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[SMM Aluminum Alloy Daily Report] SMM ADC12 price remained stable at 23,650 yuan/mt. Currently, upstream and downstream enterprises have entered the Chinese New Year holiday period one after another, most small and medium-sized secondary aluminum plants have shut down furnaces for the holiday, and large enterprises also arranged holidays starting today, with market shipments basically suspended. Against the backdrop of simultaneous cooling on both supply and demand sides, spot quotations and actual transactions significantly weakened, and the overall market entered a pre-holiday lull state.

Gravita India has agreed to acquire Rashtriya Metal Industries for roughly ₹800 crore, marking the company’s entry into the copper alloy segment and broadening its footprint beyond lead recycling into broader metal recycling and manufacturing.

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[SMM Daily Review] Futures side, the most-traded aluminum alloy 2604 contract first fell then rose today. It hit bottom at 22,080 yuan/mt in the morning session and gradually rebounded, fluctuating at highs and consolidating in the afternoon, finally closing at 22,205 yuan/mt, up 70 yuan/mt or 0.32% from the previous close, with bulls mainly increasing positions. Spot market side, A00 aluminum price edged down 30 yuan/mt from the previous trading day to 23,260 yuan/mt, while SMM ADC12 price held steady at 23,650 yuan/mt. As the Chinese New Year approached, upstream and downstream enterprises in the secondary aluminum industry chain entered a concentrated holiday period, market liquidity significantly decreased, actual transactions remained sluggish, and spot quotations mostly adjusted slig

Copper and broader base metals have eased from recent highs as China’s share of global metal demand growth has declined significantly compared to pre-pandemic years and speculative positions in Shanghai unwound. Shanghai futures briefly hit record highs above RMB 114,000/t, but open interest and prices have since fallen, also pushing down London prices.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Maintains Fluctuating Trend Before Holiday, Spot Market Trading Sluggish Approaching Holiday]

Copper prices on the London Metal Exchange rebounded about 3.6% to around USD 13,360/t after dipping to a three-week low, supported by news that China may boost copper stockpiles and improved risk sentiment among global investors.

Global copper market trends for 2026 reflect structural demand shifts, with strong demand from digital infrastructure and energy transition sectors boosting the strategic importance of recycled copper and other secondary feedstock.

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This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

[SMM Aluminum Alloy Daily Review] A00 aluminum prices dropped by 200 yuan/mt from the previous trading day to 23,140 yuan/mt, while SMM ADC12 prices edged down by 50 yuan/mt to 23,550 yuan/mt. Today, secondary aluminum market quotations showed some divergence, with some enterprises choosing to hold steady and wait, while others lowered their offers by about 100 yuan/mt. Driven by the price pullback, downstream purchasing mainly focused on restocking at lower levels, and transaction activity improved slightly compared to the previous period. Overall, downstream demand continued to contract, and fundamental support for prices weakened marginally. Before the holiday, secondary aluminum alloy prices are expected to remain in the doldrums at high levels, with the price center pulling back sligh

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China will enter Lunar New Year holidays next week, with logistics and scrap traders suspending operations, ending pre-holiday restocking. As the world’s largest copper scrap consumer steps back, demand across Asia has weakened. South Korea has seen clearer pressure, with No.2 scrap discounts falling from around 90% to 88%–89%. Japan, without a holiday shutdown, shows only a mild adjustment of about 0.5% in discounts.

[SMM Aluminum Alloy Daily Review] Futures side, the aluminum alloy 2603 contract opened at 22,250 yuan/mt, with the futures fluctuating downward overall, breaking below the 22,000 yuan/mt mark. It hit a bottom of 21,860 yuan/mt during the day and finally closed at 21,915 yuan/mt, down 680 yuan/mt or 3.01% from the previous close, mainly driven by bulls reducing positions. Spot market side, the SMM ADC12 price dropped by 200 yuan/mt to 23,600 yuan/mt. As futures weakened again, secondary aluminum market offers generally followed the decline. Driven by the price pullback, downstream users mainly restocked on dips, leading to a slight improvement in transactions. Supply side, as the Chinese New Year approaches, secondary aluminum plants have successively clarified their production plans for t