SMM, March 5: In early trading, SHFE aluminum 2602 fluctuated upward, with the price center higher than the previous trading day. Affected by the US-Iran conflict, aluminum prices continued to rise. Impacted by high aluminum prices today, buying sentiment declined while selling sentiment increased. The spot-futures price spread was currently relatively strong, and some traders were still purchasing for hedging. Bullish sentiment was strong in the market, and sellers held prices firm. Today’s mainstream transaction prices were from the average price to +10 yuan/mt. Today, the east China market shipments sentiment index was 2.98, up 0.3 MoM; the purchasing sentiment index was 2.96, down 0.23 MoM. Geopolitical conflict affected Aluminum Bahrain’s shipments, intensifying sentiment of financial constraints. Traders in the central China market remained bullish. Although downstream processing enterprises were constrained by weaker-than-expected orders and inventories not yet fully depleted, resulting in relatively weak purchasing sentiment, traders’ purchases boosted overall market transactions, and premiums remained relatively firm. Ultimately, actual transaction prices in the central China market ranged from central China price +10 yuan to central China price -30 yuan, with mainstream transaction prices concentrated at central China price -10 yuan to -20 yuan. Today, the central China market shipments sentiment index was 2.77, up 0.07 MoM; the purchasing sentiment index was 2.4, up 0.08 MoM. Inventory side, aluminum ingot inventory in major consumption areas increased 13,000 mt MoM today. Affected by seasonality, all three regions saw inventory buildup. In the short term, after the Chinese New Year, aluminum ingots continued to see seasonal inventory buildup. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

This week, ternary cathode precursor prices declined slightly. Raw materials, nickel sulphate prices edged up today, cobalt sulphate prices declined again, and manganese sulphate prices held steady.

SMM, March 4: Aluminum ingot: Today, Foshan A00 spot aluminum was affected by the geopolitical situation in Iran, with heightened fluctuations in market sentiment. Discounts edged down slightly before recovering. Mainstream quotations against the front-month contract were -170 yuan/mt, with some cargoes quoted at -180 yuan/mt, down 10-20 yuan/mt WoW from last Friday. Intraday transactions were concentrated at -20~-10 yuan/mt. A major buyer in Foshan swept up cargoes at -10 yuan/mt. Lower-priced cargoes were relatively abundant, and a small number of quotations rebounded to near parity. Downstream purchases were mainly driven by rigid demand, with deliveries to plants at -10 yuan/mt, and overall purchasing sentiment remained sluggish. Aluminum billet: Today, the average processing fee for SMM 6063 aluminum billet (Guangdong) was 180 yuan/mt for Φ90/100, and 130 yuan/mt for Φ120 and above, down 20 yuan/mt from yesterday. Affected by expectations of tightening overseas supply, the base price rose significantly, and aluminum billet processing fees were somewhat under pressure. Meanwhile, downstream post-holiday resumption progressed slowly, and purchases were mainly driven by rigid demand, with buyers pushing for lower prices. If aluminum futures prices continued to rise, suppliers would continue to raise processing fees, while market trading sentiment was relatively average.

LONDON, March 3 (Reuters) - Gold's appeal as it draws support from the widening conflict in the Middle East is expected to ​remain intact even if some investors have favoured the dollar as their preferred safe haven, traders and analysts said.

According to SMM data, the composite operating rate of copper bar enterprises in February was 22.78%, down 22.08 percentage points MoM and down 17.64 percentage points YoY.

In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,146/mt and hit an early high of $13,153/mt. Thereafter, the center of copper prices gradually moved lower, dipping to $12,975/mt near the close, and finally settled at $13,027.5/mt, up 0.49%. Trading volume rose to 25,000 lots, and open interest to 306,000 lots, down 1,096 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 101,640 yuan/mt and climbed early to 102,080 yuan/mt, then fluctuated downward to a low of 101,200 yuan/mt, followed by wide swings, and finally settled at 101,700 yuan/mt, up 0.45%. Trading volume rose to 44,800 lots, and open interest to 195,000 lots, down 213 lots from the previous trading day, mainly due to bears reducing positions.

[SMM Zinc Morning Comment] Overnight SHFE zinc posted a small bullish candlestick, but the center of the daily candlestick edged slightly lower. Overnight zinc prices traded in a narrow range, with relatively strong support at the bottom; watch...

Silicon metal production in February was 275,700 mt, down 26.6% MoM and 5% YoY. In terms of daily output, the average daily production in February decreased by about 19% MoM from January.It is projected that silicon metal production in March will increase to over 340,000 mt MoM, with an average daily production increase of approximately 13% MoM.

[SMM Cast Aluminum Alloy Morning Comment: Supply and Demand Gradually Recover, ADC12 Prices Hold Up Well] After the holiday, market inquiry activities gradually recover, and trading activity increases, but actual transaction volumes remain relatively limited. Currently, downstream enterprises are mainly focused on restocking based on rigid demand and prioritizing the digestion of pre-holiday inventory. Entering March, with the full resumption of production at end-user companies, the certainty of MoM demand improvement strengthens, and consumption is expected to continue its rebound. Following the Lantern Festival, as enterprises fully resume production, market circulation is expected to gradually increase.