1、 Trend analysis
According to monitoring data from Shengyi Society, copper prices have slightly decreased this week. As of the 20th, copper prices were reported at 95813.33 yuan/ton, a decrease of 3.54% from the beginning of the week and a year-on-year increase of 17.52%.
According to the weekly rise and fall chart of Shengyi Society, in the past three months, copper prices have fallen 8 and risen 3, with a slight decrease this week.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory has slightly increased, with 335425 tons of LME copper inventory as of the weekend, up 7.65% from the beginning of the week.
Macroscopically, the overnight Federal Reserve interest rate meeting released a strong hawkish signal, coupled with the sharp escalation of geopolitical conflicts in the Middle East, causing global risk asset sentiment to freeze instantly.
Supply side: Major copper producing countries such as Peru and Chile have resumed production, coupled with the launch of new mines in Africa, leading to a shift in global copper concentrate supply from shortage to surplus.
On the demand side: The traditional peak season of the “Golden Three” has not arrived as scheduled, and downstream inquiries into the market are cautious. Although there are many low-priced purchases, their sustainability is poor. The continuous deterioration of real estate data (with a 23.1% decrease in new construction) has directly dragged down cable and home appliance consumption.
In summary, copper prices are still at a high level year-on-year, which has suppressed terminal consumption. Under the pressure of hawkish measures by the Federal Reserve, financial attributes dominate pricing, and there is significant short-term adjustment pressure on copper prices. Short term copper prices are expected to experience weak adjustments.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of March 19th, the reference average price of urea market in Shandong Province, China was 1865 yuan/ton, a decrease of 1.45% from the reference average price of 1892 yuan/ton on March 13th.
2、 Market analysis
market situation
This week, the domestic urea market prices have weakened and fallen. As of March 19th, the urea market prices in Shandong are around 1840-1880 yuan/ton, Hebei is around 1830-1870 yuan/ton, Henan is around 1810-1860 yuan/ton, Hubei is around 1860-1900 yuan/ton, and Liaoning is around 1880-1900 yuan/ton.
supply and demand situation
This week, the urea market is oversupplied. On the supply side, the urea production rate and daily output were high this week, indicating sufficient market supply. In terms of demand, downstream compound fertilizer enterprises are in urgent need of procurement, and the market is mostly adopting a wait-and-see attitude, resulting in a cautious overall trading atmosphere.
3、 Future forecast
Business Society’s urea analyst believes that the urea market trend has been declining recently. The futures market is not performing well, coupled with high inventory in the urea market. It is expected that in the short term, the domestic urea market will be dominated by strong price consolidation and operation.

price trend
In the past week (March 11 to March 17, 2026), the PA66 market continued to rise strongly at a high level, with the price center steadily shifting upwards and the mainstream quotation range continuously exploring. Transactions were mainly rigid rigid demand small orders. On March 17th, the benchmark price of PA66 by Shengyi Society was reported at 19533.33 yuan/ton, an increase of 3.17% compared to 18933.33 on March 11th. The market presents a pattern of raw material driven, supplier driven pricing, and downstream wait-and-see. Low price sources have basically disappeared, and traders have a strong sentiment of hoarding and reluctance to sell, resulting in a narrowing of overall bargaining space.
influencing factors
In terms of cost:
Recently, geopolitical conflicts in the Middle East have continued, and international oil prices have fluctuated at high levels. In March, the execution price of hexamethylenediamine in NVIDIA China was raised to 18200 yuan/ton, an increase of 900 yuan/ton from February; Adipic acid fell slightly from its high point within the week. On March 17th, the benchmark price of adipic acid in Shengyi Society was 10300 yuan/ton, a decrease of 2.91% from 10600 yuan/ton on March 11th.
Supply side:
Mainstream manufacturers have reached a consensus to reduce production, and the industry’s operating load has been maintained at 55% -60%. The import volume has decreased by about 15% year-on-year, and traders are reluctant to sell and hold back. The overall inventory of factories and traders is low, and suppliers have strong pricing power. Low price offers have basically disappeared, and the market presents a pattern of “supplier control of inventory and scarcity of spot goods”.
In terms of demand:
In recent times, the downstream textile industry has gradually resumed work, but its acceptance of high prices is limited, and there is a strong wait-and-see attitude. It generally adopts a small order demand and on-demand procurement strategy, with few large order transactions. The overall trading activity in the market is insufficient, and the volume of transactions is limited.
Future forecast
In the future, the PA66 market is likely to maintain a high and narrow range oscillation trend in the short term, with the core logic still being cost support>demand suppression. If the geopolitical conflict in the Middle East eases and international oil prices fall, it will weaken the cost support of PA66 or trigger a slight price correction; On the contrary, a sustained high level of raw materials will drive prices to continue rising. If terminal orders improve, downstream procurement enthusiasm increases, or the supply-demand stalemate pattern is broken, supporting a slight increase in prices; If demand continues to be weak, the downstream operating load may decrease due to high prices, or lead to high price stagnation.

机翻 · 通用领域
According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market in China rose at a high level in March, and prices of various brand products fluctuated and increased. As of March 17th, the benchmark price for PP wire drawing offered by Shengyi Society was 8943.33 yuan/ton, with a year-on-year increase or decrease of 34.22% in price level.
price trend
In terms of raw materials:
International oil prices continue to rise at high levels due to transportation disruptions and cancellations of long-term contracts. The ongoing uncertainty in the current US Iran situation has raised concerns among industry players, providing strong support for the upstream of PP in the far end. In terms of propylene, it has followed the trend of upstream consolidation, coupled with the concentrated implementation of enterprise equipment maintenance, some equipment has reduced load operation, and the effective supply in the market has significantly decreased, highlighting the tight pattern of spot resources. At the same time, the arrival of propane at ports has decreased synchronously, resulting in high cargo prices, while the overall focus of spot prices remains unchanged. Overall, the prices of PP raw materials are positive, providing strong support for PP costs.
Supply side:
Since March, the maintenance of domestic PP enterprises has been slightly higher than the restart, and the overall operating rate has been reduced. As of the time of writing, the overall load level of the domestic industry has decreased by about 4% to 70%. Zhejiang Petrochemical, Maoming Petrochemical and other enterprises have implemented maintenance plans. The current weekly average total production is about 720000 tons, and the inventory position is close to 940000 tons. The on-site supply is generally abundant. Overall, the supply side’s support for spot prices is still acceptable.
In terms of demand:
Affected by high spot prices, the overall trading atmosphere in the downstream market of the industry in March was cautious. In the first ten days, some chasing orders were basically released, and the number of warehouse building operations decreased. At present, the market tends to be on-demand, with orders mainly fulfilled through refinery oversold contracts and scattered small orders. Some terminal small and micro enterprises have reduced production and stopped production due to high cost pressures, and the buyer camp has returned to calmness. The demand side generally supports PP.
Future forecast
In March, the domestic PP market prices in China rose at a high level. Fundamentally speaking, the industry load has been reduced, and the import of goods to ports has decreased. However, with a large base production capacity, inventory is currently accumulating at a high level. At the same time, the high cost pressure suppresses the demand of some small factories, and the comprehensive support of upstream raw materials on the cost side of PP remains strong. Therefore, the current PP market may still be primarily guided by cost, and it is recommended to closely monitor fluctuations in the crude oil market.

1、 Trend analysis
According to the monitoring of nickel prices by Shengyi Society, nickel prices have fluctuated widely this week. As of the weekend, the spot nickel price was 136250 yuan/ton, an increase of 0.86% from the beginning of the week and a year-on-year increase of 5.75%.
According to the weekly rise and fall chart of Shengyi Society, nickel prices have fallen 3 times and risen 8 times in the past 12 weeks, with nickel prices mainly fluctuating widely recently.
Nickel industry chain
Macroscopically, although the February US CPI data met expectations, the uncertainty of geopolitical conflicts has pushed up crude oil prices, becoming a “new variable” for inflation. As of March 15th, Brent crude oil prices have soared to $98 per barrel, up 23% from early February, directly driving up global energy costs. The US bond market took the lead in responding: the two-year US bond yield hit 3.632%, a new five month high; Federal funds rate futures show that the expectation of a rate cut in 2026 has plummeted from 41 basis points to 32 basis points, and the market has even postponed the next rate cut to September.
Supply side: In February 2026, China’s refined nickel production was 32600 tons, a decrease of 7.45% month on month and 1.65% year-on-year. The estimated refined nickel production in China in March is 39430 tons, an increase of 20.95% month on month and 7.54% year-on-year.
On the demand side: There has been no significant improvement on the demand side, with downstream demand maintaining a pace of rigid procurement, and overall spot transactions being sluggish. The overall demand for downstream electroplating is relatively stable, and it is difficult to see growth in the later stage; The demand for alloys still accounts for the majority, with better demand for alloys in military and shipping industries. In March, the stainless steel plant resumed production, but the current profit of the steel plant is low, and large-scale procurement has not yet begun after the holiday; The high price of MHP provides support for the cost of nickel sulfate, but the weak demand during the off-season is mainly due to fluctuations in nickel sulfate prices.
In summary, the recent increase in macroeconomic uncertainty overseas and the continued disturbance in the mining sector have supported prices due to the accumulation of contradictions in the raw material sector. The demand side has slightly improved, but high inventory still constrains prices. The bottom support is strong, but the continued upward drive needs to be further transmitted to the real end. It is expected that nickel prices will mainly fluctuate strongly.