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  [SMM Analysis] Nickel Prices Continued to Fluctuate Upward, Nickel Salt Prices Rose This Week

  Nickel prices continued to fluctuate upward, while nickel salt prices rose this week.

• [SMM Analysis] Analysis of China's Secondary Lead Long-Term Contract Transaction Prices in 2026: A New Market Landscape Amid Narrowing Discounts

  The negotiations for 2026 secondary lead long-term contracts have largely concluded, yet the market presents an unprecedented complex landscape—the initiation of secondary lead long-term contract negotiations was delayed by 1-2 months YoY, the long-term contract proportion for most enterprises continued to narrow, the discount magnitude hit a four-year low, and some smelters even opted to exit the long-term contract system. Behind this shift lies both a reflection of profound adjustments in the pricing mechanism of the secondary lead industry chain and an indication of a fundamental transformation in the industry's operational logic.

• The spot copper price on the Shanghai Futures Exchange was quoted at a discount on the last trading day, and it is expected to continue being quoted at a discount tomorrow. [SMM Shanghai Spot Copper]

  [SMM Shanghai Spot Copper] Tomorrow, Shanghai is expected to remain in a continuous inventory buildup trend. Today, Shanghai inventory increased by 17,400 mt WoW from January 12, mainly driven by warrants. It is anticipated that tomorrow, Friday, the premiums and discounts structure will be maintained based on the SHFE copper 2602 contract quotation.

• Significant Progress Made in the Zanaga Iron Ore Project in Africa!

• Ferrexpo's Q4 production declined significantly, but annual production still maintained 6 million mt.