In May 2026, the operating rate of secondary copper rod was 14.7%, higher than expectations of 12.17%, up 1.91 percentage points MoM and down 15.22 percentage points YoY. During May, China's secondary copper rod market as a whole remained caught in a combination of high copper prices, sharp fluctuations, and regulatory compliance pressure. The month was marked not by a one-sided shortage or surplus, but by a more intractable structural stalemate

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, next Monday marks the last trading day for the SHFE copper 2606 contract. According to SMM's #1 copper cathode price assessment methodology, SMM always quotes against the front-month contract. During the day, the center of copper prices moved up, and downstream procurement sentiment pulled back slightly, indicating that high prices somewhat curbed demand. Approaching delivery, suppliers showed a relatively strong willingness to deliver their open interest, keeping available cargo tight. In addition, spot inventory in the Guangdong region remained at a low level, with offers at a premium of around 200 yuan/mt, which may lend some support to premiums in the Shanghai region. Overall, premiums for Shanghai spot copper against the SHFE 2606 copper contract next Monday are expected to remain at a premium level.

From June 3 to June 5, the Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , with a strategic partnership established with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and the sub-forum, bringing together 3,500+ attendees from 45 countries and regions worldwide, with 120+ speakers sharing their insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG construction, etc. Additionally, SMM has also meticulously arranged two rounds of panel discussions: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Conference Background In recent years, global nickel and cobalt raw material supply has frequently encountered various disruptions: Indonesia significantly lowered its nickel ore mining quota to 260–270 million mt, tightening nickel resource release at the source; the DRC continuously reduced cobalt ore export quotas, leading to a marked contraction in tradable cobalt raw materials worldwide. Multiple supply variables continued to roil nickel and cobalt commodity futures. Meanwhile, Indonesia is not only the core hub of the global nickel industry chain but also a key production area for global new cobalt supply at this stage. Its industrial control policies, commissioning pace of capacity, and industry chain layout changes directly shape the evolution of the global nickel-cobalt supply-demand pattern. Currently, the global nickel and cobalt industry is at a critical development stage featuring supply-demand restructuring, policy innovation, and value reassessment. To accurately forecast the nickel and cobalt market trends in 2026, deeply analyze the latest industrial control details in Indonesia, and help the upstream and downstream of the industry chain break down collaboration barriers, the Nickel and Cobalt Forum was launched. The forum brought together global mines, smelters, trading firms, downstream end-users, and investment and financing institutions to conduct in-depth discussions on key topics such as market supply and demand trends, policies and regulations, production technology iteration, and cross-border industrial cooperation, jointly exploring new growth drivers for high-quality industry development. Click to view the conference photo gallery June 4: Keynote Speeches Keynote Speech: Mining Regulatory Outlook: RKAB Quota Planning and Indonesia's Next-Phase Downstream Mineral Expansion Path Guest Speaker: Totoh Abdul Fatah, Secretary General of the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources Totoh Abdul Fatah noted that RKAB is the key policy instrument for Indonesia to regulate mineral output, coordinate the orderly rollout of industries, and align with the nation's downstream industrialization priorities. Indonesia is endowed with exceptional mineral and coal resources, with significant reserves and capacity in several key strategic commodities including nickel, cobalt, copper, tin, bauxite, gold and silver, and iron ore. Leveraging these unique resource advantages, Indonesia holds a critical strategic position in the global mineral supply chain, and its value is especially prominent in the energy transition wave, providing strong support for the development of power batteries, renewable energy equipment, and high-end manufacturing. The next phase of downstream mineral development is not about curbing growth, but about improving development quality, clarifying development direction, strengthening regulatory management, and reinforcing the sustainability of growth. Future smelter layout must match ore supply capability, be aligned with resource conservation, and coordinate multiple factors including energy infrastructure readiness, environmental protection access standards, and domestic industry value addition. In light of these considerations, the Indonesian government is promoting an industrial logic shift from pure capacity expansion to strategic optimization of resource allocation, ensuring that mineral resources are precisely directed to industry segments that can maximize national economic benefits. Indonesia's downstream mineral industrialization has made concrete progress. Currently, 14 smelters are in operation, primarily producing products such as nickel oxide, pig iron, and copper cathode. Covering both existing operating plants and new projects under construction, the entire industry chain has attracted a total realized investment of $7.849 billion. Breakdown: nickel sector investment of $2.535 billion, aluminum sector $2.181 billion, iron ore projects $47 million, and copper sector $3.084 billion. This is continuously improving the supporting system of the domestic mineral industry chain. This progress demonstrates that Indonesia's downstream mineral policy has achieved tangible results. However, challenges remain for the industry: not only must new smelting projects be completed and commissioned on schedule, but they also require stable supporting supply to achieve efficient operations, green and low-carbon production, and deep integration into the domestic industry chain value system. Indonesia's development direction is very clear: the downstream transformation of minerals will continue to advance, and during the implementation process, policy enforcement constraints and top-level strategic guidance will be further strengthened. The RKAB management system and ore source allocation control rules are key to building a robust and more resilient industrial ecosystem. Future smelting project planning needs to coordinate four key dimensions: sustainable resource development, supply-demand market equilibrium, ESG compliance implementation, and enhancement of national value added. Indonesia has always been open to quality investment, especially quality investment, relying on foreign capital to achieve technology transfer and localization, expand local employment, and support long-term economic growth. In other words, Indonesia's industrial development not only pursues growth, but is committed to achieving high-quality growth that is compliant, sustainable, and globally competitive. Keynote Speech: Nickel at a Crossroads：A Five-Year Outlook on Global Nickel — Navigating Policy, Supply, and Demand Shifts Speaker: Thomas Feng, Head of Industry Research, Shanghai Metals Market Feng projects that the global primary nickel market will show a supply deficit in 2026, continue the oversupply trend in 2027, and shift to a tight balance in 2029. Regarding refined nickel prices, on the cost side, global sulfur supply and demand will face a persistent deficit in the next 2–3 years. In the case of short-term strait blockades, sulfur prices remain high, strengthening the cost support for the sulfur-MHP-refined nickel chain. From a macro perspective, the U.S.-Israel-Iran conflict has triggered wild swings in energy prices, pushing up inflation expectations. In the short term, global commodity prices will face considerable fluctuations. In the long term, global geopolitical uncertainty may become the new normal in the future, increasing the volatility of refined nickel prices. Nickel Ore Upstream Repricing: Indonesia's Benchmark Price Raise, Quota Tightening, and Increased Dependence on the Philippines Indonesia Nickel Ore RKAB Quotas: Tight Balance Emerges as the 2026 Main Theme According to SMM analysis, following the Indonesian Ministry of Energy and Mineral Resources' (ESDM) official denial of market rumors that RKAB production quotas would be raised across the board by 25%–30%, the government will handle supplementary quotas under strict case-by-case reviews starting from H2 2026, evaluating each miner's compliance, capacity, and resource reserves. At its core, this constitutes a routine and orderly optimisation of the existing 260–270 million wmt quota cap, paving the way for a more stable and sustainable market environment. Supply RKAB Approval Progress: As of April, Indonesia's cumulative approved RKAB quotas stand at 240 million wmt. SMM expects that, under expectations of continued nickel ore supply tightening, supplementary quotas around mid-year 2026 will be approximately 15%. Philippine Import Driver: SMM expects that this year, Indonesia's nickel ore imports from the Philippines will rise from approximately 15 million in 2025 to 22 million. Tightness in the domestic trade nickel ore supply will accelerate supplementation through imports from the Philippines. Demand Affected by the tight sulphur supply, MHP output has fallen short of earlier expectations. As a result, Indonesia's nickel ore demand for full-year 2026 is expected to be reduced to 303 million wmt. In 2026, actual nickel ore production will remain constrained by factors such as the rainy season and the pace of RKAB quota approvals, leaving overall output below theoretical supply levels. Panel Discussion: Upstream Opportunities & Challenges for Nickel Mine Owners Moderator: Enzo Brooklyn, Senior Nickel Analyst, SMM Panelists: Luca Maiotti, Policy Analyst, Organisation for Economic Co-operation and Development (OECD) Aldo Namora, President Director, PT Ceria Metalindo Prima Jerome Baudelet, CEO, Eramet Indonesia Patrick Lim, Country Head, HyperStrong Indonesia Keynote Speech: Achieving Energy Efficiency and Operational Success: The MMD Approach at Mah Moe Speaker: Fuad Budidarma Pratama, General Manager, MMD Mining Machinery Indonesia Keynote Speech: Global Nickel Market Outlook Speaker: Ricardo Ferreira, Director of Market Research and Statistics, International Nickel Study Group (INSG) Ricardo Ferreira noted that global primary nickel production is estimated to have declined by approximately 4% YoY, measured across the full chain from raw ore mining to finished primary nickel products. Most of this decrease originated from Indonesia, while expectations also pointed to a pullback in Chinese nickel output. According to the monthly bulletin released earlier, global primary nickel already edged down by about 1% in Q1, with Indonesia down roughly 3% and China down about 1%. Keynote Speech: New Refining Technologies for Laterite Nickel and Spent Batteries Speaker: Dr. Chunwei Liu, Managing Director of Resource Extraction, Botree Recycling Technologies Distribution of Laterite Nickel Ore Resources Laterite nickel ore accounts for 55% of global nickel resources and is the main source of nickel for industrial production worldwide. With the continuous development and promotion of high-nickel batteries, market demand for nickel—and consequently for laterite nickel ore processing—has grown significantly. Geographic concentration: Mainly distributed in tropical countries within 30° north and south of the equator. Three core regions: Southeast Asia: Indonesia, the Philippines (major laterite nickel ore producing areas). Americas: Cuba, Brazil. Oceania: Australia, New Caledonia. Panel Discussion: Nickel Price Volatility, Product Spreads, and Policy Shifts: What Will Define the Market in the next 5 years? Moderator: Slupek Kamila, Secretary-General, INSG Panelists: Jim Lennon, Analyst, Macquarie Septian Hario Seto, Member, National Economic Council Republic of Indonesia Denis Sharypin, Strategic Marketing Director, Norilsk Nickel Edric Koh, Head of Corporate Sales, Asia, London Metal Exchange Mark Selby, CEO & Director, Canada Nickel Company Keynote Speech: Korean Battery Supply Chain Strategy and Indonesia's Role Speaker: James (IKHWAN) Choi, Country Manager, Korea Office, SMM Korea Office Keynote Speech: Retreat or Evolve? The Counter-Attack of High-Nickel Batteries under the LFP Siege: Solid State, 4680, and the "Range Anxiety" Premium Speaker: Jared Zhu, Head of Consulting, Renewable Energy & Non-ferrous Metals, Shanghai Metals Market Jared noted that LFP batteries have steadily increased their market share in power battery and energy storage markets in recent years. With the rapid development of emerging sectors such as humanoid robots, industrial robots, and electric vertical take-off and landing vehicles (eVTOL), ternary batteries, leveraging their performance advantages, are more competitive than LFP batteries. Solid-state batteries are regarded by the industry as a must-win field for future competition, but it is worth noting that this new technology, capable of rewriting industry rules, still has a long development cycle before full commercialization. Positioning in the LFP Era LFP Accelerates Replacement of Ni-Co-Mn in Energy Storage and EVs, Leading in Scale and Growth SMM forecasts the global share of EV power battery types from 2026 to 2027, expecting LFP batteries to account for around 68% in 2026, with that ratio rising to about 70% in 2027. For ESS battery types, from 2022 to 2025, the share of LFP batteries in global ESS batteries continued to rise, and in 2026, it is expected to increase to around 99%. Keynote Speech: QMAG - Market Leader of Calcined Magnesia for Nickel/Cobalt MHP Production Speaker: Christoph Beyer, Managing Director of Queensland Magnesia (QMAG) Dr. Keynote Speech: Cobalt in Focus: Powering the Next Chapter of Critical Minerals Speaker: Dinah McLeod, Director General, Cobalt Institute June 5: Nickel and Cobalt Forum Keynote Speeches Keynote Speech: Balancing Risk and Reward: Investing in Indonesia's Nickel and Cobalt Value Chain Speaker: Izzie Huo, Senior Research Fellow, Shanghai Metals Market Panel Discussion: Too Much Nickel? Balancing Oversupply Risks with Long-Term Investment in Indonesia Moderator: Jean Tang, Commercial Director, Shanghai Metals Market Panelists: Ali Safdar, Managing Director & Partner, BCG (Boston Consulting Group) Arif Perdana Kusumah, Chairman, Forum Industri Nikel Indonesia (FINI) Ditya Maharhani Harninda, Senior Vice President Corporate Banking 2, PT Bank Negara Indonesia Tbk (Persero) Keynote Speech: Valve Solutions for Severe Service in HPAL Speaker: Changsong Deng, President of International Business Division, ANTIWEAR Keynote Speech: Breaking the Import Dependency: Economics and Feasibility of Pyrite-based Acid Production for Indonesia's HPAL Supply Chain Speaker: Bede Beresford Evans, President Director, PT Sumbawa Timur Mining Keynote Speech: Key Technology and Economic Analysis of AI Power Microgrid Solutions in Mining Speaker: Frank Qi, CEO, Ai Power (Suzhou) Technology Co., Ltd. Keynote Speech: Value of Analytical Solutions in Mining Processes Speaker: Toh Tiong Yen, Sales Manager, Malvern Panalytical Keynote Speech: New Caledonia's Nickel Landscape Speaker: Gabriel Bensimon, Special Advisor to the President of the Government on Nickel and Mining-Related Matters, The Gouvernment of New Caledonia Keynote Speech: Global Flow of Nickel from Mining to End-Use Speaker: Dr. Steukers Veronique, President, Nickel Institute Primary nickel production is now dominated by Indonesia. In 2025, Indonesia produced around 50% of the world's primary nickel, compared to just 6% a decade earlier. Primary nickel production in the rest of the world declined. In 2025, primary nickel production in the rest of the world, excluding Indonesia and China, accounted for just over 20% of the global total, down from 65% a decade earlier. Indonesia and China are the core driving forces shaping the global nickel supply chain landscape. From the perspective of nickel product circulation structure, NPI, backed by Indonesia's capacity advantage, firmly dominates the circulation mainstream; in terms of global nickel raw material supply by grade, Class 2 nickel accounts for approximately 58%, Class 1 nickel for just under 30%, and nickel chemical products for the remaining around 13%. Panel Discussion: Meet the future of ESG: Standard, Challenges and Opportunities in Mining and Processing Moderator: Katz Benjamin, Policy Analyst, OECD Panelists: Dr. Chris Schlekat, Executive Director of NIPERA, Nickel Institute Ning Wang, Manager, Sustainable Development Department, China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Vinícius Mendes Ferreira, Executive Advisor for Nickel Downstreaming, PT Vale Indonesia Fan Li, Sustainability and ESG Services Manager, dss+ Tom Fairlie, Senior Sustainability Manager, Cobalt Institute

This week, macro sentiment was shaped by two key narratives: accelerating US-Iran peace talks and higher-than-expected inflation. Peace talks notably heated up—Trump said a peace deal could be signed in Europe as soon as this weekend, and Iran allowed 10 tankers through the Strait of Hormuz as a goodwill gesture. Brent crude fell to a near two-month low of around $89/bbl as geopolitical risk premiums quickly faded. Mid-week, however, May CPI rose to 4.2% YoY, the first breach above 4% in three years (driven by energy, with core at 2.9%). The market’s expectation for the US Fed shifted from rate cuts to a possible hike within the year, and tightening fears weighed on industrial metals demand; copper prices briefly hit a three-week low. By the week’s end, optimism around US-Iran relations eased growth concerns, and copper prices rebounded, with COMEX recovering to around $6.35/lb. Overall, easing geopolitical tensions and sticky inflation offset each other. Ahead of the June 17 FOMC meeting (the first chaired by new Chair Warsh, who is expected to hold rates steady), the market leans toward a wait-and-see stance. Copper prices pulled back from highs on macro headwinds, with increased volatility. Fundamentals side, China’s spot market notably strengthened. On inventory, SMM social inventory fell to recent lows, and suppliers showed a strong willingness to hold prices firm. Spot premiums quickly flipped from discounts; South China premiums surged around 230 yuan/mt in total this week, with the approaching delivery-related backwardation structure supporting SHFE copper premiums. Demand side, dip-buying activity picked up when copper prices fell and trading recovered, but as prices rebounded, downstream buying interest was suppressed and the market cooled—overall, demand remained need-based. The SHFE/LME price ratio recovered slightly, with buyers showing greater purchase willingness. The overall picture is one of low-inventory support, strengthening spot premiums, and a demand pattern that switches with price moves, lending support to copper’s downside. Looking ahead to next week, macro focus will center on the June 17 FOMC meeting (attention on Warsh’s comments on the inflation overshoot and the dot plot), whether the US-Iran deal materializes and progress on Strait of Hormuz navigation resumption, while the June 30 US copper cathode tariff ruling adds further uncertainty. If peace talks deliver and geopolitical risk continues to recede, risk appetite could recover but crude oil and inflation expectations would likely pull back in tandem; if sticky inflation pushes the Fed hawkish, risk assets would face pressure. As for fundamentals, low inventories and strengthening spot premiums offer downside support, while high copper prices deter chasing. LME copper is expected to trade at $13,300–$13,800/mt, and SHFE copper is expected to trade at 102,800-105,500, moving sideways in a high range with a slightly softer center. Spot premiums are expected to persist; attention will focus on the sustainability of suppliers holding prices firm post-delivery and downstream restocking intensity.

SMM June 12 News: Metals market: As of the midday close, domestic base metals nearly all rose. SHFE copper rose 1.51%, SHFE tin rose 2.97%. SHFE nickel rose 0.94%. SHFE aluminum rose 1.06%. SHFE zinc rose 0.43%. SHFE lead fell 0.31%. In addition, casting aluminum linked futures rose 0.45%, alumina most-traded linked futures rose 1.45%. Lithium carbonate most-traded linked futures rose 3.85%. Silicon metal most-traded linked futures rose 0.63%. Polysilicon linked futures rose 5.91%. Ferrous metals all rose, iron ore rose 0.13%, rebar rose 0.66%, hot-rolled coil rose 0.74%, stainless steel rose 2.15%. Coking coal and coke: coking coal most-traded contract rose 3.02%, coke most-traded contract rose 5.63%. Overseas base metals: as of 11:38 AM, LME metals all rose. LME copper rose 1.01%, LME aluminum rose 0.54%, LME lead edged up. LME zinc rose 0.26%, LME tin rose 0.25%, LME nickel rose 0.67%. Precious metals: as of 11:38 AM, COMEX gold rose 2.63%, COMEX silver rose 5.36%. Domestic precious metals: SHFE gold most-traded linked futures rose 1.89%, SHFE silver most-traded linked futures rose 4.36%. Furthermore, as of the midday close, platinum most-traded linked futures rose 3.99%, palladium most-traded linked futures rose 5.69%. As of the midday close, the most-traded Europe container shipping futures contract fell 1.16% to 3,929.5 points. As of 11:38 AM on June 12, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper reported at 270 yuan/mt up 30 yuan/mt from the previous trading day, standard-quality copper reported at a premium of 210 yuan/mt up 30 yuan/mt, SX-EW copper reported at a premium of 150 yuan/mt up 30 yuan/mt. The average price of Guangdong #1 copper cathode was 104,715 yuan/mt up 1,090 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,625 yuan/mt up 1,075 yuan/mt. Spot market: Guangdong inventory has declined for 9 consecutive days and has now hit a new low for the year... Macro front China: [PBOC's open market operations net injected 178 billion yuan on the day, and net injected 885.8 billion yuan this week] PBOC conducted 393 billion yuan of 7-day reverse repo operations today, with 215 billion yuan of 7-day reverse repos maturing, resulting in a net injection of 178 billion yuan on the day. This week, PBOC conducted 1,112 billion yuan of 7-day reverse repo operations, with 226.2 billion yuan of 7-day reverse repos maturing, realizing a net injection of 885.8 billion yuan this week. (Jinshi Data APP) [Guangzhou: Fully Advance the Implementation of Major Projects Such as Intelligent Connected Vehicles and NEVs, Artificial Intelligence, Semiconductors and Integrated Circuits, and Low-Altitude Economy] The “Guangzhou Commerce Development 15th Five-Year Plan (Draft for Public Comments)” was released for public consultation. It highlighted the need to fully advance the implementation of major projects including intelligent connected vehicles and NEVs, ultra-high-definition video and new-type displays, green petrochemicals and new materials, intelligent equipment and robotics, artificial intelligence, semiconductors and integrated circuits, and low-altitude economy, and cultivate a group of leading intermediate product enterprises that are high-tech, manufacturing single champions, and specialized and sophisticated. Promote the accelerated development of intermediate product trade in foreign trade transformation and upgrading bases, and cultivate a number of well-known brands and “chain leader” enterprises. Support enterprises in using technologies such as the industrial internet, big data, and artificial intelligence for digital transformation, improving production efficiency and product quality, and driving the intermediate product trade to leap toward high-end and digital-intelligent development. (Jinshi Data APP) On the US dollar front: As of 11:38, the US dollar index rose 0.06% to 99.75. According to CME “FedWatch”: The probability that the US Fed will keep interest rates unchanged through June is 98.5%, and the probability of a cumulative 25bp rate cut is 1.5%. The probability that the US Fed will keep interest rates unchanged through July is 91.3%, the probability of a cumulative 25bp rate hike is 7.4%, and the probability of a cumulative 25bp rate cut is 1.4%. Market expectations for a US Fed rate hike have been pushed back from December this year to January next year, and the possibility of a rate hike this year is no longer fully priced in. (Jinshi Data APP) Amid sustained inflationary pressure driven by the Iran war, US producer prices in May rose at the fastest pace in more than three years. Data released by the Bureau of Labor Statistics on Thursday showed that the US PPI rose 6.5% YoY in May, the largest increase since November 2022, and rose 1.1% MoM. The core PPI, excluding food and energy, rose 4.9% YoY. The report highlighted the growing damage to the US economy from the energy price shock caused by the closure of the Strait of Hormuz. As the conflict is unlikely to be resolved in the short term, businesses are passing on higher energy and transportation costs, and other goods and services are also becoming more expensive. Combined with data earlier this week showing that consumer prices in May rose at the fastest pace in three years, Thursday's PPI report may further strengthen market expectations for a US Fed rate hike in 2026. As the labour market appears to be regaining growth momentum, the US Fed is shifting its focus to curbing inflation. On the data front: Today will see the release of Germany May CPI MoM Final, UK April Three-Month GDP MoM, UK April Manufacturing Production MoM, UK April Seasonally Adjusted Goods Trade Balance, UK April Industrial Production MoM, France May CPI MoM Final, US June 1-Year Inflation Expectations Prelim, and US June University of Michigan Consumer Sentiment Index Prelim. In addition, watch for: the Huawei Developer Conference on June 12-14; Elon Musk’s commercial space company SpaceX plans to list on the Nasdaq on June 12, 2026. Crude oil: As of 11:38, oil prices in both benchmarks fell, with WTI crude down 1.12% and Brent crude down 1.15%. The US and Iran may reach a preliminary agreement on a memorandum of understanding, causing oil prices to pull back slightly. According to CCTV, on June 11 local time, US President Trump posted on the social media platform “Truth Social” that, given that consultations with Iran had been submitted to the highest leadership of Iran and approved, he had canceled the strike and bombing operation originally planned for that night against Iran. According to the latest OPEC data, Iran’s crude oil production fell 19% last month, as the US blocked the country’s ports amid the ongoing conflict. Data from the monthly report released on Thursday showed that Iran’s daily output dropped by 546,000 barrels to 2.33 million barrels per day. Meanwhile, OPEC’s latest monthly report showed that the organization on Thursday lowered its 2026 global oil demand growth forecast to 970,000 barrels per day, marking its second consecutive downward revision. Since the outbreak of the Iran war, the producer group has believed that the conflict’s impact on consumption has been consistently smaller than that estimated by other forecasters such as the US Energy Information Administration and the International Energy Agency, both of which expect demand to decline in 2026. In addition, the report noted that the oil producer group raised its forecast for oil demand growth in 2027. (Jinshi Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM, June 12: Spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at premiums of 270 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at premiums of 210 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at premiums of 150 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 104,715 yuan/mt, up 1,090 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,625 yuan/mt, up 1,075 yuan/mt from the previous trading day. Spot market: Guangdong’s inventory fell for the ninth consecutive day, hitting a new low for the year and coming in 9,000 mt below the same period last year. Driven by tight inventory, suppliers ignored a sharp rebound in copper prices today and continued to hold prices firm when selling, sending premiums up 30 yuan/mt from yesterday. Spot premiums accumulated an increase of 230 yuan/mt this week. The purchasing sentiment for copper cathode in Guangdong today stood at 2.22, down 0.08 from the previous trading day, while the selling sentiment reached 2.64, down 0.2 from the previous trading day (historical data can be accessed via the database). Overall, with inventory at a record low, suppliers actively held prices firm, driving premiums up by a cumulative 230 yuan/mt this week, though trading sentiment weakened.