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

Nickel prices remained weak, with SHFE nickel futures fluctuating downward. The most-traded contract closed 0.92% lower at 118,570 yuan/mt. The prices of laterite ore from the Philippines remained firm at the ore end, but high-priced ore continued to squeeze the profits of mid- and downstream products, leading to a certain deviation between the trends of nickel ore and the futures market. Nickel prices have continued to weaken recently, approaching the cost of pyrometallurgy and compressing the profits of nickel enterprises. However, there have been no large-scale production cuts by enterprises so far, and the supply surplus situation has not significantly eased. The nickel ore market has been relatively quiet, with ore prices remaining stable. It is expected that nickel ore resources for July will start to be sold this week. In the Philippines, mines are mostly adopting a wait-and-see attitude and are cautious in quoting prices. Some downstream iron plants have entered the raw material procurement and stockpiling period, but due to profit losses, they are not highly willing to accept excessively high nickel ore prices. In Indonesia, the shortage of nickel ore supply persists, with declining ore grades and high prices for high-grade ore remaining. The domestic trade benchmark price for June (Phase II) is expected to fall by approximately $0.3-0.5. The current domestic trade premium remains at 26-28, and subsequent premiums will enter a negotiation period. The end-use demand for new energy is in the off-season, with production schedules for ternary cathode materials in June declining. Battery manufacturers have previously stockpiled sufficient raw materials, resulting in low procurement demand. Nickel sulphate prices have remained firm, maintaining a relatively high level. The tight supply situation for intermediate products at the raw material end continues, with intermediate product prices remaining firm. However, with some nickel iron production lines currently switching to produce nickel matte, the tight supply situation for intermediate products may improve, putting pressure on further nickel sulphate price increases. Downstream ternary cathode manufacturers are not highly willing to accept high-priced nickel sulphate, and with demand remaining weak, nickel sulphate continues to face pressure. In the short term, supported by nickel sulphate costs, industrial profits remain low, and prices are maintained at cost-based pricing levels. Regarding the outlook, Jinrui Futures commented that with the resource end being suppressed by stainless steel, the driving force for cost increases in Class 1 nickel has weakened. Meanwhile, as Indonesia's supply-side policies have become more stable, the sustainability of additional support for Class 1 nickel demand in H2 is in question. The driving force for nickel price increases has weakened, while there is still cost support on the downside. Anchoring on the cost of pyrometallurgical electrodeposited nickel, the price range may converge.

SMM News on May 27: Metal Market: As of the daytime close, among domestic market base metals, only SHFE zinc and SHFE tin rose together, with SHFE zinc up 0.61% and SHFE tin up 0.09%. The rest of the metals declined, with SHFE aluminum down 0.57% and SHFE nickel down 0.55%. The fluctuations in the decline of the remaining metals were relatively small. The main alumina contract fell 2.71%, recording a four-day losing streak. In addition, the main lithium carbonate contract rose 0.86%, the main polysilicon contract fell 1.16%, and the main silicon metal contract fell 3.63%, hitting a record low of 7,440 yuan/mt during the session. The European Containerized Freight Index fell 3.67%. The ferrous metals series collectively declined, with most drops around 1%. Iron ore fell 1.76%, rebar fell 1.23%, and HRC fell 1.33%. In the coking coal and coke segment, coking coal fell 0.12% and coke fell 0.94%. In the overseas market, as of 15:05, base metals in the overseas market collectively declined, with LME nickel leading the decline at 0.51%. LME aluminum fell 0.49%, and LME lead fell 0.43%. The declines in the remaining metals fluctuated slightly. In the precious metals segment, as of 15:05, COMEX gold fell 1.76%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 1.27%, and SHFE silver fell 0.64%. Market conditions as of 15:05 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial profits of enterprises above designated size nationwide increased by 1.4% from January to April, with new momentum industries showing rapid profit growth ] According to NBS data, from January to April, industrial enterprises above designated size nationwide achieved a total profit of 2,117.02 billion yuan, up 1.4% YoY. Among industrial enterprises above designated size during this period, state-controlled enterprises achieved a total profit of 702.28 billion yuan, down 4.4% YoY; joint-stock enterprises achieved a total profit of 1,559.64 billion yuan, up 1.1% YoY; foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan achieved a total profit of 542.92 billion yuan, up 2.5% YoY; and private enterprises achieved a total profit of 570.68 billion yuan, up 4.3% YoY. Yu Weining, a statistician from the NBS Department of Industry, interpreted the industrial profit data for January to April 2025: Industrial profits of enterprises above designated size accelerated their recovery from January to April, with new momentum industries showing rapid profit growth. 》Click to view details ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 27 was 7.1876 yuan per US dollar. US Dollar Aspect: As of 15:05, the US dollar index rose 0.19% to 99.17. Neel Kashkari, the 2026 FOMC voter and president of the Federal Reserve Bank of Minneapolis, stated that as the US government continues to engage in tariff negotiations with multiple governments, significant shifts in US trade and immigration policies have introduced uncertainties for Federal Reserve officials in taking interest rate actions before September. According to CCTV News, European Central Bank President Christine Lagarde delivered a speech at a forum in Berlin. Lagarde expressed that the current international monetary system, based on the US dollar, is becoming uncertain, and Europe needs to implement reforms in multiple areas to mitigate the impact of changes in the international order. According to CCTV News, on the 26th local time, German Chancellor Merz stated that Germany and other EU countries do not wish to escalate tariff disputes, as tariff hikes would harm German interests. If negotiations between the US and Europe fail to reach a consensus, Germany will have no choice but to retaliate against the US tariff policies. This week, focus on the statements and meeting minutes of Federal Reserve officials, paying attention to the policy signals they release. (Wenhua Comprehensive) Macro Aspects: Today, initial values for the monthly change in US durable goods orders for April, the US Conference Board Consumer Confidence Index for May, the Eurozone Economic Sentiment Index for May, the Eurozone Industrial Sentiment Index for May, the final value of the Eurozone Consumer Confidence Index for May, the German June Gfk Consumer Confidence Index, the UK May CBI Retail Sales Balance, and the Australia ANZ Consumer Confidence Index for the week ending May 25 will be released. Crude Oil Aspects: As of 15:05, oil prices in both markets showed mixed performance, with US oil down 0.02% and Brent oil up 0.08%. This is due to rising expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will decide to increase production at a meeting later this week. Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ), said in a report, "Crude oil prices are falling as the market considers the prospect of increased OPEC supply." OPEC+ may finalise July's production at the meeting, with production potentially increasing by 411,000 barrels per day. According to RIA Novosti, Russian Deputy Prime Minister Alexander Novak stated on Monday that the OPEC+ alliance of oil-producing countries had not yet discussed increasing production by an additional 411,000 barrels per day ahead of the meeting. The organization may finalise production quotas at the ministerial online meeting on May 28. OPEC+ member countries have already agreed to accelerate production increases for the second consecutive month in June. However, US President Trump's decision to extend trade negotiations with the EU until July 9 has alleviated concerns that tariffs might suppress fuel demand, thereby curbing the decline in oil prices. The National Iranian Oil Company (NIOC) stated that Iran has set the official selling price for June light crude oil for Asian buyers at a premium of $1.80 per barrel over the average of Oman/Dubai prices. The company set the price for May at a premium of $1.65 per barrel. According to Iranian state media, Iranian President Masoud Pezeshkian stated on Monday that Iran could survive even without negotiations with the US and despite facing more sanctions. If nuclear negotiations between the US and Iran fail, it could mean that Iran will continue to face sanctions, which will limit Iran's supply and support oil prices. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices fall, aluminum scrap prices follow suit [Daily Review of Aluminum Scrap] ► Aluminum price decline widens, secondary aluminum prices face synchronous pressure [Daily Review of ADC12 Prices] ► Silver prices consolidate, market sentiment remains cautious [SMM Daily Review]

SMM Lead Morning Meeting Summary: Supply-Side Benefits Exhausted, Lead Market Focuses on Consumption Trends. China's industrial enterprises above designated size saw a 0.3% decline in profits from January to February, narrowing the year-on-year drop by 3.0 percentage points. Recently, the US imposed additional tariffs on automobiles, indirectly affecting the consumption outlook for lead-acid batteries and dampening market sentiment, leading to a daily decrease in SHFE lead open interest.

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The battery industry faces a turbulent 2024 with price wars, cost reductions, and overcapacity. Despite challenges, innovations in technology and strategic shifts promise opportunities for growth.