SMM March 10: In early trading, SHFE aluminum 2603 moved lower, with the price center dropping sharply from the previous trading day. Today, purchasing sentiment was not significantly driven by aluminum prices; buying strength remained weak, and buying interest was low. Today, mainstream transaction prices were concentrated at discounts of 10 yuan/mt to premiums of 20 yuan/mt. Today, the east China market shipments sentiment index was 3.19, down 0.03 MoM; the buying sentiment index was 2.53, up 0.04 MoM. Today, SHFE aluminum fell sharply in early trading, and purchasing sentiment was not significantly driven by aluminum prices; buying strength remained weak, and buying interest was low. Today, mainstream transaction prices were concentrated at discounts of 130 yuan/mt to discounts of 120 yuan/mt against the SHFE aluminum 03 contract. Today, the central China market shipments sentiment index was 2.58, down 0.12 MoM; the buying sentiment index was 2.42, up 0.02 MoM. Inventory side, today aluminum ingot inventory in major consumption areas increased 13,000 mt MoM, with the inventory buildup mainly coming from Gongyi and Guangdong. In the short term, after the Chinese New Year, aluminum ingots continued seasonal inventory buildup; affected by bullish sentiment, premiums were expected to remain on a narrowing trend.

[SMM Aluminum Morning Meeting Minutes: Geopolitical Risks in the Middle East Cool Significantly; Aluminum Prices to Fluctuate at Highs in the Short Term] Overall, from a macro perspective, easing geopolitical risks and the continued buildup of domestic social inventory have created bearish pressure on aluminum prices. However, the geopolitical situation in the Middle East remains unclear; if the conflict persists, expectations for a tightening of global aluminum supply are strong, and aluminum prices still have solid upward momentum. In the short term, aluminum prices are still expected to hold up well.

Today, in North China, the average spot prices against the front-month contract for #1 copper cathode were at a discount of 100 yuan/mt, up 30 yuan/mt from the previous trading day, and the average transaction price was 101,305 yuan/mt, up 1,910 yuan/mt from the previous trading day.

[SMM Cast Aluminum Alloy Morning Comment: Prices Pull Back as Aluminum Scrap Holders Are Reluctant to Sell; Overall Market Trading Remains Muted] Yesterday, the SMM ADC12 price rose by 500 yuan/mt, with the center of market quotations moving up markedly. Most producers’ price adjustments were concentrated in the 500–600 yuan/mt range. Recently, raw material prices have continued to strengthen, and the cost side has risen quickly, providing a clear lift to enterprise quotations. However, downstream demand has been relatively steady. Most enterprises reported that orders and inquiry activity were generally average, and downstream purchasing remains mainly restocking on an as-needed basis. Supported by cost-driven momentum and market expectations, enterprises have shown a clear willingness to raise prices. In the short term, against the backdrop of cost support and mild supply release, ADC12 prices are expected to hold up well. The medium-term trend will still depend on the recovery of end-use consumption. If die-casting industry orders increase significantly, the price center is expected to move up further; if demand recovery falls short of expectations, coupled with a continued rise in operating rates on the supply side, prices will shift from elevated levels into rangebound consolidation.

[SMM Chrome Daily Commentary: Quotes Rose Steadily, Strong Support at the Bottom] News on March 10, 2026: Both ferrochrome and chrome ore quotes rose slightly……

Tensions in the Middle East have escalated again recently, as the conflict between Israel and Iran continues to intensify, drawing renewed global attention to energy transportation security in the Gulf region.Given the high level of uncertainty surrounding the development of the situation, market risks are clearly skewed to the upside. This article provides a brief analysis of how the current conflict may affect the copper market going forward.

Today, spot prices of #1 copper cathode in North China against the front-month contract ranged from a discount of 180 yuan/mt to a discount of 80 yuan/mt. The average price increased by 60 yuan/mt from the previous trading day, while the average transaction price of 99,395 yuan/mt decreased by 1,450 yuan/mt from the previous trading day.

[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives:

[SMM Aluminum Morning Meeting Minutes: Middle East Geopolitical Risks Heighten Supply Concerns; Aluminum Prices to Trend Strongly Higher in the Short Term] Overall, although domestic social inventory continues to build up, the current geopolitical situation in the Middle East is the focus of global attention. If the geopolitical conflict continues, expectations for a tightening in global aluminum supply will remain strong, and aluminum prices will have strong upward momentum. In the short term, aluminum prices are expected to hold up well.

SMM, March 9: In the morning session, SHFE aluminum 2603 rose and then fell, with the price center significantly higher than the previous trading day. Today, affected by sharp futures fluctuations, the market showed a strong wait-and-see sentiment, and buying sentiment weakened. Mainstream quotations and transaction prices were concentrated at a discount of 20 yuan/mt to the average price. The east China market shipments sentiment index was 3.22, up 0.11 MoM; the buying sentiment index was 2.49, down 0.27 MoM. Aluminum prices rebounded sharply, while trading activity in the central China market was weak. Traders and downstream processing enterprises mostly stayed on the sidelines, with relatively subdued buying sentiment; suppliers also showed weak willingness to hold prices firm and tended to ship an appropriate volume on price strength. Ultimately, overall transaction prices in central China were concentrated from parity with the central China price to a discount of 30 yuan/mt to the central China price, and the continued downward trend was not significant. The central China market shipments sentiment index was 2.7, up 0.04 MoM; the buying sentiment index was 2.4, down 0.01 MoM. Inventory: Today, aluminum ingot inventory in major consumption areas increased by 11,000 mt MoM, with the inventory buildup mainly coming from Wuxi and Guangdong. In the short term, aluminum ingots continued to see seasonal inventory buildup after the Chinese New Year; influenced by bullish sentiment, premiums were expected to remain on a narrowing trend.