[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Lower in the Night Session and Remained Rangebound at Low Levels, While Trading in the Spot Market Was Relatively Mediocre]

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Rebounded with Volatility After Opening Sharply Lower in the Night Session, While Downstream Enterprises Remained Cautious in Their Purchases]

[SMM Tin Midday Commentary: Bullish and Bearish Factors Intertwine, and the Dilemma of Fluctuating Between Gains and Losses in Shanghai Tin Continues]

[SMM Tin Midday Commentary: SHFE Tin Contract Fluctuated Near 390,000, Traditional Consumption Season Performed Slightly Below Expectations]

[SMM Tin Morning News: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend Around the 400,000 Mark in the Night Session, with Downstream Enterprises Mostly Digesting Inventories for Operations]

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,360 yuan/mt. In early trading, SHFE zinc briefly touched a high of 24,390 yuan/mt, then quickly fell to a low of 24,205 yuan/mt. Thereafter, amid a tug-of-war between longs and shorts, SHFE zinc fluctuated rangebound and finally closed down at 24,240 yuan/mt, down 60 yuan/mt, or 0.25%. Trading volume decreased to 35,766 lots, while open interest increased by 1,359 lots to 74,085 lots.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,044/mt. It touched a high of $13,063.5/mt in early trading, then the center moved lower to a low of $12,929/mt, and finally closed at $12,948.5/mt, down 0.77%. Trading volume came in at 17,000 lots, down 235 lots from the previous trading day; open interest stood at 304,000 lots, up 279 lots from the previous trading day, mainly reflecting an increase in bears' positions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 101,240 yuan/mt. It touched a high of 101,240 yuan/mt at the open, then the center moved lower to a low of 100,560 yuan/mt, and finally closed at 100,860 yuan/mt, down 0.15%. Trading volume came in at 26,000 lots, down 62,000 lots from the previous trading day; open interest stood at 189,000 lots, down 3,320 lots from the previous trading day, mainly reflecting a reduction in bulls' positions overall.

Futures: Overnight, LME lead opened at $1,937.5/mt. During the Asian session, it moved sideways around the intraday moving average. After entering the European session, it rose to a high of $1,945.5/mt, then fluctuated rangebound at high levels before pulling back to a low of $1,932/mt. Before the close, it edged up slightly to recover part of the losses, and finally closed at $1,935.5/mt, down $3/mt, or 0.15%. Overnight, the most-traded SHFE lead contract opened at 16,605 yuan/mt. After dipping to 16,550 yuan/mt in early trading, it rebounded and consolidated near the intraday moving average, finally closing at 16,595 yuan/mt, down 35 yuan/mt from the previous day, or 0.21%. On the macro front: The fourth session of the 14th National People's Congress closed in Beijing. The meeting voted to adopt the resolution on the government work report and reviewed and approved the outline of the 15th Five-Year Plan, charting the course for economic and social development over the next five years. Data released by the US Department of Labor on Thursday showed that although the February nonfarm payrolls report released last week came in weaker than expected, the mild pullback in initial jobless claims indicated that the scale of corporate layoffs remained limited, with employers still more inclined to retain workers. This eased market concerns about a sharp deterioration in the labour market. After the data release, major US stock indexes maintained their declines, while energy stocks were among the few sectors that rose due to a sharp increase in oil prices. Spot Fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of 50-0 yuan/mt against the SHFE lead 2604 contract. The center of SHFE lead moved further lower, and suppliers shipped in line with market conditions. In addition, with delivery approaching, some suppliers became less willing to sell, and quotations appeared somewhat firmer, with significantly fewer transactions at large discounts. Among them, ex-factory quotations in major primary lead producing areas were at discounts of 25 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price. Meanwhile, circulation of spot cargo in the secondary lead market was limited, and secondary refined lead was quoted ex-factory around parity against the SMM #1 lead average price. Downstream enterprises mainly purchased under long-term contracts, with limited spot order replenishment, while some purchased as needed. Trading in the spot market was subdued on both sides. Inventory: As of March 12, LME lead inventory fell by 375 mt to 284,500 mt; as of March 12, SMM social inventory of lead ingots across five regions continued its accumulation trend. Lead Price Forecast for Today: Approaching the weekend, operating rates at primary lead smelters in Hunan gradually resumed, though they had not yet returned to full production, and primary lead quotations in Hunan and Guangdong remained relatively firm. As the delivery date of the SHFE lead 2603 contract approached, suppliers were shifting inventory to delivery warehouses one after another, and social inventory of lead ingots continued to become more visible. With more imported lead arriving at ports and China refined lead supply gradually recovering, spot cargo in the spot market was relatively ample. Downstream enterprises had more procurement options, actively negotiated prices, and bought the dip. In the short term, the accumulation trend in social inventory of lead ingots is expected to be difficult to reverse, and lead prices are expected to remain in the doldrums.

[SMM Morning Meeting Summary: Affected by Macro Disturbances, LME Zinc Maintained Wide Swings] LME zinc opened at $3,316/mt. In early trading, LME zinc fluctuated upward and touched a high of $3,331.50/mt, after which prices fell rapidly. It then rose and recovered the losses, but during European trading hours, as bears reduced open interest, LME zinc quickly dipped to $3,284/mt. In the night session, amid a tug-of-war between longs and shorts, LME zinc gradually recouped the losses and returned to fluctuate above the average price line, finally closing down at $3,314.50/mt, down $1/mt, or 0.03%. Trading volume decreased to 82,887 lots, and open interest increased by 527 lots to 217,000 lots.

SMM, March 13: Overnight, LME lead opened at $1,937.5/mt. During the Asian session, it moved sideways around the intraday moving average. After entering the European session, it rose to a high of $1,945.5/mt, then fluctuated rangebound at high levels before pulling back to a low of $1,932/mt. Before the close, it edged up slightly to recoup part of the losses, and finally closed at $1,935.5/mt, down $3/mt, or 0.15%. Overnight, the most-traded SHFE lead contract opened at 16,605 yuan/mt. After dipping to a low of 16,550 yuan/mt in early trading, it rebounded and fluctuated around the intraday moving average, eventually closing at 16,595 yuan/mt, down 35 yuan/mt from the previous day, or 0.21%.