SMM News on June 10: Metal Market: As of the daytime close, base metals in both domestic and overseas markets showed mixed performance. In the overseas market, only LME zinc rose, up 0.17%. In the domestic market, SHFE copper and SHFE lead both rose by over 0.8%, with SHFE copper up 0.84% and SHFE lead up 0.81%, while SHFE zinc fell 0.9%. The % changes in other metals were relatively small. The main alumina futures contract fell 0.41%. In the ferrous metals series, prices fell collectively. Iron ore fell 0.71%, stainless steel fell 0.51%. In the coking coal and coke sector, coking coal fell 2.43% and coke fell 1.15%. In the overnight precious metals market, COMEX gold fell 0.24%, while COMEX silver rose 0.42%, reaching a high of $37.03/oz during the session, a new high since March 2012. Domestically, SHFE gold rose 0.18%, and SHFE silver rose 2.07%, reaching a high of 9,020 yuan/kg during the session, hitting a new record high. As of 8:04 on June 10, the overnight closing market on Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: The first meeting of the China-US economic and trade consultation mechanism was held in London, UK, on the afternoon of June 9 (local time). CCTV News reporter learned that the meeting would continue on June 10 (local time). Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked whether China would open more "green channels" for rare earth export approvals. Lin Jian said that China's Ministry of Commerce had already responded to China's rare earth export control measures, and further information could be consulted. [General Administration of Customs: China's Foreign Trade in Goods Grew 2.5% in the First Five Months, with Exports Up 6.3% YoY in May] The General Administration of Customs announced today (the 9th) that in the first five months of this year, China's total foreign trade in goods reached 17.94 trillion yuan, up 2.5% YoY, continuing the growth trend. In May, imports and exports totaled 3.81 trillion yuan, up 2.7%. In May alone, China's exports reached 2.28 trillion yuan, up 6.3%. Among them, exports to ASEAN, the EU, Africa, and the five Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8%, respectively. In the first five months of this year, China's exports of equipment manufacturing products reached 6.22 trillion yuan, up 9.2%, accounting for 58.3% of China's total exports. Among them, exports of EVs increased by 19%, construction machinery by 10.7%, ships by 18.9%, and industrial robots by 55.4%. In the first five months, China's equipment manufacturing products contributed 73% to the overall export growth, with the contribution rate reaching as high as 76.9% in May, providing strong support for the stable growth of foreign trade. 》Click to view details SMM has compiled data on the import and export of some products in the metal industry based on data released by the General Administration of Customs, as detailed below: 》Click to view detailed data [National Bureau of Statistics (NBS): CPI declined slightly in May, while the YoY increase in core CPI widened, and PPI fell 0.4% MoM] In May, the Consumer Price Index (CPI) fell 0.2% MoM and 0.1% YoY. The core CPI, excluding food and energy prices, rose 0.6% YoY, with the increase widening by 0.1 percentage points from the previous month. The Producer Price Index (PPI) for industrial products fell 0.4% MoM, with the decline remaining the same as the previous month, and decreased 3.3% YoY, with the decline widening by 0.6 percentage points from the previous month. China is boosting consumption with greater intensity and more targeted measures, fostering the growth of new quality productive forces. The supply-demand relationship in some sectors has improved, and prices have shown positive changes. 》Click to view details US dollar: The US dollar fell 0.2% overnight to close at 99.02, as market participants consolidated gains following the better-than-expected US jobs report released last Friday and shifted their focus to trade prospects. Later this week, the US inflation report for May will come into focus, with investors and US Fed policymakers paying attention to the impact of trade restriction policies on the economy. US Fed officials have already indicated that they are not in a hurry to cut interest rates, and signs of economic recovery may solidify their stance. According to data from the London Stock Exchange Group (LSEG), interest rate futures prices suggest that investors expect the US Fed to cut borrowing costs by 25 basis points later this year, possibly as early as October. Interest rate futures are pricing in only 47 basis points of rate cuts for 2025. Other currencies: In late New York trading, the US dollar fell about 0.2% against the Japanese yen to close at 144.55 yen, after rising for two consecutive weeks. The euro rose 0.3% against the US dollar to 1.1427 US dollars, as the market continued to digest the European Central Bank's (ECB) monetary policy outlook released last week, which suggested that the ECB may be nearing the end of its easing cycle. The British pound also rose against the US dollar, gaining 0.3% to 1.362 US dollars. The US dollar index, which measures the value of the US dollar against six major currencies, fell 0.2% to 98.942. The New Zealand dollar rose 0.6% to 0.6054 US dollars, and the Australian dollar rose 0.4% to 0.6522 US dollars, with trading remaining sluggish. Data: Data to be released today include China's M2 money supply YoY rate for May, China's total social financing for the year to date in May, China's new yuan loans for the year to date in May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (YoY rate), Australia's ANZ-Roy Morgan consumer confidence index for the week ending June 8, Switzerland's seasonally adjusted consumer confidence index for May, and the Eurozone's Sentix investor confidence index for June. Additionally, the deadline for the EU's public consultation is June 10, 2025. This date marks the EU's final window of peace before considering retaliatory tariffs on US goods worth up to €95 billion. He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US economic and trade consultation mechanism. Crude Oil: As of the overnight close, oil prices in both markets rose together, with US crude up 1.24% and Brent crude up 0.99%, both recording three consecutive days of gains. US crude touched a multi-week high, boosted by a weaker US dollar, while investors awaited news from the China-US trade talks, hoping that a deal would boost the global economic outlook and, in turn, stimulate demand. The weaker US dollar provided some support to oil prices. The US dollar index fell 0.3%, making oil cheaper for investors holding other currencies. Analysts from energy consulting firm Ritterbusch and Associates said in a report, "This rally appears to be largely technically driven and could easily fade without fresh bullish news. There will be significant attention on the ongoing China-US trade talks." Reaching a trade deal could support the global economic outlook and, in turn, boost demand for commodities, including oil. CCTV News reported that the first meeting of the China-US economic and trade consultation mechanism was held in London, UK. Reporters learned that the first meeting of the China-US economic and trade consultation mechanism would continue on June 10 local time. Data released by the General Administration of Customs showed that China's crude oil imports in May were 46.6 million mt, with cumulative imports from January to May reaching 229.615 million mt, up 0.3% YoY. A survey showed that OPEC's crude oil production increase in May was below the target, as Iraq further cut production to make up for previous overproduction, while Saudi Arabia and the UAE also increased production by less than the allowed range. The survey showed that OPEC's oil production last month was 26.75 million barrels per day (bpd), an increase of 150,000 bpd from the total production in April, with Saudi Arabia contributing the largest increase. Morgan Stanley's team of commodity analysts said that OPEC's commitment to increase production by 411,000 bpd in May had not yet been fulfilled. The analyst team led by Martijn Rats said in a report, "Despite an increase in production quotas of about 1 million bpd from March to June, it has been difficult to detect any actual increase in production." (Wenhua Comprehensive)

According to a report from Mining.com, SolGold, a company primarily engaged in exploration and development in Ecuador, announced that it would voluntarily delist from the Toronto Stock Exchange starting June 18. The miner will continue to be listed on the London Stock Exchange and is also considering a secondary listing on the Australian Securities Exchange (ASX). SolGold, founded in Australia and currently headquartered in London, recently appointed Dan Vujcic as its new CEO. The former investment banker at Morgan Stanley and Citigroup, and most recently the CFO of MAC Copper, stated in an interview earlier this year that the ASX was a "natural home" for the company's copper-gold assets. The company is backed by mining giants including BHP and Newmont. It is currently advancing the development of its Cascabel copper-gold project in northern Ecuador. The project is expected to commence development as early as 2028, three to four years ahead of the previous schedule. The latest strategy involves open-pit development initially, followed by a transition to underground mining. SolGold believes that the scale of Cascabel positions it as a multi-generational asset, capable of ranking among the top 20 copper-gold mines in South America. Strategic Adjustments Accelerating the development plan is part of a broader restructuring by the company, which includes establishing a subsidiary to hold its exploration assets. The company claims to hold over 89 licenses within a high-potential copper-gold target area spanning 3,000 square kilometers. This move comes at a time when the global copper market is tightening, driven by growing demand due to copper's critical role in electrification and the scarcity of new discoveries. SolGold hopes that this restructuring and accelerated development will garner greater investor support, especially amid geopolitical instability and tariff fluctuations affecting global supply chains.

According to a report by Reuters on Mining.com, the operator of the sovereign wealth fund managed by Norges Bank Investment Management announced on the 11th that it had decided to proactively contact miners such as Rio Tinto and South32 regarding their environmental practices. The executive board member of the world's largest sovereign wealth fund stated that the decision was made following a recommendation from the Ethics Council, an independent advisor appointed by the Norwegian government, to sell its shares in these companies. According to data from the London Stock Exchange Group (LSEG), the fund holds a 2.5% stake in Rio Tinto Group, a 0.13% stake in Rio Tinto Limited, and a 2.6% stake in South32. The council pointed out that the involvement of these companies in the Mineração Rio do Norte (MRN) joint venture is a cause for concern. MRN is a significant bauxite mine in the Amazon rainforest. In a statement, the executive board member of the wealth fund said that it had decided to collaborate with these companies to mitigate severe environmental harm over the next five to ten years. MRN is a joint venture between Glencore (45%), Rio Tinto (22%), and South32 (33%). Additionally, the fund stated that it no longer excludes the German energy company RWE AG and acknowledges its transition to renewable energy. Meanwhile, the fund announced that it had decided to sell its shares in Pemex, the Mexican state-owned oil company, and Paz Retail & Energy, an Israeli company, due to ethical considerations.

MiningWeekly, citing Reuters, reported that Vale, one of the world's largest iron ore producers, announced on the 24th that despite a decrease in costs, its net profit for Q1 fell by 17% due to a decline in iron ore prices. In Q1, Vale's net profit was $1.39 billion, falling short of the $1.68 billion expected by analysts surveyed by the London Stock Exchange Group (LSEG). The company stated that profits were mainly affected by the decline in iron ore prices, with cost-reduction measures and the appreciation of the Brazilian real against the US dollar partially offsetting the impact. "We had a stable start to the year, in line with our 2025 management goals," Gustavo Pimenta, Vale's CEO, said in an earnings report. "Costs are showing good momentum," he noted. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q1 was $3.12 billion, a 9% decrease, coming close to analysts' expectations of $3.16 billion. The result was in line with expectations, with the cost burden being the lightest, according to Itau BBA. However, they added, "The impact of falling prices outweighed the growth in sales volume and cost reductions." In Q1, Vale's so-called C1 cash cost fell by 11% to $21/mt. This cost is used to measure production expenses from the mine to the port. Last week, the company's operational report showed that due to heavy rainfall, its iron ore production decreased by 4.5%, although Vale relied on inventory to increase sales volume. Nevertheless, the market reference price for Vale's main product, iron ore, fell by 16%, putting pressure on its own selling prices and leading to a 4% decrease in net revenue to $8.12 billion, slightly higher than analysts' estimates of $8.03 billion. Analysts at Banco Santander believe that Vale demonstrated "solid operational data," but that this data "has already been reflected in the prices."

SMM April 21 News: Metal Market: At the close of the day, domestic base metals all rose, with SHFE tin leading the gains with a surge of up to 2.5%. SHFE copper, SHFE lead, and SHFE zinc all rose by more than 1%, with SHFE copper up 1.71%, SHFE zinc up 1.73%, and SHFE lead up 1.43%. The rest of the metals rose by less than 1%. The main alumina contract fell 0.04%. In addition, the main lithium carbonate contract fell 1.54%, the main polysilicon contract rose 1.35%, and silicon metal rose 0.34%. The main European container shipping contract fell 2.12%. In the ferrous metals series, most prices rose, with stainless steel down 0.08%. Iron ore rose 1.27%. In the coking coal and coke sector, coking coal rose 1.27%, and coke rose 1.25%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 15:03, COMEX gold rose 2.28%, hitting a record high of $3,404.7 per ounce during the session, continuing to refresh its historical high. COMEX silver rose 1.05%. Domestically, SHFE gold rose 2.5%, hitting a record high of 805.56 yuan per gram during the session, and SHFE silver rose 1.39%. As of 15:03 today's market 》Click to view SMM market dashboard Macro Front Domestic: 【April LPR Quotation Released: 5-Year and 1-Year Rates Remain Unchanged】 The People's Bank of China authorized the National Interbank Funding Center to announce the April loan market quoted rate (LPR) quotation: the 5-year LPR is 3.6%, the same as last month. The 1-year LPR is 3.1%, the same as last month. 》Click for details 【New National Standard for E-Bikes to Take Effect on September 1, First Batch of 6 Testing Institutions Announced】 The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Technical Specification for Safety of Electric Bicycles". Currently, 6 institutions have obtained the new national standard testing capability qualification for electric bicycles: Wuxi Institute of Inspection, Testing and Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard will take effect on September 1, with significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification according to the new national standard requirements during the transition period. 【Ministry of Commerce: Consumers Have Purchased Over 100 Million Units of Trade-In Home Appliances】 The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the trade-in of home appliances has achieved remarkable results. Since the trade-in policy for home appliances was strengthened in August 2024, consumers have purchased over 100 million units of trade-in home appliances, including over 40 million units in 2025. ► On April 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2055 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.96% to 98.29, hitting a low of 98.16 during the session, the lowest level since March 2022, a three-year low. Concerns about trade tensions between the US and its major trading partners have raised fears of an economic recession. San Francisco Fed Chairman Daly said on Friday that the US economy is in good shape and policy remains restrictive. Some industries (such as transportation) are slowing down, but uncertainty has not yet weighed heavily on the economy. Daly said she is satisfied with the expectation of two rate cuts this year, but if inflation is more sticky, the number of rate cuts this year may be less than two. If economic growth slows, further rate cuts will be made, and it is the right approach to gradually lower policy rates without a sense of urgency. Hassett, director of the National Economic Council, said that President Trump and his team are continuing to study whether they can fire Fed Chairman Powell. Such a move would have significant implications for the Fed's independence and global markets. Data: Today's highlights: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Industry"; 2025 FOMC voter and Chicago Fed President Goolsby was interviewed by CNBC. On April 21, the Australian Sydney Stock Exchange, the German Frankfurt Stock Exchange, the French Paris Stock Exchange, the Italian Milan Stock Exchange, the Spanish Madrid Stock Exchange, the UK London Stock Exchange, the London Metal Exchange (LME), and the Hong Kong Stock Exchange of China were closed for one day due to Easter. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 1.55% and Brent oil down 1.48%. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. (Wenhua Comprehensive) SMM Daily Review ► Changes in Supply-Demand Pattern, Rare Earths Stop Falling and Stabilize 【SMM Rare Earths Daily Review】 ► Precious Metals Hold Up Well at the Start of the Week, Spot Supply in Shenzhen Relatively Tight 【SMM Daily Review】

SMM April 21 News: In the metal market, as of the midday close, domestic base metals all rose, with SHFE copper up 0.64%. SHFE tin rose 1.16%, SHFE nickel rose 0.41%. SHFE aluminum rose 0.71%, SHFE lead rose 0.74%, SHFE zinc rose 0.98%. In addition, alumina fell 0.11%. Lithium carbonate fell 1.86%, silicon metal fell 0.91%, polysilicon fell 0.08%. Ferrous metals mostly rose, with iron ore up 1.06%, rebar up 0.74%, HRC up 0.66%, stainless steel flat at 12,800 yuan/mt. For coking coal and coke, coking coal rose 1.06%, coke rose 0.74%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 11:45, COMEX gold rose 2.02%, hitting a record high of $3,397.6/oz during the session; COMEX silver rose 0.99%. Domestically, SHFE gold rose 2.03%, hitting a record high of 803 yuan/g during the session; SHFE silver rose 1.22%. As of the midday close, the most-traded contract for European container shipping fell 3.67% to 1,498 points. As of 11:45 on April 21, some futures midday quotes: SMM metal spot prices on April 21. Spot and fundamentals: Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 160-210 yuan/mt against the front-month contract, with an average premium of 185 yuan/mt, up 40 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 100-120 yuan/mt, with an average premium of 110 yuan/mt, up 40 yuan/mt from the previous day. The average price of #1 copper cathode in Guangdong was 76,530 yuan/mt, up 185 yuan/mt from the previous day, while the average price of SX-EW copper was 76,455 yuan/mt, up 185 yuan/mt from the previous day. Spot market: Inventory in Guangdong has declined for 13 consecutive days, with arrivals still low and consumption good, leading to a continuous decline in spot inventory and accelerated destocking... Click for details. Macro front: Domestic: The April LPR quotes were released, with both the 5-year and 1-year rates unchanged. The People's Bank of China authorized the National Interbank Funding Center to announce that the 5-year LPR is 3.6%, unchanged from the previous month. The 1-year LPR is 3.1%, unchanged from the previous month. Click for details. The new national standard for e-bikes will take effect on September 1, with the first batch of six testing institutions announced. The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Safety Technical Specification for Electric Bicycles". Six institutions have obtained the new national standard testing capability qualification: Wuxi Institute of Inspection and Testing Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard, which will take effect on September 1, has significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification during the transition period according to the new national standard requirements. The Ministry of Commerce: Consumers have cumulatively purchased over 100 million home appliances under the trade-in policy. The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the home appliance trade-in has achieved remarkable results. Since the home appliance trade-in policy was strengthened in August 2024, consumers have cumulatively purchased over 100 million home appliances under the trade-in policy, including over 40 million in 2025. The central bank conducted a net injection of 133 billion yuan in open market operations. The central bank conducted 176 billion yuan of 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous level. As 43 billion yuan of 7-day reverse repos matured today, a net injection of 133 billion yuan was achieved. The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 21 was 7.2055 yuan per US dollar. As of 11:45, the US dollar index fell 0.97% to 98.28. The US dollar fell to a three-year low, as concerns about trade tensions between the US and its major trading partners sparked fears of an economic recession. Chicago Fed President Goolsbee said on Sunday that President Trump's tariffs are causing US business owners to hoard inventory. The Fed official said that businesses and consumers "preemptively purchasing" big-ticket items at pre-tariff prices could lead to an "artificially high" level of economic activity. Goolsbee said that this temporary growth could be followed by a corresponding decline in the summer. Nomura lowered its year-end forecast for the USD/JPY to 137.5; Nomura strategists Yujiro Goto and Jin Moteki wrote in a report that they lowered their year-end forecast for the USD/JPY from 140 to 137.50, affected by President Trump's tariff hikes and increased concerns about US stagflation and the credibility of US assets. Data to watch today: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Sector"; 2025 FOMC voter and Chicago Fed President Goolsbee was interviewed by CNBC. On April 21, the Australian Securities Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, London Metal Exchange (LME), and Hong Kong Exchanges and Clearing were closed for one day due to Easter. As of 11:45, crude oil futures fell, with WTI down 1.58% and Brent down 1.52%. Oil prices fell as supply prospects eased, reducing concerns about reduced supply from Middle Eastern oil producers. Interfax reported that the Russian Ministry of Economy has lowered its 2025 Brent crude oil price forecast by nearly 17% compared to the September forecast last year. According to Interfax, the Ministry of Oil, in the baseline scenario of its 2025 economic forecast, assumed an average Brent crude oil price of $68/bbl, down from the $81.7/bbl forecast in September last year. Spot market overview: Inventory accelerated decline, suppliers actively stood firm on quotes for shipments, overall trading was moderate [SMM South China Copper Spot]. Tianjin zinc: Downstream purchasing enthusiasm was not high, premiums slightly declined [SMM Midday Review]. Other metal spot midday reviews will be updated later, please refresh to view~