Pan Gongsheng, director of the State Administration of Foreign Exchange, said that during the downturn of the global financial cycle, the medium and long-term allocation value of RMB assets is more prominent.

SHANGHAI, Jun 8 (SMM) -  SMM data showed that China's copper cathode output stood at 958,800 mt in May, down 11,200 mt or 1.2% MoM, but a rise of 17% YoY, and the output was 5,300 mt higher than expected.

China exported 475,367.8 mt of unwrought aluminium and aluminium semis in May, down 29.7% YoY. Export totalled 2,315,001 mt from January to May, a year-on-year drop of 20.2%.

Paul Voss, Director of the European Aluminum Association (EAA) said he thinks that the United States and the West may still sanction aluminum products imported from Russia.

As of 15:04 CST, WTI oil and Brent oil rose 0.11% and 0.05% respectively, while the U.S. dollar index fell 0.11%.

Today, the five major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Bank of China and Bank of Communications, lowered their deposit interest rates further.

Wanda Group issued a statement on the report of "Dalian Wanda Commercial Management's 1.9 billion equity being frozen", saying that Wanda Real Estate Group and a company have cooperated in a large-scale project in Changchun. So far, there are still financial disputes of more than 1 billion yuan between the two companies.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jun 8, 2023