SMM, June 5: Metal Market: As of the daytime close, domestic market base metals generally declined, with only SHFE lead and SHFE tin rising together. SHFE lead increased by 0.36%, and SHFE tin rose by 1.47%. The rest of the metals fell, with the main alumina contract dropping by 2.9%. In addition, the main lithium carbonate contract fell by 0.43%, the main silicon metal contract declined by 0.56%, and the main polysilicon contract dropped by 0.27%. The main European container shipping contract fell by 0.11%. The ferrous metals series showed mixed performance. Stainless steel rose by 0.2%, iron ore fell by 0.14%, rebar increased by 0.14%, and HRC declined by 0.19%. In the coking coal and coke sector, coking coal rose by 1.68%, and coke increased by 0.56%. In the overseas market, as of 15:03, overseas market base metals generally declined, with only LME copper and LME nickel rising together. LME copper increased by 0.29%, and LME nickel rose by 0.1%. LME lead led the declines with a drop of 0.5%. The fluctuations in the declines of the remaining metals were relatively small. In precious metals, as of 15:03, COMEX gold fell by 0.26%, and COMEX silver rose by 0.03%. Domestically, SHFE gold increased by 0.23%, and SHFE silver fell by 0.01%. Market conditions as of 15:03 today 》Click to view SMM market dashboard Macro Front Domestic Aspects: [National Energy Administration: National power supply is generally expected to be secured during the peak summer period this year] Hao Ruifeng, Director of the Market Supervision Department of the National Energy Administration, stated at a State Council Information Office press conference that, based on the current situation, it is expected that the national power supply will be generally secured during the peak summer period this year, although there may be power supply tightness in some local areas during peak periods. Hao Ruifeng pointed out that the National Energy Administration will aim to ensure flexible regular supply, implement measures for localized short-term tightness, and achieve effective responses to extreme situations, pressing all parties to fulfill their responsibilities. Through measures such as strengthening energy and power monitoring and early warning, fully leveraging power supply potential during peak periods, accelerating the construction and commissioning of supportive power sources, optimizing cross-provincial power exchanges, and enhancing demand-side response, the National Energy Administration will strive to ensure the safe and stable supply of power during the peak summer period. [Song Hongkun, Deputy Director of the National Energy Administration: As of the end of April, installed capacity of wind, PV, and nuclear power historically exceeded that of thermal power] Song Hongkun, Deputy Director of the National Energy Administration, stated at a State Council Information Office press conference today that as of the end of April this year, China's installed capacity of renewable energy power generation reached 2.017 billion kW, up 58% YoY. The installed capacity of wind, PV, and nuclear power reached 1.53 billion kW, historically exceeding that of thermal power. [Ministry of Ecology and Environment: Coal consumption accounted for 53.2% of total energy consumption in 2024] The Ministry of Ecology and Environment officially released the "2024 Report on the State of China's Ecology and Environment."The proportion of coal consumption in total energy consumption was 53.2%, a decrease of 1.6 percentage points from 2023. The proportion of clean energy consumption, including natural gas, hydropower, nuclear power, wind power, and solar power, in total energy consumption was 28.6%, an increase of 2.2 percentage points from 2023. As of the end of 2024, the cumulative trading volume of quotas in the national carbon emissions trading market reached 630 million mt, with a cumulative turnover of 43.033 billion yuan. [Caixin China General Services PMI rose to 51.1 in May] The Caixin China General Services Business Activity Index (Services PMI) for May, released today, recorded 51.1, up 0.4 percentage points from April, indicating an acceleration in the expansion of services sector operations. ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on June 5 was 7.1865 RMB per US dollar. US dollar: As of 15:03, the US dollar index rose by 0.12% to 98.91. On June 4 local time, the latest Beige Book, a national economic conditions survey report released by the US Fed, showed that economic activity in the US had declined slightly since the last report. Businesses and consumers faced increased policy uncertainty and mounting price pressures, with the overall economic outlook remaining pessimistic. US ADP employment increased by 37,000 in May, against an expected increase of 110,000 and a prior increase of 62,000. Following the release of the US May ADP employment data, US President Trump stated that Powell must now cut interest rates. Data released by ISM showed that the US May ISM Services PMI Index was reported at 49.9, significantly below the expected 52, marking the first contraction in nearly a year. The new orders index fell sharply by 5.9 points, the largest decline since June 2024, to 46.4. The prices paid index jumped to 68.7, the highest since November 2022. Currently, the market is focusing on the non-farm payrolls report to be released this Friday, seeking clearer guidance. Macro: Today, data such as the year-on-year rate of the ANZ commodity price index for May globally, Australia's goods and services trade balance for April, Australia's monthly export rate for April, Australia's monthly import rate for April, China's Caixin Services PMI for May, Switzerland's unadjusted unemployment rate for May, Switzerland's seasonally adjusted unemployment rate for May, the leading indicator for turning points in the global industrial production cycle for May, the number of job cuts announced by US companies in May (Challenger report), the European Central Bank's (ECB) main refinancing rate for June in the Eurozone, the ECB's deposit facility rate for June in the Eurozone, the ECB's marginal lending facility rate for June in the Eurozone, the US trade balance for April, the number of initial jobless claims in the US for the week ending May 31, the number of continuing jobless claims in the US for the week ending May 31, Canada's trade balance for April, Canada's seasonally adjusted IVEY PMI for May, Canada's unadjusted IVEY PMI for May, and the global supply chain pressure index for May will be released. In addition, it is worth noting that the US Fed released the Beige Book on economic conditions; the European Central Bank (ECB) announced its interest rate decision; and ECB President Christine Lagarde held a press conference on monetary policy. Crude oil: As of 15:03, oil prices in the two markets showed mixed performance, with US crude oil down 0.06% and Brent crude oil up 0.05%. Earlier industry reports indicated an increase in US gasoline and diesel inventories last week. Additionally, Saudi Arabia lowered its official selling prices (OSPs) for Asian crude oil buyers in July, while uncertainties surrounding the global economy also weighed on oil prices. The US Energy Information Administration (EIA) released its inventory report on Wednesday, showing a decline in US crude oil inventories last week as refineries ramped up production with the start of the summer driving season, while fuel inventories rose due to weak demand. The EIA reported that US gasoline inventories increased by 5.2 million barrels to 228.3 million barrels in the week ending May 30, compared to market expectations of a 600,000-barrel increase. US commercial crude oil inventories fell by 4.3 million barrels to 436.06 million barrels in the same week, against market expectations of a 1 million-barrel decrease. Distillate inventories, including heating oil and diesel, rose by 4.2 million barrels to 107.6 million barrels in the week, compared to market expectations of a 1 million-barrel increase. Saudi Arabia, the world's largest oil exporter, lowered its prices for Asian crude oil buyers to a two-month low, which the market views as an attempt by Saudi Arabia to regain market share. Saudi Aramco reduced the OSP for its flagship Arab Light crude oil sold to Asia in July to a premium of $1.20 per barrel over the Oman/Dubai average. The OSP premium was $1.40 per barrel in June and $1.20 per barrel in May. A previously released survey indicated that the price cut for Arab Light crude oil in July would be in the range of 40-50¢. Analysts from ANZ Bank said in a report, "Although the price cut by Saudi Arabia was smaller than expected, it indicates that demand remains weak despite entering the peak demand period." (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices fluctuate rangebound, aluminum scrap prices remain unchanged [Daily Review of Aluminum Scrap] ► June 5: SHFE aluminum holds up well, with no sign of inventory buildup yet; processing fees struggle to maintain [Daily Review of Spot Aluminum Billet] ► [SMM MHP Daily Review] June 5: Indonesian MHP prices decline ► [SMM Nickel Sulphate Daily Review] June 5: Nickel salt prices decline ► Rare earth miners withhold sales and refuse to budge on prices, leading to a slight price increase [SMM Rare Earth Daily Review] ► Tungsten market fluctuates at highs, with APT and tungsten powder prices rising again [SMM Tungsten Daily Review] ► Silver prices continue to consolidate, with sluggish market trading remaining unchanged [SMM Daily Review]

SMM April 30 News: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE copper and SHFE zinc dropping 0.26% and 0.47%, respectively. SHFE tin fell 0.13%, and SHFE nickel fell 0.59%. SHFE aluminum rose 0.23%, while SHFE lead fell 0.38%. In addition, alumina fell 3.1%. Lithium carbonate fell 0.21%, silicon metal fell 1.1%, and polysilicon fell 0.43%. The ferrous metals series all fell, with iron ore dropping 0.85%, rebar falling 0.61%, HRC declining 0.74%, and stainless steel decreasing 0.24%. For coking coal and coke: coking coal fell 0.91%, and coke fell 0.87%. In the overseas metal market, as of 11:42 a.m., overseas base metals were nearly universally down. LME tin and LME zinc fell slightly. LME lead rose 0.1%, LME copper fell 0.55%, and LME aluminum fell 0.28%. LME nickel rose 0.29%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.46%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 0.57%, and SHFE silver fell 0.21%. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose 0.77% to 1,290.4 points. As of 11:42 a.m. on April 30, some midday futures market movements: 》SMM Metal Spot Prices on April 30 Spot and Fundamentals Copper: As of Thursday, April 30, SMM copper inventories in major domestic regions fell 25,500 mt from Monday to 129,600 mt, a decrease of 52,100 mt from last Thursday, achieving destocking for nine consecutive weeks, with the destocking speed accelerating... 》Click for details Macro Front Domestically: 【NBS: April PMI at 49%, Manufacturing Enterprises Focused on Domestic Sales Generally Stable】 The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics (NBS) released China's PMI for April today (30th). Affected by factors such as the rapid changes in the external environment, the manufacturing PMI for April fell from the previous month, but high-tech manufacturing and other related industries continued to expand, and the production and operation of manufacturing enterprises focused on domestic sales remained generally stable. China's manufacturing PMI for April was 49%, a decrease of 1.5 percentage points from the previous month. From the perspective of key industries, the overall market demand for new growth drivers maintained a steady and increasing trend, with domestic market demand showing good growth. The PMI for high-tech manufacturing in April was 51.5%, significantly higher than the overall manufacturing level, continuing a good development trend. The new orders index for consumer goods manufacturing was also at the critical point of 50%, indicating a good release of domestic market demand for consumer goods manufacturing. From the perspective of enterprise expectations, the expected index for production and operation activities in April was 52.1%, continuing to be in expansion territory. From the perspective of non-manufacturing, non-manufacturing as a whole continued to expand, with positive performances in investment, consumption, and new growth driver-related activities. The business activity index for the service sector in April was 50.1%, a decrease of 0.2 percentage points from the previous month, still above the critical point. Among them, activities related to residents' tourism and leisure performed well, and industries related to the information service sector remained active. 》Click for details The People's Bank of China (PBOC) conducted 530.8 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.50%, unchanged from before. As 108 billion yuan in 7-day reverse repos matured today, a net injection of 422.8 billion yuan was realized on the day. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 30 was 7.2014 yuan per US dollar. US Dollar: As of 11:42 a.m., the US dollar index rose 0.12% to 99.34. US data showed that US consumer confidence in April slipped to a nearly five-year low as growing concerns about tariffs weighed on the economic outlook. Market participants will focus on US economic data, including the US Personal Consumption Expenditures (PCE) Price Index released later today and the non-farm payrolls report due on Friday, to further assess the impact of US trade policy on the outlook for US interest rates. Market participants currently believe that the US Fed will cut interest rates by about 97 basis points by the end of 2025. Other Currencies: Australia's Consumer Price Index (CPI) for Q1 rose 0.9%, slightly higher than expected, but the annual rate of core inflation slowed to 2.9%, the lowest level in three years, pulling back into the Reserve Bank of Australia's (RBA) target range. Despite the CPI slightly exceeding expectations, the market still widely expects the RBA to cut interest rates on May 20 to address uncertainties in the global economic outlook. Data showed that rising electricity prices were the main driver of the CPI rebound, while service sector inflation pulled back, supporting expectations for policy easing. (Huitong Finance) Data: Today, the US April ADP employment change, the preliminary Q1 real GDP annualized quarter-on-quarter rate, the preliminary Q1 GDP price index quarter-on-quarter rate, the preliminary Q1 core PCE price index annualized quarter-on-quarter rate, the preliminary Q1 consumer spending annualized quarter-on-quarter rate, the preliminary Q1 GDP implicit deflator quarter-on-quarter rate - seasonally adjusted, the US April Chicago PMI, the US March personal spending month-on-month rate, the US March core PCE price index annual rate, the US March seasonally adjusted pending home sales index month-on-month rate, the Australia Q1 CPI quarter-on-quarter rate, the Australia Q1 CPI annual rate, the preliminary France Q1 GDP annual rate, the Germany March actual retail sales month-on-month rate, the Germany March actual retail sales annual rate, the Germany April seasonally adjusted unemployment rate, the Germany April seasonally adjusted change in the number of unemployed persons, the preliminary Germany Q1 unadjusted quarterly GDP annual rate, the preliminary Germany April CPI annual rate, the Switzerland April Credit Suisse/CFA Economic Expectations Index, the preliminary eurozone Q1 seasonally adjusted GDP quarter-on-quarter rate, the preliminary eurozone Q1 seasonally adjusted GDP annual rate, the Canada February seasonally adjusted GDP annual rate, and other data will be released. It should be noted that on April 30, there will be no night session trading at the Shanghai Gold Exchange (SGE), SHFE, Zhengzhou Commodity Exchange (ZCE), and Dalian Commodity Exchange (DCE) in China due to the Labor Day holiday. Crude Oil: As of 11:42 a.m., crude oil futures fell, with US crude falling 1.21% and Brent crude falling 1.09%. This was due to concerns about weak global economic growth and fuel demand triggered by the US's erratic tariff policies. Daniel Hynes, a senior commodity strategist at ANZ Bank, said that concerns about demand amid trade disputes weighed on investor confidence. He added, "The market is also worried that the recent strength in US economic data is only temporary, driven by stockpiling ahead of tariffs taking effect, and that this effect is now fading." Data released by the American Petroleum Institute (API) showed that US crude oil inventories rose last week, while gasoline and distillate inventories fell. As of the week ending April 25, US crude oil inventories rose by 3.8 million barrels, gasoline inventories fell by 3.1 million barrels, and distillate inventories fell by 2.5 million barrels. Previously, surveyed analysts had expected, on average, an increase of about 400,000 barrels in US crude oil inventories, a decrease of about 1 million barrels in gasoline inventories, and a decrease of about 1.6 million barrels in distillate inventories last week. The US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 on Wednesday. The possibility that OPEC, composed of the Organization of the Petroleum Exporting Countries and its allies, may increase production also weighed on oil prices, especially as trade disputes put pressure on demand. Industry insiders said that several OPEC member countries may propose accelerating the increase in oil production for the second consecutive month in June. (Webstock Inc.) ► Spot Market Overview: ► Copper inventories in major domestic regions fell by 25,500 mt this week [SMM Weekly Data] ► Downstream manufacturers have basically completed pre-holiday stockpiling, with spot premiums under pressure and declining [SMM South China Copper Spot] ► On the last trading day before the holiday, market stockpiling demand cooled [SMM North China Copper Spot] Other metal spot midday reviews will be updated later. Please refresh to view~

The US tariff policy continued to disrupt the market, with rising safe-haven demand combined with a weakening US dollar igniting the enthusiasm of bulls to go long on precious metals. Precious metals futures continued to rise on February 14. Notably, on the afternoon of February 14, SHFE silver and COMEX silver both experienced a sharp surge. As of 16:33 on the 14th, COMEX gold rose 0.52%, quoted at $2,960.7 per ounce; COMEX silver rose 3.76%, quoted at $33.955 per ounce, with an intraday high of $34.025 per ounce, marking a new high in over three months; SHFE gold rose 0.99%, quoted at 688.4 yuan per gram; SHFE silver rose 3.33%, quoted at 8,254 yuan per kilogram, with an intraday high of 8,263 yuan per kilogram, setting a new high in over three months.

[Hunan Gold: YoY Increase in Selling Prices of Gold and Antimony, 2024 Net Profit Expected to Grow 60%-90% YoY] Hunan Gold previously disclosed its 2024 performance forecast, indicating that the company expects to achieve a net profit attributable to shareholders of the publicly listed firm of 782.5654 million yuan to 929.2964 million yuan, representing a YoY growth of 60%-90%. During the reporting period, the performance increase was mainly driven by the YoY rise in selling prices of the company's gold and antimony products.

[SMM Newsflash: Multiple Gold Companies Expect Positive Earnings, Market Risk-Aversion Sentiment Heats Up, Driving Precious Metals Sector to Strengthen Against the Trend] The US has not yet announced a clear tariff plan but hinted at the possibility of imposing tariffs on Canadian and Mexican goods as early as February 1. Amid economic and geopolitical uncertainties, market demand for safe-haven assets such as precious metals has increased. Along with the US dollar index falling for two consecutive trading days, retreating to around 108, the weakening US dollar has driven gains in precious metals futures and stocks. As of 15:13 on January 22, COMEX gold rose 0.14%, quoted at $2,763 per ounce…

[SMM Commentary: "The Wolf" Has Truly Arrived, Spot Market Gradually Enters "Holiday Mode"—What Drama Will Unfold in the Copper Market?] This week, the cooling of US PPI data and US core CPI data falling below expectations have heightened market expectations for further interest rate cuts by the US Fed this year. Additionally, comments from Fed Governor Waller, stating that if US economic data weakens further, there could still be three to four rate cuts this year, have weighed on the US dollar index, boosting risk appetite for assets like copper. Furthermore, China's GDP growth of 5% YoY in 2024 and 5.4% in Q4 have also provided support for the prices of copper and other metals.