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

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.

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.

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 Stainless Steel Daily Review] SS Futures Fell Back as Steel Mill Price Adjustments Dampened Downstream Buying Interest SMM News, March 16: SS futures showed a downward pullback. Although the contract was relatively stable during Friday's night session, Monday's open was dragged lower by a broad decline across the nonferrous metals sector, with SS also pulling back to close at 14,185 yuan/mt by midday. In the spot market, affected by the decline in SS futures and an overall cut of 200 yuan/mt in the morning guidance prices from a major stainless steel mill, retail quotations in the market edged lower. Price fluctuations fueled stronger wait-and-see sentiment among downstream buyers, and intraday transactions were weak. However, market feedback indicated that transactions had been broadly steady earlier, and coupled with relatively strong expectations for the cost side of stainless steel, most market participants had not expected this round of price cuts. Traders' spot quotations fell by less than the reduction in the guidance price. The most-traded SS futures contract pulled back after falling. As of 10:15 a.m., SS2605 was quoted at 14,045 yuan/mt, down 230 yuan/mt from the previous trading day. Spot premiums for Wuxi 304/2B were in the range of 245-445 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt and the average price in Foshan fell by 50 yuan/mt; Wuxi cold-rolled 316L/2B coils were stable; Wuxi quotations for hot-rolled 316L/NO.1 coils were stable; cold-rolled 430/2B coils in both Wuxi and Foshan were also 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, with downstream end-users gradually resu...

Silver prices were in the doldrums today, and spot premiums in the spot market continued to decline. In the Shanghai market, mainstream quotations from suppliers of standard silver ingots in the morning session were at premiums of 400-500 yuan/kg against TD, but similar to last week, due to weaker downstream consumption and substantial bargaining, actual transaction premiums were lowered to 350-400 yuan/kg, with deals concluded on demand. In South China, smelters quoted silver ingots at a premium of 350 yuan/kg against the 2606 contract or at a premium of 400 yuan/kg against TD, but actual transactions were sluggish. Some traders said investment demand weakened markedly this week, buyers remained largely on the sidelines and continued to bargain aggressively, suppliers successively adjusted prices to ship cargoes, and spot market transactions turned subdued.

SMM, March 16: The SHFE aluminum 04 contract opened higher and extended gains today, while market transactions were relatively sluggish. Futures later fell, and as buying sentiment strengthened and price acceptance improved, transaction prices in the spot market moved higher. Today’s mainstream quotations and transaction prices were mainly concentrated between a discount of 10 yuan/mt and the average price. Today, the east China market shipments sentiment index was 3.07, down 0.26 WoW; the purchase sentiment index was 2.66, up 0.11 WoW. Today, aluminum prices continued to edge lower from last Friday, and with inventory remaining high, traders in the central China market showed limited bullish sentiment. Overall purchase volumes recovered somewhat from the previous two trading days. As futures prices declined, market premiums showed a continued upward trend. Ultimately, actual transaction prices in the central China market were mainly concentrated between a discount of 10 yuan to the central China price and a premium of 20 yuan to the central China price, and moved higher throughout the session. Today, the central China market shipments sentiment index was 2.58, down 0.09 WoW; the purchase sentiment index was 2.36, up 0.01 WoW. Inventory side, aluminum ingot inventory in major consumption regions increased by 18,500 mt WoW today, with all three regions showing inventory buildup. In the short term, following the Chinese New Year, aluminum ingot continued to see seasonal inventory buildup. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

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 Morning Meeting Summary: The Tin Market Weakened After Fluctuating at Highs, Under Short-Term Pressure Amid Intertwined Bullish and Bearish Factors]

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.