was -300 to 400 yuan/mt.

[8.4 Morning Briefing] Trump stated that an agreement has been reached regarding the Strait of Hormuz, and an agreement on denuclearization will also be reached, with negotiations scheduled to begin on Monday afternoon; Iranian Foreign Ministry spokesman Baghaei stated that the situation in the Strait of Hormuz will not return to the pre-conflict state, and the new shipping lane agreed with Oman will be determined through mutual consultations. The most-traded SHFE nickel 2609 contract plunged below 130,000 yuan in the morning session, closing at 129,520 yuan/mt at the end of the morning session, down 1.91%. As U.S.-Iran negotiations begin, the Strait of Hormuz is expected to resume navigation, sulfur cost support has weakened, and nickel prices have fallen sharply. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 128,000-135,000 yuan/mt.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,866/mt, after initially touching a high of $13,884/mt, it consolidated and pulled back, with the low hitting $13,808/mt, then rebounded to close at $13,848/mt, up 0.33%. Trading volume was 16,900 lots, and open interest fell to 248,000 lots, a decrease of 2,157 lots from the previous trading day, indicating bears reduced positions. Overnight, the most-traded SHFE copper 2609 contract opened at 105,750 yuan/mt, hit a high of 106,220 yuan/mt and a low of 105,610 yuan/mt, and finally settled at 106,190 yuan/mt, up 0.07%. Trading volume was 26,800 lots, and open interest dropped to 202,100 lots, a decline of 3,851 lots from the previous trading day, also indicating bears reduced positions.

[SMM Zinc Morning Meeting Minutes: Nearby Month Squeeze Bulls Continue to Push Up Zinc Prices, LME Zinc Hits Four-Year High]: Overnight, LME zinc opened at $3,645.5/mt, initially fell and then rose, hitting a high of $3,703.5/mt during the session, then continuously pulled back from the high, and near the end of the session dipped to a low of $3,618/mt, finally closing down at $3,634/mt, losing $6/mt, or 0.16%. Trading volume increased by 4,655 lots to 18,193 lots···