[Yihao New Materials: 2025 Net Loss of RMB 58.6219 Million Widened 50.85% YoY, HVLP Copper Foil Still in Sample Testing Stage] Yihao New Materials announced that the cumulative deviation in its closing price increase over the two consecutive trading days on June 15 and June 16, 2026, reached 30%, constituting abnormal fluctuation in stock trading. After self-inspection, the company stated that previously disclosed information requires no correction or supplement; there have been no significant changes in recent production and operations or in the internal and external business environment; the controlling shareholder and actual controller have no undisclosed matters that should have been disclosed, and did not trade the company’s shares during the fluctuation period. The company warned of risks, noting that its net loss attributable to shareholders of the listed company for 2025 was RMB 58.6219 million, a loss that widened by 50.85% YoY compared to 2024, and its overall performance was weaker than the industry average. The certification progress for its HVLP copper foil is slower than some of its peers; it is currently in the sample testing, analysis, and certification stage and has not yet generated revenue. In addition, the second-phase 5,500-mt production line of the “High-Precision Electrolytic Copper Foil Project with an Annual Capacity of 10,000 mt” raised investment project is advancing equipment installation and commissioning, and the commissioning time is subject to uncertainty.

Northern China is the core hinterland of China's cable industry, leveraging its industrial heritage, full-chain supporting facilities, and favorable policies from the Beijing-Tianjin-Hebei coordinated development to build a comprehensive industrial cluster integrating raw material processing, cable production, new material R&D, and intelligent equipment manufacturing. The regional cable industry’s annual output value exceeds 100 billion yuan, supported by a solid industrial foundation and vast market space. Compared to the Yangtze River Delta and Pearl River Delta advantage industry clusters, the northern cable industry still faces shortcomings such as scattered industrial resources, weak industry-academia-research linkages, and insufficient risk resilience of the industry chain. Breaking through collaboration barriers is key to industry quality improvement. will be held on July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Shandong . The conference focuses on three major themes: industrial collaboration, green intelligence, and globalization. SMM joins hands with Baotou Zhenxiong Copper Industry Co., Ltd. to invite merchants from the entire industry chain to gather, deeply explore industry opportunities, and boost the quality and upgrade of the northern cable industry. Click to attend, and we look forward to meeting you at the conference. Baotou Zhenxiong Copper Industry Co., Ltd. (hereinafter referred to as Baotou Zhenxiong) was registered and established in June 2015 in Baotou Rare Earth High-tech Zone. The company’s main business focuses on R&D and production of high-precision, high-purity copper wire drawing products . Currently, it has an annual production capacity of 100,000 mt of copper rod and 40,000 mt of various copper wire conductor deep processing. Products cover pure copper conductor materials with diameters from 0.016 mm to 8 mm, as well as various alloy, tin-plated, gold-plated, silver-plated, and other copper conductor materials. In the field of R&D and production of alloy ultra-fine wires, the company has reached a leading level in China. Currently, the finest diameter of high-precision copper alloy wire products produced is 0.016 mm, equivalent to 1/5 the thickness of a human hair. Its independently developed high-purity, low-resistance new high-conductivity material products have won the honorary title of the first batch of new materials in the autonomous region for two consecutive years. It is the only high-tech enterprise in Inner Mongolia Autonomous Region engaged in the R&D and manufacturing of high-purity, high-precision copper conductors. The company’s products are widely used downstream in high-end fields such as precision electronic components, medical devices, aviation, automotive electronics, communications, gaming consoles, industrial robots, ships, deep-sea cables, and drilling. Since its establishment, the company has maintained excellent operating performance. In 2024, its sales volume was 72,000 mt, revenue was 5.12 billion yuan, a YoY increase of 45.22%. Since its establishment, the company has been committed to deep R&D and deep processing of new copper conductor materials, continuously improving and innovating. Currently, it has obtained 3 invention patents and 20 utility model patents. Meanwhile, the company emphasizes systematic management and has successively obtained the following certifications: ISO 9001:2015 international quality management system certification; ISO 14001:2015 environmental management system certification; ISO 45001:2018 occupational health and safety management system certification; ISO 50001 energy management system certification; IATF 16949:2016 international quality management system certification for the automotive industry; and ISO 14021:2016 recycled content verification statement. In November 2019, it passed the Level 3 safety production standardization certification. In 2018, the company was recognized as a "High-Tech Enterprise," and in the same year, it was honored as an "Outstanding Private Enterprise of Inner Mongolia Autonomous Region." In 2019, the company's R&D center was rated as the autonomous region-level "New Copper Conductor Materials" R&D center. In 2020, it was designated as a pilot construction unit for Baotou's "Zero-Waste City" initiative and a "Green Factory." In June 2020, it was recognized as an autonomous region-level "Green Factory" enterprise and a "Specialized and Sophisticated" small and medium-sized enterprise in the autonomous region. In 2021, it was recognized as an Inner Mongolia Autonomous Region-level enterprise technology center and was honored with the Baotou City Integrity Enterprise title. In December 2021, the company was ranked 90th among the "Top 100 Private Enterprises in Inner Mongolia" and 15th among the "Top 30 Private Sci-Tech Innovation Enterprises in Inner Mongolia." In May 2022, it was recognized as the Inner Mongolia Autonomous Region-level Copper Conductor Industrial Design Center. In September 2022, it received the title of Benchmark Demonstration Enterprise for Standard Adoption in Inner Mongolia Autonomous Region for 2022. In 2023, the company's "TU1 Grade Copper Wire Rod for Electrical Applications" product was recognized as a national-level green design product. In 2024, it was recognized as an Inner Mongolia Autonomous Region-level green supply chain management enterprise and was honored as the autonomous region-level Manufacturing Single Champion Enterprise. In 2025, it received the titles of Baotou City Gazelle Enterprise and the autonomous region-level Outstanding Sci-Tech Innovation Private Enterprise. In 2026, it passed the national green factory certification. Contact Information SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

Trafigura has committed US$570 million to Develop Global's mining projects, including the Sulphur Springs copper-zinc project, while securing future marketing rights for production. The deal highlights traders' growing efforts to secure long-term copper supply.

The average warrant price on June 16 remained unchanged from the previous trading day, reported at $59/mt (price range $54-64/mt); the average B/L price remained unchanged, reported at $61/mt (price range $55-67/mt); the average price for EQ copper (CIF B/L) rose $4/mt from the previous trading day, reported at $33/mt (price range $30-36/mt), with quotations referencing cargoes arriving in mid- to late June and early July. During the day, there were abundant offers for EQ, and transactions also recovered from the previous day. After the SHFE/LME price ratio firmed, although buyer demand remained concentrated on registered B/Ls for late-June arrival, demand for EQ also improved. It was heard that EQ B/Ls for early-July arrival were traded around $30/mt, and a small number of actual EQ B/Ls for late-June arrival changed hands above $35/mt. It was heard that a few registered B/Ls for late-June arrival were offered at $70-75/mt.

Central Asia Metals (CAML) announced that, thanks to improved operational efficiencies, its copper and zinc production for the first five months of 2026 both surpassed the same period last year. Copper output from the Kounrad operation in Kazakhstan totalled 5,141 tonnes, a near 4% increase over the last year. Meanwhile, the Sasa mine in North Macedonia produced 7,566 tonnes of zinc in concentrate, up over 2% compared to last year. In terms of pricing, the company reported significantly higher realized metal prices during the period. The average price of copper reached $13,076 per tonnes, representing a massive jump of nearly 40% over the last year, while average zinc prices rose 19% to $3,299 per tonne. In addition, historically low treatment charges for lead, which have turned negative, further boosted Sasa’s revenues. CEO Gavin Ferrar noted that the group is shaping up to deliver strong profitability and cash generation in the first half of 2026. Currently, the company is actively pushing forward with its acquisition of Australia's Cygnus Metals, announced last week, to expand its footprint into a high-grade copper-gold project in Quebec, Canada. The company remains highly confident in meeting its full-year production guidance (12,000–13,000 tonnes of copper, 18,000–20,000 tonnes of zinc concentrates, and 26,000–28,000 tonnes of lead concentrates).

June 16 (SMM) — Metals market: As of the midday close, base metals on the domestic market mostly rose. SHFE copper fell 0.47%, SHFE aluminum lost 1.69%, SHFE lead gained 0.96%, SHFE zinc added 0.45%, SHFE tin climbed 1.17%, and SHFE nickel edged up 0.27%. In addition, the most-traded bonded aluminum futures contract dropped 1.03%, the most-traded alumina contract fell 0.48%, the most-traded lithium carbonate contract slid 2.4%, the most-traded silicon metal contract lost 1.6%, and the most-traded polysilicon futures contract tumbled 5.01%. Ferrous metals mostly fell. Iron ore dipped 0.2%, rebar declined 0.38%, HRC edged down 0.24%, while stainless steel surged 2.67%. In the coking coal and coke segment, the most-traded coking coal contract fell 0.74%, while the most-traded coke contract rose 0.1%. On the overseas base metals front, as of 11:39, LME metals showed mixed performance. LME copper fell 0.48%, LME aluminum lost 0.71%, LME lead gained 0.18%, LME zinc added 0.14%, LME tin dropped 0.63%, and LME nickel rose 0.34%. In precious metals, as of 11:39, COMEX gold fell 0.21% and COMEX silver lost 0.68%. On the domestic precious metals side, the most-traded SHFE gold contract gained 1.63% and the most-traded SHFE silver contract rose 1.65%. Additionally, as of the midday close, the most-traded platinum futures contract fell 1.44% and the most-traded palladium futures contract lost 1.33%. As of the midday close, the most-traded containerized freight index (European service) futures contract gained 1.42% to 3,834 points. Selected futures midday prices as of 11:39 on June 16: Spot and fundamentals Silver: In the spot market, overall quoted price spreads remained wide today. The consumer market showed overall weakness in mid-to-late June, with the continued rally in silver prices dampening some demand... Macro front China: [National Bureau of Statistics: Value-added of industrial enterprises above designated size grew 4.5% in May; national economy ran generally stable and progressed toward new, higher-quality growth] In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements of the Central Committee and the State Council. They adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy on all fronts, accelerated the building of a new development paradigm, earnestly carried out more proactive and impactful macro policies, and effectively addressed external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, foreign trade continued to demonstrate resilience, new growth drivers grew stronger, and the national economy sustained a development trend of overall stability while progressing toward new, higher-quality growth. NBS data showed that in May, the value-added of industrial enterprises above designated size grew by 4.5% YoY in real terms, with the growth rate accelerating by 0.4 percentage points from the previous month. On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.40% in May. From January to May, it grew by 5.4% YoY. [From Scale Expansion to Resilience Allocation 《China Bulk Commodity Development Report》 Released] The China Federation of Logistics and Purchasing today (June 16) released the *China Bulk Commodity Development Report (2026)*. According to the report, China remains one of the most important import markets for bulk commodities globally, with imports of crude oil, iron ore, soybeans and other commodities staying at high levels. In the face of challenges, the bulk commodity market has shown enhanced resilience. The report indicates that China's bulk commodity market from 2025 to 2026 has generally exhibited a fundamental pattern of "macro pressure, market divergence, intensifying external shocks, enhanced trade resilience, and accelerated capacity building." China's bulk commodity trade is shifting from scale expansion to resilience-oriented allocation. In 2025, China's merchandise trade scale maintained relatively strong resilience, and major bulk commodity imports remained at high levels. Among them, imports of crude oil, iron ore, soybeans and other commodities continued to demonstrate the global absorption capacity of the Chinese market. (CCTV News) [PBOC Reverse Repo Net Injection Today of RMB 296.5 Billion] The PBOC today conducted RMB 449.5 billion of 7-day reverse repo operations. As RMB 153 billion of 7-day reverse repo matured today, the net injection reached RMB 296.5 billion for the day. As for the US dollar: As of 11:39, the US dollar index rose 0.02% to 99.69. According to the CME "FedWatch": the probability that the Fed keeps rates unchanged in June is 98.5%, with a 1.5% probability of a cumulative 25 bp rate cut. The probability that the Fed keeps rates unchanged through July is 91.3%, a cumulative 25 bp rate hike is 7.4%, and a cumulative 25 bp rate cut is 1.4%. Falconio Leslie, head of taxable fixed income strategy at UBS Global Wealth Management, said that after the US and Iran announced a deal, oil prices pulled back, the US Treasury market strengthened, and pressure on the Fed to raise rates this year was easing. Falconio Leslie said: "Even before the ceasefire agreement was reached, oil prices had already started to pull back, yet the two-year US Treasury yield continued to rise because the market had priced in a near-100% probability of a rate hike in December.""The current situation is that oil prices are falling, and the market is gradually withdrawing these rate hike expectations. As a result, the two-year US Treasury yield has started to pull back." The newly appointed Fed Chairman Wash will chair his first interest rate decision this week. Against the backdrop of earlier crude oil price surges reigniting inflationary pressures, voices within the FOMC supporting rate hikes this year have been increasing. Falconio said she expects the FOMC to formally drop its easing bias at this week's meeting, making the policy outlook more hawkish. But she still believes the Fed's next move will be an interest rate cut, and it will happen in 2027. US asset management company PGIM holds a fringe view, believing the Fed will hike rates three times this year to curb overheating, and then reverse the hikes in 2027 . The company had previously expected in April that the Fed would cut interest rates this year. PGIM stated that the US economy is "exceptionally strong" and inflation remains persistently high, requiring a new approach. Given this backdrop, and considering that the Fed has failed to achieve its 2% target for five consecutive years, PGIM expects the Fed to hike rates three times this year to bolster its credibility and anchor inflation expectations. PGIM said, "If the rate hikes are framed as 'precautionary' measures to address supply-side inflation and recent long-term Treasury yield fluctuations, then Wash will gain political support." However, PGIM said it expects the Fed "will reverse these hikes relatively quickly, with three rate cuts in 2027 and another in 2028, bringing the terminal rate to 3.375% — below the current rate and possibly close to the neutral rate." (Jin10 Data APP) In other currencies: The Bank of Japan raised its key rate by 25 basis points, lifting its target rate from 0.75% to 1.00%, the highest level in 31 years, in line with market expectations, after standing pat at its previous three meetings. The BOJ raised rates to the highest in 31 years on Tuesday, a long-awaited move signaling its commitment to tackling inflation risks from the Middle East conflict. At the end of the two-day meeting on Tuesday, the board voted 7-1 to raise the short-term policy rate from 0.75% to 1.0%. This marked the first rate hike since last December, bringing the BOJ's policy rate to a level not seen since 1995. BOJ Governor Ueda Kazuo was absent from the meeting and did not vote, as he was hospitalized for medical treatment. An afternoon press conference will be led by another BOJ deputy governor, Uchida Shinichi, and his remarks will be closely watched for how the BOJ will continue to assess the negative economic impact of the Iran war. (Jinshi Data APP) [RBA holds rates steady as expected, but warns rate hikes may not be over] The Reserve Bank of Australia kept the cash rate unchanged at 4.35% on Tuesday, saying the economy is slowing despite tighter financial conditions, but warned it could hike again if needed to control inflation. The RBA said inflation remains high and the central bank will do whatever is necessary to bring it down, "including by raising the cash rate target further if needed." Markets had already priced in a hold, as domestic inflation, consumption, and employment data continued to soften; meanwhile, the Middle East peace deal and moves to reopen the Strait of Hormuz have pushed oil prices lower, reducing inflation risks. The Board said in its statement: "The resolution of the Middle East conflict is still at an early stage, and there remain plausible scenarios where inflation is above, and activity is below, the expectations set out in the May baseline forecasts. It will take some time for global oil supply issues to be resolved, which will continue to put upward pressure on global energy prices and inflation." The unanimous decision was largely in line with expectations, with swap markets pricing in around a 30% chance of an RBA rate hike in August and only 16 basis points of tightening for the full year—equivalent to less than one hike. (Jinshi Data APP) On the data front: Today will bring the US weekly ADP employment change for the week ending May 30, US May housing starts annualized, US May building permits, US May import price index month-over-month, the Reserve Bank of Australia's interest rate decision for June 16, Germany's June ZEW economic sentiment index, the Eurozone's June ZEW economic sentiment index, Japan's central bank target rate for June 16, and other data. Also watch for: The State Council Information Office holds a press conference on national economic performance. The China Academy of Information and Communications Technology holds a seminar to launch the High-Quality Token Service Capability Climbing Plan. The RBA announces its rate decision, and RBA Governor Bullock holds a monetary policy press conference. On the crude oil front: As of 11:39, crude prices in both markets fell, with WTI down 0.09% and Brent down 0.26%. With the Trump administration about to complete the plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to ease the surge in fuel prices triggered by the Iran war, the US emergency crude stockpile has fallen to its lowest level since 1983. According to data released by the US Department of Energy on Monday, the SPR—established after the Arab oil embargo in the early 1970s—has dropped to about 340 million barrels, near its all-time low. If the plan is completed, this will be the second-largest release in the history of the reserve, leaving about 243 million barrels, which is only around a third of its statutory capacity. The dwindling inventory reduces the US's flexibility in responding to future supply disruptions. A Department of Energy spokesperson said the government is managing the reserve in accordance with its intended use, which is to help stabilize the oil market, protect the US from supply disruptions, and make the US more energy-secure. (Jin10 Data App) Morgan Stanley sharply lowered its oil price forecasts for the coming quarters, as a tentative agreement between the US and Iran to reopen the Strait of Hormuz is expected to restore regional oil production and increase supply. Analysts including Martijn Rats said in a June 15 report that Brent crude is expected to average $90 per barrel in Q3, down from a previous forecast of $100 per barrel, and $80 per barrel in the final three months of the year, a decline of $15 from the earlier estimate. They also noted that the expected timeline for the region's production recovery has been moved forward by one to two weeks. "Many issues still need to be negotiated, and key risks remain, but this is a significant step towards de-escalating the conflict and boosting oil exports through the Strait of Hormuz," they said, adding, "Production is expected to resume gradually from mid-July, with output anticipated to recover to 50% by September, 80% by December, and the remainder early in 2027." (Jin10 Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►