News

[SMM Tin Brief Review: Repeated Shifts in Macro Sentiment Put Pressure on Nonferrous Metals, and Tin Prices Pulled Back and Remained in the Doldrums]

[SMM Tin Midday Commentary: As Expectations for a Temporary Easing of the Macro Situation Fade, SHFE Tin Contracts Come Under Pressure Again]

[SMM Tin Brief Commentary: Improving Macro Sentiment Boosted the Nonferrous Metals Sector, Tin Prices Rebounded in the Short Term but Support Remained Insufficient]

[SMM Aluminum Alloy Daily Review] Driven by the rebound in futures, the secondary aluminum alloy market saw quoted prices edge up today, with mainstream increases of 100 yuan/mt. Some enterprises raised prices accordingly to recover earlier losses, and market sentiment improved slightly from the previous period. However, transactions remained weak, with downstream buyers mainly purchasing as needed and showing limited acceptance of high prices, constraining upside room for prices. In the short term, ADC12 prices were expected to fluctuate rangebound, and further gains would still require substantive improvement on the demand side.

[SMM Midday Tin Commentary: Improving Macro Sentiment Drove a Rebound in Tin Prices, While Follow-Through in Spot Transactions Remained Limited]

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]

European smelters are purchasing less material and turning to export markets to manage inventories. Companies are becoming more cautious amid volatile market conditions.

[SMM News Flash] Inventory of secondary aluminum alloy ingots in China’s major consumption hubs fell by 595 mt from the previous day today, with varying degrees of destocking seen in Foshan, Wuxi, Ningbo, and other regions.

Freeport-McMoRan is advancing a $7.5 billion expansion of its El Abra mine in Chile and remains open to acquisitions. The company is also exploring copper extraction from waste rock. Analysts see a multi-pronged strategy combining expansion, M&A and technology innovation.

[SMM Tin Market Brief: Under Macro Pressure, Falling Tin Prices Stimulated Transactions, and Visible Inventory Drawdowns May Provide Support]

[SMM Daily Review of Aluminum Alloy] The secondary aluminum alloy ADC12 market continued to weaken today, with mainstream enterprises generally cutting offers by 200–400 yuan/mt. The weaker prices were mainly dragged down by larger declines in aluminum prices and futures, with the cost center moving lower in tandem. In addition, some enterprises had shown relatively strong bullish sentiment earlier and lagged in the pace of price adjustments, leading to a catch-up decline in the market today. In terms of market sentiment, secondary aluminum enterprises turned cautious and bearish on the short-term aluminum price trend, focusing mainly on active shipments. Demand side, support remained weak, downstream procurement was maintained only for rigid demand, wait-and-see sentiment was strong, and

In light of the recent sharp decline in copper prices, SMM reports a noticeable deceleration in the global copper scrap trading trend. The rapid price correction has widened the bid-ask spread significantly, creating a sharp divergence in pricing expectations between market participants. Taking Bare Bright Copper as an example, overseas holders, seeking to hedge against the drop in absolute prices, have hiked their pricing coefficients to 99-99.5% of LME, a 1-percentage-point jump from 98-98.5% last week. Conversely, Chinese importers, constrained by domestic margin pressures, remain firm at the previous 98.5% coefficient. This "pricing mismatch" has hindered any consensus on coefficients, resulting in stagnant transaction activity across the board.

Morgan Stanley highlight that the race for AI and growing defense spending are becoming primary drivers for copper demand. Global AI data centers alone are projected to consume 740,000 tonnes of copper in 2026 (approx. 2.1% of total demand). The research warns that with mine development timelines extending to 18 years, the world could face a 10 million metric ton supply deficit by 2040, even if recycled copper scrap production more than doubles.