[SMM Shanghai Spot Copper] Looking ahead to next week, spot discounts for Shanghai spot copper are expected to continue a steady recovery. From the market structure perspective, the price spread between futures contracts for the next-month C contract remained around 300 yuan/mt, prompting suppliers to hold prices firm and withhold sales. Meanwhile, the downward shift in the center of copper prices effectively stimulated downstream purchase willingness, driving a notable rise in spot premiums. Supply side, domestic copper and previously price-locked imported cargo continued to arrive, and with social inventory at elevated levels, overall circulating supply in the market remained ample. Under the combined effects of suppliers holding prices firm and downstream buying the dip, the momentum for the recovery in spot discounts is expected to continue.

SMM Nickel News, March 6: Macro and Market Updates: (1) The central bank announced that, to keep liquidity in the banking system ample, on March 6, 2026, the People’s Bank of China will conduct 800 billion yuan outright reverse repo operations via fixed-amount, interest-rate tender with multiple-price allotment. The tenor will be three months (91 days). (2) Amir Heydari, deputy commander of Iran’s Khatam al-Anbiya Central Headquarters, said in an interview on the morning of the 5th local time that Iran had not actually closed the Strait of Hormuz. In a statement, the Islamic Revolutionary Guard Corps said that military and commercial vessels belonging to the US, Israel, and European countries and their supporters are strictly prohibited from transiting the waters; once discovered, they will be struck. Spot Market: On March 6, SMM #1 refined nickel prices rose by 150 yuan/mt from the previous trading day. For spot premiums, the average for Jinchuan #1 refined nickel was 6,750 yuan/mt, up 100 yuan/mt from the previous trading day; the range for domestically mainstream brands of electrodeposited nickel was -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) opened lower and then fluctuated upward, closing the morning session at 137,580 yuan/mt, up 0.65%. A rebound in the US dollar index put pressure on nonferrous metal prices. In the short term, nickel prices are expected to maintain a fluctuate upward trend, and the most-traded SHFE nickel contract may trade in the 135,000-143,000 yuan/mt range.

[SMM Stainless Steel Daily Review] SS Futures Trade Rangebound; Bullish Sentiment for Spot Stainless Steel Weakens SMM News on March 6: SS futures showed a pattern of holding up well. SS moved in the doldrums during the night session, but after the daytime session opened, it gradually strengthened and probed higher, finally closing at 14,115 yuan/mt. In the spot market, spot quotes pulled back in the morning under the influence of weaker SS performance in the night session; however, as futures fluctuated upward, spot quotes also followed with some gains, and the overall adjustment was limited. Recently, affected by factors such as expectations for a high stainless steel production schedule in March, a slowdown in the rise of high-grade NPI prices, and a slow recovery in downstream demand, traders’ earlier bullish expectations have weakened somewhat, and their willingness to make shipments has increased. The most-traded SS futures contract fluctuated upward and strengthened. At 10:15 a.m., SS2604 was quoted at 14,240 yuan/mt, down 35 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 280-480 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were generally steady; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi fell 25 yuan/mt, while the average price in Foshan was steady; cold-rolled 316L/2B coils in Wuxi were steady; hot-rolled 316L/NO.1 coils in Wuxi were quoted steady; cold-rolled 430/2B coils in both Wuxi and Foshan were steady. As the market enters the traditional peak consumption season of “Golden March and Silver April,” the stainless steel market is seeing a window for demand recovery. Downstream demand has gradually resumed work and production after the Chinese New Year holiday, and demand is showing a gradual recovery trend. However, although transactions have improved compared with the earlier period, the bustling peak-season momentum has yet to emerge. End-user procurement is mainly driven by rigid demand, with stockpiling…

Platinum prices stopped falling and rebounded, with the most-traded PT2606 platinum futures contract on the Guangzhou Futures Exchange up 1.34% in early trading, closing at 567.9 yuan/gram. In the spot market, spot platinum prices against PT2606 were quoted at discounts of 10-13 yuan/gram, or at discounts of 1-4 yuan/gram against the Shanghai Gold Exchange’s Sell 1. Spot discounts widened slightly from the previous trading day. As for spot transactions, according to SMM, some traders holding cargo said that quotes at around a 10 yuan/gram discount to the June contract were difficult to conclude, and discounts needed to be lowered to above 12 yuan/gram. End-users made just-in-time procurement, and the spot market was still dominated by small-lot transactions, with overall trading normal.

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

Silver prices moved downwards after a higher opening this week. After the spot-futures price spread narrowed, spot premiums for physical silver ingots declined as expected, but the gap between suppliers’ quotes widened. There were still many large ingots traded directly in the market this week, or processed into small ingots and then re-entered the market for trading. Significant differences in transaction prices persisted for silver ingots across different brands and lot sizes. As of Thursday, Shanghai market quotes for national-standard silver ingots against TD premiums had been lowered to 850-900 yuan/kg, while major-producer ingots were quoted at 900-1,000 yuan/kg, with sellers holding prices firm and reluctant to sell. Downstream buyers actively negotiated and bought the dip. Some smelters or traders lowered prices due to concerns that premiums might continue to decline or because of cash-flow pressure, thereby facilitating transactions. After the Lantern Festival, downstream operating rates gradually increased, and market trading volumes continued to expand. Inventory side, total social inventory of silver declined this week. As spot premiums surged sharply before the holiday, downstream participants generally did not stockpile ahead of the holiday. Therefore, after the holiday, under pressure to fulfill order deliveries, downstream silver users purchased large volumes of physical silver ingots. After SHFE deliveries were completed in February, a large amount of spot cargo also flowed out of warehouses.

[SMM Analysis]Macro Factors Drove, and Supply and Demand Gradually Recovered,ADC12 Prices Were Expected to Rise in March

In February 2026, the operating rate of secondary copper rod was 7.98%, above expectations of 7.46%, down 9.7 percentage points MoM and down 23.72 percentage points YoY. In February 2026, China’s secondary copper rod market, jointly driven by the Chinese New Year holiday and policy uncertainty, went through a full cyclical evolution of “pre-holiday volatility and positioning...

This week, ferrous metals held up well within a narrow range. Over the weekend, turmoil in the Middle East and the escalation of the U.S.-Iran conflict triggered wild swings in the international energy market, sending energy and precious metals sharply higher, while ferrous metals—except coking coal and coke—mostly retreated after rapid rise following the open; mid-week, although there were bullish expectations around the Two Sessions, no new news emerged, the steel market remained relatively stable, and the pattern of raw materials outperforming finished steel products continued; in the latter half of the week, the Two Sessions’ macro conclusions met expectations, but had already been priced in by futures earlier, and high-level fluctuations in international oil prices continued to support raw materials, in turn pushing ferrous metals to edge higher on a steady footing. In the spot market, in the second week after the holiday, the market gradually resumed work and resumed production, but with insufficient momentum from futures, overall willingness to purchase was not high, and transactions were mainly concluded at low prices......

[SMM Chromium Daily Review: Quotes Continued to Rise, Strong Willingness to Hold Prices Firm] News on March 5, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia rose by 50 yuan/mt (50% metal content) MoM from the previous trading day...