General Overview

According to the latest data released by the National Bureau of Statistics on March 24, prices for non-ferrous metals showed divergent trends in mid-March 2026 compared to early March. Specific price changes are as follows: The price of electrolytic copper stood at 99,580.7 RMB/ton, a decrease of 1,903.6 RMB/ton (1.9%) from the previous period. The price of aluminum ingots was 74,872.9 RMB/ton, an increase of 412.9 RMB/ton from the previous period. The price of lead ingots was 16,442.9 RMB/ton, a decrease of 125 RMB/ton (0.8%) from the previous period. The price of zinc ingots was 24,780 RMB/ton, a decrease of 604.3 RMB/ton (2.5%) from the previous period.

Analysis and Commentary

Copper

The price of electrolytic copper fell by 1.9% (1,903.6 RMB/ton), signaling a market surplus or weak demand, which exerts a significant bearish influence on spot prices. The substantial decline reflects the pressure of a short-term supply-demand imbalance.

Aluminum

Aluminum ingot prices rose by 412.9 RMB/ton, signaling strengthening demand or tightening supply, which serves as a bullish factor for spot prices. The price increase bolsters market confidence.

Lead

Lead ingot prices declined by 0.8% (125 RMB/ton), reflecting potential inventory pressure or weakening demand, which exerted a bearish influence on spot prices. The magnitude of the decline was relatively minor, constituting a standard market correction.

Zinc

Zinc ingot prices fell by 2.5% (604.3 RMB/ton)—a significant decline—indicating a severe supply surplus or contracting demand. This poses a major bearish threat to spot prices and has heightened downside risks in the market.

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