SMM, June 29: Futures edged up today, while spot aluminum in South China was in the doldrums. Inventory destocking remained steady and substantial, continuing to provide holders with the confidence to hold prices firm. In the morning, sellers continued their slow-selling pace to control prices. However, spot-futures spread expectations stayed at a relatively high level. Coupled with bearish sentiment disruptions and intensifying half-year cash realization needs, actual selling gradually shifted to larger volumes. As a result, supply loosened to a slightly surplus state, and mainstream quotations at discounts of 10 yuan/mt to par gradually dominated. Demand side, after aluminum prices stopped falling, downstream restocking demand was moderate, providing some bottom support. However, traders showed very little willingness to enter the market except for buying to meet delivery obligations; intermediate replenishment was almost completely absent, causing transactions to lose follow-through momentum. Spot transaction prices were concentrated at premiums of -30 yuan/mt to +10 yuan/mt against the SHFE aluminum 2607 contract.

SMM, June 29 – Metals market: As of the midday close, base metals on the domestic market were almost all up. SHFE copper gained 1.11%, SHFE aluminum rose 0.48%. SHFE lead fell 0.43%. SHFE zinc increased by 2.01%. SHFE tin rose 1.19%. SHFE nickel edged up 0.1%. In addition, the most-traded cast aluminum futures rose 1.08%, the most-traded alumina futures increased 0.86%. The most-traded lithium carbonate futures climbed 2.27%. The most-traded silicon metal futures edged up 0.24%. The most-traded polysilicon futures rose 0.59%. Most ferrous metals rose. Iron ore futures gained 0.47%, rebar and hot-rolled coil edged down, and stainless steel edged up 0.03%. For coking coal and coke: the most-traded coking coal contract rose 2.25%, and the most-traded coke contract increased 1.32%. On the overseas market, as of 11:43, LME metals showed mixed performance. LME copper rose 0.29%, LME aluminum fell 0.44%, and LME lead gained 0.24%. LME zinc fell 0.1%, LME tin dropped 0.18%, and LME nickel edged up. In precious metals, as of 11:43, COMEX gold fell 0.29%, while COMEX silver lost 0.84%. On the domestic precious metals front: SHFE gold rose 1.23%; the most-traded SHFE silver contract gained 2.22%. Furthermore, as of the midday close, the most-traded platinum futures rose 2.77%, and the most-traded palladium futures increased 3.78%. As of the midday close, the most-traded container shipping futures contract (European route) rose 0.19%, to 3,715 points. As of 11:43 on June 29, selected futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 20 yuan/mt, down 50 yuan/mt from the previous trading day; standard-quality copper was at a discount of 60 yuan/mt, down 70 yuan/mt; SX-EW copper was at a discount of 120 yuan/mt, down 70 yuan/mt. The average price of Guangdong #1 copper cathode was 102,320 yuan/mt, up 535 yuan/mt from the previous trading day; the average price for SX-EW copper was 102,220 yuan/mt, up 525 yuan/mt… Macro Front Domestic: [MOFCOM Places 20 Japanese Entities on Export Control List] MOFCOM: To safeguard national security and interests and fulfill international obligations such as non-proliferation, it has decided to add 20 Japanese entities, including the National Institute for Defense Studies, that are involved in enhancing Japan's military capabilities to the export control list. 1. Export operators are prohibited from exporting dual-use items to the above 20 entities, and overseas organizations and individuals are prohibited from transferring or providing dual-use items originating from the People's Republic of China to these entities; ongoing related activities shall be immediately halted. 2. Where exports are indeed necessary under special circumstances, export operators shall apply to MOFCOM. [China’s Highest-Latitude Solar Thermal Power Station Begins Operation] Today (June 29), the first solar thermal power station in Northeast China – the CGN Jixi Base 100,000 kW solar thermal power station in Da'an City, Jilin Province – began operation, marking a new breakthrough in the application of solar thermal power generation technology in high-latitude, extremely cold areas of China. Located at a latitude of 45.36 degrees north in a severe cold climate zone, this is China’s highest-latitude solar thermal power station, with an installed capacity of 100,000 kW and a heat storage duration of up to 8 hours, enabling safe, stable, and continuous 24-hour operation. This type of station mainly focuses sunlight onto a heat collection device through a large array of mirrors to achieve energy storage. (CCTV News) The PBOC conducted 157.5 billion yuan of 7-day reverse repo operations today at an interest rate of 1.4%, unchanged from the previous operation. Today, 476.5 billion yuan of reverse repos matured. At the same time, the PBOC conducted 300 billion yuan of overnight reverse repo operations. US Dollar: As of 11:43, the US dollar index fell 0.05% to 101.33. According to CME "FedWatch": the probability that the Fed will hold rates steady in July is 69.5%, while the probability of a cumulative 25 basis point rate hike is 30.5%. The probability that the Fed will keep rates unchanged through September is 40.4%, a cumulative 25 bps hike is 46.9%, and a cumulative 50 bps hike is 12.8%. (Jin10 Data App) Gavekal Research noted in a report: “In 2025, the market was broadly concerned that Trump would undermine the independence of US monetary policy, nominate a political puppet as Fed Chairman, force the Fed to cut interest rates, and cause inflation to persist above the Fed’s 2% target.” “Developments over the past seven months have made such a scenario unlikely.” These developments include the appointment of Kevin Warsh to lead the Fed and the reappointment of 11 out of 12 regional Fed presidents. At the first meeting chaired by Warsh earlier this month, the Fed stressed its commitment to price stability, surprising some market participants who had expected a more dovish stance under the new chairman. (Jin10 Data App) According to "Fed mouthpiece" Nick Timiraos, people familiar with the matter revealed that the selection of a new president for the Federal Reserve Bank of Atlanta has reached an impasse. The initial slate of candidates failed to produce a final choice, forcing the bank to restart the seven-month-long selection process. On the surface, this is merely a procedural hiccup. But at the same time, the independence of the Fed is facing a severe test. The presidents of the regional Fed banks are crucial to the Fed's independence: they participate in setting interest rates, and their appointment process is deliberately designed to avoid the influence of Washington politics. (Jin10 Data App) Data Front: Today will see the release of the Eurozone June industrial sentiment index, the Eurozone June economic sentiment index, the US June Dallas Fed business activity index, and other data. Also watch: the ECB’s Global Central Bank Forum in Sintra, through July 1; and the 2026 Beijing Space Computing Conference on June 29–30. Crude Oil: As of 11:43, oil prices on both sides of the Atlantic rose. WTI crude gained 1.14%, and Brent crude rose 0.87%. Renewed military clashes between the US and Iran over the weekend and stalled negotiations reignited supply risks in the Strait of Hormuz, supporting oil prices. According to a CCTV reporter on June 28, a senior US official disclosed that the US and Iran have agreed to stop attacking each other and plan to hold a meeting in the Qatari capital on June 30 to resolve the dispute over the Strait of Hormuz. However, as of now, neither the US, Iran, nor mediators Pakistan and Qatar have made any official statements. (Wallstreetcn) The weekly report released by energy services firm Baker Hughes on Friday showed that US energy companies added the highest number of rigs in a single week since June 2022. The total number of oil and gas rigs, an early indicator of future output, rose by 10 in the week ending June 29, the largest weekly increase in four years. The total rig count reached 573, the highest since May 2025. Baker Hughes said this week’s increase took the total rig count up by 26, or 5%, compared to the same period last year. The company said the oil rig count rose by 7 to 440, the highest since June 2025. Gas rigs increased by 3 to 125, while miscellaneous rigs held steady at 8. (Jin10 Data App) Additionally, Russian President Putin stated that car owners and businesses are still facing fuel supply difficulties, with queues widespread at gas stations across the country. Affected by the shutdown of several refineries, Russia is rolling out measures to stabilize the domestic market. Putin confirmed that a full ban on diesel exports is one of the options currently under discussion. Following a meeting on Friday with oil producers and government departments, the Russian Energy Ministry temporarily advised against imposing a diesel export ban, citing potential issues such as diesel inventory overhang; the government will reassess the market situation on Monday. (Jin10 Data App) Spot Market Overview: ► ► ► Midday reviews for other spot metals will be updated later, please refresh to view~

Finnish renewable energy investor Korkia announced that its subsidiary Korkia Renewables Development Sweden has received an environmental permit from the County Administrative Board of Dalarna to build a 150-MWp solar photovoltaic plant and a 150-MW/600-MWh battery energy storage system in the Vilmoren forest area, collectively known as the Smedjebacken project, which is expected to generate around 150 GWh of electricity annually once operational; the project has already secured a grid connection and is now moving toward ready-to-build status, with Korkia noting the approval marks one of the few permits of comparable scale for solar and storage projects in Scandinavia, following a string of permitting milestones in H1 2026 that also included approval for two solar projects in Alberta, Canada, a substation in Chile, and a series of licences for solar and storage projects in Romania.

This week (6/22–6/25), the secondary copper rod and copper scrap markets were locked in a deep stalemate, marked by the supply side holding prices firm and holding back from selling, the demand side waiting for further price declines and refraining from purchasing, and persistently sluggish transactions, as copper prices continued to fall and approached the psychological threshold of 100,000 yuan/mt

On June 25, the Leap Motor D99, the first MPV on Leap Motor's flagship D platform, was officially launched with a selling price of 249,800 to 319,800 yuan. As the flagship masterpiece embodying a decade of Leap Motor's accumulated full-stack in-house R&D technology, the new vehicle is the industry's first to feature dual Qualcomm 8797 central domain control chips built on a 4nm process, delivering a total computing power of 1,280 TOPS. It creates a cockpit-driving integrated super collaboration architecture, providing intelligent upgrade redundancy for the next five years. The Leap Motor D99 offers two powertrain options: range-extender and pure electric. The range-extender version is equipped with an 80.3 kWh range-extender-specific CATL LFP battery, offering a CLTC pure electric driving range of up to 480 km. The pure electric version features the world's first CATL molecular-level fusion super hybrid battery cell, with a battery capacity of 115 kWh and a CLTC pure electric driving range of 700 km. It adopts a full-stack 1,000 V high-voltage architecture, with peak fast charging power exceeding 460 kW, adding over 350 km of driving range with a 15-minute charge.

SMM, June 26: Against the backdrop of sluggish downstream demand, product prices across the cobalt industry chain showed a downward trend under pressure. Cobalt sulphate and cobalt chloride recorded five consecutive declines this week, while refined cobalt spot quotations also fell below the round-number level of 380,000 yuan/mt during the week... SMM compiled the quotation changes for cobalt products this week as follows: : According to SMM spot quotations, although refined cobalt spot prices rose 2,500 yuan/mt on the last trading day, they still showed an overall decline this week. As of June 26, refined cobalt spot quotations were in the range of 374,000~385,000 yuan/mt, with an average of 379,500 yuan/mt, down 4,000 yuan/mt from June 18, a decline of 1.04%. Supply and demand side, on the supply front, mainstream smelters lowered their ex-factory quotations to 385,000 yuan/mt. After the deep price slump, most traders suspended market offerings, and wait-and-see sentiment dominated. On the demand side, the rush-to-buy-amid-continuous-price-rise and hold-back-amid-price-downturn mentality continued to curb the downstream procurement pace. Alloy-type enterprises remained on the sidelines and postponed restocking, while some magnetic material enterprises released small procurement demand near 380,000 yuan/mt, making selective restocking. In the short term, futures still face choppy pressure. A stabilization in refined cobalt prices requires two conditions: first, an easing of market funding pressure and a reduction in low-price sell-offs; second, that prices of related products such as cobalt salts stop falling and stabilize, forming support for market confidence. Cobalt intermediate product prices, according to SMM spot quotations, as of June 26, cobalt intermediate product (CIF China) spot prices remained stable earlier, then edged down $0.025/lb on the last trading day of the week. Quotations stayed in the range of $24.75-25.5/lb, with an average of $25.125/lb. The overall price center changed little. According to SMM, on the supply side of cobalt intermediate products, mainstream miners and traders maintained their offers near $25.5/lb, while downstream smelters remained conservative in procurement, with intended purchase prices generally below $25/lb. Some smelters even planned to sell their intermediate products at $24.8-24.9/lb, turning to procure low-priced recycled black mass to control production costs. On the logistics side, since May, some Chinese-invested miners have gradually increased chartered shipping volumes, and some leading miners have gradually resumed shipments since June. Port arrivals of intermediate products are expected to trend slowly upward in the following months, potentially forming concentrated batch arrivals after August. In the short term, end-use demand support is insufficient, and cobalt intermediate product prices will most likely continue to move sideways. Should prices strengthen going forward, a recovery in downstream operating rates and a repair of cobalt salt prices must form a resonance. Cobalt salt side ( and ): : According to SMM spot price data, cobalt sulphate spot prices continued to show persistent weakness this week. After five consecutive declines, spot cobalt sulphate prices dropped to 85,000-87,300 yuan/mt, with the average price reported at 86,150 yuan/mt, down 2,350 yuan/mt from 88,500 yuan/mt on June 18, a decline of 2.66%. According to SMM, the trading atmosphere in the cobalt sulphate market remained sluggish this week, with the spot price center slowly moving lower. Supply side performance continued to diverge: offers from primary smelters were relatively firm, with mainstream producers maintaining their minimum selling intention price above 85,000 yuan/mt; some recycling smelters and traders, under cash flow pressure, lowered offers further to 80,000-81,000 yuan/mt. Demand side, the continuous price erosion dampened downstream stockpiling confidence, with enterprises’ psychological price levels largely concentrated at 79,000-80,000 yuan/mt. Although some downstream purchase intention prices have converged with the lowest seller offers in the market, bulk transactions remained limited as the low-priced supply did not fully match downstream requirements in commercial terms and product quality. In the short term, the weak pattern of cobalt sulphate prices is hard to fundamentally reverse, and stabilization and rebound still await the material realization of downstream concentrated restocking demand. side: According to SMM spot price data, spot cobalt chloride prices also recorded five consecutive declines this week. As of June 26, spot cobalt chloride prices dropped to 104,000-106,500 yuan/mt, with the average price reported at 105,250 yuan/mt, down 3,750 yuan/mt from 109,000 yuan/mt on June 18, a decline of 3.44%. From a fundamental perspective, the cobalt chloride market continued to be extremely sluggish this week, with scarce actual transactions and spot liquidity almost drying up. Supply side, most smelters remained suspended from quoting, and sporadic offers more reflected cost bottom lines and psychological expectations. Against the backdrop of difficulty in achieving sales without substantial price concessions, their guiding significance for transactions has been quite limited. Demand side, downstream producers still held some raw material inventory to maintain turnover. In an environment of weak end-use demand and continuous price erosion, the “rush to buy amid continuous price rise and hold back amid price downturn” mentality combined with pessimistic expectations for the future further suppressed purchase willingness. Overall, although the pessimistic atmosphere in the cobalt chloride market was still spreading and the divergence between bulls and bears not fully resolved, a relatively positive signal emerged this week: current transactions could no longer factor in the semi-annual report performance window of various companies, and upstream offers in the market have stabilized after stopping falling, injecting a glimmer of hope into the overall pessimistic market sentiment. However, the direction for H2 remains unclear, and the guiding value of the July price trend remains prominent and warrants close attention. : According to SMM spot price assessments, spot Co3O4 quotes drifted lower this week. As of June 26, spot Co3O4 quotes fell to 329,000-341,000 yuan/mt, with an average price of 335,000 yuan/mt, down 3,500 yuan/mt from 338,500 yuan/mt on June 18, a decline of 1.03%. According to SMM, the Co3O4 market also remained extremely sluggish this week, with very few actual transactions. On the supply side, upstream producers still held divergent views on the market outlook, but given that this week's deals could no longer be settled before the semi-annual report deadline, most previously bearish enterprises had largely completed their shipments, releasing price pressure in stages, and offers began to stabilize this week. On the demand side, although June is a traditional negotiation window, against the backdrop of persistently falling Co3O4 prices, downstream cathode material plants generally adopted a wait-and-see approach; even when they had purchasing intentions, they mainly pushed for significantly lower prices, and the continued price decline in turn further weakened upstream shipment motivation. Overall, the subsequent trend of Co3O4 will still depend on the price direction of cobalt salts. On the news front, recently, the May cobalt product import and export data were released. According to customs data, China's imports of unwrought cobalt in May 2026 were approximately 673 mt, down 50% MoM but up 3% YoY. By source, the top three regions for refined cobalt imports in May were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp drop in imports this month was mainly because previously accumulated overseas low-priced cobalt raw materials had been consumed, and the prices of newly imported cobalt plates and cobalt beans were higher than other domestic cobalt raw materials, leading to reduced willingness of smelters to purchase for remelting. On the import price side, the average import price of China's unwrought cobalt in May 2026 was $54,557/mt, up 3.48% MoM. Cumulative imports from January to May 2026 reached 6,589 mt, up 120% YoY. On the export side, China's unwrought cobalt exports in May 2026 were approximately 370 mt, up 70% MoM but down 88% YoY. By destination, China's exports to the Netherlands surged significantly, with May exports reaching 205 mt, up 791% MoM. On the export price side, the average export price of China's unwrought cobalt in May 2026 was $53,403/mt, down 2.17% MoM. Cumulative exports from January to May 2026 totaled 2,161 mt, down 79% YoY. Cobalt hydrometallurgy intermediate products, China's imports of cobalt hydrometallurgy intermediate products in May 2026 were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY, of which imports from the DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY. The average import price of cobalt hydrometallurgy intermediate products in May 2026 was $16,607/mt in physical content, down 3.37% MoM. It is reported that since May, some Chinese miners have been increasing shipment bookings, and some leading miners have gradually resumed shipments from June. Port arrivals of intermediate products are expected to slowly increase in the coming months, and bulk arrivals are expected after August.