Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

CME Group is increasing margins on Comex gold and silver futures. The exchange said in a statement on Friday that gold margins will increase from the current 6 percent for a non-heightened risk profile to 8 percent of the underlying contract’s value.

SMM News on June 27: Metal Market: As of the midday close, nearly all domestic base metals futures rose, with SHFE copper up 1.41%, SHFE nickel up 0.73%, SHFE aluminum up 0.83%, SHFE zinc up 1.53%, SHFE tin up 0.76%, and SHFE lead down 0.26%. Additionally, main aluminum casting futures rose 0.38%, main alumina futures climbed 1.06%, lithium carbonate jumped 2.48%, silicon metal rose 0.32%, and polysilicon gained 0.27%. The ferrous metals series mostly rose, with iron ore up 1.85%, rebar up 0.78%, HRC up 0.78%, while stainless steel fell 0.16%. For coking coal and coke: coking coal surged 3.16%, and coke rose 1.77%. Overseas metals were mostly lower as of 11:39, with LME copper down 0.1%, LME nickel down 0.22%, LME zinc unchanged at $2,768/mt, LME tin down 0.44%, LME lead down 0.25%, and LME aluminum down 0.14%. Precious metals saw COMEX gold up 0.28% and COMEX silver up 0.61% as of 11:39; domestically, SHFE gold rose 0.56% and SHFE silver climbed 1.65%. As of the midday close, the most-traded Europe container shipping futures contract rose 0.87% to 1,779.2 points. Partial futures market data as of 11:39 on June 27: 》SMM Metal Spot Prices on June 27 Spot & Fundamentals Copper: Today in Guangdong, #1 copper cathode spot premiums against the front-month contract ranged from 40 yuan/mt to 150 yuan/mt, with an average premium of 95 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts of 20 yuan/mt to 0 yuan/mt, averaging a 10 yuan/mt discount, up 30 yuan/mt from the previous session. The average #1 copper cathode price in Guangdong was 80,070 yuan/mt, up 1,205 yuan/mt, while SX-EW copper averaged 79,965 yuan/mt, up 1,195 yuan/mt. Spot Market: Guangdong inventories declined for the third consecutive day due to limited arrivals and increased outflows. The market is already trading cargoes with next month's invoices, with minimal impact from mid-year settlements... 》Click for details Macro Front Domestic: [NBS: Jan-May Industrial Profits Down 1.1% YoY] NBS data shows profits at China's major industrial enterprises (annual sales ≥20 million yuan) declined 1.1% YoY in January-May 2025. State-owned holding enterprises reported 870.95 billion yuan in profits, down 7.4% YoY; joint-stock enterprises earned 2.01707 trillion yuan, down 1.5% YoY; foreign-funded, Hong Kong, Macau, and Taiwan-invested enterprises achieved 685.68 billion yuan, up 0.3% YoY; and private enterprises secured 759.25 billion yuan, up 3.4% YoY. Yu Weining, a statistician from the Department of Industry of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to May 2025: During the January-May period, industrial enterprises above designated size achieved a total profit of 2.72 trillion yuan, representing a year-over-year (YoY) decline. The performance presented the following characteristics: multiple factors contributed to the profit decline of industrial enterprises. Gross profits and operating revenues of industrial enterprises maintained growth. The equipment manufacturing sector played a stabilizing role. Breakthroughs in aerospace and marine sectors demonstrated the vitality of high-quality industrial development. The program of large-scale equipment upgrades and consumer goods trade-ins continued to yield results. Profits of private and foreign-funded enterprises maintained growth. In the next phase, it is essential to thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, implement more proactive macro policies, strengthen the domestic market, enhance innovation-driven development, steadily advance high-quality industrial development, and lay a solid foundation for the recovery of industrial enterprises' profitability. 》Click for details [China's Logistics Market Size Ranks First Globally for 9 Consecutive Years, Exceeding 360 Trillion Yuan for First Time] The China Federation of Logistics and Purchasing (CFLP) released the "China Logistics and Supply Chain Development Report (2024-2025)" today (June 27). According to the report, China's logistics market size has ranked first globally for nine consecutive years, with modern logistics further strengthening its support for the national economy. The report indicates that in 2024, China's total social logistics volume exceeded 360 trillion yuan for the first time, and the annual total revenue of the logistics industry reached 13.8 trillion yuan. By the end of 2024, the number of A-grade logistics enterprises in China surpassed 10,000 for the first time, including over 500 5A-grade enterprises representing the highest domestic standard. The industry is generally transitioning from "logistics" to "supply chain" development. A preliminary national logistics node network has taken shape. A survey of national logistics parks shows that the number of large-scale logistics parks reached 2,769. The People's Bank of China conducted 525.9 billion yuan in 7-day reverse repo operations today at an interest rate of 1.40%, unchanged from previous operations. With 161.2 billion yuan in 7-day reverse repos maturing today, the operation resulted in a net injection of 364.7 billion yuan. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market was set at 7.1620 yuan per US dollar on June 27. US Dollar Update: As of 11:39, the US dollar index fell 0.03% to 97.26. US data showed greater-than-estimated economic contraction in Q1 due to weak consumer spending and tariff-related disruptions. While initial jobless claims declined last week, dwindling job opportunities and corporate reluctance to hire amid economic uncertainty raised risks of a June unemployment rate increase. Markets await Friday's release of US core personal consumption expenditures (PCE) data for further insights into the US Fed's monetary policy outlook. Other currency updates: Bank of England Governor Andrew Bailey warned that the Labour government's payroll tax is causing UK job losses, declining worker incomes, and rising food prices. He cautioned that inflation risks remain "two-sided." Speaking at the British Chambers of Commerce annual conference in London, Bailey stated he is "starting to hear more evidence of adjustments through pay and employment" following the £26 billion ($36 billion) employer National Insurance contribution increase that took effect in April. (Hexun Finance) Data releases: Today's releases include US May personal spending month-over-month, US May core PCE price index year-over-year, US June University of Michigan consumer sentiment final reading, Eurozone June industrial confidence index, Eurozone June economic confidence index, Eurozone June consumer confidence final reading, Japan June Tokyo CPI year-over-year, Japan May unemployment rate, and Canada April seasonally adjusted GDP year-over-year. Additionally, ECB President Christine Lagarde will deliver remarks, while 2026 FOMC voter and Cleveland Fed President Loretta Mester, along with Fed Governor Lisa Cook, will participate in the "Fed Listens" event. Crude oil markets: Both oil futures rose slightly, with WTI crude up 0.48% and Brent crude up 0.46% as of 11:39. US summer driving season is boosting fuel demand. However, oil prices are expected to post weekly losses as the Iran-Israel ceasefire agreement holds, easing concerns about Middle East supply risks. The US Energy Information Administration (EIA) reported Wednesday that US crude, gasoline, and distillate inventories fell last week amid increased refining activity and demand. EIA data showed crude stocks declined by 5.8 million barrels to 415.1 million barrels in the week ending June 20, exceeding analyst expectations of a 797,000-barrel draw. Iran's Nour News agency reported Thursday that a damaged facility at Phase 14 of the South Pars refinery in Iran's Bushehr province - previously targeted by Israeli strikes - has resumed operations, continuing to alleviate supply concerns. (Webstock Inc.) Spot market overview: ► Inventories decline for 3rd week as suppliers refuse to budge on prices, but downstream buyers resist high prices [SMM South China Copper Spot] ► Rising copper prices suppress consumption, with market demand outlook remaining pessimistic [SMM North China Copper Spot] ► Shanghai zinc: Futures market continues to strengthen while premiums drop significantly [SMM Midday Review] ► [SMM Analysis] Strong fundamentals expected to support further iron ore price gains next week Other metal spot market updates coming soon - please refresh for latest insights

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

SMM News on June 18: Metal Market: As of the daytime close, domestic market base metals generally rose, with SHFE aluminum leading the gains with a 1.35% increase. SHFE zinc rose by 0.85%, while SHFE lead fell by 0.68% and SHFE nickel by 0.42%. The remaining metals experienced minor fluctuations in their gains. The main alumina contract rose by 2.31%, recording two consecutive days of gains. The main casting aluminum contract rose by 0.95%. In addition, lithium carbonate rose by 0.1%, polysilicon fell by 2%, and silicon metal rose by 1.09%. The main European container shipping contract rose by 3.18%. In the ferrous metals series, iron ore fell by 0.5%, HRC rose by 0.32%. In the coking coal and coke sector, coking coal fell by 0.57%, while coke rose by 0.62%. In the overseas market, as of 15:02, overseas market base metals generally rose, with LME tin leading the gains with a 0.94% increase. LME zinc rose by 0.63%, and LME copper by 0.48%. The remaining metals experienced minor fluctuations in their gains. In precious metals, as of 15:02, COMEX gold fell by 0.13%, while COMEX silver rose by 0.39%, reaching a high of $37.405 per ounce during the session, a new high since March 2012. Domestically, SHFE gold fell by 0.21%, while SHFE silver rose by 2.35%. Notably, SHFE silver surged to a high of 9,075 yuan/kg during the session, a new all-time high since its listing. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. The second is to establish an international operation center for the digital yuan. This will promote the international operation of the digital yuan and the development of financial market businesses, serving digital financial innovation. The third is to establish personal credit reporting agencies. These will provide diversified and differentiated personal credit reporting products for financial institutions, further improving the social credit reporting system. 》Click to view details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] Today, at the 2025 Lujiazui Forum, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, the construction of Shanghai as an international financial center has achieved a series of new progress and breakthroughs. During the forum, the National Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of Shanghai as an international financial center, introducing a series of deployment measures. These include encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels. (Cailian Press) [State Administration of Foreign Exchange to Implement a Package of Innovative Foreign Exchange Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of innovative foreign exchange policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the strategy to enhance the pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Intelligent Mine Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting Intelligent Mine Construction and Facilitating Mine Safety Development" issued by the National Mine Safety Administration and seven other departments, and to accelerate the construction of intelligent mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in collaboration with relevant departments, has drafted the "Key R&D Catalog for Intelligent Mine Robots (Draft for Public Consultation)", which is now open for public comments. ► On June 18, the central parity rate of the RMB in the interbank foreign exchange market was set at 7.1761 RMB per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.25% to 98.57. The market generally expects the US Fed to remain on hold this time, but expectations for Fed easing in H2 have risen. Attention should be paid to the Fed's policy stance and forecasts for future economic trends early tomorrow morning. The market expects the Fed to maintain the benchmark interest rate within the range of 4.25%-4.50%. However, IG market analyst Tony Sycamore stated that risks from the Middle East conflict and the slowdown in global economic growth may prompt the Fed to cut interest rates by 25 basis points in July, earlier than the current market expectation of September. US retail sales in May recorded the largest decline since the beginning of the year, indicating that new tariffs have curbed consumer spending, particularly in the automotive sector. Data released by the US Department of Commerce on Tuesday showed that retail sales, unadjusted for inflation, fell by 0.9% MoM in May, following a revised decline of 0.1% in April. Retail sales excluding automobiles fell by 0.3%. Macro: Today, data such as the UK's May CPI YoY, UK's May core CPI YoY, UK's May retail price index YoY, Eurozone's May harmonized CPI YoY - unadjusted final value, Eurozone's May core harmonized CPI YoY - unadjusted final value, US's May preliminary monthly rate of building permits, US's May preliminary annualized total of building permits, US initial jobless claims for the week ending June 14, US continuing jobless claims for the week ending June 7, US May housing starts annualized monthly rate, and US May housing starts annualized total will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. Crude Oil: As of 15:02, both WTI and Brent crude oil prices fell by 0.2%. The Israel-Iran conflict has introduced new uncertainties into the global oil market. Additionally, analysts have stated that the market is primarily concerned about potential supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that with the arrival of the traditional peak summer oil consumption season, market demand for petroleum products is rebounding, and the significant decline in crude oil inventories suggests that the current destocking trend may continue for some time. Influenced by these positive factors, the price increases of domestic and overseas crude oil futures have expanded significantly. The International Energy Agency (IEA) released its monthly report for June, slightly lowering its demand forecast and significantly raising its supply growth projection. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further increase. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that as the traditional peak oil consumption season in summer approaches, market demand for petroleum products is rebounding. The significant decline in crude oil inventory suggests that the current trend of destocking may continue for some time. Influenced by these positive factors, the increase in crude oil futures prices in both domestic and overseas markets has expanded significantly. The International Energy Agency (IEA) released its monthly report for June, in which it slightly lowered its demand forecast and significantly raised its supply growth estimate. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market, but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further intensify. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and revised down its average oil demand growth forecast for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices approach the 21,000 resistance level, with aluminum scrap prices showing limited increases [Daily Review of Aluminum Scrap] ► June 18: SHFE aluminum surged unilaterally, destocking significantly hindered, and processing fees collapsed [Daily Review of Spot Aluminum Billet] ► [SMM Daily Review of Nickel Sulphate] June 18: Nickel salt prices maintained a downward trend ► Market fluctuations are relatively small, with spot prices temporarily stable [SMM Daily Review of EMM] ► [SMM Daily Review of MHP] June 18: Indonesian MHP prices slightly declined ► Traders lower quotes, rare earth prices slightly weaken [SMM Daily Review of Rare Earths] ► Silver prices surge significantly, attempting to break through previous highs, with spot-futures price spread widening and contango rising [SMM Daily Review]

SMM News on June 18: Metal Market: As of the midday close, most domestic base metals rose, with SHFE nickel down 0.5%. SHFE copper rose 0.15%, SHFE aluminum rose 1.42%. SHFE zinc rose 0.87%, SHFE tin rose 0.13%. SHFE lead fell 0.71%. In addition, the main continuous futures contract for foundry aluminum rose 0.79%, and the main continuous contract for alumina rose 1.4%. Lithium carbonate rose 0.17%, silicon metal rose 0.95%, and polysilicon fell 0.47%. The ferrous metals series generally rose, with iron ore down 0.72%, rebar up 0.13%, and HRC up 0.36. Stainless steel rose 0.04%. In the coking coal and coke sector: coking coal fell 0.44%, and coke rose 0.59%. In the overseas metal market, as of 11:50 a.m., LME metals all rose, with LME copper, LME lead, LME aluminum, and LME nickel all up less than 0.4%. LME zinc rose 0.63%, and LME tin rose 0.73%. In the precious metals market, as of 11:50 a.m., COMEX gold was flat at $3,407/oz, and COMEX silver rose 0.47%. Domestically, SHFE gold fell 0.17%, and SHFE silver rose 2.37%, hitting a record high of 9,047 yuan/kg during the session. As of the midday close, the most-traded contract for the European container shipping index rose 4.49% to 2,118.6. As of 11:50 a.m. on June 18, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 18 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-220 yuan/mt against the front-month contract, with an average premium of 180 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 80-100 yuan/mt, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,840 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,750 yuan/mt, up 155 yuan/mt from the previous trading day. Spot Market: Inventories in Guangdong have fallen for two consecutive days, mainly due to fewer arrivals. Although inventories have decreased, warrants are flowing out, increasing the available supply. As a result, suppliers have had to lower prices to sell... 》Click for details Macro Front Domestic: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve the high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. Second, establish an international operation center for the digital yuan. Promote the international operation of the digital yuan and the development of financial market businesses to serve digital financial innovation. Third, establish personal credit reporting agencies. Provide diversified and differentiated personal credit reporting products for financial institutions to further improve the social credit reporting system. 》Click for details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] At the 2025 Lujiazui Forum today, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, Shanghai has achieved a series of new progress and breakthroughs in the construction of an international financial center. During the forum, the National Financial Regulatory Administration will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center, introducing a series of deployment measures, including encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels, among others. (Caixin) [SAFE to Implement a Package of Foreign Exchange Innovation Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the enhancement strategy of pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Mine Intelligent Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting the Intelligent Construction of Mines and Promoting Mine Safety Development" jointly issued by seven departments including the National Mine Safety Administration, and to accelerate the intelligent construction of mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in conjunction with relevant departments, has organized the drafting of the "Key R&D Catalog for Mine Intelligent Robots (Draft for Public Consultation)", which is now open for public consultation. The People's Bank of China conducted 156.3 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 164 billion yuan of 7-day reverse repos matured today, a net withdrawal of 7.7 billion yuan was realized. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 18 was 7.1761 yuan per US dollar. US dollar aspect: As of 11:50, the US dollar index fell by 0.14% to 98.68. Fed officials held a meeting on Tuesday, and the latest economic data may heighten their concerns that government policies (or at least the high degree of uncertainty surrounding these policies) will slow economic growth in the coming months. US retail sales fell more than expected in May, dragged down by a decline in car purchases, as the surge in advance buying by US consumers to avoid tariff-induced price increases has subsided. However, consumer spending is currently still supported by robust wage growth. The market generally expects the US Fed to keep its benchmark interest rate range unchanged at 4.25%-4.50%. The market will closely monitor the remarks of Fed Chairman Powell after the policy decision is announced, seeking signals for the future path of monetary policy. In other currency news: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining the policy interest rate at 0.5% and slowing the pace of reducing its bond-buying program. The BOJ will cut its bond purchases by 200 billion yen per quarter starting from April 2026. The BOJ stated that the Japanese economy is recovering mildly, but there are still some signs of weakness. (Cailian Press) In terms of data: Today, data including the UK's May CPI year-on-year rate, UK's May core CPI year-on-year rate, UK's May retail price index year-on-year rate, Eurozone's May harmonized CPI year-on-year rate - final unadjusted figure, Eurozone's May core harmonized CPI year-on-year rate - final unadjusted figure, US's May initial monthly rate of building permits, US's May initial annualized total of building permits, US's initial jobless claims for the week ending June 14, US's continuing jobless claims for the week ending June 7, US's May seasonally adjusted annualized monthly rate of housing starts, and US's May seasonally adjusted annualized total of housing starts will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.31% and Brent up 0.35% as of 11:50. This is due to market concerns that the conflict between Iran and Israel may disrupt oil supplies, supporting oil prices. Analysts said the market is mainly concerned about supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. According to the CCTV News app, on the 17th local time, the US consumer news and business channel CNBC reported that the Baltic and International Maritime Council (BIMCO), one of the world's largest shipping associations, said that the large-scale conflict between Israel and Iran has made the entire shipping industry uneasy, with many ships already choosing to avoid the Strait of Hormuz, and the number of ships passing through the Strait is declining. Amid the escalating deterioration of regional security, ocean freight rates through the Strait of Hormuz are expected to rise. Iran is the third-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC), with a daily output of approximately 3.3 million barrels. However, analysts suggest that other OPEC members could utilize their spare capacity to offset the decline in Iran's production. Data released by the American Petroleum Institute (API) indicate a decrease in US crude oil and gasoline inventories, along with an increase in distillate fuel oil inventories, for the week ending June 13. Crude oil inventories fell by 10.1 million barrels, gasoline inventories decreased by 202,000 barrels, and distillate fuel oil inventories rose by 318,000 barrels. (Webstock Inc.) Spot Market Overview: ► A significant outflow of warrants has increased market supply, leading to a notable decline in spot premiums. [SMM South China Spot Copper] ► Trading activity in the spot market remains low, with premiums and discounts weakening. [SMM North China Spot Copper] ► Shanghai Zinc: Premiums continue to deteriorate, with average trading performance. [SMM Midday Review] ► [SMM Nickel Midday Review] On June 18, nickel spot prices remained stable, with People's Bank of China Governor Pan Gongsheng announcing eight significant financial policies. Midday reviews for other metal spot markets will be updated shortly. Please refresh for the latest information.