[Weaker Macro Sentiment, SHFE Zinc Center Shifted Lower]: The most-traded SHFE zinc 2604 contract opened at 24,460 yuan/mt. Early in the session, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,300 yuan/mt. As downward momentum proved insufficient, the SHFE zinc center moved higher. It closed down at 24,415 yuan/mt, down 5 yuan/mt, a decline of 0.02%. Trading volume fell to 105,000 lots, while open interest decreased by 5,934 lots to 74,747 lots.

[SMM Morning Meeting Minutes: US Dollar Index Plunged; LME Zinc Center Moved Higher] Overnight, LME zinc opened at $3,313/mt and dipped to $3,282/mt in early trading. It then fluctuated upward, with its center moving higher to a peak of $3,367.5/mt. After entering the European trading session, prices pulled back. During the night session, LME zinc gradually recouped its losses and returned to trade near the daily moving average.

[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 Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened higher with a gap at 24,505 yuan/mt, touched a high of 24,525 yuan/mt in early trading, then fluctuated downward to a low of 24,375 yuan/mt as bulls reduced open interest. As bears also reduced open interest, prices rebounded and fluctuated near the daily average line, finally closing up at 24,425 yuan/mt, up 5 yuan/mt, a gain of 0.02%. Trading volume fell to 47,061 lots, and open interest decreased by 3,653 lots to 770.28 million lots.

BC copper, the most-traded 2604 contract, opened at 88,740 yuan/mt, fluctuated rangebound early in the session and bottomed at 88,620 yuan/mt. The center of copper prices then gradually moved higher, and after the daytime open it continued to fluctuate upward, testing 90,460 yuan/mt, before finally closing at 90,110 yuan/mt, up 1.90%. Open interest fell to 5,829 lots, down 172 lots from the previous trading day, while trading volume rose to 4,634 lots, indicating bears reduced positions. On the macro front, Trump claimed the Iran war was basically over and mentioned considering control of the Strait of Hormuz. Market concerns over geopolitical conflicts eased, driving international oil prices to retreat from highs; the US dollar index was under pressure, which was bullish for copper prices. Fundamentals, supply side saw sustained increases in availability, with ample replenishment from both domestic and imported sources; demand side, affected by rising copper prices, downstream purchasing sentiment was slightly restrained, and the pace of release in rigid demand slowed somewhat. SHFE copper 2604 contract closed at 101,520 yuan/mt. Based on BC copper 2604 at 90,110 yuan/mt, its after-tax price was 101,824 yuan/mt, and the price spread between SHFE copper 2604 and BC copper was -304. The price spread remained in backwardation and widened markedly versus the previous day.

SMM News on March 10: During the day, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. In early trading, the price edged down slightly before fluctuating higher and then pulling back again. During the session, SHFE lead prices fluctuate rangebound within 16,670-16,690 yuan/mt. Affected by weak downstream consumption recovery and persistently sluggish spot transactions at smelters, lead prices rebounded slightly in the afternoon before coming under pressure. Near the close, SHFE lead prices settled at the day’s low of 16,650 yuan/mt. A bearish candlestick without a lower shadow was recorded, down 90 yuan/mt, or 0.54%. After the Lantern Festival, domestic smelters accelerated the pace of resuming operations, but downstream consumption sentiment remained weak. Spot shipments stayed at low levels, and inventories at some enterprises remained persistently high. SMM expects that lead prices will maintain a fluctuating trend in the short term. Data Source Statement: Except for public information, all other data are processed by SMM based on public information and market communication, and generated relying on SMM’s internal database models. They are for reference only and do not constitute decision-making advice.

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

[SMM Shanghai Spot Copper] As the delivery period approaches, spot discounts for SHFE copper are expected to continue narrowing steadily. From the perspective of market structure, the inter-month contango price spread between futures contracts has widened, significantly strengthening suppliers’ willingness to ship to delivery warehouses. In particular, inventory in Jiangsu is mainly in the form of warrants, and suppliers tend to opt for delivery rather than spot sales, resulting in persistently tight availability of deliverable spot cargo. In addition, spot premiums quotes in Jiangsu are slightly higher than those in Shanghai. Against this backdrop, suppliers showed a strong willingness to hold prices firm intraday, and quotes in the second session were raised slightly, making procurement more difficult for some downstream enterprises. Looking ahead to tomorrow, under delivery-driven dynamics, spot premiums in Shanghai are expected to remain at current levels.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,794.5/mt. After dipping to $12,734/mt in early trading, its center rose throughout the session, touching a high of $12,968.5/mt near the close, and finally settled at $12,919/mt, up 0.39%. Trading volume rose to 31,000 lots, an increase of 6,518 lots from the previous trading day; open interest rose to 303,000 lots, down 5,089 lots from the previous trading day, mainly reflecting bears reducing positions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 100,230 yuan/mt. After bottoming at 100,050 yuan/mt in early trading, its center rose throughout the session, touching a high of 101,250 yuan/mt at the close, and finally settled at 101,160 yuan/mt, up 1.28%. Trading volume fell to 46,000 lots, down 148,000 lots from the previous trading day; open interest fell to 197,000 lots, down 3,094 lots from the previous trading day, mainly reflecting bears reducing positions overall.