The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Mar , 2026

[SMM Aluminum Bulletin] On March 16, SHFE aluminum futures warrants stood at 387,729 mt, up 25,761 mt from the previous trading day; over the past week, SHFE aluminum futures warrants increased by a cumulative 51,901 mt, up 15.45%; over the past month, SHFE aluminum futures warrants increased by a cumulative 185,334 mt, up 91.57%.

[SMM Tin Midday Review: Macro and Fundamental Bearish Factors Resonated, and the Most-Traded SHFE Tin Contract Once Fell Below the 370,000 yuan Mark]

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2604 contract opened at 24,205 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 24,255 yuan/mt, then bears added to their positions, sending SHFE zinc fluctuating downward all the way to a low of 24,070 yuan/mt near the close. It finally closed down at 24,080 yuan/mt, down 60 yuan/mt, or 0.25%, with trading volume falling to 37,382 lots and open interest increasing by 1,553 lots to 76,744 lots.

Intraday, the SHFE copper 2603 contract fell below the 100,000-yuan mark for the second time after trading began. According to SMM, spot market activity today pulled back from March 9, when the contract first fell below 100,000 yuan, with overall trading sentiment remaining subdued on both buying and selling sides. On March 16, 2026, SMM's sentiment index for procurement in the Shanghai spot market was 2.53, while the sales sentiment index was 2.63, both down 0.29 from March 9. Historical data is available in the database. According to SMM, when copper prices fell below 100,000 yuan on March 9, some enterprises had restocking demand, which briefly boosted spot trade and brought it to a post-Chinese New Year trading high. But based on market feedback today, the contract rollover in futures may have had an impact. With copper prices again trading below the 100,000-yuan threshold, downstream enterprises showed signs of weaker acceptance.

During the day, the SHFE copper 2603 contract fell below 100,000 yuan/mt for the second time, opening at 99,500 yuan/mt and bottoming at 98,640 yuan/mt. Spot market trading activity today pulled back significantly from March 9, when the contract first fell below 100,000 yuan, with both buying and selling sides weak, SMM data showed. Shanghai spot market purchasing sentiment index stood at 2.53 and sales sentiment at 2.63 on March 14, down 0.29 from March 9. On March 9, some enterprises' restocking demand boosted spot trade to a post-holiday high, SMM noted. Today, possibly due to contract rollover, copper prices again traded below 100,000 yuan, but their appeal to downstream enterprises may have weakened.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Then Fluctuated Downward, While Downstream Enterprises Concentrated Their Restocking on Dips]

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.

SMM News, March 16: 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 continued to fluctuate rangebound around the daily average line. Later, bears took the lead, sending LME lead fluctuating downward. Around midnight, LME lead prices plunged to a low of $1,890/mt before finally closing 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 at the beginning of the session, then retreated slightly after touching a high of 16,565 yuan/mt. Thereafter, amid a tug-of-war between bulls and bears, SHFE lead fluctuated rangebound in the 16,385-16,465 yuan/mt range, and closed near the session low at 16,395 yuan/mt. It posted a long lower-shadow 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. At present, lead prices remained mainly in the doldrums overall, lacking a clear unilateral trend. In the primary lead spot market, divergence between north and south China was evident: cargoes in north China were shipped at discounts, while some supply in south China was tight, prompting sellers to hold prices firm. Secondary lead smelters cut or halted production due to losses, and the tightening of circulating supply provided some support to prices. However, downstream procurement remained cautious and was mainly driven by rigid demand, with weak purchase willingness. As the price spread between primary lead and secondary lead narrowed, part of demand shifted to primary lead, and secondary lead transactions were sluggish. Overall, lead prices were unlikely to see a marked rebound in the short term and would likely remain rangebound, with follow-up attention needed on inventory changes and smelter production conditions.

In North China today, spot #1 copper cathode was quoted at parity to a premium of 120 yuan/mt against the front-month contract, with the average premium at 60 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 99,125 yuan/mt, down 1,345 yuan/mt from the previous trading day.