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  Will Copper Prices Continue to Rise Next Week After the Turning Point in Copper Inventories? [SMM Commentary]

  [SMM Commentary: After the Turning Point in Copper Inventories, Can Copper Prices Continue to Rise Next Week?] Recently, a series of "disappointing" data released by the US and the repeated changes in US tariff policies have reignited market concerns over a slowdown in US economic growth. The US dollar index has continued to weaken, currently dropping to around 103.6. The rising expectations of US tariffs on copper once spurred a sharp increase in COMEX copper, which in turn drove up LME copper and SHFE copper. Domestically, a warmer macro outlook combined with a reduction in domestic copper inventories supported an overall increase in copper prices this week. As of 17:19 on March 7, LME copper fell by 0.59% to $9,676.5/mt, with a weekly gain of 3.4% so far. SHFE copper rose by 0.27% to 78,320 yuan/mt, with a weekly increase of 1.7%.

• Applications for the Palladium Global Science Award are now open

  The first annual Palladium Global Science Award competition is now live, with a total prize fund of $350,000. Scientists, startups and research groups involved in the study, analysis and development of new applications for palladium have to submit their entries until 31 July 2025. The China Precious Metals Industry Committee (CPMIC) is the main partner of the competition.

• Indonesia Issues New Regulation: Allows Mining Companies to Export Unprocessed Ore in Force Majeure Situations

  Indonesia's Ministry of Energy said on Thursday that the Indonesian government has issued a regulation allowing mining companies to export unprocessed ore under force majeure circumstances. Indonesia banned the export of raw ore in 2023 to encourage companies to process metals domestically. However, some exemptions were made, including for miner PT Freeport Indonesia, which last year obtained an export permit for copper concentrates valid until the completion of maintenance work at its Manyar smelter. That permit expired at the end of last year. (Webstock Inc.)

• Macro Factors Intertwined, SHFE Aluminum Hits New High in This Round of Rebound [SMM Aluminum Futures Brief Review]

  [SMM Aluminum Futures Brief Review: Mixed Macro Factors, SHFE Aluminum Hits New High in This Rebound] Recently, domestic spot alumina prices have stabilized after declining, mainly supported by short-term export demand and stockpiling for transfer to delivery warehouses. However, the decline in overseas prices has squeezed export profit margins. The market is expected to see some new alumina capacity gradually come online, with the expectation of a loosening supply and demand balance for alumina remaining strong. Medium and long-term prices still face pressure. On the macro front, mixed factors prevail. Domestically, the favorable macro tone remains unchanged, while overseas trade barriers have increased, though with significant uncertainty, leaving the market in a state of contention. On the fundamentals side, both supply and demand are showing growth. As the consumption peak season approaches, most sectors are experiencing a rebound in order volumes and operating rates. Coupled with the initial signs of a turning point in aluminum ingot social inventory destocking, this provides strong support for aluminum prices.

• Unwrought Aluminum and Aluminum Semis Exports Decline, Expected to Remain Weak in March [SMM Analysis]

  SMM, March 7 - According to the latest data from the General Administration of Customs, China's total exports of unwrought aluminum and aluminum semis reached 408,000 mt in February 2025, down 9.53% MoM and 12.70% YoY. The total exports for the year 2025 amounted to 859,000 mt, with a cumulative YoY decrease of 11.0%.