US Treasury Secretary Scott Bessent recently publicly lashed out at journalist Nick Timiraos, known as the "Fed mouthpiece," pointing out that under the new era with Kevin Warsh at the helm of the US Fed, the old "Fed mouthpiece" can no longer access exclusive information as he did during the Powell era, and his former comparative advantage has completely vanished. As to whether Warsh is "hawkish in words but dovish at heart" or truly steadfast, views in the market are currently mixed and interpretations vary. In his latest interview, Bessent also made it clear that he sees no need to raise interest rates at this time.

[SMM Tin Morning News: US Dollar Breaks 101 to Hit 13-Month High, SHFE Tin Falls to 380,000 Yuan Mark]

SMM June 24 – Metals market: As of the midday close, all domestic base metals fell, with SHFE copper down 0.95%, SHFE aluminum down 1.11%, SHFE lead down 0.12%, SHFE zinc down 1.7%, SHFE nickel down 1.94%, and SHFE tin down 4.64% to a session low of 388,220 yuan/mt. In addition, the most-traded casting aluminum contract fell 1.01%, the most-traded alumina contract rose 0.52%, the most-traded lithium carbonate contract rose 1.67%, the most-traded silicon metal contract edged down, and the most-traded polysilicon contract rose 0.28%. Ferrous metals showed mixed performance, with iron ore up 0.68%, rebar edging down, HRC edging up, and stainless steel down 1.27%. On the coking coal and coke front: the most-traded coking coal contract fell 0.64%, and the most-traded coke contract was at parity with 1,953.5 yuan/mt. On the overseas base metals front, as of 11:38, LME metals were nearly all lower. LME copper rose 0.24%, LME aluminum fell 0.67%, LME lead fell 0.44%, LME zinc and LME tin fell within 0.5%, and LME nickel edged down. On the precious metals front, as of 11:38, COMEX gold fell 1.86% and COMEX silver fell 1.34%. On the domestic precious metals front: the most-traded SHFE gold contract extended its losing streak from the previous four trading days, falling another 2.37% to a session low of 886.34 yuan/g; the most-traded SHFE silver contract extended its losing streak from the previous three trading days, falling another 5.08%. Additionally, as of the midday close, the most-traded platinum futures fell 0.6% and the most-traded palladium futures fell 1.41%. As of the midday close, the most-traded European container shipping futures contract rose 0.79% to 3,745 points. As of 11:38 on June 24, some futures midday market data: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 80 yuan/mt, flat from the previous trading day; standard-quality copper was quoted at a premium of 20 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,310 yuan/mt, down 975 yuan/mt from the previous trading day, and the average SX-EW copper price was 103,200 yuan/mt, down 970 yuan/mt. Spot market: Guangdong inventory rose for the fourth consecutive trading day, mainly due to increased arrivals... Macro Front Domestic Side: [Three Ministries Implement 2026 Insurance Compensation Policy for First (Set of) Major Technical Equipment] The MIIT General Office, the Ministry of Finance General Office, and the National Financial Regulatory Administration General Office issued a notice on implementing the 2026 insurance compensation policy for the first (set of) major technical equipment. The notice stated that complete equipment is generally supported based on the number of units (sets); core systems, key parts, key supporting components for major technical equipment, and basic components are generally supported based on the number of batches. For complete equipment such as high-end industrial machine tools, specialized electronic equipment, new-type agricultural machinery, and precision instruments and meters, which have relatively low per-unit value, support can be provided on a batch basis; for high-value core systems and key components like aircraft engines and marine engines, support can be provided on a per-unit basis. [Ultra-long special government bonds have helped upgrade over 360,000 elevators] On June 24, it was learned from the Ministry of Housing and Urban-Rural Development that since the state included the upgrading of old residential elevators into the scope of ultra-long special government bond funding support, various localities have actively relied on policy support to vigorously promote the upgrading of old residential elevators, facilitating residents' convenient travel. To date, a total of over 360,000 old residential elevators have been upgraded. (CCTV News) [PBOC reverse repo net injection of 242.2 billion yuan today] The PBOC today conducted 662.5 billion yuan of 7-day reverse repo operations at an operation rate of 1.4%, unchanged from the previous. Today, 420.3 billion yuan of reverse repo matures. US Dollar: As of 11:38, the US dollar index rose 0.1% to 101.47. On the data front: on June 24, S&P Global released data showing that the US June composite Purchasing Managers' Index (PMI) flash reading rose to 52.2, higher than the previous 51.5 and market expectations of 52.1, hitting a five-month high and indicating continued expansion in US business activity. By sector, manufacturing stood out. New orders grew at the fastest pace in over four years, driving a marked pickup in factory production. The US June manufacturing PMI flash reading rose to 55.7, the highest since May 2022, exceeding the expected 54.6 and the prior 55.1. Meanwhile, the service sector also maintained expansion, with the June services PMI flash reading climbing to 51.3, a four-month high, above the expected 51.1 and the prior 50.7. At the same time, easing cost pressure expectations due to the de-escalation of Middle East tensions also boosted business confidence. However, the survey also showed that issues such as supply chain delays, rising raw material costs, and slowing employment persist, and the foundation for economic recovery is not solid. (From Wall Street Insight APP) According to CNBC, as the search for the next president of the Federal Reserve Bank of Atlanta enters its seventh month, the hiring process is being closely watched. Observers hope to see how the new Fed chief Warsh will reshape the Federal Open Market Committee (FOMC), which is responsible for setting interest rate policy. As Warsh began to exert his personal influence within the Fed, the selection process shifted. During former Fed Chairman Powell’s tenure, the Fed had already been scouting candidates for the Atlanta Fed president job title, according to two people familiar with the hiring process. However, to allow Warsh to take the lead on the appointment, the selection process was temporarily suspended. Because the search is still ongoing, both sources requested anonymity. They noted that Michael Faulkender, who previously served as a senior Treasury official under President Trump, was subsequently added to the list of candidates for the Atlanta Fed presidency. It remains unclear whether Faulkender is still a candidate. (Jin10 Data App) According to CME “FedWatch”: the probability that the Fed holds rates steady in July is 62.6%, while the probability of a cumulative 25bps hike is 37.4%. The probability that the Fed holds rates steady through September is 29.8%, with a 50.6% chance of a cumulative 25bps hike and a 19.6% chance of a cumulative 50bps hike. In other currencies: Data released on Wednesday showed that Australia’s CPI slowed in May, weighed down by lower fuel costs and reduced holiday travel demand. Still, core inflation came in above expectations, suggesting that further rate hikes cannot be ruled out. According to Australian Bureau of Statistics data, the CPI fell 0.7% MoM in May, while the YoY growth rate slowed to 4%, down from the previous reading of 4.2% and compared with market expectations of a 0.4% MoM decline and 4.3% YoY growth. However, core inflation, which strips out volatile items, rose 0.4% MoM in May—topping expectations of 0.3%—pushing the annual rate to 3.6%. The RBA has already hiked rates three times this year as it seeks to pull core inflation back into its 2%–3% target range. The Bank of Japan signaled in the minutes of last week’s board meeting that there is a need to further raise the benchmark interest rate. At that meeting, the BOJ lifted the policy rate to its highest level since 1995. According to the minutes released on Wednesday, one member stated: “Given that core CPI inflation is close to 2% and financial conditions remain accommodative, the Bank should continue raising the policy rate in response to the current economic, inflation and financial environment.” While the BOJ’s move last week marked its first rate hike since last December and signaled clearly that more increases are ahead, the minutes offered no explicit guidance on the timing of the next hike. Even so, they reinforced market expectations for another rate increase before the end of the year. The day after the meeting concluded, a survey of economists showed that about 90% of respondents expected another rate hike before December, with over one-third projecting October as the next adjustment window. Economists now expect the benchmark rate in this hiking cycle to reach 1.75%, up from the 1.5% forecast in the survey earlier this month. (Jin10 Data App) Data: Today will see the release of Australia's unadjusted May CPI y/y, Germany's June IFO business climate index, Switzerland's June ZEW investor sentiment index, the Q1 US current account, and US new home sales (annualized) for May, among other data. Also on watch: the Bank of Japan publishes a summary of opinions from the board members on the June monetary policy meeting; the 2026 Shanghai Mobile World Congress runs through June 26. Crude Oil: As of 11:38, oil prices on both exchanges fell, with WTI down 1.08% and Brent off 0.87%. Following a temporary peace agreement between the US and Iran, tanker traffic through the Strait of Hormuz resumed, keeping international crude prices under pressure. (Wall Street News) Iran's ambassador in Geneva stated that the Strait of Hormuz is fully open to commercial vessels, and a significant volume of oil has been transported through the waterway in recent days. (Jin10 Data App) On June 23 local time, US President Trump said the United States is "working toward a fair agreement with Iran" to end the conflict in the Strait of Hormuz. He noted that 19 million barrels of oil were transported through the strait just the previous day (June 22). Trump reiterated that "Iran cannot have nuclear weapons" and indicated that work on the matter is progressing well. (CCTV) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM June 1 News: Metals market: As of the midday close, most base metals on the domestic market fell, with SHFE copper edging up, while SHFE aluminum and SHFE lead dipped slightly. SHFE zinc fell 0.84%. SHFE tin rose 0.85%. SHFE nickel fell 0.79%. In addition, the most-traded foundry aluminum futures fell 0.17%, the most-traded alumina contract fell 0.35%. The most-traded lithium carbonate contract fell 0.26%. The most-traded silicon metal contract rose 1.75%. The most-traded polysilicon futures rose 1.19%. Ferrous metals mostly rose, with iron ore down 0.38%, rebar up 0.67%, hot-rolled coil up 0.59%, and stainless steel down 0.81%. Coking coal and coke: the most-traded coking coal contract rose 7.2%, and the most-traded coke contract rose 5.1%. Overseas base metals, as of 11:44, LME metals rose across the board. LME copper rose 0.56%. LME aluminum rose 0.2%. LME lead rose 0.22%. LME zinc rose 0.08%. LME tin rose 0.51%. LME nickel rose 0.34%. Precious metals, as of 11:44, COMEX gold fell 0.88%, and COMEX silver rose 0.16%. Domestic precious metals: the most-traded SHFE gold contract rose 0.78%, and the most-traded SHFE silver contract rose 0.13%. In addition, as of the midday close, the most-traded platinum futures rose 0.97%, and the most-traded palladium futures fell 0.72%. As of the midday close, the most-traded Europe containerized freight index contract rose 11.26%, closing at 3,884 points. As of 11:44 on June 1, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 70 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, down 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 70 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,845 yuan/mt, down 170 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,740 yuan/mt, down 170 yuan/mt from the previous trading day. Spot market: Returning from the weekend, Guangdong inventory saw a significant increase... Macro front China: [The "Regulations of the State Council on Outbound Investment" was published and will take effect on July 1, 2026] It mentioned that investors conducting outbound investment activities shall not export or use goods, technologies, services, and related data prohibited from export by the state, or export or use goods, technologies, services, and related data restricted from export by the state without authorization; shall not transfer goods, technologies, services, and related data prohibited from export by the state to other countries (regions) through means such as cross-border dispatch of technical personnel, organizing personnel to work in other countries (regions), providing cross-border technical guidance, or arranging cross-border training, or transfer goods, technologies, services, and related data restricted from export by the state to other countries (regions) without authorization. [Shanghai Municipal Government General Office Released the Shanghai Service Industry Development 15th Five-Year Plan] The plan mentioned that by 2030, the service industry is expected to achieve notable progress in optimizing its structure, fostering momentum, and improving quality and efficiency, with continuous improvement in digitalization, standardization, integration, and internationalization. The added value of the service industry is expected to reach approximately 6 trillion yuan, basically forming a new high-quality and efficient service industry system led by high-level urban core service functions, anchored by high-end producer services, and supported by high-grade consumer services, building Shanghai's service industry into a "resilient foundation" for economic growth with higher capacity and a "dynamic hub" for global service resource allocation with stronger influence. (Source: Wallstreetcn) [PBOC Net Drained 247 Billion Yuan via Open Market Operations Today] The PBOC conducted 11 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. A total of 258 billion yuan in reverse repos matured today. US Dollar: As of 11:44, the US dollar index rose 0.13% to 99.08. According to an article by Nick Timiraos, known as the "Fed whisperer," in a speech on Sunday evening local time, former US Fed Chair Powell stated that if any administration found an excuse to remove Fed officials simply over policy disagreements, the Fed would not be able to survive. Powell currently serves as a Fed governor. While speaking broadly about institutions, the rule of law, and related topics, he did not name any president, nor did he express any specific personal grievances. However, when addressing the institutional framework designed to keep monetary policy decisions out of presidential control, his language was extremely precise. Powell emphasized the legal protections designed to prevent the arbitrary removal of Fed officials and specifically noted that the executive branch "plays no role in selecting or supervising the 12 regional Reserve Bank presidents," who vote on interest rate decisions alongside Fed governors. "If any administration found an excuse to remove Fed officials simply over policy disagreements, future administrations would inevitably follow suit," Powell said. He noted that the credibility the Fed had built over decades was a "priceless asset," and he and his colleagues "have a responsibility to defend it." (Source: Jin10 Data APP) A CITIC Securities research report noted that the current US Fed transition pace was relatively smooth, and within the next two years, among the seven members of the Federal Reserve Board, only JeromeGovernor Powell may see changes due to his term ending in 2028, while regional Fed presidents face no formal departure pressure before 2028. New Chair Warsh was sworn in on May 22 and his remarks did not release dovish signals. Overall, dovish forces within the US Fed have notably weakened, with neutral and neutral-to-hawkish stances in the majority on policy, though attention is still needed on US economic conditions, geopolitical conflict risks, and other factors. Data: Today's releases include the UK May Nationwide House Price Index MoM, Switzerland April real retail sales YoY, France May manufacturing PMI final, Germany May manufacturing PMI final, Eurozone May manufacturing PMI final, UK May manufacturing PMI final, Eurozone April unemployment rate, US May S&P Global manufacturing PMI final, US May ISM manufacturing PMI, and US April construction spending MoM. In addition, attention is needed on: the opening of NVIDIA GTC Taipei 2026, with Jensen Huang delivering a keynote speech. Crude oil: As of 11:44, oil prices in both markets rose, with WTI up 2.26% and Brent up 2%. Oil prices rebounded from six-week lows as the outlook for an Iran war and peace agreement remained unclear. The US and Iran exchanged messages over the weekend seeking to revise a draft agreement aimed at extending the ceasefire and opening the Strait of Hormuz, but whether substantive progress was made remains unclear. Previously, optimism that the two sides would reach some form of peace agreement and that energy shipments through the Strait of Hormuz would resume had led to crude oil's first monthly decline this year. "Neither Iran nor the US will concede or compromise on their bottom lines for reaching a deal, some of which have not changed since before the war," said economist Gaoud. These bottom lines include the nuclear program, control of the Strait of Hormuz, the ballistic missile program, and sanctions. He also noted that oil prices may remain sensitive to local developments and statements from political leaders. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ►

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Consolidated at Highs During Night Session, Downstream End-User Enterprises Maintained a Cautious Attitude Toward Purchases]

SMM News, May 19: Metals market: As of the midday close, domestic base metals mostly fell. SHFE copper dropped 0.14%. SHFE aluminum rose 0.66%. SHFE lead edged up. SHFE zinc fell 0.28%. SHFE tin dropped 0.43%. SHFE nickel edged down. In addition, the most-traded casting aluminum futures rose 0.68%, and the most-traded alumina futures fell 0.69%. The most-traded lithium carbonate futures fell 3.74%. The most-traded silicon metal futures fell 0.3%. The most-traded polysilicon futures fell 0.92%. Ferrous metals all fell. Iron ore dropped 1.24%, rebar fell 0.93%, hot-rolled coil dropped 0.73%, and stainless steel fell 0.71%. Coking coal and coke: the most-traded coking coal contract fell 0.81%, and the most-traded coke contract fell 1.22%. Overseas base metals, as of 11:41, LME metals nearly all declined. LME copper fell 0.57%. LME aluminum edged up 0.04%. LME lead dropped 0.25%. LME zinc fell 0.1%. LME tin dropped 1.14%. LME nickel fell 0.27%. Precious metals, as of 11:41, COMEX gold fell 0.13%, and COMEX silver dropped 0.74%. Domestic precious metals: the most-traded SHFE gold futures rose 0.17%, and the most-traded SHFE silver futures rose 0.22%. In addition, as of the midday close, the most-traded platinum futures rose 0.22%, and the most-traded palladium futures fell 0.31%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.84%, closing at 2,631.5 points. As of 11:41 on May 19, midday futures quotes for selected contracts: Spot and fundamentals Zinc: Today, #0 zinc mainstream transaction prices were concentrated at 24,495-24,675 yuan/mt, Shuangyan mainstream transactions at 24,605-24,775 yuan/mt, and #1 zinc mainstream transactions at 24,425-24,605 yuan/mt. In the morning session, the market quoted a premium of 30-40 yuan/mt against the SMM average price, with no quotes against the futures contract for now... Macro front China: [Preview: The State Council Information Office will hold a press conference to introduce preparations for the 4th China International Supply Chain Expo] The State Council Information Office will hold a press conference at 10:00 AM on May 22, 2026 (Friday). Li Xingqian and Liu Jiannan, Vice Chairs of the China Council for the Promotion of International Trade (CCPIT), will introduce preparations for the 4th China International Supply Chain Expo and answer questions from reporters. (Wallstreetcn) [Fujian: By 2030, the province's optoelectronic industry cluster revenue to exceed 300 billion yuan, accelerating R&D of high-speed optical modules] Recently, the "Fujian Province '15th Five-Year' Optoelectronic Industry Cluster High-Quality Development Action Plan (Draft for Public Comments)" was released for public consultation. It was mentioned that by 2030, the provincial optoelectronic industry cluster would achieve revenue exceeding 300 billion yuan, with the preliminary establishment of an optoelectronic industry cluster featuring a complete chain, a well-developed ecosystem, and international influence. In the optical communication field, targeting scenarios such as AI computing center interconnection and high-speed data center interconnection, the focus would be on developing high-performance optical coherent systems (OCS), linear-drive pluggable optical modules (LPO), near-packaged optics (NPO), co-packaged optics (CPO), Micro LED+CPO multi-channel low-power optical communication, and silicon photonics technology; accelerating R&D and industrialisation of key products and technologies including ≥200G EML, ≥800mW large power lasers, and ≥800G high-speed optical modules. Support would be given to advantageous enterprises to expand into specialty segments such as submarine optical cables and high-performance optical cables, continuously improving and enhancing the optoelectronic industry chain. US dollar: As of 11:41, the US dollar index rose 0.1% to 99.08. According to Fox Business, citing White House officials on Monday, Warsh will be sworn in as Fed Chairman at a ceremony at the White House on Friday, presided over by Trump. The US Senate approved Warsh as Fed Chairman last Wednesday, and the 56-year-old lawyer and financier will take the helm of the US central bank. The US Fed is currently facing intensifying inflationary pressures, which may make the interest rate cuts demanded by Trump difficult to implement. As Trump's nominee for Fed Chairman, Warsh's appointment is expected to bring a fresh start to the relationship between the Trump administration and the US Fed. Over the previous eight years, friction between the White House and the US Fed was constant, compounded by a global pandemic and the fight against high inflation. Warsh will take over leadership from Powell. (Jin10 Data) The sharp rise in US Treasury yields this month may be nearing its peak. Analysts at JPMorgan stated: "We no longer believe the risks are skewed toward higher yields." They said: "Money market pricing reflects a more hawkish policy outcome than our base case, and valuations have corrected." According to CME data, the market largely expects the US Fed to keep rates unchanged, but the probability of a rate hike is also increasing. Long-term bonds appear undervalued. JPMorgan stated: "We believe this bearish repricing presents an opportunity to increase duration." (Jin10 Data) A CICC research report noted that multiple recent US inflation data points exceeded expectations, while the labor market trended toward stability. Bonds experienced a sell-off, and market concerns over inflation continued to intensify. Meanwhile, US-Iran peace negotiations showed no substantive progress, the Strait of Hormuz remained effectively closed, and upside risks to energy prices were difficult to dissipate. In our base case scenario, we expect US PCE inflation to remain above 3.5% for the full year, with core PCE inflation staying above 3%, both significantly higher than the US Fed's 2% policy target. Against this backdrop, the US Fed's policy stance is expected to shift toward a more cautious direction, making further interest rate cuts unlikely within the year (previously, the next rate cut was expected in Q4). After new Chair Warsh takes office, establishing policy credibility will be the top priority, and promptly conveying clear anti-inflation signals to the market is both a necessary duty and an essential move to stabilize expectations. For markets, this means a rising probability of marginal tightening in US dollar liquidity, and assets driven purely by liquidity are likely to remain under pressure. Other currencies: The Reserve Bank of Australia stated in its latest meeting minutes that raising interest rates for the third consecutive meeting would provide it with room to monitor how households and enterprises cope with the impact of the Middle East conflict that has caused fuel prices to surge. The minutes noted: "Although uncertainty remains, financial conditions are likely to tighten somewhat following this decision." According to the minutes, committee members discussed whether to raise rates or hold steady, with eight of the nine-member committee deciding there was a stronger case to raise rates to 4.35%. The minutes showed that the rate hike "would give the committee room to observe how the Middle East conflict develops and how households and enterprises respond." The committee acknowledged that policy actions cannot change the "short-term trajectory" of inflation. Money markets expect the RBA to raise rates at least once more this year, with more than a 50% probability of two additional hikes. After raising rates again two weeks ago, the RBA has fully reversed all of last year's easing measures. (Jin10 Data) Data: Data to be released today include the US ADP employment change for the week ending May 2, the US April pending home sales index MoM, the eurozone March seasonally adjusted trade balance, the UK March three-month ILO unemployment rate, the UK April unemployment rate, the UK April claimant count, and the Canada April CPI MoM. Crude oil: As of 11:41, oil prices in both markets declined, with WTI down 1.56% and Brent down 2.02%. The US extended the Russian seaborne oil sanctions waiver by another 30 days; at the request of Gulf allies, Trump canceled the military strike on Iran originally scheduled for the 19th, and international oil prices dropped sharply in response. (Jin10 Data) On May 18 local time, IEA Executive Director Fatih Birol, while attending the G7 finance ministers' meeting in Paris, France, stated that due to the Middle East conflict, commercial oil inventories are "declining sharply" and can sustain supply for "only a few more weeks."Birol said that the IEA's decision in March to coordinate the release of strategic petroleum reserves by member states could increase daily supply by approximately 2.5 million barrels, but these reserves are "not inexhaustible," and all parties should recognize the urgency of the situation. The latest monthly oil report released by the IEA on the 13th of this month showed that in March and April, global observable petroleum inventories, including offshore crude oil, decreased by 250 million barrels, equivalent to a daily average decrease of 4 million barrels. As the summer demand peak approaches, international oil prices may fluctuate further. (CCTV) In addition, according to Nikkei News, Japanese Prime Minister Takaichi Sanae and South Korean President Lee Jae-myung are expected to agree at a summit on Tuesday to establish a framework for cooperation in crude oil procurement, including the creation of a joint reserve mechanism. Takaichi Sanae will visit South Korea from Tuesday to Wednesday as part of ongoing "shuttle diplomacy" between the two countries. The situation in the Middle East is expected to be one of the key topics of the talks. The joint reserve plan will utilize the "Partnership on Energy and Resource Resilience" (POWERR), an energy framework for cooperation with Southeast Asia announced by Takaichi Sanae in April. POWERR Asia aims to support the development of energy supply systems, particularly in Asian countries with insufficient petroleum reserves. Financial support will be provided through institutions such as the Japan Bank for International Cooperation when enterprises procure crude oil from regions outside the Middle East. Japan and South Korea will not only cooperate on financial support but also jointly provide technical assistance to build petroleum reserve systems. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►