The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

Recently, Rio Tinto Group and CATL signed the Memorandum of Understanding on Establishing a Partnership. The two parties will carry out in-depth cooperation in three key areas: strategic development and innovation in electrification, supply chains and the circular economy, and commercial and cooperation mechanisms, to jointly seize new industrial opportunities arising from the low-carbon transition. According to the Memorandum of Understanding, the two parties will prioritize advancing electrification applications in mining operations, exploring commercial pathways for battery materials recycling and the circular development of critical mineral resources, and studying circular economy practices and diversified cooperation models.

We all know the relationship between Gold and US Dollars in the financial markets. When the USD rises, gold tends to fall and vice versa. It sounds simple to you, right? But understanding why this happens, and how to actually trade it like a pro trader, takes more than knowing that the pattern exists.

Hyundai Motor Group announced that it has signed a memorandum of understanding (MoU) with Zhejiang Huayou Recycling Technology, a subsidiary of China’s Huayou Cobalt, to jointly build an electric vehicle (EV) battery circular economy in Indonesia. Under the agreement, the two parties plan to collect battery scrap generated during production at HLI Green Power, the joint battery cell plant established by Hyundai Motor Group and LG Energy Solution in Indonesia. The scrap will be pre-treated at Huayou Recycling’s local facilities and crushed into “black mass,” a powder containing various metals, from which key minerals can later be extracted and reused in battery manufacturing.

[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $12,871/mt. It hit a high of $12,942/mt amid wide swings early in the session, after which the center of copper prices gradually moved lower and fell to $12,733/mt near the close, finally settling at $12,735.5/mt, down 1.64%. Trading volume reached 22,600 lots, and open interest stood at 307,000 lots, an increase of 3,144 lots from the previous trading day, mainly due to bears adding positions. Last Friday night, the most-traded SHFE copper 2604 contract opened at 100,520 yuan/mt and climbed to 100,760 yuan/mt early in the session. Afterwards, the center of copper prices fluctuated downward and touched a low of 99,710 yuan/mt near the close, with a decline of 0.86%. Trading volume reached 38,900 lots, and open interest stood at 190,000 lots, a decrease of 930 lots from the previous trading day, mainly due to bulls reducing positions.

Futures: Last Friday, LME lead opened at $1,938/mt. During the Asian session, LME lead prices moved steadily around the daily average line, briefly touching a high of $1,638.5/mt. Entering the European session, bulls and bears were evenly matched, and LME lead prices continued to fluctuate rangebound around the daily average line. Thereafter, bears took the lead, and LME lead fluctuated downward. Around midnight, LME lead prices plunged to a low of $1,890/mt, and finally closed at $1,903/mt, down $32.5/mt, or 1.68%. Trading volume fell to 7,363 lots, while open interest increased by 2,494 lots to 176,000 lots. Last Friday night, the most-traded SHFE lead contract opened at 16,550 yuan/mt. It edged up in early trading, touched a high of 16,565 yuan/mt, and then slipped slightly. Thereafter, amid a tug-of-war between bulls and bears, SHFE lead prices fluctuated rangebound within the 16,385-16,465 yuan/mt range, and closed at 16,395 yuan/mt near the session low. It posted a long bearish candlestick, down 160 yuan/mt, or 0.97%. Trading volume fell to 28,599 lots, while open interest increased by 2,715 lots to 66,396 lots. On the macro front: 1. US GDP for Q4 last year was revised down to only 0.7%, while core PCE inflation rose 0.4% MoM and 3.1% YoY. 2. Sources said neither the US nor Iran intended to agree to a ceasefire, and the conflict in the Middle East may become prolonged. Israeli Prime Minister Netanyahu released a video to prove he was still "alive" and said operations against Iran would continue. The Israeli military said its military operations against Iran would last at least another three weeks. Iran's foreign minister said Iran had never requested a ceasefire or negotiations. A senior Iranian commander said there were two conditions for ending the war: Iran must recover all losses and the US must leave the Persian Gulf. 3. International Energy Agency: Record strategic crude oil reserves will be released immediately to the Asian market, while Europe and the US will need to wait until month-end. 4. Japanese Finance Minister Katayama Satsuki: Preparations have been made to take all necessary exchange-rate measures. 5. State Council executive meeting: It discussed and approved the Work Division Plan for the State Council's Key Tasks in 2026 and studied the establishment of a negative list management mechanism for local fiscal subsidies. 6. The central bank: Aggregate social financing added up to 9.6 trillion yuan in the first two months, 31.62 billion yuan more than the same period last year; M2 balance at the end of February rose 9% YoY. 7. The National Financial Regulatory Administration, together with the People's Bank of China, formulated the Provisions on Disclosure of Comprehensive Financing Costs for Personal Loan Business. 8. China Securities Regulatory Commission: It will closely track changes in international financial markets and the internal and external environment, and strengthen coordinated monitoring of at home and abroad and futures and spot markets. 9. China-US economic and trade consultations were held in France from March 14 to March 17. Spot fundamentals: SHFE lead remained in the doldrums. Suppliers quoted in line with market conditions. In Jiangsu, Zhejiang, Shanghai, suppliers mostly waited for delivery, with few quotations. Meanwhile, quotations for primary lead cargoes self-picked up from production site diverged. Suppliers in the north actively made shipments at discounts, while in south China, due to limited circulating cargoes, some suppliers held prices firm and shipped at premiums. Mainstream producing areas were quoted at discounts of 25 yuan/mt to premiums of 50 yuan/mt ex-works against the SMM #1 lead average price. In addition, secondary lead smelters were mostly cutting or suspending production due to losses, leaving fewer circulating cargoes in the market. Secondary refined lead was quoted at premiums of 0-25 yuan/mt ex-works against the SMM #1 lead average price. Downstream enterprises bought the dip on demand, and due to the price difference between primary lead and secondary lead, rigid demand from downstream enterprises was more inclined toward primary lead. Inventory: As of March 13, LME lead registered warrants fell 0.18% to 279,125 mt. As of March 12, total SMM social inventory of lead ingot across five regions continued to increase. Today's Lead Price Forecast: Current lead prices were still generally moving in a weak rangebound pattern, lacking a clear one-way trend. The primary lead spot market showed a clear north-south divergence, with northern suppliers shipping at discounts and some southern cargoes staying tight, supporting firm offers. Secondary lead smelters cut or suspended production due to losses, and tighter circulating cargoes provided some price support, but downstream procurement remained cautious and mainly driven by rigid demand, with weak purchase willingness. As the price spread between primary lead and secondary lead narrowed, some demand shifted to primary lead, while transactions in secondary lead remained sluggish. Overall, lead prices are unlikely to see a notable rebound in the short term and will likely maintain rangebound consolidation. Further attention should be paid to inventory changes and smelter production conditions.

Since March 4, 2026, secondary copper rod has shifted to a premium of 200-400 yuan/mt against the most-traded futures contract. Meanwhile, the price difference between copper cathode rod and secondary copper rod narrowed sharply from around 1,200 yuan/mt to about 300 yuan/mt

Next week, the US Fed will announce its interest rate decision and Summary of Economic Projections, and the market widely expects rates to remain unchanged. On the macro data front, key releases will include China's total retail sales YoY from January to February, China's industrial value-added of enterprises above designated size YoY from January to February, and the US February PPI YoY. In addition, Chinese Vice Premier He Lifeng will lead a delegation to France from March 14 to 17 for economic and trade consultations with the US side. LME lead, markets outside China continue to be affected by developments in the Middle East, including rising natural gas prices and hindered battery transportation, constraining both the supply and demand sides of lead. Meanwhile, China's lead ingot import window opened further, attracting overseas lead ingots into the Chinese market. In Southeast Asia, for example, spot lead circulation declined and premiums rose, which may provide some support for lead prices. LME lead is expected to trade at $1,900-1,960/mt next week. SHFE lead, as the SHFE lead 2603 contract nears delivery, suppliers have been shifting inventory and shipping to delivery warehouse, leading to a continued increase in visible lead ingot inventory. Together with growing arrivals of imported lead, this dragged the overall price center lower. At the same time, losses in secondary lead widened, and many smelters cut production or postponed the resumption of operations, while smelters' in-factory inventory declined. In the short term, bullish and bearish factors are intertwined. After the bearish impact of inventory buildup from delivery warehouse shipments is fully absorbed, attention should be paid to the possibility of lead prices stabilizing. The most-traded SHFE lead contract is expected to trade at 16,400-16,850 yuan/mt next week. Spot price forecast: 16,350-16,650 yuan/mt. On the consumption side, downstream enterprises maintained stable production, and as lead prices fell, producers will gradually buy the dip. Supply side, production at primary lead and secondary lead enterprises is gradually recovering, while inventory pressure from enterprises' in-factory inventory eased. In addition, given the prominent losses in secondary lead, even with supplementary imported crude lead, spot discounts for primary lead and secondary lead are unlikely to widen further and may instead narrow as lead prices weaken.