[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.

[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.

As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

[SMM Cast Aluminum Alloy Morning Comment: Bulls Lost Momentum at High Levels, Aluminum Alloy Futures Prices Should Watch Lower Support] Last Friday, quotations in the secondary aluminum alloy market were mainly stable. Before noon, fluctuations in futures narrowed, enterprises' willingness to adjust prices weakened significantly, and most producers chose to hold prices steady and wait on the sidelines. In the afternoon, as futures fluctuated downward, some producers began to lower quotations by 100 yuan/mt. Demand side, downstream players still mainly made just-in-time procurement, but amid the pullback in aluminum prices and the approach of the weekend, some enterprises showed slightly stronger purchasing interest, and market transactions improved somewhat from the previous day.

[Die-Casting Zinc Alloy Operating Rate Continued to Rise, While Market Demand Was Still Awaiting Improvement] This week, die-casting zinc alloy enterprises in the market had basically resumed normal production, driving the operating rate higher. In terms of orders, orders in the Chinese market were mainly still in the stage of recovery and improvement, with demand performance relatively average, while some export orders remained weak......

[SMM Aluminum Morning Meeting Summary: Geopolitical Premiums Persist, Aluminum Prices Remained Fluctuating at Highs] Against the backdrop of continued tightening LME liquidity, LME aluminum still had upward momentum, with strong support from prices outside China, and was expected to maintain a backwardation structure in the short term. China, meanwhile, was in a phase of high inventory plus weak spot fundamentals, with upward momentum clearly weaker than outside China. Amid divergent domestic and external drivers, the SHFE/LME price ratio was expected to continue weakening, and aluminum prices were expected to remain fluctuating at highs in the short term.

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.

[Weak Spot Demand During the Week, Wider Spot Discounts]: This week, spot discounts in Ningbo widened, with the weekly average price down 20 yuan/mt WoW. As of Friday this week, spot prices in Ningbo against the 2604 contract were at a discount of 100 yuan/mt and at a premium of 20 yuan/mt against Shanghai, with the premium against Shanghai fluctuating during the week..

This week, Pr-Nd alloy prices generally fell first and then rose, and have now stabilized in the range of 980,000-1 million yuan/mt. This price fluctuation was mainly driven by the impact of news factors on market sentiment.

[Macro Disturbances Coupled With Rising China Inventory Weighed on the Centers of Both SHFE and LME This Week] At the beginning of the week, Trump stated that the conflict in Iran was basically over, and the US dollar index fell sharply, pushing the center of LME zinc higher; subsequently, market uncertainty intensified, some funds exited, and LME zinc came under pressure......