Delaware Depository, a COMEX/NYMEX Depository for the storage and delivery of gold, gold (enhanced delivery), silver, platinum, and palladium deliverable against the Exchange’s respective futures contracts, will implement new rates in connection with Storage of Gold, Gold (Enhanced Delivery), and Silver at its facilities located in Delaware. The new rates reflect the maximum amounts of fees that can be charged and will be effective July 1, 2026.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

Since Israel launched attacks on Iran late last week, both WTI crude oil, the US benchmark, and Brent crude oil, the global benchmark, have experienced significant volatility. One indicator might help illustrate just how serious investors' concerns are about the potential scope of this conflict... Rebecca Babin, Senior Energy Trader and Managing Director at CIBC Private Wealth, said that the CBOE Crude Oil ETF Volatility Index hit its highest closing level in over three years on Tuesday, indicating that "the market is pricing in multiple tail risks." "This is a clear signal that traders are increasingly concerned about how the situation might evolve—not just short-term supply disruptions, but broader regional instability," Babin noted. According to Dow Jones Market Data, the index surged by 26% on Tuesday, closing at $71.56, its highest closing level since March 2022. Described as an estimate of the 30-day expected volatility of crude oil priced by the United States Oil Fund (USO), the index has "doubled" in the past five trading days, rising by 104%. It's worth noting that the index has also surged after key geopolitical events in the past, but none have been as dramatic as this one. For example, after Hamas attacked Israel on October 7, 2023, the index rose by 11.7% the following Monday, closing at $39.85, its highest closing level since June of that year. On the day after Trump's April 2 "Liberation Day" tariff announcement, the index rose by 18%, closing at $35.45. Fawad Razaqzada, Market Analyst at GAIN Capital, said that the situation between Israel and Iran this time is "quite different." "US President Trump stated in a social media post that 'we now have complete control of Iranian airspace,' indicating that the US is engaging in the conflict," he said. According to multiple media reports, US President Trump is considering a range of options, including joining Israel in air strikes against Iran. He also posted on social media on Tuesday demanding Iran's "unconditional surrender." This has raised questions about whether the US might take action to deepen its involvement in the conflict. Market data shows that the price of the most-traded July WTI crude oil futures contract in the US rose by $3.07, or 4.3%, on Tuesday, closing at $74.84 per barrel, its highest closing level for the most-traded contract since January this year. The most-traded August Brent crude oil futures contract, the global benchmark, also rose by $3.22, or 4.4%, closing at $76.45 per barrel, its highest closing level since February. Matt Polyak, managing partner at Hummingbird Capital, said that a key factor driving market volatility is the potential impact on global supply from Iran's export of approximately 1.5 million barrels of oil per day. According to data from the US Energy Information Administration (EIA), around 20 million barrels of crude oil and condensate were transported through the Strait of Hormuz to global markets each day in 2024, accounting for roughly one-third of global oil trade. From the perspective of market positioning, Polyak of Hummingbird noted that CFTC data showed that the net managed money position in crude oil on the New York Mercantile Exchange (NYMEX) was in line with the average over the past three years but below the five-year average, suggesting there is still room for long positions to increase. Meanwhile, Denton Cinquegrana, chief oil analyst at Oil Price Information Service, pointed out that the open interest in WTI contracts is in "free fall, so short positions are undoubtedly being covered." Short positions refer to bets on falling oil prices, and covering refers to investors buying back the oil they previously sold short. For example, FactSet data showed that the open interest in the most-traded July WTI crude oil futures contract was around 81,660 lots in Tuesday's trading, down from 144,493 lots on Friday. Regarding how high oil prices could rise from current levels, CIBC's Babin said that if the situation is limited to Iran-Israel tensions, "some of the gains may already be priced in by the market—especially since the spare capacity of Saudi Arabia and the UAE provides some cushion." However, she stated, "if there are signs that the situation is escalating into a full-blown regional conflict with direct strikes on infrastructure, then there is still significant upside risk for oil prices."

Metals generally rose, with LME zinc and coking coal up over 1%, while crude oil, NYMEX gold, and SHFE gold fell [Overnight Market]

SMM June 17 news: Metal market: Domestic base metals showed mixed performance overnight, with SHFE tin slightly down. SHFE copper rose 0.45%. SHFE nickel fell 0.48%. SHFE lead gained 0.35%. SHFE aluminum edged down 0.02%, while SHFE zinc advanced 0.62%. Additionally, the most-traded alumina futures contract increased 0.18%, and the most-traded cast aluminum contract climbed 0.64%. Overnight ferrous metals series mostly rose, with iron ore up 0.07%, stainless steel down 0.2%, rebar gaining 0.17%, and HRC slightly higher. For coking coal and coke: coking coal rose 1.08%, coke increased 0.85%. Overnight overseas market metals saw LME base metals generally rise, with LME copper up 0.52%, LME aluminum gaining 0.56%, LME lead rising 0.8%, LME zinc jumping 1.41%, while LME tin fell 0.44% and LME nickel declined 0.42%. Overnight precious metals: COMEX gold dropped 1.4%; COMEX silver edged up 0.04%. SHFE gold fell 1.37%, SHFE silver decreased 0.08%. As of 8:15 am June 17, overnight closing quotes 》Click to view SMM futures data dashboard Macro front Domestic: [Notice: MOFCOM to hold press conference on 19th regarding key work in commerce sector] The Ministry of Commerce will hold a press conference at 3 pm on Thursday, June 19, 2025, where its spokesperson will introduce recent key work in the commerce sector and take questions from reporters. [NAFMII convenes symposium on supporting high-quality development of automakers in China's interbank market] NAFMII held a symposium on June 16, 2025, discussing interbank market support for high-quality development of automakers. Representatives from automakers and lead underwriters attended, with the meeting chaired by NAFMII Vice President Zhong Xu. The association presented interbank market support for the automotive industry. Representatives from 9 companies - FAW, SAIC, BAIC Group, BYD, Geely Holding, Great Wall Motor, NIO Group, XPeng Motors, and Xiaomi Group - described challenges faced amid cut-throat competition and proposed suggestions for optimizing financing environment. Lead underwriters conducted on-site matchmaking for automakers' financing needs. Next, NAFMII will implement the Party Central Committee and State Council's strategic deployment on developing new quality productive forces through technological innovation, strengthen bond market system building and product innovation, optimize financial services tailored for the automotive sector, encourage automakers to increase bond financing while maintaining healthy development and avoiding disorderly competition, and actively promote intelligent, high-end, green transformation to advance China's automotive industry toward high-quality development. Cailian Press) [CPCA: 52,000 Pickup Trucks Sold in May, Up 13.6% YoY] According to data from the China Passenger Car Association (CPCA), in May 2025, 51,700 pickup trucks were produced nationwide, up 20.8% compared to May 2024. From January to May 2025, 255,000 pickup trucks were produced, up 23.4% YoY. In May 2025, 52,000 pickup trucks were sold in the market, up 13.6% compared to May 2024, and down 8.1% MoM from the previous month, remaining at a high level in the past five years. From January to May 2025, 258,000 pickup trucks were sold, up 18.2% YoY compared to January-May 2024. [Goldman Sachs Bullish Again: Global Capital Returns to China, Optimistic About China's "Top 10" Stocks] Kinger Lau, Chief China Equity Strategist at Goldman Sachs, recently released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment prospects for China's private enterprises are improving. Goldman Sachs has listed China's "Top 10," namely the ten Chinese private publicly listed firms that Goldman Sachs is particularly bullish on. They are: Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta. 》Click for details US Dollar: The US dollar index rose 0.03% overnight, closing at 98.15. The market is focused on the tense situation between Israel and Iran, as well as the US Fed's policy meeting this week. The Fed meeting will conclude on Wednesday. The market generally expects the Fed to keep interest rates unchanged. However, the market will be watching how the Fed views recent data, which generally indicate softening economic activity, but the risk of rising price pressures remains high. Other Currencies: Leaders of the Group of Seven (G7) began their annual summit in Canada. With about three weeks left until Trump's deadline for trade agreements, the market remains nervous as agreements with major trading partners such as the EU and Japan have not yet been signed. They will be looking for any progress made in any bilateral talks with the US on the sidelines of the G7 leaders' summit. (Webstock Inc.) Data: Today, data such as the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Index for the Eurozone in June, the ZEW Economic Sentiment Index for Germany in June, the US monthly import price index for May, the US annual import price index for May, the US monthly retail sales for May, the US monthly core retail sales for May, the US annual retail sales for May, the US monthly retail sales control group associated with GDP for May - seasonally adjusted, the US monthly industrial output for May, the US capacity utilization rate for May, the US monthly manufacturing output for May, the US manufacturing capacity utilization rate for May, and the US annual industrial output for May - seasonally adjusted, will be released. In addition, it is worth noting that: Today, 182 billion yuan of one-year medium-term lending facility (MLF) matured; Bank of Japan Governor Kazuo Ueda held a monetary policy press conference; the Bank of Japan announced its interest rate decision; US President Trump visited Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures fell, with WTI down 2.06% and Brent down 2.33%. Market concerns about disruptions to crude oil supplies in the Middle East eased, leading to a decline in oil prices. The US Navy said on Monday that electronic interference with commercial shipping navigation systems around the Strait of Hormuz had surged in recent days, affecting vessels passing through the area. Approximately one-fifth of global oil consumption, or about 18-19 million barrels per day (bpd) of oil, condensate, and fuels, passes through the Strait. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million bpd of oil and fuels and exports more than 2 million bpd. Analysts and OPEC observers said that the spare capacity of OPEC oil-producing countries to increase production to offset any disruptions is roughly equivalent to Iran's production. A preliminary survey showed that US crude oil and distillate inventories likely fell last week, while gasoline inventories may have increased. Before the weekly inventory report was released, the average forecast of four surveyed analysts was that US crude oil inventories increased by about 600,000 barrels in the week ending June 13. US distillate inventories, including diesel and heating oil, were expected to decrease by about 100,000 barrels, while gasoline inventories were expected to increase by 200,000 barrels. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 AM Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 10:30 PM Beijing time on Wednesday. (Webstock Inc.)

SMM, June 13: Metal Market: As of the overnight close, domestic market base metals generally declined, with only SHFE aluminum and SHFE lead rising together. SHFE aluminum increased by 0.39%, and SHFE lead rose by 0.15%. SHFE nickel led the declines with a 0.58% drop, while the declines in other metals fluctuated slightly. In the overseas market, base metals showed mixed performance, with LME copper, LME aluminum, and LME lead rising together, but the fluctuations in the percentage changes of these metals were relatively small. LME nickel recorded five consecutive days of declines, with the main alumina contract falling by 1.9% and the main aluminum casting contract dropping by 0.28%. In the ferrous metals series, prices fell collectively. HRC declined by 0.74%, rebar fell by 0.81%, and iron ore dropped by 0.21%. In the coking coal and coke sector, coking coal fell by 1.16%, and coke declined by 1.38%. In the overnight precious metals market, COMEX gold rose by 1.88%, recording two consecutive days of gains. After opening on the morning of June 13, it surged again, touching a new high since May 7 during the session, driven by escalating regional tensions and cooling US economic data fueling a new round of bets on a US Fed interest rate cut. COMEX silver rose by 0.41%. Domestically, SHFE gold increased by 0.65%, while SHFE silver fell by 0.53%. As of 8:23 a.m. on June 13, the overnight market close on Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic: [PBOC and SAFE: Further Strengthen Financial Support for Cross-Strait Integration and Development] The "Measures" include optimizing the financial ecosystem for the shared "living circle" across the Taiwan Strait, serving Taiwan compatriots and Taiwan-funded enterprises in building the first home for landing, supporting high-level opening-up pilot programs for cross-border trade in Fuzhou, Xiamen, and Quanzhou, and facilitating cross-border investment and financing under the capital account. The PBOC and SAFE will promote the detailed implementation of various policy measures outlined in the "Measures." On the afternoon of June 12, the Ministry of Commerce held a regular press conference, where a reporter asked about the first meeting of the China-US economic and trade consultation mechanism. He Yadong, spokesperson for the Ministry of Commerce, stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the China-US economic and trade consultation mechanism in London, UK. The two sides reached a consensus in principle on measures to implement the important consensus reached during the phone call between the two heads of state on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding rare earths, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has already approved a certain number of compliant applications in accordance with the law and will continue to strengthen the approval process for compliant applications. US dollar: As of overnight close, the US dollar index fell by 0.78%, hitting a low of 97.6 during the session, the lowest since March 2022. US inflation data for May came in below expectations, suggesting that the US Fed may resume interest rate cuts as soon as possible. Data showed that the month-on-month (MoM) increase in the US Producer Price Index (PPI) for May was lower than expected, suppressed by a decline in service prices such as airfares, which weighed on the US dollar. Wednesday's data also showed cooling inflation, with the US Consumer Price Index (CPI) rising less than expected. The futures market tracking the US Fed's policy rate increased its bets on two consecutive interest rate cuts starting in September. Before the data release, the market was betting on an interest rate cut in September and another in December. Other currencies: The safe-haven Japanese yen and Swiss franc were boosted by escalating tensions in the Middle East. The euro rose to its highest level against the US dollar in nearly four years. The US dollar fell to a two-month low against the Swiss franc and to about a one-week low against the yen. In afternoon trading, the US dollar fell more than 1% against the Swiss franc to 0.8114 Swiss francs, after earlier hitting a low of 0.8104, the lowest since April 22. The US dollar fell 0.7% against the yen to 143.59 yen, after earlier touching a one-week low. The euro against the US dollar once touched $1.1632, the highest since October 2021, and ended the New York session up 0.8% at $1.1576. Data: Today, the preliminary US University of Michigan Consumer Sentiment Index for June, the eurozone's seasonally adjusted trade balance for April, the eurozone's total reserve assets for May, the final annual rate of Germany's CPI for May, the monthly rate of Canada's manufacturing sales for April, and the monthly rate of Canada's manufacturing new orders for April will be released. In addition, the US Fed released the "Quarterly Financial Accounts Report for the United States," and 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 overnight close, oil prices in both markets rose together, with US crude oil up 1.04% and Brent crude oil up 0.82%. This was due to traders choosing to take profits after the previous trading day's surge of over 4%. The reason for Wednesday's oil price increase was concerns about disruptions to Middle Eastern oil supplies. The US decision to withdraw personnel from the Middle East led to both benchmark crude oils rising over 4% on Wednesday, reaching their highest levels since early April. StoneX Energy analyst Alex Hodes said that from multiple technical indicators, this surge pushed the market into overbought territory, so a short-term correction may be needed.