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  Policies and Holidays Intertwine, Secondary Copper Rod Enterprises Resume Operations Slowly

  In February 2026, the operating rate of secondary copper rod was 7.98%, above expectations of 7.46%, down 9.7 percentage points MoM and down 23.72 percentage points YoY. In February 2026, China’s secondary copper rod market, jointly driven by the Chinese New Year holiday and policy uncertainty, went through a full cyclical evolution of “pre-holiday volatility and positioning...

• This Week (3.2-3.6) Overseas Lithium Highlights [SMM New Energy Overseas Weekly Highlights]

• Weekly Lithium Carbonate Market Review: Lithium Carbonate Prices Fluctuated and Declined [SMM Weekly Review]

• Geopolitical News Sees Back-and-Forth; Aluminum Prices Expected to Fluctuate Upward in the Short Term [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: Geopolitical News in a Tug-of-War; Aluminum Prices Are Expected to Maintain a Fluctuating Upward Trend in the Short Term] Overall, although domestic social inventory has continued to build up, the current Middle East geopolitical situation remains a key global focus. If geopolitical conflicts persist, expectations for tightening global aluminum supply are strong, and aluminum prices have relatively strong upward momentum. In the short term, aluminum prices are expected to hold up well.

• Chile’s Copper Ore Exports to China Fell in February; Overnight LME Copper and SHFE Copper Both Closed Lower [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,960/mt. It fluctuated downward in early trading, dipping to $12,792/mt, after which the center of copper prices gradually moved higher and touched a high of $12,966/mt. It then fluctuated downward and finally closed at $12,859/mt, down 1.29%. Trading volume rose to 27,900 lots, and open interest rose to 305,000 lots, down 953 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,440 yuan/mt. It fluctuated downward in early trading and bottomed at 100,030 yuan/mt, after which the center of copper prices moved sharply higher and climbed to 101,410 yuan/mt. It finally closed at 100,980 yuan/mt, down 0.35%. Trading volume rose to 74,300 lots, and open interest rose to 195,000 lots, down 5,732 lots from the previous trading day, mainly due to long position reductions.