SMM June 27 News: Metals market: Last Friday’s overnight session saw nearly all base metals on the domestic market rise. SHFE zinc gained 2.16%, SHFE copper rose 0.9%, SHFE aluminum edged up 0.81%, and SHFE tin advanced 1.66%. SHFE nickel increased 0.36%. SHFE lead dipped 0.37%. In addition, the most-traded alumina futures contract climbed 0.64%, while the most-traded foundry aluminum contract rose 1.66%. Last Friday’s overnight session saw mostly gains in ferrous metals. Stainless steel added 0.48%, iron ore rose 0.54%, and rebar slipped 0.1%. Hot-rolled coil was flat at 3,312 yuan/mt. In coking coal and coke: the most-traded coking coal futures contract gained 1.13%, and the most-traded coke futures contract rose 1.21%. Last Friday’s overnight session in overseas metals saw broad gains for LME base metals. LME copper edged up. LME aluminum rose 0.39%, while LME lead fell 0.58%. LME zinc gained 1.8%. LME tin advanced 1.69%. LME nickel dipped 0.36%. Last Friday’s overnight session in precious metals : COMEX gold rose 1.37%, but COMEX gold posted a fourth consecutive weekly decline, down 3.37% for the week; COMEX silver gained 1.37%, while COMEX silver fell for a seventh straight week, down 10.79% for the week. Last Friday’s overnight session saw the most-traded SHFE gold contract rise 1.34%, but SHFE gold declined on a weekly basis, down 6.33% for the week; the most-traded SHFE silver contract climbed 2.61%, while SHFE silver declined on a weekly basis, down 15.23% for the week. Macquarie strategists noted that all eyes are currently on the trajectory of inflation and whether central banks, particularly the US Fed, will tighten policy to control prices. The apparent end of the Middle East conflict, combined with a more hawkish Fed stance, has led to a pullback in gold prices. The first meeting under new Fed Chair Walsh struck a “hawkish” tone, with the central bank under his leadership having the capacity to either “drive or suppress” the gold market. The shock from the Middle East situation is expected to drag on global growth in Q3, after which an eventual rebound in global growth and the start of a monetary easing cycle should push gold prices lower, as more investor funds rotate out of precious metals and into other assets. Investors have been taking profits and rotating into equities, which has created room for re-entry into precious metals and could drive a price rebound, but a significant macro event may be needed to reignite investor interest in gold. Spot gold prices are forecast to average $4,641 in 2026, up 35% YoY, but the average price is expected to decline 9.5% to $4,200 in 2027, followed by yearly declines through 2030. The bank lowered its year-end spot gold forecast to $4,300 from $4,400. (Jin10 Data APP) As of 7:46 a.m. on June 27, closing prices from last Friday’s overnight session: Macro front China: [National Bureau of Statistics (NBS): Profits of China’s industrial enterprises above designated size grew 18.8% in January–May, with the electronics sector providing significant support] Data from the NBS showed that total profits of industrial enterprises above designated size nationwide reached 3,143.96 billion yuan in January–May, up 18.8% YoY. From January to May, among industrial enterprises above designated size, state-controlled enterprises realized total profits of 1,048.66 billion yuan, up 19.6% YoY; joint-stock enterprises realized total profits of 2,434.81 billion yuan, up 24.1% YoY; foreign-invested enterprises and those funded by Hong Kong, Macao, and Taiwan investors realized total profits of 695.72 billion yuan, up 4.2% YoY; and private enterprises realized total profits of 772.65 billion yuan, up 10.7% YoY. Yu Weining, chief statistician of the Industrial Department of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises for January–May 2026. Yu Weining noted that the electronics sector played a significant supporting role. From January to May, profits of the equipment manufacturing industry above designated size increased by 14.1% YoY, boosting the overall profit growth of industrial enterprises above designated size by 5.2 percentage points. From an industry perspective, the global AI technology revolution has led to explosive demand for high-end computing power chips and memory chips, driving rapid profit growth in the electronics sector. From January to May, profits of the electronics industry surged 103.9% YoY, contributing 43.1% to the profit growth of all industrial enterprises above designated size, making it a crucial underpinning for the relatively rapid profit growth of these enterprises. [Series of 7 National Standards for "Artificial Intelligence — Agent Interconnection" Released] At a press conference held by the State Administration for Market Regulation (SAMR), it was announced that the series of national standards "Artificial Intelligence — Agent Interconnection" has been officially released. With the rapid iteration of technologies such as large models, artificial intelligence is accelerating from the stage of perception and understanding into a new phase of generative decision-making and autonomous execution. An agent, as an intelligent system with capabilities in autonomous perception, memory, decision-making, interaction, and execution, represents an important application form of next-generation AI. It is also a key vehicle for AI technology to empower diverse industries and underpin high-quality development of the intelligent economy. The seven national standards in the "Artificial Intelligence — Agent Interconnection" series released this time comprehensively cover core aspects including overall architecture, identity codes, identity management, agent description, agent discovery, agent interaction, and agent tool invocation. They systematically establish a closed-loop standards framework encompassing "identity identification—capability description—supply-demand discovery—collaborative interaction—tool invocation," effectively filling the standard gap in this field. With unified architecture and interaction rules established through these standards, enterprises can reuse standardized components, reduce customized development, and shorten time-to-market. At the same time, they lay an institutional foundation for cross-domain trustworthiness and secure interaction by establishing unified identity authentication and full traceability mechanisms. (CCTV News) The People's Bank of China and the General Administration of Customs have issued a notice to solicit public opinions on the "Administrative Measures for the Import and Export of Gold and Gold Products (Draft for Comments)." (From Wall Street CN APP) [Three Departments: Further Improve Work Related to Collection of Mineral Rights Transfer Proceeds] The Ministry of Finance, Ministry of Natural Resources, and State Taxation Administration have issued a notice on further improving the collection of mineral rights transfer proceeds, clarifying that late payment penalties for mineral rights transfer proceeds will no longer be collected starting August 1, 2026. If a mining rights holder fails to pay the mineral rights transfer proceeds in full and on time, a penalty of 0.2% per day will be charged from the date of default, with the total penalty not exceeding the principal amount owed. Penalties for mineral rights transfer proceeds will be recorded under the mineral rights transfer proceeds category and shared between central and local governments according to the same proportion as mineral rights transfer proceeds. Late payment penalties that have already accrued before the implementation of this notice shall continue to be paid in accordance with previous regulations, and penalty charges will not apply. US Dollar: The overnight US dollar index fell 0.1% last Friday, closing at 101.36. On a weekly basis, the dollar index recorded its second consecutive weekly gain, rising 0.6% for the week. US Treasury yields and the dollar edged lower as oil prices declined and the market reassessed the US interest rate outlook. The CME FedWatch Tool shows the probability of one rate hike this year remains high at 42%, while the chance of a second hike has dropped to 28% from 34% a week ago as inflation expectations cool. A Wall Street Journal survey indicates the University of Michigan Consumer Sentiment Index, set to be released at 10 a.m. US Eastern Time (10 p.m. Beijing Time), is expected to rise from 44.8 to 49. (Jinshi Data APP) Reuters Poll: 78 of 102 economists surveyed expect the Fed to keep the federal funds rate unchanged at 3.50% to 3.75% in 2026, compared with 72 of 102 economists who held this view in the early June survey. Artem Sakhbiev, FX strategist at BCA Research, said in a report that the recent rebound in the US dollar appears somewhat overextended and lacks the support needed to break out of the trading range of the past year. The Fed revised its interest rate projections upward at last week's meeting and explicitly focused on inflation. This led to a significant rise in inflation-adjusted real yields and eased concerns about political pressure for rate cuts, thereby boosting the dollar. However, this move now appears largely exhausted. The Fed is likely to hold rates steady, and the spread between short- and long-term yields could widen. (Jinshi Data APP) According to Nick Timiraos, known as the "Fed mouthpiece," sources say the search for a new president of the Federal Reserve Bank of Atlanta has reached an impasse. The initial list of candidates failed to yield a final selection, forcing the bank to restart the selection process, which has now lasted seven months. On the surface, this was just a minor procedural hiccup. But at the same time, the independence of the US Fed is facing a severe test. Reserve Bank presidents are crucial to the Fed's independence: they participate in setting interest rates, and their appointment process is deliberately designed to avoid influence from Washington politics. (Jin10 Data App) Fed official Kashkari stated that signs of widespread inflation led him to expect one rate hike this year in the Fed economic forecasts released earlier this month. Rates are expected to remain unchanged in 2027. In a media interview on Friday, Kashkari said: "I am concerned about inflation, not just related to the Middle East situation, but signs of broader inflationary pressures in the economy." The Iran war pushed up oil prices, and prices rose across many categories. This has intensified concerns among some Fed officials that inflation is becoming more broad-based and persistent, potentially requiring stronger action from the central bank. A report released earlier this week showed the May PCE annual rate came in at 4.1%, the largest increase since April 2023. Prices have exceeded the Fed's 2% target for over five years. In the dot plot forecasts released by the Fed last week, half of the officials who submitted dot plot projections expected at least one rate hike this year. (Jin10 Data App) The US goods trade deficit widened to its highest level in over a year in May, as exports fell and imports rose. Data released by the Commerce Department on Friday showed the goods trade deficit expanded 27.4% from the previous month to $105.8 billion, compared to an expected deficit of $85 billion. US goods exports fell 5.4% in May, dragged down mainly by declines in multiple categories, including shipments of industrial supplies. This category covers crude oil and petroleum products. Over the same period, imports rose 3.6%. (From Wall Street CN APP) In other currency news: As London experiences record-breaking heat, Bank of England officials are starting to worry that weather could become the next shock driving up inflation, just as the previous supply shock is fading. Climate scientists increasingly expect a strong El Niño event to form later this year into 2027, disrupting global weather patterns. Now, economists are also concerned this could trigger a new round of supply shocks, push up food inflation, and once again frustrate global central banks' efforts to fight inflation. (From Wall Street CN APP) On the macro front: This week will see the release of data including the Eurozone June industrial sentiment index, Eurozone June economic sentiment index, US June Dallas Fed business activity index, Japan May unemployment rate, China June official manufacturing PMI, UK Q1 GDP annual rate final, UK Q1 current account, France June CPI monthly rate preliminary, Switzerland June KOF economic leading indicator, Germany June seasonally adjusted unemployment change, Germany June seasonally adjusted unemployment rate, Germany June CPI monthly rate preliminary, Canada April GDP monthly rate, US April FHFA house price index monthly rate, US April S&P/CS 20-City non-seasonally adjusted house price index annual rate, US June Chicago PMI, US May JOLTS job openings, US June Conference Board consumer confidence index, China June RatingDog manufacturing PMI, France June manufacturing PMI final, Germany June manufacturing PMI final, Eurozone June manufacturing PMI final, UK June manufacturing PMI final, Eurozone June CPI annual rate preliminary, Eurozone June CPI monthly rate preliminary, US June Challenger job cuts, US June ADP employment change, US June S&P Global manufacturing PMI final, US June ISM manufacturing PMI, US May construction spending monthly rate, Switzerland June CPI monthly rate, Eurozone May unemployment rate, US June unemployment rate, US June seasonally adjusted nonfarm payrolls, US initial jobless claims for the week ending June 27, US June average hourly earnings annual rate, US June average hourly earnings monthly rate, US May factory orders monthly rate, China June RatingDog services PMI, France May industrial output monthly rate, France June services PMI final, Germany June services PMI final, Eurozone June services PMI final, UK June services PMI final, and other data. Additionally, this week, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin delivering a speech; the ECB holding its Central Bank Forum in Sintra through July 1; the 2026 Beijing Space Computing Conference taking place from June 29 to 30; ECB President Lagarde speaking in Sintra; the Reserve Bank of Australia releasing the minutes of its June monetary policy meeting; the ECB holding its Central Bank Forum in Sintra; the US and Iran holding technical negotiations (to be confirmed); Fed Chairman Walsh, ECB President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem speaking at the ECB Forum; the ECB holding its Central Bank Forum in Sintra; ECB President Lagarde delivering a speech; Bank of England Governor Bailey speaking on the coordination of fiscal and monetary policy; and a new round of domestic refined oil product price adjustments opening in China. It is worth noting that on July 1, the Hong Kong Exchanges and Clearing Market was closed for the Hong Kong Special Administrative Region Establishment Day, with both Northbound and Southbound trading shut. On July 3, the US-NYSE was closed for the US Independence Day holiday; trading in CME precious metals, energy, foreign exchange, US Treasury, and equity index futures contracts ended early at 01:00 Beijing time on the 4th due to the US Independence Day holiday; trading in ICE Brent crude oil futures contracts ended early at 01:30 Beijing time on the 4th due to the US Independence Day holiday. In crude oil: Both oil futures fell in overnight trading last Friday, with US oil dropping 2.34% and Brent oil dropping 2.52%. On a weekly basis, US oil futures recorded a three-week losing streak, falling 7.4% for the week; Brent oil futures also fell for a third straight week, dropping 8.06% for the week. Brent spot crude oil prices fell back to pre-war levels, and the near-month contracts exhibited a contango structure—where near-term prices are lower than those further out—for seven consecutive days, reflecting a temporary oversupply. Tariq Zahir, a managing member at Tyche Capital Advisors, indicated that oil prices had "dropped too fast, too furiously," the ceasefire agreement remained fragile, and the situation in the Strait of Hormuz was still fraught with variables, so fluctuations were expected to persist. Rich Privorotsky, head of Goldman Sachs' One-Delta business, pointed out that Iran had begun a show of force near the Strait of Hormuz, some cargo ships had altered their routes, and the inventory overhang in the Gulf region was gradually flowing into the market. He believed that while the probability of a significant near-term price rise in crude oil was limited, the basis for a further substantial drop from current prices was equally insufficient. (From Wallstreetcn APP) US natural gas drilling rig additions recorded the largest single-week increase in four years. Data from Baker Hughes showed that the number of active oil drilling rigs operated by US energy enterprises reached 440 last week, marking a two-week consecutive increase, up from 433 the previous week. Active natural gas drilling rigs rose to 573, recording the largest gain since June 2022, compared with the prior figure of 563. (From Wall Street Cn APP) A report from the US Energy Information Administration (EIA) indicated that US refining capacity decreased by 263,000 barrels per day (bpd) in 2025, a decline of 1.43%. This was primarily driven by the planned conversion of a major refinery in Houston and the closure of a refinery in the Los Angeles area due to market dynamics, which is known for strict environmental regulations. Marathon Petroleum, headquartered in Findlay, Ohio, maintained its position as the largest US refiner with a total refining capacity of 2.986 million bpd, accounting for 16.4% of the nation’s total capacity. (From Wall Street Cn APP) Furthermore, Iraq’s Ministry of Oil stated that OPEC has begun to gradually restore Iraq’s pre-war production quota, a move which will strengthen Iraq’s output capabilities and support the recovery of the oil sector. A high-level consensus has been reached within OPEC, fully taking into account Iraq’s past special circumstances and current actual needs. (From Wall Street Cn APP) Barclays said it has lowered its Brent crude oil price forecasts, cutting the 2026 estimate from $100 per barrel to $96, and the 2027 estimate from $88 to $85, citing the recovery of oil shipments through the Strait of Hormuz. Oil flows through the Strait of Hormuz have rebounded substantially, reaching about 80% of pre-war levels. However, this normalization process remains incomplete. The bank noted that Iran’s assertion of control through fee impositions and coordination mechanisms has created frictions and may potentially delay a full recovery. A temporary deal reached last week aimed at ending the US-Israeli war against Iran has allowed traffic on the Strait of Hormuz shipping route to resume. (From Wall Street Cn APP) Recommended Reading:

London-based metals.io has added tokenized cobalt and nickel to its Tezos-based trading platform, opening access to commodities that have traditionally been available only to industrial buyers and large trading houses. The company said Thursday it purchased and tokenized 7 tonnes of the metals, launching xCo and xNi tokens that provide investors with ownership of physical metal held in secure storage facilities. The platform uses a trust structure combined with blockchain-based smart contracts to allow investors to buy, hold and trade the assets without the warehousing, financing and minimum lot-size requirements typically associated with physical commodity markets. “The rapid growth of AI, an explosion of manufacturing capacity in emerging markets and a host of other technological developments have created demand for the metals and minerals that power industries from automotive manufacturing to aerospace,” Ben Elvidge, lead for metals.io and head of alternative assets at Trilitech, said in a statement. “With the launch of metals.io and the dawn of tokenization, we’re able to streamline access to these essential commodities, making them available to a new profile of buyer and introducing new routes to market for suppliers.”

On June 25, London Metal Exchange (LME): total stocks stood at 306,725 tonnes, a change of -1,500 tonnes; registered warrants 247,575 tonnes, unchanged; cancelled warrants 59,150 tonnes, a change of -1,500 tonnes.

On June 24, London Metal Exchange (LME): total stocks stood at 308,225 tonnes, a change of -2,000 tonnes; registered warrants 247,575 tonnes, unchanged; cancelled warrants 60,650 tonnes, a change of -2,000 tonnes.

SMM June 24 News: Driven by the demand for coordinated development of quality inspection and market services in the non-ferrous industry chain, on June 23, a delegation led by Zhou Bo, Vice President of SMM Information & Technology Co., Ltd. (SMM), Long Huachen, General Manager of the South China Office, and Lin Jiazhi, Business Manager of the Copper Division, visited the CCIC Southwest Region Fangchenggang Area Company for exchanges. They were warmly received by Huang Lu, General Manager of the CCIC Southwest Region Fangchenggang Area Company, Liang Cuirong, Marketing Manager of the CCIC Southwest Region Fangchenggang Area Company, Ye Lingling, Deputy Director of the Mineral Products Laboratory of the Technical Center, and Huang Zhisheng, Deputy Director of the Environmental Laboratory of the Technical Center. During the cordial discussions, leveraging SMM's global non-ferrous industry big data, authoritative spot benchmark pricing, futures and spot industry services, and entire industry chain resource advantages, the two parties conducted in-depth discussions on core topics such as non-ferrous mineral inspection, commodity quality inspection, futures delivery inspection, and upstream and downstream industry chain collaborative services. They fully exchanged views on mineral product inspection standards, quality inspection support for cross-border commodity trade, futures delivery compliance inspection, and the integration of industry data and inspection services. This visit opened up channels for cooperation between industry information, trade circulation, and third-party quality inspection, laying a solid foundation for the two sides to continuously deepen industry mutual trust, complement each other's resources, and achieve mutual benefit and win-win outcomes. Introduction to CCIC Southwest Regional Company China Inspection and Certification Group (abbreviated as China Certification & Inspection Group, with English abbreviation CCIC) is a central state-owned enterprise established with the approval of the State Council and managed by the State-owned Assets Supervision and Administration Commission of the State Council. It is a comprehensive quality service organization with "inspection, testing, certification, standards, and metrology" as its main businesses. Founded in 1980, it owns three major brands: CCIC, CQC, and CAERI. CCIC Southwest Regional Company (hereinafter referred to as "Southwest Regional Company") is one of the eight regional companies directly managed by CCIC in China. It comprises five provincial-level companies, namely Guangxi Company, Yunnan Company, Sichuan Company, Chongqing Company, and Guizhou Company, as well as four area companies, including Fangchenggang, Qinbei, Border, and ASEAN. It has established six functional departments, five business divisions, and one business support department. Southwest Regional Company's service network covers the major ports and cargo distribution centers in the five provinces (autonomous regions and municipalities) of Guangxi, Yunnan, Sichuan, Chongqing, and Guizhou, as well as in the four countries of Vietnam, Laos, Myanmar, and Cambodia. Its business scope encompasses the three major industries of agriculture, industry, and services, touching upon all sectors of the national economy and all aspects of people's livelihood. In fields such as commodity trade, enterprise management improvement, agricultural and food safety, ecological environment monitoring, environmental protection technical consulting and assessment, pest control, instrument and equipment metrological calibration, lightning protection detection, traceability, e-commerce platform construction, safety assessment, and occupational health detection and assessment, it provides "one-stop" comprehensive quality services. It is one of the largest and most powerful third-party inspection, testing, and certification organizations in south-west China. The Southwest Regional Company has an independent and comprehensive laboratory system, comprising 14 specialized technical laboratories in China and 3 overseas laboratories, with a total area of approximately 22,000 m², equipped with around 2,300 sets of precision instruments and equipment. It has accumulatively obtained over 18,700 nationally and locally recognized and accredited items, including CMA and CNAS. Its detection capabilities cover multiple fields such as minerals and alloys, fertilizers, coal and coke, petrochemicals, chemical products, food and agricultural by-products, water and wastewater, air and exhaust gas, soil, solid waste, seawater, marine sediment, marine organisms, biological residues, noise, vibration, metrology, lightning protection, electronics and electricals, and software testing. Internationally, it is a designated metal analysis and detection laboratory for the London Metal Exchange (LME) in the UK, a petrochemical product detection laboratory recognized by the Mexican Ministry of Energy, and the first laboratory in China to pass a second-party audit by BP and be designated by the company. Domestically, it is a designated sugar quality inspection agency for the Zhengzhou Commodity Exchange; the designated detection laboratory for the coal futures delivery warehouse in Fangchenggang of the Zhengzhou Commodity Exchange; a designated quality inspection agency for silicon metal of the GFEX; a designated arbitration and detection laboratory for minerals and alloys appointed by multiple industry leaders in and outside China; and the Central Laboratory for Mineral Products of China Inspection & Testing Group (CCIC). As the only laboratory within CCIC qualified for identifying the solid waste properties of imported and exported metal mineral products and detecting rare earth ores and compounds, the company holds a significant technical advantage in related fields. (Some qualification certificates of the Southwest Regional Company) To date, the Southwest Regional Company has undertaken or participated in over 40 science and technology projects at the national, provincial, and municipal levels; led or participated in the formulation and revision of over 260 international, national, industry, and group standards; holds 3 invention patents, nearly 30 utility model patents, and 41 software copyrights; has received 13 science and technology awards at the provincial and ministerial level or above; has cooperated with universities, research institutes, and enterprises to build 7 key platforms in fields such as petrochemicals, food and agricultural by-products, and minerals and alloys; and its subordinate units have been recognized as a new-type R&D institution, an enterprise with an IP advantage cultivation program, a strategic emerging industry enterprise, and have received many other designations including key laboratory and engineering technology research center. The Southwest Regional Company earnestly fulfills the responsibilities of a central state-owned enterprise and has successively received over 40 honorary titles, including 'National Civilized Unit', 'AAA-Level Credit Enterprise in China Enterprise Credit Evaluation', National High-Tech Enterprise, and Service Industry Leader Enterprise of Nanning City. (Part of the honors of Guangxi Company) Looking ahead, the Southwest Regional Company will continue to base itself in the southwest, serve the whole country, radiate out to ASEAN, and face the world. It is expected to play a greater role in the new journey of high-quality development, striving to contribute to CCIC's effort of building itself into a 'world-class inspection, testing, and certification group with the highest credibility'. In 2026, against the backdrop of the ongoing global green transition and the continued advancement of the “dual-carbon” goals, the nonferrous metals industry is accelerating its shift toward low-carbon, intelligent, and high-end development. As a major nonferrous metals industry cluster in China, South China features a well-developed downstream processing system, abundant reserves of recycled resources, and strong policy support. Leveraging South China’s unique industrial foundation and the new landscape of industry development, to ensure the precise implementation of industry development-related policies, address key pain points in industry development, and build a bridge for resource connectivity across the entire industry chain, the hosted by SMM will be grandly held in September 9–11, 2026 in Nanning, Guangxi . Focusing on key topics such as metal price trends, the medium and long-term market landscape, cross-border trade dynamics, interpretation of industrial policies, and innovation in low-carbon green processes, the conference will conduct in-depth discussions, aiming to build an efficient and authoritative platform for industry exchange and cooperation, empower enterprises in technological innovation and green transformation, help industry participants seize market opportunities and calmly respond to development challenges, and jointly promote the high-quality advancement of China’s nonferrous metals industry. We sincerely invite colleagues from all sectors across the nonferrous entire industry chain to gather in Nanning to discuss new opportunities for industry development and jointly chart a long-term path for coordinated development of the industry chain! SMM Contact : Lin Jiazhi: 15017566696

On June 23, London Metal Exchange (LME): total stocks stood at 310,225 tonnes, a change of -1,500 tonnes; registered warrants 247,575 tonnes, unchanged; cancelled warrants 62,650 tonnes, a change of -1,500 tonnes.