SMM News, June 30: In the metals market: As of the midday close, base metals in the domestic market generally fell. SHFE copper edged down, SHFE aluminum fell 2.13%, SHFE lead fell 1.02%, SHFE zinc fell 0.16%, SHFE tin edged up, and SHFE nickel fell 1.8%. Additionally, the most-traded cast aluminum futures contract fell 1.41%, the most-traded alumina contract fell 1.56%, the most-traded lithium carbonate contract rose 4.82%, the most-traded silicon metal contract rose 0.24%, and the most-traded polysilicon futures contract rose 0.8%. Ferrous metals showed mixed performance. Iron ore rose 0.2%, HRC edged up, rebar fell 0.13%, and stainless steel fell 0.34%. For coking coal and coke: the most-traded coking coal contract rose 0.55%, and the most-traded coke contract fell 0.18%. In the overseas base metals market, as of 11:36, LME metals showed mixed performance. LME copper fell 0.24%, LME aluminum edged up, LME lead fell 0.18%, LME zinc fell 0.19%, LME tin rose 0.44%, and LME nickel rose 0.34%. In precious metals, as of 11:36, COMEX gold fell 1.48%, COMEX silver fell 1.19%. In domestic precious metals: SHFE gold fell 2.67%; the most-traded SHFE silver contract fell 2.16%. Additionally, as of the midday close, the most-traded platinum futures contract fell 3.29%, and the most-traded palladium futures contract was flat at 290.65 yuan/g. As of the midday close, the most-traded container shipping (European route) futures contract fell 1.7% to 3,662.5 points. As of 11:36 on June 30, some futures midday quotes: Spot and Fundamentals Zinc: In the Tianjin market, #0 zinc ingot mainstream traded at 24,030-24,250 yuan/mt, Zijin traded at 24,220-24,530 yuan/mt, #1 zinc ingot traded around 24,100-24,240 yuan/mt, Zijin against the 2608 contract reported a discount of around 30-40 yuan/mt, Huxin quoted at 25,090 yuan/mt, #0 zinc ingot against the 2608 contract reported a discount of around 50-100 yuan/mt, Tianjin market versus Shanghai market reported a discount of around 40 yuan/mt. Today contract rollover quotations... Macro Front Domestic side: [National Bureau of Statistics: June manufacturing PMI at 50.3%, China's economic prosperity level rebounded somewhat] According to NBS data, in June, the manufacturing PMI was 50.3%, up 0.3 percentage points from the previous month, returning to expansion territory. By enterprise size, large enterprises' PMI was 50.7%, down 0.4 percentage points month-on-month, still above the threshold; medium-sized enterprises' PMI was 50.5%, up 1.9 percentage points from the previous month, above the threshold; small enterprises' PMI was 48.2%, down 0.3 percentage points month-on-month, below the threshold. From the sub-indexes perspective, among the five sub-indexes that constitute the manufacturing PMI, the production index and new orders index were above the threshold, while the raw material inventory index, employment index, and supplier delivery time index were all below the threshold. Huo Lihui, chief statistician of the Service Survey Center at the National Bureau of Statistics (NBS), commented on China's PMI for June 2026: In June, the non-manufacturing business activity index stood at 50.2%, up 0.1 percentage point from the previous month, indicating a rebound in non-manufacturing activity. The expansion in the services sector accelerated. The services business activity index was 50.4%, up 0.1 percentage point from the previous month, showing an improvement in activity. By industry, business activity indexes for sectors such as telecommunication, radio and television, and satellite transmission services; internet, software, and information technology services; monetary and financial services; and insurance were all in the higher expansion zone above 55.0%, with relatively rapid growth in business volume. The indexes for air transport and real estate remained below the threshold. The services business activity expectations index was 56.0%, up 0.6 percentage point from the previous month, indicating improving expectations among enterprises regarding market development. The construction sector saw some improvement. The construction business activity index was 49.0%, up 0.2 percentage point from the previous month, a marginal rebound. The construction business activity expectations index was 51.1%, continuing to indicate expansion. [PBOC conducts 669.5 billion yuan reverse repo in open market, net withdrawal of 155 billion yuan for the day] The PBOC conducted a 69.5 billion yuan 7-day reverse repo operation today, with an operation rate of 1.4%, unchanged from before. Today, 524.5 billion yuan 7-day reverse repos mature. At the same time, the PBOC conducted a 600 billion yuan overnight reverse repo operation, and today 300 billion yuan overnight reverse repos mature. On the US dollar front: As of 11:36, the US dollar index rose 0.19% to 101.31. The US Supreme Court blocked Trump's attempt to fire Federal Reserve Governor Cook; the move was a forceful rebuke to the president's attack on the world's most important central bank. The 5-4 ruling is the latest major check on the Trump administration by the Supreme Court. Earlier this year, the court also ruled that the president does not have the authority to impose tariffs using emergency powers, a decision that shook a key pillar of the Trump administration's economic policy. The ruling released on Monday rejected the first-ever attempt by a US president to remove a Fed governor; critics have warned that such a move would undermine the central bank's independence. However, on Monday the US Supreme Court also cleared the way for Trump to fire Federal Trade Commission (FTC) members without cause; a move that grants the White House greater power and tightens control over independent regulatory agencies. According to CME FedWatch: The probability of the Fed keeping rates unchanged in July is 70.1%, and that of a cumulative 25bp hike is 29.9%. For September, the probability of unchanged rates is 37.2%, that of a 25bp cumulative hike is 48.8%, and that of a 50bp hike is 14.1%. (Jin10 Data APP) Data: Today’s releases include the US FHFA House Price Index MoM for April, the US S&P/Case-Shiller 20-City Home Price Index NSA YoY for April, the US Chicago PMI for June, the US JOLTS Job Openings for May, the US Conference Board Consumer Confidence Index for June, the UK Q1 GDP YoY Final, the UK Q1 Current Account, Germany’s June seasonally adjusted unemployment change, Germany’s June seasonally adjusted unemployment rate, Germany’s June CPI MoM Preliminary, France’s June CPI MoM Preliminary, Switzerland’s June KOF Economic Barometer, Canada’s April GDP MoM, Japan’s May unemployment rate, and other data. Also, watch for: ECB President Lagarde delivers opening remarks at the ECB Forum on Central Banking in Sintra, the Reserve Bank of Australia releases the minutes of its June monetary policy meeting, and the US and Iran hold technical negotiations. It is also worth noting that on July 1, the Hong Kong Stock Exchange will be closed for the Hong Kong Special Administrative Region Establishment Day, with northbound and southbound trading shut. The Toronto Stock Exchange will be closed for Canada Day. Other currencies: The minutes of the Reserve Bank of Australia’s June meeting showed the bank believed monetary policy needed to remain tight to eliminate surplus demand in the economy. As the minutes were compiled before Brent crude prices fell more than 10% last week, the hawkish tone reflected in them has become notably disconnected from current market moves. Currently, the market is pricing in only 10bp of further tightening by year-end, while the probability of easing by 2027 stands at 17bp. The tension for the Australian dollar lies in that, on one hand, the RBA clearly stated it is prepared to hike again if needed; on the other, the market believes rates have likely peaked. If upcoming data confirms that weaker oil prices are gradually feeding through to inflation expectations, the Australian dollar could face a repricing. Meanwhile, falling house prices in Sydney and Melbourne are adding to domestic growth risks and could reinforce the market’s dovish repricing, even as the RBA board’s rhetoric remains distinctly hawkish.((Jinshi Data APP) Crude oil: As of 11:36, oil prices in both markets edged down, with WTI falling 0.27% and Brent down 0.15%. The market was focused on possible talks between the US and Iran. An Iranian Foreign Ministry spokesperson said that Iran’s top priority at that time was to ensure the implementation of all provisions of the memorandum of understanding. With regard to Article 10 of the memorandum concerning the US commitment to allow Iranian oil exports, the US side had already issued the necessary permits, and Iran was following up on the implementation progress. As for Article 11 regarding the unfreezing of Iranian assets, the relevant implementation procedures were also progressing. This week, Iran would send a technical delegation to Qatar for consultations on the implementation of the memorandum of understanding, including Article 11. The spokesperson said that Iran had not yet initiated negotiations on a final agreement. According to Article 13 of the memorandum, the precondition for initiating final agreement negotiations was the commencement and continued implementation of Articles 1, 4, 5, 10, and 11. Furthermore, the spokesperson stressed that there would be no negotiations at any level between Iran and the US in the coming days. The trip by US representatives to Qatar was unrelated to the Iranian technical delegation’s visit; the Iranian delegation’s purpose in going to Qatar was to follow up on the implementation of the memorandum of understanding, including Article 11. (CCTV) According to trade sources and a document, Iraq’s State Oil Marketing Organization (SOMO) had sharply reduced its official selling prices to attract long-term buyers to lift Basrah crude from its terminals in the Middle East Gulf in July. The discount for Basrah Medium was $14 to $16 per barrel, and for Basrah Heavy, it was $16.8 to $18.8 per barrel, depending on the loading date. Discounts were larger for loadings from July 1 to 5, and smaller for loadings from July 6 to 10, and from July 11 to 31. SOMO said that buyers needed to submit their order quantities within one day of receiving the notification letter. Trade sources said that the steep discounts might attract buyers, but it remained to be seen whether passage through the Strait of Hormuz would be possible. (Jinshi Data APP) According to data from the US Department of Energy (DOE), crude oil inventories in the US Strategic Petroleum Reserve (SPR) fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. The inventory decline was part of a US agreement to release 172 million barrels of crude from the reserve to fill a gap in global inventories following the Iran conflict and help push down fuel prices. US crude inventories fell rapidly in recent weeks due to strong crude exports and refining demand. From the outbreak of the conflict in late February to June 19, total US inventories, including commercial stocks and the SPR, had fallen by 111.4 million barrels to 743.3 million barrels, the lowest level since 1984. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

SMM, June 25: Metal markets: As of the noon close, base metals on the domestic market fell across the board, with SHFE copper down 1.82%, SHFE aluminum down 2.75%, SHFE lead down 0.7%, SHFE zinc down 1.64%, SHFE nickel down 0.92%, and SHFE tin down 1.76%. Additionally, the most-traded cast aluminum futures fell 2.08%, the most-traded alumina contract fell 1.29%, the most-traded lithium carbonate contract fell 1.75%, the most-traded silicon metal contract fell 0.29%, and the most-traded polysilicon futures rose 0.33%. Ferrous metals mostly rose, with only stainless steel down 0.75%. Iron ore rose 0.2%, rebar rose 0.1%, and hot-rolled coil edged up. In the coking coal and coke segment: the most-traded coking coal contract inched up 0.08%, and the most-traded coke contract rose 0.28%. In overseas base metals, as of 11:38, LME metals rose across the board. LME copper rose 0.82%, LME aluminum rose 0.24%, LME lead rose 0.6%, LME zinc rose 0.31%, LME tin rose 2.02%, and LME nickel rose 0.77%. In precious metals, as of 11:38, COMEX gold fell 0.48%, and COMEX silver fell 2.02%. In domestic precious metals: SHFE gold declined 2.81%, hitting an intraday low of 868.34 yuan/g; the most-traded SHFE silver contract fell 7.1%, with an intraday low of 13,560 yuan/kg. Additionally, as of the noon close, the most-traded platinum futures fell 4.39%, and the most-traded palladium futures fell 3.54%. As of the noon close, the most-traded containerized freight index (Europe) futures fell 2.45% to 3,665.5 points. As of 11:38 on June 25, midday quotes for selected futures: Spot and fundamentals Silver: In the spot market, downstream consumption recovered somewhat after silver continued to decline. Morning quotes in Shanghai were mainly at TD parity to +20 yuan/kg... Macro front Domestic front: [China's power generation capacity exceeds 4 billion kW] On June 25, the National Energy Administration announced that as of the end of May 2026, China's power generation capacity reached 4.01 billion kW, ranking first globally. Non-fossil energy capacity became the absolute mainstay of capacity additions, and the energy mix continued to improve. The share of coal-fired power capacity fell from 61% in 2010 to 32% in May 2026; the share of non-fossil energy capacity rose from 25% in 2010 to 62% in May 2026; and the share of renewable energy capacity rose from 24% in 2010 to 61% in May 2026. (Xinhua) [PBOC reverse repo net injection of 322.5 billion yuan today] The PBOC conducted 370.5 billion yuan of 7-day reverse repos and 500 billion yuan of 1-year medium-term lending facility (MLF) operations today. With 300 billion yuan of 1-year MLF and 248 billion yuan of 7-day reverse repos maturing today, this resulted in a net injection of 322.5 billion yuan. ((Jin10 Data APP) US dollar: As of 11:38, the US dollar index fell 0.07% to 101.51. All large US banks passed the Fed's annual stress test, paving the way for banks to boost share buybacks and dividends by tens of billions of dollars. The stress test aims to assess how Wall Street lenders would fare under hypothetical financial system shocks. Unlike in previous years, the 2026 test results will not affect capital requirements, as the Fed is continuously revising the test to make it more friendly to banks. This year's test examined how 32 large lenders would withstand a severe global shock amid greater stress in commercial and residential real estate markets and corporate debt markets. The hypothetical scenario included a severe global recession, a 39% drop in commercial real estate prices, and a 30% decline in residential prices. The unemployment rate also surged to a peak of 10%, with a corresponding decline in economic output. The regulators said, "Despite absorbing over $708 billion in loan losses under this year's hypothetical scenario, total capital fell by just 1.6 percentage points, still above the minimum capital requirement." According to CME FedWatch, the probability that the Fed keeps rates unchanged in July is 65.8%, while the chance of a cumulative 25bp rate hike is 34.2%. By September, the probability of rates remaining unchanged is 33.6%, of a cumulative 25bp hike is 49.7%, and of a cumulative 50bp hike is 16.7%. US Treasury Secretary Bessent praised Fed Chairman Warsh for eliminating forward guidance, and said no one should make dot plot forecasts. On the economy, he expects real wage growth to return to the pace seen before April and expects the economy to accelerate for the rest of the year without fueling inflation. He stressed that the dominance of the US dollar is crucial. He believes that once the situation in Ukraine is over, Russia will want to return to the dollar system, while a new Venezuela is returning to that system. During a period of rate cuts, the dollar can still remain strong, and the US is willing to take the right measures to keep the dollar strong. (Jin10 Data APP) On the data front: Today will see the release of Australia's May seasonally adjusted unemployment rate, Germany's July GfK Consumer Confidence Index, US initial jobless claims for the week ending June 20, US May core PCE price index year-on-year, US May personal spending month-on-month, the final reading of US Q1 real GDP annualized quarter-on-quarter, the final reading of US Q1 real personal consumption expenditures quarter-on-quarter, the final reading of US Q1 core PCE price index annualized quarter-on-quarter, US May core PCE price index month-on-month, US May durable goods orders month-on-month, and other data. Additionally, attention should be paid to: Nvidia's annual shareholder meeting; the Bank of Canada's release of monetary policy meeting minutes; the US Federal Reserve's release of annual bank stress test results; Bank of Japan Governor Ueda Kazuo's attendance at a central bank lecture event hosted by the International Monetary Fund (IMF); Micron Technology's fiscal 2026 Q3 earnings call; and 300 billion yuan in 1-year medium-term lending facility (MLF) and 248 billion yuan in 7-day reverse repos maturing today. Crude oil: As of 11:38, oil prices on both exchanges continued to decline, extending losses from the previous three trading days, with WTI falling 1.69% and Brent falling 1.53%. Oil prices pulled back their wartime gains on Thursday as the market bet on improving global crude supply, with tankers that had been stranded in the Persian Gulf for months beginning to sail out of the Strait of Hormuz. According to data from maritime analytics firm Kpler, more than 20 tankers carrying approximately 35 million barrels of crude oil have passed through the Strait of Hormuz since a US-Iran agreement reopened this critical shipping lane. These non-Iranian tankers had been stuck in the Persian Gulf for over three months after Tehran effectively blockaded the waterway early in the conflict. Most of these tankers are expected to arrive at Asian destinations by early August. Citigroup stated that the worst may be over for commodity futures carry trade strategies, which suffered massive losses during the US-Iran war as short positions in near-month contracts were hit hard by soaring prices, while long positions in forward contracts were bought. Citi noted that the current base case is for significant de-escalation, and predicts that as Strait of Hormuz shipping normalizes, Brent crude prices will fall to $60-$65 per barrel over the next 6 to 12 months. 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SMM June 24 – Metals market: As of the midday close, all domestic base metals fell, with SHFE copper down 0.95%, SHFE aluminum down 1.11%, SHFE lead down 0.12%, SHFE zinc down 1.7%, SHFE nickel down 1.94%, and SHFE tin down 4.64% to a session low of 388,220 yuan/mt. In addition, the most-traded casting aluminum contract fell 1.01%, the most-traded alumina contract rose 0.52%, the most-traded lithium carbonate contract rose 1.67%, the most-traded silicon metal contract edged down, and the most-traded polysilicon contract rose 0.28%. Ferrous metals showed mixed performance, with iron ore up 0.68%, rebar edging down, HRC edging up, and stainless steel down 1.27%. On the coking coal and coke front: the most-traded coking coal contract fell 0.64%, and the most-traded coke contract was at parity with 1,953.5 yuan/mt. On the overseas base metals front, as of 11:38, LME metals were nearly all lower. LME copper rose 0.24%, LME aluminum fell 0.67%, LME lead fell 0.44%, LME zinc and LME tin fell within 0.5%, and LME nickel edged down. On the precious metals front, as of 11:38, COMEX gold fell 1.86% and COMEX silver fell 1.34%. On the domestic precious metals front: the most-traded SHFE gold contract extended its losing streak from the previous four trading days, falling another 2.37% to a session low of 886.34 yuan/g; the most-traded SHFE silver contract extended its losing streak from the previous three trading days, falling another 5.08%. Additionally, as of the midday close, the most-traded platinum futures fell 0.6% and the most-traded palladium futures fell 1.41%. As of the midday close, the most-traded European container shipping futures contract rose 0.79% to 3,745 points. As of 11:38 on June 24, some futures midday market data: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 80 yuan/mt, flat from the previous trading day; standard-quality copper was quoted at a premium of 20 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,310 yuan/mt, down 975 yuan/mt from the previous trading day, and the average SX-EW copper price was 103,200 yuan/mt, down 970 yuan/mt. Spot market: Guangdong inventory rose for the fourth consecutive trading day, mainly due to increased arrivals... Macro Front Domestic Side: [Three Ministries Implement 2026 Insurance Compensation Policy for First (Set of) Major Technical Equipment] The MIIT General Office, the Ministry of Finance General Office, and the National Financial Regulatory Administration General Office issued a notice on implementing the 2026 insurance compensation policy for the first (set of) major technical equipment. The notice stated that complete equipment is generally supported based on the number of units (sets); core systems, key parts, key supporting components for major technical equipment, and basic components are generally supported based on the number of batches. For complete equipment such as high-end industrial machine tools, specialized electronic equipment, new-type agricultural machinery, and precision instruments and meters, which have relatively low per-unit value, support can be provided on a batch basis; for high-value core systems and key components like aircraft engines and marine engines, support can be provided on a per-unit basis. [Ultra-long special government bonds have helped upgrade over 360,000 elevators] On June 24, it was learned from the Ministry of Housing and Urban-Rural Development that since the state included the upgrading of old residential elevators into the scope of ultra-long special government bond funding support, various localities have actively relied on policy support to vigorously promote the upgrading of old residential elevators, facilitating residents' convenient travel. To date, a total of over 360,000 old residential elevators have been upgraded. (CCTV News) [PBOC reverse repo net injection of 242.2 billion yuan today] The PBOC today conducted 662.5 billion yuan of 7-day reverse repo operations at an operation rate of 1.4%, unchanged from the previous. Today, 420.3 billion yuan of reverse repo matures. US Dollar: As of 11:38, the US dollar index rose 0.1% to 101.47. On the data front: on June 24, S&P Global released data showing that the US June composite Purchasing Managers' Index (PMI) flash reading rose to 52.2, higher than the previous 51.5 and market expectations of 52.1, hitting a five-month high and indicating continued expansion in US business activity. By sector, manufacturing stood out. New orders grew at the fastest pace in over four years, driving a marked pickup in factory production. The US June manufacturing PMI flash reading rose to 55.7, the highest since May 2022, exceeding the expected 54.6 and the prior 55.1. Meanwhile, the service sector also maintained expansion, with the June services PMI flash reading climbing to 51.3, a four-month high, above the expected 51.1 and the prior 50.7. At the same time, easing cost pressure expectations due to the de-escalation of Middle East tensions also boosted business confidence. However, the survey also showed that issues such as supply chain delays, rising raw material costs, and slowing employment persist, and the foundation for economic recovery is not solid. (From Wall Street Insight APP) According to CNBC, as the search for the next president of the Federal Reserve Bank of Atlanta enters its seventh month, the hiring process is being closely watched. Observers hope to see how the new Fed chief Warsh will reshape the Federal Open Market Committee (FOMC), which is responsible for setting interest rate policy. As Warsh began to exert his personal influence within the Fed, the selection process shifted. During former Fed Chairman Powell’s tenure, the Fed had already been scouting candidates for the Atlanta Fed president job title, according to two people familiar with the hiring process. However, to allow Warsh to take the lead on the appointment, the selection process was temporarily suspended. Because the search is still ongoing, both sources requested anonymity. They noted that Michael Faulkender, who previously served as a senior Treasury official under President Trump, was subsequently added to the list of candidates for the Atlanta Fed presidency. It remains unclear whether Faulkender is still a candidate. (Jin10 Data App) According to CME “FedWatch”: the probability that the Fed holds rates steady in July is 62.6%, while the probability of a cumulative 25bps hike is 37.4%. The probability that the Fed holds rates steady through September is 29.8%, with a 50.6% chance of a cumulative 25bps hike and a 19.6% chance of a cumulative 50bps hike. In other currencies: Data released on Wednesday showed that Australia’s CPI slowed in May, weighed down by lower fuel costs and reduced holiday travel demand. Still, core inflation came in above expectations, suggesting that further rate hikes cannot be ruled out. According to Australian Bureau of Statistics data, the CPI fell 0.7% MoM in May, while the YoY growth rate slowed to 4%, down from the previous reading of 4.2% and compared with market expectations of a 0.4% MoM decline and 4.3% YoY growth. However, core inflation, which strips out volatile items, rose 0.4% MoM in May—topping expectations of 0.3%—pushing the annual rate to 3.6%. The RBA has already hiked rates three times this year as it seeks to pull core inflation back into its 2%–3% target range. The Bank of Japan signaled in the minutes of last week’s board meeting that there is a need to further raise the benchmark interest rate. At that meeting, the BOJ lifted the policy rate to its highest level since 1995. According to the minutes released on Wednesday, one member stated: “Given that core CPI inflation is close to 2% and financial conditions remain accommodative, the Bank should continue raising the policy rate in response to the current economic, inflation and financial environment.” While the BOJ’s move last week marked its first rate hike since last December and signaled clearly that more increases are ahead, the minutes offered no explicit guidance on the timing of the next hike. Even so, they reinforced market expectations for another rate increase before the end of the year. The day after the meeting concluded, a survey of economists showed that about 90% of respondents expected another rate hike before December, with over one-third projecting October as the next adjustment window. Economists now expect the benchmark rate in this hiking cycle to reach 1.75%, up from the 1.5% forecast in the survey earlier this month. (Jin10 Data App) Data: Today will see the release of Australia's unadjusted May CPI y/y, Germany's June IFO business climate index, Switzerland's June ZEW investor sentiment index, the Q1 US current account, and US new home sales (annualized) for May, among other data. Also on watch: the Bank of Japan publishes a summary of opinions from the board members on the June monetary policy meeting; the 2026 Shanghai Mobile World Congress runs through June 26. Crude Oil: As of 11:38, oil prices on both exchanges fell, with WTI down 1.08% and Brent off 0.87%. Following a temporary peace agreement between the US and Iran, tanker traffic through the Strait of Hormuz resumed, keeping international crude prices under pressure. (Wall Street News) Iran's ambassador in Geneva stated that the Strait of Hormuz is fully open to commercial vessels, and a significant volume of oil has been transported through the waterway in recent days. (Jin10 Data App) On June 23 local time, US President Trump said the United States is "working toward a fair agreement with Iran" to end the conflict in the Strait of Hormuz. He noted that 19 million barrels of oil were transported through the strait just the previous day (June 22). Trump reiterated that "Iran cannot have nuclear weapons" and indicated that work on the matter is progressing well. (CCTV) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM June 18 News: In metals markets: Overnight, base metals on both domestic and overseas markets collectively rose. LME zinc led the gains with a 1.4% increase, LME tin rose 0.85%, LME aluminum gained 0.99%, SHFE zinc climbed 0.67%, and SHFE nickel added 0.6%. All other metals saw small fluctuations. Alumina main contract rose 0.52% and aluminum casting main contract rose 0.17%. Overnight, the ferrous metals complex generally fell. Iron ore dropped 1.13%, recording a three-day losing streak. HRC, rebar, and stainless steel all fell within 1%. Coking coal and coke both declined, with coking coal down 2.26% and coke down 1.25%. Overnight in precious metals, COMEX gold fell 1.79% and COMEX silver fell 2.93%. Domestically, SHFE gold fell 0.84% and SHFE silver fell 1.36%. Overnight closing prices as of 6:43 AM on June 18: Macro Front China: [PBoC: Improve the Short-End Interest Rate Adjustment Mechanism] Pan Gongsheng, Governor of the People's Bank of China, stated that the short-end interest rate adjustment mechanism will be improved. Building on the temporary overnight repo and reverse repo tools established in July 2024, the mechanism for using the tools will be improved, and the operating rates will be adjusted to the 7-day reverse repo rate plus and minus 25 basis points, narrowing the corridor from 70 basis points to 50 basis points. The open market operations toolbox will be further enriched, and overnight reverse repo operation varieties will be added at appropriate times to better match the short-term liquidity needs of the banking system. (CCTV News) [PBoC Optimizes the Mechanism for Temporary Overnight Repo and Reverse Repo Open Market Operations] To flexibly and efficiently utilize temporary overnight repo and reverse repo open market tools, the People's Bank of China decided to optimize the operational elements effective immediately. The operation time is adjusted to 15:00-15:30 on working days, and the operating rates are adjusted to the 7-day reverse repo rate minus 25bp and plus 25bp, respectively. The rules for using the tools are further clarified. When the money market overnight rate (DR001) is persistently lower or higher than the corresponding tool's operating rate, the People's Bank of China will initiate corresponding operations based on the needs of primary dealers. (People's Bank of China) [Wu Qing‘s Speech at Lujiazui Forum: Expand the Scope of the Fifth Set of Standards to the AI Field, Support Hong Kong-Listed Companies for Domestic Listing] Wu Qing, Chairman of the China Securities Regulatory Commission, intensively released policy signals at the 2026 Lujiazui Forum on the 17th, covering reforms to the tech listing system, capital market opening-up, guiding long-term capital, and AI regulation, outlining the regulatory layer's policy blueprint for deepening capital market reforms. In his speech, Wu Qing said that the scope of the fifth set of listing standards will be expanded to the artificial intelligence field, actively supporting the listing of high-quality AI large model companies, and supporting qualified Hong Kong-listed companies to list domestically. He also stated that research on promoting RMB foreign exchange futures pilot programs will be accelerated. He further stated that efforts will be made to enhance cross-border regulatory collaboration, support legal and compliant cross-border investment and financing activities, and lawfully crack down on various cross-border illegal activities. Guiding opinions for regulating the development of capital market AI will be released in due course, with strict investigations and punishments for illegal activities such as riding hot topics, hyping concepts, or even market manipulation and insider trading in the name of technology. US Dollar: As of the overnight close, the US dollar index rose 0.82% to 100.38. The US Federal Reserve's monetary policy meeting this week stood pat as widely expected. The post-meeting statement emphasized the commitment to price stability by reducing high inflation, and the dot plot reflected a strong hawkish bias among Fed policymakers. On Wednesday, June 17 US Eastern Time, the Federal Reserve announced after its FOMC meeting that it would keep the target range for the federal funds rate unchanged at 3.50% to 3.75%. To date, after cutting rates at three consecutive meetings through last year-end, the FOMC has stood pat at all four monetary policy meetings in 2026. This decision was completely within market expectations. This was the first FOMC meeting with Warsh as Fed Chairman. Judging from the rate decision, his first major act in the new role was to significantly shorten the statement, including the rate guidance. The new statement emphasized only the inflation side of the dual mandate on employment and inflation. Its assessment of inflation and other economic areas was consistent with the previous one, reiterating that inflation remains high and noting that the Middle East conflict brings high uncertainty to the economy. Compared with the statement, the dot plot released after the meeting reflected an even more pronounced hawkish tilt: half of the Fed officials providing rate forecasts projected at least one rate hike this year. Bloomberg rates strategist Ira Jersey commented that given half of Fed officials foresee hikes, the market focusing on the dot plot makes the bear-flattening of the Treasury yield curve look logical. Nick Timiraos, a veteran Fed correspondent known as the "new Fed wire," described the dot plot as "very hawkish." He pointed out in the article title that the Fed held rates steady, but more officials expect the next move to be a hike. (Wall Street CN) According to CME "FedWatch": The probability that the Fed keeps rates unchanged in July stands at 64.0% (was 91.0% before the decision). The probability of a cumulative 25-basis-point rate hike is 35.1% (was 8.9%), and the probability of a cumulative 50-basis-point hike is 1% (was 0%). For December, the probability that the Fed holds rates steady is 14.2% (was 38.2%), with the chances for a cumulative 25-basis-point hike at 36.4% (was 43.0%), a 50-basis-point hike at 33.8% (was 16.2%), a 75-basis-point hike at 13.5% (was 2.4%), and a 100-basis-point hike at 2.1% (was 0.1%). (Jin10 Data App) Data: Today, China's May Swift RMB share in global payments, the US Federal Reserve's June 17 interest rate decision (upper bound), US initial jobless claims for the week ending June 13, the US Philadelphia Fed Manufacturing Index for June, and the US Conference Board Leading Index month-over-month change for May will be released. Also due are Switzerland's May trade balance and Swiss National Bank policy rate on June 18, the UK's ILO unemployment rate for the three months to April, UK May unemployment rate, UK May claimant count change, and the Bank of England‘s June 18 interest rate decision, as well as the Eurozone’s seasonally adjusted current account for April, among other data. In addition, China will open a new refined oil product pricing window. The Fed's FOMC will release its interest rate decision and Summary of Economic Projections. Fed Chairman Warsh will hold a monetary policy press conference. The Swiss National Bank and the Bank of England will announce their interest rate decisions, with the BoE also releasing meeting minutes. Notably, on June 18, there will be no night trading session on the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE in China due to the eve of the Dragon Boat Festival. On June 19, the NYSE will be closed for Juneteenth. On the same day, trading of precious metals, energy, foreign exchange, equity index, and US Treasury futures contracts on the US-based CME will close early at 01:00 Beijing Time on June 20 for Juneteenth. Also due to Juneteenth, trading of Brent crude oil futures contracts on the US-based ICE will close early at 01:30 Beijing Time on June 20. Crude Oil: As of the overnight close, both oil benchmarks fell. Brent crude fell 0.38% and WTI crude fell 0.35%. On June 17 local time, senior US officials read out the 14 terms of a US-Iran memorandum of understanding aimed at ending the war and promoting the reopening of the Strait of Hormuz to the media. According to the arrangement, both sides will begin 60 days of further negotiations this Friday (June 19) in Switzerland to reach a final agreement. The US commits that, effective immediately upon the signing of this memorandum and until sanctions are lifted, the US Treasury Department will issue exemption licenses for Iran's exports of crude oil, petroleum products, and derivatives, as well as related supporting services (including banking transactions, insurance, and transportation). (Jin10 Data App) Amid the chain reaction from easing Middle East tensions, the International Energy Agency (IEA) judged in its monthly oil market report released Wednesday that if a peace arrangement proves sustainable, the global crude market could shift to a clear oversupply next year. The IEA systematically assessed the impact of the end of the Iranian conflict for the first time in this report. The agency analyzed that as oilfields shut down for months due to the conflict gradually resume production, supply from the Gulf region will show a "gradual" recovery trend this year. On this basis, global crude oil production is expected to increase by 8 million barrels per day by next year, reaching a total scale of 110 million barrels per day. In contrast, global demand growth is estimated at about 2 million barrels per day, described as "relatively mild." The IEA noted in the report that this supply-demand mismatch will lead to a "massive surplus," which it suggested "could provide a welcome breathing space for the market and an opportunity to replenish depleted stocks or build new strategic reserves." Currently, oil inventories in OECD countries have fallen to their lowest levels since 1990. (Jin10 Data) The IEA also noted that oil prices experienced a sharp correction between May and mid-June, driven by market optimism about a peace deal and changes in Asian demand. Reduced crude oil procurement from Asia exerted clear downward pressure on prices. Affected by these combined factors, North Sea crude prices cumulatively fell by more than $40 per barrel during this period to around $82, indicating the market had already priced in expectations of increased supply and slowing demand. (Jin10 Data)

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: ► ► ► ► ► ► ► ► ► ► ► ►

SMM May 20 News: Metals market: Overnight base metals on domestic and overseas markets showed mixed performance. LME nickel led the gains with a 1.21% increase, while LME aluminum, SHFE aluminum, and SHFE nickel all rose less than 1%. LME tin fell 2.06%, LME copper 1.2%, SHFE tin dropped 1.35%, and other metals declined less than 1%. The alumina front-month contract fell 0.11%, and the casting aluminum front-month contract rose 0.24%. Overnight ferrous metals collectively rose. Stainless steel gained 0.38%, iron ore rose 0.25%, rebar and hot-rolled coil both rose around 0.03%. For coking coal and coke, coking coal rose 0.04% and coke gained 0.11%. Overnight precious metals: COMEX gold fell 1.59%, and COMEX silver dropped 4.49%. In China, SHFE gold fell 1.11% to 989.5 yuan/gram, and SHFE silver dropped 3.44%. Overnight closing prices as of 6:47 AM on May 20: Macro Front On the evening of May 19, Russian President Putin arrived in Beijing by special aircraft. At the invitation of President Xi Jinping, Russian President Putin paid a state visit to China from May 19 to 20. (CCTV News) China: [National Energy Administration: Total Electricity Consumption in April 2026 Up 6.0% YoY] On May 19, the National Energy Administration released data on total electricity consumption for April. In April, total electricity consumption reached 820.5 billion kWh, up 6.0% YoY. By sector, the primary industry consumed 11.2 billion kWh, up 2.0% YoY. The secondary industry consumed 558.4 billion kWh, up 5.3% YoY; of which, industrial electricity consumption was 553.8 billion kWh, up 5.5% YoY, and high-tech equipment manufacturing consumed 105 billion kWh, up 10.1% YoY. The tertiary industry consumed 151.7 billion kWh, up 8.9% YoY; of which, EV charging and battery swapping services and internet data services consumed 13.7 billion and 8.2 billion kWh respectively, with growth rates of 61.9% and 42.8%. Urban and rural residential electricity consumption was 99.2 billion kWh, up 6.0% YoY. (National Energy Administration) (Jin10 Data APP) US dollar: As of overnight close, the US dollar index rose 0.32% to 99.31. Philadelphia Fed President Anna Paulson stated that the current interest rate level is appropriate given persistently elevated price pressures, and is exerting downward pressure on inflation. However, it is "healthy" for investors to begin considering scenarios where rate hikes may be needed. "Monetary policy is mildly restrictive, and that restrictiveness is helping to contain the impact of tariffs and price increases triggered by the Middle East conflict. Taking all of these... factors into account, I believe the current monetary policy stance is appropriate," Paulson said in remarks prepared for an Atlanta Fed conference. (Wallstreetcn) Philadelphia Fed President Anna Paulson (2026 FOMC voting member): She is inclined to keep rates steady and has set sustained progress on disinflation as a precondition for cutting interest rates. The labour market remains stable, but inflation is still too high. An interest rate cut will only become appropriate when sustained progress on reducing inflation is observed. The US Fed's future policy path largely depends on how long the war's disruption to oil and other commodity supplies persists. If the conflict is resolved quickly, inflation and inflation risks could dissipate relatively rapidly. (Wallstreetcn) A Huatai Securities research report stated that it is indeed difficult for the US Fed to cut interest rates again in H2 this year, and based on current trends, rate hikes may be necessary next year. Huatai Securities' latest base case assumption is that the US Fed will keep the policy rate unchanged this year, but guidance will be more hawkish than before. The neutral forecast for next year is two rate hikes, above current market expectations, primarily based on a relatively optimistic base case assumption for nominal growth. However, this forecast still faces considerable uncertainties including US economic fundamentals, geopolitical changes, and global growth. (Jin10 Data APP) According to CME FedWatch: The probability of the US Fed keeping rates unchanged through June is 99%, with a 1% probability of a cumulative 25 bps cut. The probability of the US Fed keeping rates unchanged through July is 84.4%, with a 0.8% probability of a cumulative 25 bps cut and a 14.8% probability of a cumulative 25 bps hike. (Jin10 Data APP) Data: Today will see the release of China's 1-year Loan Prime Rate as of May 20, UK April CPI MoM, UK April Retail Price Index MoM, Germany April PPI MoM, Eurozone April CPI YoY final, and Eurozone April CPI MoM final. In addition, SpaceX's Starship V3 will attempt its maiden flight, 2026 FOMC voting member and Philadelphia Fed President Paulson will deliver a speech, and Fed Governor Barr will also speak. Crude oil: As of overnight close, both benchmarks declined, with WTI down 0.34% and Brent down 1.05%. Earlier, US Vice President Vance said significant progress had been made in US-Iran negotiations, somewhat easing market concerns about crude oil supply. Notably, the NYMEX WTI crude oil June futures contract, affected by contract rollover, completed its last pit trading at 2:30 AM on May 20 and last electronic trading at 5:00 AM. Please pay attention to exchange expiration and rollover announcements to manage risk. Additionally, some trading platforms typically expire WTI contracts one day earlier than the official NYMEX schedule, so please take note. Citigroup maintained its consistent view that the current crude oil market clearly underestimates the duration of geopolitical risks and potential tail risks. Brent crude prices are expected to surge to $120/barrel in the near term. Under a bullish scenario (with multiple pathways that could trigger it), Brent crude could reach as high as $150/barrel. Citi's forecast for 2026 global crude oil demand growth is -600,000 bpd (-0.6 mb/d), with YoY declines in Q2, Q3, and Q4 estimated at -2.4 million bpd, -800,000 bpd, and -300,000 bpd respectively. (Wallstreetcn) American Petroleum Institute (API) data showed that last week, US API crude oil inventory was -9.11 million barrels, compared with -2.188 million barrels the previous week. Last week, API Cushing crude oil inventory was -1.428 million barrels (previous: -1.755 million barrels). Last week, API gasoline inventory was -5.795 million barrels (previous: +502,000 barrels), and distillate inventory was -1.047 million barrels (previous: -319,000 barrels). (Wallstreetcn) Bloomberg reported, citing a senior NATO official, that NATO is discussing the possibility of assisting commercial vessels through the blocked Strait of Hormuz if it remains closed by early July. According to a diplomat from a NATO member state, the proposal has received support from several NATO members but has not yet achieved the unanimous consent required for approval. A coalition led by France and the UK is developing a plan to secure navigation through the Strait of Hormuz as soon as frontline hostilities ease. (Wallstreetcn)