Precious metal prices continued to fluctuate with a downward bias today. The spot-futures price spread of the most-traded SHFE silver contract widened slightly, and significant discrepancies in spot market quotations persisted. In the Shanghai area, mainstream quotations from registered-brand standard silver ingot suppliers were adjusted down to premiums of 50-60 yuan/kg against TD or quoted at premiums of 20 yuan/kg against the SHFE silver 2604 contract in the morning session. Some non-delivery brand smelter cargoes self-picked up from production site were sold at premiums of 0-10 yuan/kg against TD. Downstream consumption was sluggish, but considering factors such as the spot-futures price spread and costs, registered-brand silver ingot suppliers were inclined to deliver against the SHFE April contract. After the holiday, many downstream buyers remained on the sidelines, and spot transactions were thin.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market remains under pressure. Supply side, although some suppliers offloaded cargo during the day, the discount did not widen significantly. Going forward, suppliers showed a stronger willingness to hold prices firm, with some enterprises controlling the pace of shipments, providing support for spot copper. Available supplies in Jiangsu were tight, further strengthening suppliers' willingness to hold prices firm. Demand side, on the first trading day after the Qingming Festival, downstream enterprises showed high enthusiasm for resuming operations, procurement sentiment recovered, and support from just-in-time procurement remained. Overall, driven by the combined effect of suppliers holding prices firm and downstream restocking, spot prices against the SHFE copper 2604 contract are expected to remain at a discount tomorrow.

SMM April 7 News (Source: Market information): According to market sources, Nandan County Jilang Indium Industry Co., Ltd. plans to sell crude indium ingots externally on April 7. The product specifications are indium ≥99.00%, with a total quantity of approximately 1,000 kg, in compliance with the standard YS/T 1163-2016 "Crude Indium". The delivery location is the warehouse of Nandan County Jilang Indium Industry Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighing, while the buyer bears the freight costs. The bidding deadline is before 16:00 on April 7, 2026; bids submitted after the deadline will be invalid.

SMM April 7: According to market sources, Nandan Jilang Indium Industry Co., Ltd. plans to sell crude indium ingots for exports on the 7th of this month, with indium purity ≥99.00%, approximately 1,000 kg, in accordance with standard YS/T 1163-2016 "Crude Indium." Delivery location: Nandan Jilang Indium Industry Co., Ltd. warehouse (Chehe Town Industrial Park, Nandan County, Hechi City). The seller is responsible for loading and weighing, and freight costs shall be borne by the buyer. The bidding deadline is before 16:00 on April 7, 2026, after which the offer will be invalid.

SMM, April 7: Today, in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 170 yuan/mt for high-quality copper, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 95 yuan/mt, down 25 yuan/mt from yesterday; and SX-EW copper was quoted at a premium of 40 yuan/mt, down 20 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 96,945 yuan/mt, up 655 yuan/mt from the previous trading day, while the average price of SX-EW copper was 96,260 yuan/mt, up 665 yuan/mt from the previous trading day. Spot market: Guangdong inventory continued to decline, marking the 15th consecutive drop and falling below 40,000 mt, the lowest level for the same period in recent years. Although inventory fell, copper prices rose, dampening downstream users' restocking enthusiasm, and suppliers could only slightly lower premiums to move cargo. It was learned that the Shanghai-Guangdong price spread was relatively wide before the holiday, and some downstream users transferred cargo from other regions, which was also one of the reasons for the weak consumption today. Today, procurement sentiment for copper cathode in Guangdong was 2.38, down 0.14 from the previous trading day, while shipment sentiment was 3.79, up 0.11 from the previous trading day (historical data is available in the database). Overall, as copper prices rose, downstream restocking demand weakened, and overall trading was average.

[Tungsten Industry Long-Term Contract Information] SMM, April 7: A tungsten industry group in Jiangxi released its long-term contract prices for the first half of April. The guidance price for Grade 1 national-standard wolframite concentrates for the first half of April 2026 was 956,000 yuan/standard tonne (65%WO3 basis).

Hedge fund manager David Einhorn predicts a historic shift in global reserves as central banks move away from U.S. dollars toward gold, citing unstable U.S. trade policy and soaring deficits.

SMM Morning Meeting Summary: Overnight, LME copper was closed due to Easter. On the last trading day before the holiday, it closed at $12,348.5/mt, down 0.99%; overnight, SHFE copper was closed due to the Qingming Festival. On the last trading day before the holiday, it closed at 96,250 yuan/mt, up 0.39%.

[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.

On March 31, the commissioning ceremony for the green technological upgrading project of aluminum-based new materials of Shandong Lubei Haisheng Biotechnology Co., Ltd. was held at the project site. This project is a key initiative of Lubei Group to promote green industrial transformation and address key capacity gaps. Since its commencement in 2024, it has accumulated an investment of 455 million yuan. Upon full operation, the project will save 128,000 tons of standard coal equivalent in energy consumption annually, significantly improving resource utilization and further solidifying the company's foundation for an annual alumina production capacity of 1 million tons.