SMM Cobalt Morning Meeting Summary: This week, the spot price of refined cobalt maintained a fluctuating trend. On the supply side, due to the slightly lower economic efficiency of refined cobalt production, the operating rate of smelters remained low, resulting in a slight decline in the supply of refined cobalt. On the demand side, influenced by the policy-related news from the DRC, some smelters and traders reported an increased willingness of downstream producers to inquire about prices. However, currently, most buyers and sellers are still in the negotiation stage, and overall market transactions remain weak. It is expected that before the official implementation of the policy, the spot price of refined cobalt will likely continue to fluctuate.

[SMM Weekly Aluminum Price Review: Social Inventory Drawdown Exceeds Expectations, Aluminum Prices and Spot Premiums Supported at High Levels] Overall, on the macro side, the domestic favorable atmosphere remains unchanged, while uncertainties persist in overseas macro conditions. On the fundamental side, the unexpected drawdown in domestic aluminum ingot inventory has provided support for aluminum prices and spot premiums. Currently, some industries are expected to weaken during the off-season, but the overall decline is better than anticipated, with demand resilience remaining. Subsequent focus should be on changes in inventory and demand. Next week, the most-traded SHFE aluminum contract is expected to trade around 20,000-20,500 yuan/mt, while LME aluminum is expected to trade around $2,430-2,490/mt.

[Minutes of the Morning Meeting on May 28] Supply side, some nickel salt smelters maintained stable quotes, while others raised their quote coefficients due to increased demand and limited raw material inventory. Looking ahead, next week is a traditional procurement period. Considering factors such as the market demand recovery in June and the cost support for nickel salts, it is expected that nickel salt prices will rise next week.

[SMM Lead Morning Meeting Summary: Domestic and Overseas Lead Ingot Inventories Build Up Simultaneously, Center of Lead Price Movement Shifts Downward] From January to April, profits of industrial enterprises above designated size in China continued to rebound, with a year-on-year increase of 1.4%, 0.6 percentage points faster than that from January to March. Recently, domestic and overseas lead ingot inventories have gradually built up. In particular, new capacity of secondary lead enterprises in the domestic market has been put into operation, and supply has shown a steady upward trend. On the one hand, the increase in supply may raise the risk of inventory buildup for lead ingots...

SMM, May 27: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE lead and SHFE copper slightly declining. SHFE tin rose slightly, SHFE zinc increased by 0.47%, SHFE aluminum decreased by 0.6%, and SHFE nickel fell by 0.37%. In addition, alumina dropped by 2.51%. Lithium carbonate rose by 0.5%, silicon metal fell by 2.72%, and polysilicon increased by 0.41%. The ferrous metals series all fell, with iron ore declining by 2.18% and HRC falling by 1.46%. Stainless steel slightly decreased, and rebar fell by 1.36%. In terms of coking coal and coke: coking coal fell by 0.81%, and coke dropped by 2%. In the overseas metal market, the LME metal market mostly fell. LME copper declined by 0.22%, LME aluminum fell by 0.53%, LME lead dropped by 0.4%, LME zinc decreased by 0.3%, LME tin rose slightly, and LME nickel fell by 0.76%. In precious metals, as of 11:41 a.m., COMEX gold fell by 0.57%, and COMEX silver dropped by 0.22%. Domestically, SHFE gold fell by 0.1%, and SHFE silver rose by 0.12%. As of the midday close, the most-traded contract of the European container shipping futures fell by 5.15%, closing at 2016.8 points. As of 11:41 a.m. on May 27, the midday futures market movements for some products were as follows: 》SMM Metal Spot Prices on May 27 Spot and Fundamentals Copper: Today, the spot #1 copper cathode in Guangdong was quoted at a premium of 180-260 yuan/mt against the front-month contract, with an average premium of 220 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,560 yuan/mt, down 25 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,470 yuan/mt, down 25 yuan/mt from the previous trading day. Spot market: Guangdong's inventory has declined for two consecutive days, hitting a recent low, mainly due to fewer arrivals... 》Click for details Macro Front Domestic Aspects: [National Bureau of Statistics (NBS): Profits of Industrial Enterprises Above Designated Size Increased by 1.4% from January to April, with New Momentum Industries Growing Faster ] According to NBS data, from January to April, industrial enterprises above designated size nationwide achieved a total profit of 2,117.02 billion yuan, up 1.4% YoY. Among industrial enterprises above designated size, state-controlled enterprises achieved a total profit of 702.28 billion yuan, down 4.4% YoY; joint-stock enterprises achieved a total profit of 1,559.64 billion yuan, up 1.1% YoY; foreign-invested enterprises and those invested by Hong Kong, Macao, and Taiwan achieved a total profit of 542.92 billion yuan, up 2.5% YoY; and private enterprises achieved a total profit of 570.68 billion yuan, up 4.3% YoY. Yu Weining, a statistician from the Department of Industry at the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to April 2025: Profits of industrial enterprises above designated size accelerated their recovery from January to April, with profits in new momentum industries growing rapidly. 》Click to view details [The People's Bank of China (PBOC) injected a net 91 billion yuan into the open market] The PBOC conducted 448 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 357 billion yuan in 7-day reverse repos matured today, a net injection of 91 billion yuan was achieved. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on May 27 was 7.1876 yuan per US dollar. US dollar: As of 11:41, the US dollar index dropped by 0.07%, to 98.91. The market remains focused on the fluctuating US trade policies and concerns about the US fiscal outlook. The US dollar has been weakening recently, hovering near a one-month low. The market is also paying attention to the prospects of trade negotiations between the US and the EU. Other currencies: Kazuo Ueda, Governor of the Bank of Japan (BOJ), warned at a major conference on Tuesday (May 27) that the persistent rise in food prices could become a "hidden bomb" driving up Japan's underlying inflation. Currently, Japan's underlying inflation rate is approaching the BOJ's 2% target, while the unexpected surge in food inflation, particularly a 90% YoY spike in rice prices, is disrupting the traditional drivers of inflation. Ueda emphasized that while underlying inflation is typically driven by economic recovery and a tight labour market, "inflation on the dining table" is distorting this pattern, forcing the BOJ to reassess risks. (Huitong Finance) Macro: Today, data such as the preliminary monthly rate of US durable goods orders for April, the US Conference Board Consumer Confidence Index for May, the Eurozone Economic Sentiment Index for May, the Eurozone Industrial Sentiment Index for May, the final Eurozone Consumer Confidence Index for May, the German June Gfk Consumer Confidence Index, the UK May CBI Retail Sales Balance, and the Australia ANZ Consumer Confidence Index for the week ending May 25 will be released. Crude oil: As of 11:41, crude oil futures dropped slightly, with US crude oil down by 0.34% and Brent crude oil down by 0.25%. Oil prices came under pressure as the market weighed the possibility of OPEC deciding to further increase production at its meeting later this week. However, the decline in oil prices was limited, as US President Trump announced the extension of trade negotiations with the EU until July 9, alleviating immediate concerns that tariffs could curb fuel demand. The National Iranian Oil Company (NIOC) stated that the official selling price of Iran's light crude oil grade for Asian buyers was set at a premium of $1.80 per barrel over the average Oman/Dubai price for June. The official selling price for May was a premium of $1.65 per barrel. Market participants are still monitoring whether Iran's crude oil supply can return to the export market. (Webstock Inc.) Spot Market Overview: ► Inventory hits a recent low, causing spot premiums to jump initially and then pull back today. [SMM South China Spot Copper] ► Suppliers offer discounts to unload cargoes, leading to weaker spot premiums and discounts. [SMM North China Spot Copper] ► Shanghai Zinc: Traders are reluctant to sell, with premiums rising MoM. [SMM Midday Review] ► Ningbo Zinc: Imports continue to supplement the market, with premiums holding steady. [SMM Midday Review] ► [SMM Nickel Midday Review] Nickel prices continued to decline on May 27, while profits of industrial enterprises above designated size nationwide increased by 3.0% YoY in April. Other midday reviews of spot metals will be updated later. Please refresh to view~

► Inventory hits a new recent low, causing spot premiums to jump initially and then pull back today [SMM South China spot copper] ► Suppliers offer discounts to sell, leading to weaker premiums and discounts for spot copper [SMM North China spot copper] ► Premiums and discounts for spot copper in Guangdong market at different time intervals on May 27 (fourth interval: 10:45) [SMM Price] ► Premiums and discounts for spot copper in Shanghai market during the fourth interval on May 27 [SMM Price] ► Shanghai zinc: Traders are reluctant to sell, with premiums rising MoM [SMM Midday Review] ► Ningbo zinc: Imports continue to supplement the market, with premiums remaining stable [SMM Midday Review] ► [SMM Nickel Midday Review] Nickel prices continue to decline on May 27, while profits of industrial enterprises above designated size nationwide increased by 3.0% YoY in April 》Click to visit SMM's official website for daily quotes 》Subscribe to view historical price trends of SMM metal spot prices (Recommended for viewing on a computer)