[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market will officially quote against the 2604 contract. In terms of market structure, the Contango price spread between the 2604 and 2605 contracts was in the range of 110 yuan/mt to 60 yuan/mt. Suppliers showed strong willingness to sell, and with the import window wide open, expectations for continued inflows of cargo from outside China strengthened, putting spot premiums under pressure. Demand side, although copper prices pulled back again below the 100,000 yuan/mt mark, procurement enthusiasm among downstream enterprises did not improve significantly. Intraday trading was light on both buying and selling sides, and at current price levels, end-users still maintained wait-and-see sentiment toward the subsequent price trend, with procurement turning cautious. Supply side, SMM recorded social inventory at 547,300 mt, down 26,600 mt from the previous period, but the absolute level remained high. Coupled with stronger import expectations, overall supply pressure still persisted. Overall, with the contract rollover completed and import expectations strengthening, Shanghai spot copper is expected to remain under pressure tomorrow, and discounts may widen further.

SMM News, March 12: Today in Guangdong, spot prices for #1 copper cathode against the front-month contract were reported at a premium of 50 yuan/mt for high-quality copper, down 110 yuan/mt from last Friday; a discount of 10 yuan/mt for standard-quality copper, down 50 yuan/mt from last Friday; and a discount of 85 yuan/mt for SX-EW copper, down 85 yuan/mt from last Friday. The average price of Guangdong #1 copper cathode was 98,955 yuan/mt, down 1,640 yuan/mt from the previous trading day, while the average price of SX-EW copper was 98,850 yuan/mt, down 1,625 yuan/mt from the previous trading day. Spot market: After the weekend, Guangdong inventory did not continue to decline, but instead increased slightly, mainly due to increased arrivals. As today was the contract rollover day, market quotations were mixed. Mainstream transaction prices for standard-quality copper were at a discount of 120 yuan/mt against the next-month contract, while transaction prices against the front-month contract were at a discount of 10 yuan/mt; overall trading was relatively quiet. Today, procurement sentiment for copper cathode in Guangdong was 2.32, down 0.08 from the previous trading day, and shipments sentiment was 3.01, down 0.29 from the previous trading day (historical data is available in the database). Overall, market quotations were mixed on the contract rollover day, and overall trading was relatively quiet.

SMM News, March 16: Data Brief: As of Monday, March 16, copper inventories in SMM’s major regions nationwide fell 5.46% WoW from the previous Monday, with destocking seen across all regions. Specifically, in Shanghai, arrivals of imported and domestic supplies were normal, while downstream consumption continued to recover, leading to some inventory drawdown; in Jiangsu, inventory declined slightly, supported by recovering downstream consumption; in Guangdong, consumption continued to improve, arrivals remained normal, and inventories likewise maintained a destocking trend. Looking ahead, arrivals of imported and domestic supplies are expected to remain stable, with overall supply stabilizing; demand side, the pullback in copper prices effectively stimulated downstream consumption, and rigid demand is gradually being released. According to the survey, the weekly operating rate of copper cathode rod is expected to rise to 79.19% this week, up 6.27 percentage points WoW. Taking both supply and demand into account, the market is currently showing a pattern of “stabilizing supply and recovering consumption,” and social inventory is expected to continue destocking this week.

March 16, 2026: Today, the average warrant price rose by $1/mt from the previous trading day and closed at $46/mt (price range $42-50/mt); the average B/L price rose by $1/mt from the previous trading day and closed at $45/mt (price range $41-49/mt); the average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day and closed at $21/mt (price range $17-25/mt), with quotations referring to cargoes arriving from late March to mid-April. The import window opened intraday, and importers were active in making inquiries. Market offers were pushed higher than last Friday, but few deals were concluded before the end of the morning session, with most traders taking a wait-and-see stance. It was heard that a small volume of ER copper B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, and EQ B/L arriving in mid-to-late April was offered at $35/mt, QP May. General ER copper warrants for delivery within the week were offered at $50/mt, QP April.

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.

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.

Since March 4, 2026, secondary copper rod has shifted to a premium of 200-400 yuan/mt against the most-traded futures contract. Meanwhile, the price difference between copper cathode rod and secondary copper rod narrowed sharply from around 1,200 yuan/mt to about 300 yuan/mt

At the start of the year, there was plenty of excitement around silver. The precious metal was soaring and reaching record highs along the way. However, it has declined from the highs it reached in January.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling. Under the slogan “Low Carbon, Global Echoes,” the event will serve as an international platform for bringing together global industry leaders to explore trends, innovations, and policy developments shaping the circular economy. So far, more than 200 companies have already registered for this conference, with the detailed list below. We look forward to more companies joining us at the event so that we can jointly explore cutting-edge trends, share valuable insights, strengthen business cooperation, and shape the future of the renewable metal and battery recycling industry together. Scan the RC Code to Know More Venue Layout & Booths Available for Booking Agenda May 11 Morning, Main Forum 09:00-12:00 Sign in 09:30-09:40 Opening Remarks Speaker: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. 09:40-10:05 [Keynote Speech] - Policy, Responses and Challenges: How is Japan Promoting the Development of the Recycled Metal Industry? 10:05-10:20 [Keynote Discussion]: Revealing the Japanese Recycling Industry: How to Achieve the Nearly 100% Recovery Rate? 10:20-11:00 [Panel Discussion] - Market Access and Compliance Strategies Under Global Policy Divergence Moderator: Sun Yuan, BDM, Nanjing Jinli Inspection Co., Ltd. Panelist: Sujin Kim Panelist (pending): Julia Altenhofer, Director of EU Public Policy, Northvolt Redwood Materials 11:00-11:40 [Panel Discussion]: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, CEO, AL QARYAN INTERNATIOMAL DMCC 11:40-11:55 [Keynote Speech]: SMM Recycled Metal Market Analysis Speaker: Allen Cui, Consulting Director, SMM Information & Technology Co., Ltd. 12:00-13:30 Lunch May 11 Afternoon, Base Metal Recycling Forum 14:00-14:20 [Keynote Speech]: From Waste to Resource: Japan's 'Production-Recycling-Reuse' Close-Loop Economy: A Toyota's Eco-Factory Case Study Speaker (Pending): ISRI 14:20-15:00 [Panel Discussion]: Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Panelists: Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence Eric Tan, President, Malaysia Nonferrous Metals Association Panelists (Pending): Tran Thi Van Anh, CEO, Prima Group Ting Liu, Deputy General Manager, US Win-Win Metal Industry Co., Ltd. 15:00-15:20 [Keynote Speech]: Analysis of Japan's Recycled Copper Market Speaker: Ye Jianhua, Industry Research Director, SMM Information & Technology Co., Ltd. 15:20-15:40 From Retirement to Recycling: Technological Upgrading and Leading Cases in the Global Vehicle Dismantling Industry 15:40-16:30 [Panel Discussion]: Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Panelists: Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Wenceslao Manzano Hernandez, Director, Dimexa Holdings PTE. Ltd. Yoshimichi Murakami, Exective Director, Wakoh Metal Co., Ltd. Allan Zhang, Director of Secondary Copper Operations Department, Zhejiang Hailiang Co., Ltd. Panelist: Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC 16:30-16:50 Coffee Break 16:50-17:05 Keynote Speech: From Waste to Resources: Practices and Insights from Japan’s Closed-Loop Economy of “Production-Recycling-Reuse” — The Case of Toyota’s “Eco-Factory” Speaker (Pending): Toyota Tsusho Material Incorporated 17:05-17:20 [Keynote Speech]: How Can Closed-Loop Recycling Drive Carbon Neutrality in the Stainless Steel Industry? Insights from Acerinox’s Zero-Waste Practices and Carbon Reduction Efforts in Spain Speaker (Pending): Acerinox Stainless Steel 17:20-17:40 [Keynote Speech]: From Tradition to Modernity: Continuous Innovation in Japan’s Steel Scrap Resource Recycling System May 11 Afternoon, Battery Recycling Forum 14:00-14:25 [Keynote Speech]: Current Status and Development Trends of Lead-Acid Battery and Lithium Battery Recycling in Japan Speaker: Tanamachi Yuji, CEO, IRUNIVERSE 14:25-14:45 [Keynote Speech]: Amidst Global Regulatory Tightening, Market Breakthrough and Cross-Border Trade Opportunities in Lithium Battery Recycling Speaker (Pending): Umicore, Head of Supply Chain and Value Chain Development, Stéphanie Martens 14:45-15:05 [Keynote Speech]: The Next Generation Battery Recycling Technology and Business Model Speaker: Yu-Tack Kim, CEO, Advanced Battery Recycle (ABR Inc.) 15:05-15:50 [Panel Discussion]: From Global to China—Competition and Collaboration in Building a New Global Landscape for Lithium Battery Recycling Moderator (Pending): Haoyu Yang, Deputy General Manager, Jiecheng New Energy Group Panelists (Pending): Wei Bao, General Manager of Zhejiang Huayou Circular Technology Co., Ltd. Yuping Zhang, Deputy General Manager of GEM Co., Ltd. Elewout Depicker, VP of Li-Cycle Paul Yum, VP of SungEel HiTech Co Ltd. 15:50-16:40 Panel Discussion: How Competition for Resources in the Secondary Lead Market Will Reshape the Global Lead Industry Chain Moderator: Tianneng Holding Group, Resource Recycling Business Division, VP Michael Zhao Panelists (Pending): Muralimohan Reddy P, VP of Amara Raja Circular Solutions Private Limited Prasath Chandrasekaran, Director of Eswari Global Metal Industries Pvt Ltd Erhan Demirtaş, Chairman of Remet Metal Gravita India Ltd. 18:00-20:00 Awards Dinner May 12 Morning, Renewable Resources Equipment Forum 09:40-10:30 [Panel Discussion]: Innovation Drives Green Recycling: the Technological Frontier of China's Crushing, Sorting and Baling Equipment 10:30-10:50 To Be Determined Speaker: Stratos Labs Inc. Operations Manager Daniel Freedland 10:30-11:20 [Panel Discussion]: Recycling Equipment's Path to Global Markets: Seizing and Optimizing Opportunities in East Asia and Africa 11:20-11:40 To Be Determined 11:40-12:00 To Be Determined 12:00-13:30 Lunch Afternoon of May 12 14:00-17:00 Supply and Demand Matchmaking Meeting Primarily for Medium-to-Large Material Yards/Traders 14:00-17:00 Yard Inspection- Large Copper and Aluminum Material Yard Touchi International Corp.

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.