News

[SHFE Copper Spot] Looking ahead to the post-holiday period, as the Chinese New Year holiday approaches, market participation continues to decline, with most suppliers and downstream enterprises gradually entering a holiday state, leading to a sluggish overall trading atmosphere during the day. On the supply side, the price-locked imports that were secured when the import window was open are continuously arriving, resulting in a significant inventory buildup in the Shanghai area. On the demand side, due to the approaching holiday, most downstream enterprises have already taken leave, causing procurement demand to weaken continuously. Additionally, February 24 is the last trading day for the SHFE copper 2602 contract, and many suppliers choose to hold their positions through the holiday, awaiting delivery. Some suppliers have already started tentatively quoting around parity for the SHFE copper 2603 contract, and it is expected that on the first trading day after the holiday, spot copper premiums over the SHFE 2603 contract will be quoted high but trade lower. It is worth noting that although some warrant cargoes will be locked up for delivery, the imported cargoes arriving before and during the holiday may impact spot transactions. On the first trading day after the holiday, since SMM always quotes the front-month contract, it is expected to show a high premium over the front month based on the price spread conversion, but this is expected to be corrected by the second trading day. Overall, spot premiums and discounts remain under pressure.

[SMM Tin Midday Review: AI Macro Sentiment Recedes Again, Triggering Market Downward Pressure, the Most-Traded SHFE Tin Contract Falls Over 5%]

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 380-160 yuan/mt today, with an average discount of 270 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 99,720 to 100,210 yuan/mt, with an average of 99,965 yuan/mt, down 1,865 yuan/mt from the previous trading day.

[SMM Zinc Morning Session Summary: Nonferrous Metals Mostly Decline, LME Zinc Center Shifts Lower] Overnight, the LME zinc contract opened at $3,416.5/mt. After opening, it fluctuated upward to a high of $3,449/mt, then traded with wide swings around the daily average. Approaching the session's close, LME zinc fell rapidly, touched a low of $3,356.5/mt, and maintained a fluctuating trend, finally closing down at $3,381.5/mt, a decrease of $36.5/mt, or 1.07%...

The International Energy Agency reported that last year's oil inventory increase reached the highest level since 2020. It has revised down the global oil demand forecast for 2026 from 105 million barrels per day to 104.9 million barrels per day.

Recently, BYD's investor relations department officially announced that in the field of sodium-ion batteries, the company's R&D has reached the development stage of the third-generation product technology platform. Through the design of highly stable polyanion system materials and innovations in the electrochemical system, technical issues such as sodium precipitation and high-temperature performance have been resolved, leading to the development of sodium-ion battery products capable of 10,000 cycles. The mass production period will be determined based on actual market and client demand.