Shanghai Metals Market

Copper prices change daily, making companies hesitant to accept orders! Downstream factories are forced to cut production and "lie flat."

Copper prices surged significantly, leaving downstream semi-finished copper product enterprises generally facing challenges such as high costs, pressured processing fees, and shrinking profits.
Shanghai Metals Market

The development of the non-ferrous metals industry may be impacted by chemical industry policies.[SMM Analysis]

[SMM Analysis:The development of the non-ferrous metals industry may be impacted by chemical industry policies.] ...
Shanghai Metals Market

Chinese Domestic Copper Cathode Premium Has Began to Widely Offer

Compared with the end of 2024, during this year’s CESCO week, Chinese smelters accelerated the pricing rhythm for 2026 domestic copper cathode long-term contracts. It is reported that first-round ...
Shanghai Metals Market

[SMM Analysis] Macro Sentiment and Cost Support Drive High-Grade NPI into an Upward Trend

The average price of SMM 10-12% high-grade NPI rose 8.6 yuan/mtu WoW to 894 yuan/mtu (ex-factory, tax included), while the average Indonesia NPI FOB index price increased 1.19 $/mtu WoW to 111.65 ...
Shanghai Metals Market

Interest Rate Cut Expectations and Supply Concerns Drive BC Copper Contract Sharply Higher [SMM BC Copper Review]

The most-traded SHFE copper contract 2601 settled at 98,600 yuan/mt. Based on the BC copper contract 2601 price of 88,630 yuan/mt, its after-tax price is 100,151 yuan/mt. The price spread between the ...
Shanghai Metals Market

The 2026 Winter Stockpiling Policy Remains Unfinished, with a Concentrated Winter Stockpiling Period Expected in Mid-to-Late January

According to incomplete statistics, as of December 26, nine steel mills have announced winter stockpiling policies for 2026, including four in Northwest China, three in North China, and two in ...
Shanghai Metals Market

Rising Copper Prices Drive Up Motor Costs, Increasing Pressure Across the Supply Chain【SMM Analysis】

"I knew copper prices would rise, but I couldn't predict how high they would go," lamented an insider from the motor industry ...
Shanghai Metals Market

Raw Material Issues Continue to Impact SHFE Zinc Moves Sideways [SMM Zinc Futures Brief Review]

Raw Material Issues Continue to Affect SHFE Zinc in Sideways Movement]: The most-traded SHFE zinc 2602 contract opened at 23,110 yuan/mt. After opening, SHFE zinc fluctuated upward throughout the ...
Shanghai Metals Market

MMi Daily Iron Ore Report (December 26)

Today, iron ore futures traded weakly in the morning but experienced a sharp rally during the micro session. The main contract I2605 closed at 783, a slight increase of 0.71% compared to the previous ...
Shanghai Metals Market

Iron Ore Futures Rallied in Late Trading, Driving Spot Prices Up by 5 Yuan/mt [SMM Brief Review]

Although the current iron ore market has structural support due to limited availability of medium-grade resources, high inventory continues to cap upside price potential. Considering that hot metal ...
Shanghai Metals Market

Titanium Industry Exports in November: Titanium Dioxide Exports Defy Market Downturn, While Titanium Metal Demand Weakens [SMM Analysis]

In November 2025, China's titanium industry chain exports showed structural divergence. Titanium dioxide exports achieved volume and price growth driven by overseas holiday stocking and market demand, ...
Shanghai Metals Market

Environmental protection-driven production restrictions intensified, coupled with high aluminum prices suppressing demand, the operating rate of downstream aluminum processors ...

The weekly operating rate of leading domestic aluminum downstream processing enterprises fell 0.6 percentage points WoW to 60.8%. Due to weak orders, environmental protection-related controls, and ...