Platinum prices surged sharply intraday. The most-traded PT2606 contract on the Guangzhou Futures Exchange opened at 560 yuan/gram in the morning session, then held up well, with the peak gain exceeding 6%. It eventually closed the morning session at 565.1 yuan/gram, up 4.74%. In the spot market, spot platinum was quoted at a discount of 9–12 yuan/gram against PT2606, or at a discount of 1–4 yuan/gram against the Shanghai Gold Exchange’s Sell 1. Spot discounts widened compared with the previous trading day. As for spot transactions, according to SMM, the notable intraday rise in platinum prices led downstream enterprises to mostly stay on the sidelines and temporarily suspend purchases. Some traders holding cargo said the bid-ask spread was wide, making deals difficult to conclude, and spot market trading turned weaker than yesterday.

Silver price (XAG/USD) claws back a majority of its early losses and recovers to near its opening price around $84.00 during the European trading session on Monday.

[SMM Stainless Steel Daily Review] Easing Geopolitical Sentiment Supports Base Metals; SS Futures Hold Up Well and Fluctuate Upward SMM News on March 10: SS futures showed a hold-up-well, rangebound pattern. US President Trump said regarding the situation related to Iran that “the war is about to end,” which supported base metals futures and led to signs of strengthening. SS futures also rose in tandem, closing at 14,265 yuan/mt by the midday close. In the spot market, driven by stronger SS futures, traders turned more optimistic and confidence improved, with fewer low-priced supplies in the market. Downstream end-users still mainly made just-in-time procurement, and overall transactions remained steady. The most-traded SS futures contract fluctuated downward. At 10:15 a.m., SS2604 was quoted at 14,310 yuan/mt, up 100 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 210-410 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi was stable and the average price in Foshan was stable; cold-rolled 316L/2B coils in Wuxi were stable; hot-rolled 316L/NO.1 coils in Wuxi were quoted stable; and cold-rolled 430/2B coils in both Wuxi and Foshan were stable. As the traditional peak consumption season of “Golden March and Silver April” begins, the stainless steel market is entering a window for demand recovery. Downstream demand is gradually returning as market participants resume work and resume production after the Chinese New Year holiday, but although transactions improved compared with the earlier period, the bustling peak-season momentum has yet to emerge. End-user procurement remains mainly just-in-time, and stockpiling willingness is relatively low. On the futures side, driven by risk aversion triggered by geopolitical conflicts...

[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……

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 Daily Review: The High-Grade NPI Market Was Briefly Under Pressure, While the Cost-Support Logic Remained Unchanged] News on March 10: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.

On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

[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 Tin Midday Review: Macro Expectations Tug-of-War; the Most-Traded SHFE Tin Contract Fluctuated at Highs Before Dropping Back Slightly]