Domestic Silver Nitrate Capacity Expansion Released as Scheduled, Processing Fees Negotiated Again [SMM Analysis] According to SMM, the surge in domestic silver nitrate capacity expansion was driven by the demand for PV silver powder and silver paste. Since 2024, with new production lines from proactive silver nitrate producers coming into operation, suppliers generally mentioned cut-throat competition, experiencing negotiations for lower processing fees on a quarterly or monthly basis with customers.

On March 21 (Friday), the International Copper Study Group (ICSG) stated in its latest monthly report that the global refined copper market saw a supply deficit of 19,000 mt in January 2025, compared to a deficit of 22,000 mt in December 2024.

Peru's January Copper Production Rose 7% On March 21 (Friday), the Peruvian government announced that the country's copper production in January increased by nearly 7%.

Overnight Market: Metals Generally Decline, LME Tin Falls 2.69%, LME Lead, Silver, and LME Aluminum Among Top Losers, Gold Prices See Three-Week Winning Streak Domestic base metals almost all declined overnight, with SHFE tin down 1.42%. Alumina rose 1.76%. The ferrous metals series showed mixed performance overnight, with iron ore up 0.72% and stainless steel down 0.52%. LME metals generally fell, LME tin dropped 2.69%, LME lead decreased 1.43%, and LME aluminum fell 1.32%. COMEX gold declined 0.51%, marking a three-week winning streak. COMEX silver fell 1.36%. The US dollar index increased 0.35% to 104.17.