News

[SMM Express] The Management Committee of Beijing Economic-Technological Development Area issued the "Implementation Plan for Further Accelerating the Construction of a Comprehensive AI City (2026-2027)".

[SMM Shanghai Spot Copper] Next week, copper prices are expected to decline during the day, effectively stimulating downstream restocking. Combined with concentrated stockpiling demand on Friday, against the backdrop of continuously tightening spot cargo availability, this is set to push spot prices from a discount to a premium, with suppliers significantly strengthening their sentiment to hold prices firm. Additionally, some price-ratio cargoes locked in during the previous period when the import window was open are anticipated to arrive gradually, potentially increasing supply in the short term. Meanwhile, downstream enterprises are gradually entering a holiday pace, with most top-tier enterprises having largely completed pre-holiday stockpiling. Actual procurement demand is expected to gradually weaken.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Opened Lower and Then Traded Stronger, Spot Market Recovers Amid Downtrend]

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 320-160 yuan/mt, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, with the average price at 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day.

[SMM Lead Morning Meeting Minutes: Pre-Holiday Supply-Demand Weakness, Lead Prices Expected to Remain in the Doldrums] US December JOLTS job openings hit a more than five-year low, falling far short of expectations. As the Chinese New Year holiday approaches, migrant workers began returning to their hometowns, and production workshops at some small and medium-sized lead-acid battery enterprises gradually shut down this week.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the contango spread between nearby futures contracts is expected to narrow slightly. Suppliers' willingness to ship to delivery warehouses remains, coupled with some smelters choosing to stockpile for delivery. Additionally, suppliers' sentiment to hold prices firm and hold back sales is evident, leading to limited tradable spot cargo in the market, which will support the spot discount structure. Moreover, some price ratio-based cargoes locked in during the previous period when the import window was open are expected to arrive gradually, potentially increasing supply in the short term. Overall, spot discounts are expected to continue narrowing slightly tomorrow.

[SMM Tin Midday Review: SHFE Tin Contract Fell 7% Today, Macro Pullback Coupled with Holiday Impact Limited Overall Demand Recovery]