Today, the DCE ore futures fluctuated rangebound, with a late-session plunge, and remained in the doldrums throughout the day. The most-traded contract I2509 closed at 699, down 1.76% for the day. Traders' willingness to sell was moderate, while steel mills' purchase willingness weakened as the weekend approached.

[SMM Analysis:The supply of copper raw materials falling short of expectations has led to the continuous depletion of the inventory of copper anode] This week, the General Administration of Customs announced the import data of copper concentrate in March. In March 2025, the import volume of copper concentrate was 2.394 million tons, an increase of 2.7% year-on-year. From January to March 2025, China's cumulative import of copper concentrate was 7.108 million tons. In addition, considering the domestic supply of copper concentrate from January to March, the import volume of copper anode from January to February, the expected import volume of copper anode in March, the import volume of copper scrap from January to February, and the expected import volume of copper scrap in March.

Nickel Ore Indonesian ore faces prominent imbalances and significant bargaining in the short term, with limited downside room. High-Grade NPI Macro uncertainties are expected to remain strong, and high-grade NPI prices have declined rapidly.

The overall operating rate of galvanizing increased in Q1, but the performance varied across east China, north China, and south China. What are the reasons?

【SMM Weekly Review on Aluminum Downstream Sectors: Aluminum Cable Prices Defy Market Downtrend; Most Downstream Sectors Remain Under Pressure】This week, the overall operating rate of the domestic aluminum processing industry increased by 0.20% WoW to 62.4%.

Today, the DCE ore futures opened with a fluctuating rise but weakened in the afternoon. The most-traded contract I2509 finally closed at 707, with a daily decline of 0.07%. Traders' willingness to sell was moderate; steel mills cautiously observed the market, with general inquiries;