Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average discount of 200 yuan/mt to a discount of 100 yuan/mt, with the average discount of 150 yuan/mt unchanged from the previous trading day. The average transaction price was 102,630 yuan/mt, up 350 yuan/mt from the previous trading day.

[SMM Lead Morning Meeting Minutes: Limited Macro and Fundamental Positives, Insufficient Momentum for Lead Price Increases] US Trump said a US-Iran deal was "very likely," threatening stronger bombing if talks failed. After the Labour Day holiday, the lead market resumed normal trading, with lead ingot arrivals increasing at warehouses in multiple regions...

[SMM Cast Aluminum Alloy Morning Comment: Weak Post-Holiday Demand, Prices Expected to Move Sideways in the Short Term] Yesterday, the ADC12 market saw divergent price adjustments. Some enterprises attempted to slightly raise their quotes, driven by the recovery in futures, but overall upward momentum for increases remained insufficient, with most enterprises opting to hold prices steady and take a wait-and-see approach. Meanwhile, a few enterprises chose to lower prices due to weak post-holiday demand and pressure from previously high quotes. The post-holiday market remained in a tug-of-war between weak demand and cost support, with limited improvement in transactions. ADC12 prices are expected to maintain a fluctuating trend within a narrow range in the short term, with insufficient upward momentum.

Today, SMM battery-grade spot lithium carbonate price rose significantly compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened high today at 191,500 yuan/mt, briefly pulled back to 191,000 yuan/mt after the opening before quickly rallying, stabilizing above the 193,000 yuan/mt level in the morning session. Around midday, bulls continuously increased open interest, driving prices to accelerate upward. In the afternoon session, prices fluctuated at highs with an upward bias, further surging to 199,600 yuan/mt near the close, ultimately settling at 199,400 yuan/mt, up 7.31%, with open interest increasing by 21,281 lots.

In the short term, cost support driven by energy price increases, combined with a relatively small supply-demand imbalance, suggested that sheets & plates prices would continue to fluctuate at highs with limited room for correction. Risk-wise, after today's daytime session, the U.S. side indicated that the U.S. and Iran were close to reaching a deal, causing Brent crude oil futures to plunge sharply. In addition, steel prices rose too quickly in this round, with actual demand realization remaining weak. Apparent steel demand in May was expected to peak and pull back, and supply-demand imbalances in the steel sector would slowly accumulate in mid-to-late May. Attention should be paid to developments in the Middle East situation and the pace of demand pullback in China.

On April 24, 2026, the State Taxation Administration officially released the "Positive and Negative List for Taxpayers' Compliant Invoice Issuance," providing clear and itemized guidance that both better safeguards taxpayers' legitimate rights and promotes the rectification of circular invoicing, mutual invoicing, and invoicing with artificially inflated transaction links

On May 6, 2026, iron ore futures rose sharply today, with the most-traded contract I2609 closing at 816 yuan/mt, up 2.84% from the previous trading session. Port spot prices rose 10-18 yuan/mt from the previous day. Traders showed increased quoting activity, while steel mill purchases were mostly driven by rigid demand with few inquiries; overall spot transaction sentiment remained sluggish. The latest SMM survey data showed that daily average pig iron production edged down by 9,800 mt to 2.4307 million mt; the blast furnace operating rate declined 0.19% to 89.61%. This indicated that overall rigid demand for iron ore, though slightly lower, remained at a high level. Looking ahead, as previously constrained port inventory was released and well absorbed by the market, upward resistance on ore prices has eased amid continuously increasing destocking speed, and there is currently strong upward momentum. However, as raw material costs continue to climb and profits remain under pressure, steel mills may increase maintenance intensity going forward. Therefore, iron ore prices are expected to fluctuate upward in the short term, while medium and long-term trends still depend on the ability of steel mills to absorb supply.

Gold has been pulled in two directions in recent weeks. On one side, rising oil prices and escalating geopolitical tensions have strengthened the metal’s safe-haven appeal.

[SMM Aluminum Alloy Daily Review] Futures side, the aluminum alloy 2606 contract fluctuated upward today, opening at 23,145 yuan/mt and closing at 23,245 yuan/mt, up 335 yuan/mt from the previous settlement price, a gain of 1.46%. Spot side, ADC12 market price adjustments diverged today. Some enterprises attempted to slightly raise their offers driven by the recovery in futures, but overall momentum for increases remained insufficient, with most enterprises opting to hold prices steady and wait. The post-holiday market remained in a phase of tug-of-war between weak demand and cost support, with limited improvement in transactions. ADC12 prices are expected to maintain a narrow fluctuating trend in the short term.

[SMM Chrome Daily Review: Post-Holiday Market Temporarily Stable, Trading Activity Limited] May 6, 2026: The ferrochrome and chrome ore market saw limited fluctuations...