The US Treasury (OFAC) has issued new licenses lifting major sanctions on Venezuela’s gold and mining industries, including state-owned miner Minerven. Following the 2026 political shift in Caracas, this move allows companies to resume investments, provide technical services, and sign contracts. The policy aims to secure global access to Venezuela's vast reserves of gold, bauxite, and rare minerals essential for high-tech supply chains.

On February 3, 2026, the United States and India formally signed a bilateral trade agreement, reaching a significant consensus on tariff arrangements for Indian goods exported to the US market. Under the terms of the agreement, the reciprocal tariff rate applicable to Indian goods (including solar modules and energy storage components) was reduced from 25% to 18%.

[SMM Aluminum Morning Meeting Minutes: Macro Tug-of-War Between Longs and Shorts, Aluminum Prices Fluctuate Considerably at High Levels] Overall, the current SHFE aluminum price has experienced a short-term sharp rise driven by events and capital, with market trading sentiment in a phase of excitement. Subsequently, caution is needed against the risk of sentiment cooling and market correction triggered by multiple factors.

SMM News on June 6: Metal Market: As of the daytime close, domestic market base metals collectively rose. SHFE copper and SHFE tin both surged over 1%, with SHFE copper up 1.04% and SHFE tin up 1.79%. The remaining metals all rose less than 1%, while the main alumina contract fell 2.91%, recording two consecutive days of decline. In addition, the main lithium carbonate contract rose 0.23%, the main silicon metal contract rose 2.1%, and the main polysilicon contract rose 0.35%. The main European container shipping contract fell 4.35%. The ferrous metals series generally rose, with only stainless steel declining by 0.16%. Iron ore rose 0.86%, rebar rose 0.57%, and HRC rose 0.55%. In the coking coal and coke sector, coking coal rose 3.18%, and coke rose 0.67%. In the overseas market, as of 15:08, overseas market base metals showed mixed performance. LME copper rose 0.09%, LME lead rose 0.58%, and LME zinc rose 0.54%. The remaining metals all dropped slightly. In the precious metals sector, as of 15:08, COMEX gold rose 0.26%, and COMEX silver rose 1.38%. Domestically, SHFE gold fell 0.15%, and SHFE silver rose 4.49%. The SHFE silver price surged to a record high of 8,855 yuan/kg during the session, marking a new all-time high since its listing. 》8,834! SHFE silver hits new high since listing! Precious metals sector rises over 3%, with Hunan Silver hitting daily limit [SMM Flash News] Market conditions as of 15:08 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [China's Warehousing Index for May was 50.5%, Operating in Expansion Territory for 7 Consecutive Months] The China Federation of Logistics and Purchasing (CFLP) released China's warehousing index for May today (the 6th). The data changes indicated that warehousing business activities were active, demand maintained growth, and the warehousing industry maintained a stable and improving operational trend. China's warehousing index for May was 50.5%, pulling back 0.2 percentage points MoM, and operating in expansion territory for seven consecutive months. [Cailian Press C50 Wind Vane Index Survey: New Social Financing in May May Increase YoY, M2 YoY Growth Rate Expected to Continue Rebounding] The latest results of Cailian Press's "C50 Wind Vane Index" showed that the median forecast of market institutions for new RMB loans in May was 600 billion yuan, a decrease of 350 billion yuan YoY. The median forecast for new social financing in May was 2.32 trillion yuan, an increase of 260 billion yuan YoY. Meanwhile, the market expects that with improved liquidity and a low base effect, the M2 YoY growth rate in May may continue to rebound. In terms of prices, the CPI in May may remain relatively stable, while the decline in PPI may continue to widen. On a YoY basis, the median forecast for CPI YoY growth rate in May by market institutions was -0.2%, and the median forecast for PPI YoY growth rate in May was -3.3%. (Cailian Press) ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 6 was 7.1845 yuan per US dollar. US dollar: As of 15:08, the US dollar index rose 0.14% to 98.89. US economic data has repeatedly fallen short of expectations, leading to increased expectations for US Fed interest rate cuts in H2. The number of initial jobless claims in the US, seasonally adjusted, for the week ending May 31 was 247,000, significantly higher than the expected 235,000, reaching the highest level since the week ending October 5 last year. The number of continuing jobless claims in the US for the week ending May 24 was 1.904 million, slightly lower than the previous week, remaining above 1.9 million for the second consecutive week. Federal Reserve Governor Cook said on Thursday that she supports maintaining US short-term borrowing costs at the current "moderately restrictive" level as long as the threat of tariffs driving up inflation persists. Kansas City Fed President Schmid said that while the extent to which tariffs will drag on economic growth and employment remains unclear, he is more concerned about the short-term impact of tariffs on inflation. Macro side: [Global manufacturing PMI below 50% for three consecutive months, global economy hovering at low levels] The China Federation of Logistics and Purchasing released the global manufacturing PMI for May today (6th). The global manufacturing PMI for May was 49.2%, up 0.1 percentage point MoM, remaining below 50% for three consecutive months. By region, the manufacturing PMI for the Americas in May was 48.4%, unchanged from the previous month and below 49% for three consecutive months, indicating that the manufacturing sector in the Americas continues to be in contraction territory. From the data of major countries, the manufacturing PMI for the US in May was 48.5%, down 0.2 percentage point MoM, declining MoM for four consecutive months. The data changes indicate that under the influence of US tariff hikes, the US manufacturing sector continues to weaken. Today, data such as Germany's seasonally adjusted industrial production MoM for April, Germany's working-day adjusted industrial production YoY for April, Germany's seasonally adjusted exports MoM for April, France's trade balance for April, the final value of the eurozone's seasonally adjusted QoQ GDP growth rate for Q1, the final value of the eurozone's seasonally adjusted YoY GDP growth rate for Q1, the eurozone's retail sales MoM for April, the eurozone's retail sales YoY for April, Canada's leading indicators MoM for May, the seasonally adjusted change in US non-farm payrolls for May, the US average hourly earnings YoY for May, the change in US private non-farm payrolls for May, the US labor force participation rate for May, the seasonally adjusted change in US manufacturing employment for May, the US unemployment rate for May, the change in Canadian employment for May, and the Canadian unemployment rate for May will be released. In addition, it is noteworthy that Federal Reserve Governor Adriana Kugler delivered a speech at the Economic Club of New York, and Patrick Harker, the 2026 FOMC voter and President of the Federal Reserve Bank of Philadelphia, spoke about the economic outlook. Crude oil: As of 15:08, oil prices in both markets fell simultaneously, with WTI crude down 0.24% and Brent crude down 0.18%. After two consecutive weeks of decline, both benchmark crude oils are expected to record weekly gains this week. According to a report by Xinhua News Agency, on the evening of June 5, Chinese President Xi Jinping had a scheduled phone call with US President Donald Trump. The two heads of state agreed that their respective teams should continue to implement the Geneva consensus and hold a new round of talks as soon as possible. This has deepened the market's optimistic expectations for economic growth and increased oil demand. Canadian Minister of Industry Mélanie Joly stated that Prime Minister Mark Carney and US President Donald Trump are in direct communication. News related to tariff negotiations, as well as data showing the impact of trade uncertainties and US tariffs on the global economy, continue to influence oil price trends. Analysts from BMI, a research arm of Fitch, said in a report on Friday, "The US may increase sanctions on Venezuela to limit its crude oil exports, and the Israel-Palestine situation also poses an upside risk to oil prices. However, weakening oil demand and increased supply from OPEC and non-OPEC producers will deepen the downward pressure on oil prices in the coming quarters." Saudi Arabia, the world's largest oil exporter, has cut the price of its crude oil for Asian buyers in July to the lowest level in nearly two months, but the reduction was smaller than expected. This follows an agreement by eight OPEC+ oil-producing countries to increase July production by 411,000 barrels per day. Saudi Arabia has been pushing for a larger production increase as part of a broader strategy to regain market share and discipline OPEC+ members whose production exceeds their quotas. (Webstock Inc.) SMM Daily Review ► The off-season in June starts with sluggish demand and high stainless steel inventory, with weak trading activity. [SMM Stainless Steel Daily Review] ► The eurozone's interest rate cut has driven a new upward trend in silver prices, but downstream demand for spot silver remains weak, with limited just-in-time procurement and sluggish trading in the spot market. [SMM Daily Review] SMM Weekly Review ► As the contract rollover approaches, Shanghai spot copper prices are stuck at parity, with caution advised against a further widening of the price spread between futures contracts. [SMM Shanghai Spot Copper Weekly Review] ► Post-holiday, downstream procurement enthusiasm remains weak, and spot prices are in the doldrums. [SMM SiMn Weekly Review] ► The operating rate of copper wire and cable enterprises continues to decline, with gradually weakening downstream demand. [SMM Wire and Cable Market Weekly Review]

SMM May 29 report: Metals market: As of the daytime close, domestic market base metals generally rose, with only SHFE tin and SHFE nickel falling together. SHFE tin dropped by 1.48%, and SHFE nickel fell by 0.63%. The rest of the metals all rose. The main alumina contract fell by 1.36%. In addition, the main polysilicon contract rose by 0.92%. Lithium carbonate and silicon metal both hit new historical lows since their listings. The main lithium carbonate contract fell by 2.23%, reaching a low of 58,460 yuan/mt during the session, while the main silicon metal contract fell by 1.84%, hitting a low of 7,200 yuan/mt during the session. The main European container shipping contract surged by 6.34%. On the ferrous metals series front, most prices rose. Stainless steel fell by 0.39%, while iron ore led the gains with a 1.29% increase. Rebar rose by 0.47%. In the coking coal and coke segment, coking coal fell by 3.98%, and coke dropped by 1.62%. In the overseas market, as of 15:03, overseas market base metals collectively rose. LME zinc increased by 1%, and LME nickel rose by 1.29%, with the rest of the metals seeing gains within 1%. In the precious metals segment, as of 15:03, COMEX gold fell by 0.82%, while COMEX silver rose by 0.45%. Domestically, SHFE gold fell by 0.81%, and SHFE silver closed flat at 8,224 yuan/mt. As of 15:03 today's market situation 》Click to view SMM market dashboard Macro front Domestic front: [Announcement: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00-11:00 AM on May 30] The CCPIT will organize its regular May press conference at its auditorium from 10:00-11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will announce the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data for the national trade promotion system in April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of Expo 2025 Osaka activities. [MIIT releases 2025 regulatory development work plan] The Ministry of Industry and Information Technology (MIIT) has released its 2025 regulatory development work plan. Projects to be submitted to the ministerial meeting for review this year include the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Administrative Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Leasing Overseas Satellite Resources by Domestic Entities. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 29 was 7.1907 yuan per US dollar. US dollar front: As of 15:03, the US dollar index rose by 0.12% to 100.01, returning above 100. The minutes from the US Fed's May Federal Open Market Committee (FOMC) meeting revealed that, in the face of multiple challenges such as persistent inflation, slowing growth, and policy uncertainty, the US Fed opted to maintain interest rates unchanged, emphasizing the priority of inflation control while retaining the option to flexibly adjust policies based on economic data. Participants generally agreed that there was significant uncertainty in the current economic outlook, particularly with inflation and growth risks rising due to changes in trade policies. The market is focusing on the US Gross Domestic Product (GDP) data to be released later in the day, as well as Friday's Personal Consumption Expenditures (PCE) data and comments from Fed officials, in search of more clues about interest rates. The US Fed maintained interest rates unchanged at its May meeting. Federal funds rate futures traders believe that the US Fed is most likely to resume interest rate cuts in September. Macro Aspects: Today, data including the number of initial jobless claims in the US for the week ending May 24, the revised annualized quarterly rate of real GDP for Q1 in the US, the revised quarterly rate of the GDP price index for Q1 in the US, the revised annualized quarterly rate of the core PCE price index for Q1 in the US, the revised annualized quarterly rate of consumer spending for Q1 in the US, the revised quarterly rate of the implicit GDP deflator for Q1 in the US (seasonally adjusted), and the monthly rate of the seasonally adjusted US Pending Home Sales Index for April, will be released. Additionally, Bank of England Governor Bailey will deliver a speech at the annual dinner of the Irish Association of Investment Managers. Crude Oil Aspects: As of 15:03, oil prices in both markets rose simultaneously, with US crude oil up 1.78% and Brent crude oil up 1.63%. This follows a US court's move to block Trump's tariffs from taking effect. The market is also monitoring potential new measures by the US to curb Russian crude oil supplies, as well as OPEC+'s decision to increase production in July. In terms of supply, investors are concerned that the US may impose new restrictions on Russian crude oil. OPEC+ made no adjustments to its production policies at its Wednesday meeting but agreed to establish a mechanism to set benchmarks for its oil production in 2027. OPEC+ sources said that the eight-country meeting to be held on Saturday may agree to further accelerate production increases in July. Vivek Dhar, an analyst at the Commonwealth Bank of Australia (CBA), said in a report that given the resilience of Russian oil to sanctions so far, "it is hard to believe that any restrictions imposed by the US on Russia will substantially weaken Russian oil exports." Chevron Corporation has terminated its oil production and some other activities in Venezuela, thereby increasing supply risks. Later on Thursday, investors will focus on the EIA's weekly inventory report. A survey of industry analysts released on Wednesday showed that US crude oil inventories increased by approximately 100,000 barrels last week, distillate inventories increased by approximately 500,000 barrels, and gasoline inventories decreased by approximately 500,000 barrels. Data released by the American Petroleum Institute (API) on Wednesday showed that US crude oil inventories fell by 4.24 million barrels, gasoline inventories decreased by 528,000 barrels, and distillate inventories increased by 1.3 million barrels in the week ending May 23. (Wenhua Comprehensive) SMM Daily Review ► [SMM MHP Daily Review] May 29: MHP prices in Indonesia decline ► [SMM Nickel Sulphate Daily Review] May 29: Nickel salt prices weaken ► Inquiries for high-grade NPI were sluggish before the holiday, with short-term high-grade NPI prices remaining stable. [NPI Daily Review] ► Back-and-forth negotiations between upstream and downstream remain deadlocked, with market prices remaining relatively stable. [SMM Rare Earth Daily Review]

SMM May 29 Report: Metal Market: As of the midday close, domestic base metals all fell, with SHFE copper, SHFE aluminum, and SHFE zinc posting slight declines, all within 0.1%. SHFE lead fell by 0.18%, SHFE tin by 1.59%, and SHFE nickel by 0.74%. In addition, alumina fell by 2.06%, lithium carbonate by 2.82%, silicon metal by 1.43%, and polysilicon by 2.73%. Most ferrous metals series also fell, with iron ore rising by 0.64%, rebar posting a slight decline, and HRC falling by 0.29%. Stainless steel fell by 0.35%. For coking coal and coke: coking coal continued its downward trend from the previous nine trading days, falling by 3.8%, while coke fell by 1.48%. In overseas metal markets, as of 11:41, LME metals generally rose, with LME copper up by 0.23%, LME aluminum down by 0.1%, LME lead posting a slight decline, LME zinc up by 0.52%, LME tin up by 0.27%, and LME nickel up by 0.93%. In precious metals, as of 11:41, COMEX gold fell by 0.73%, while COMEX silver rose by 0.44%. Domestically, SHFE gold fell by 0.78%, and SHFE silver posted a slight increase. As of the midday close, the most-traded contract for the European container shipping index rose by 0.41%, closing at 2012.1 points. As of 11:41 on May 29, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 29 Spot and Fundamentals Copper: Today in Guangdong, spot #1 copper cathode was quoted at a premium of 30 yuan/mt to 100 yuan/mt against the front-month contract, with an average premium of 65 yuan/mt, down 55 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 30 yuan/mt to 10 yuan/mt, with an average discount of 20 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,365 yuan/mt, down 150 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,280 yuan/mt, down 145 yuan/mt from the previous trading day. Spot Market: Today, inventory in Guangdong ended a two-day decline and increased significantly, mainly due to increased arrivals and reduced outflows from warehouses. Downstream replenishment demand was not high ahead of the Dragon Boat Festival, so suppliers had to continuously lower prices to facilitate sales, causing premiums to continue to decline... 》Click for details Macro Front Domestic: [Announcement: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00-11:00 AM on May 30] The CCPIT will organize its regular May press conference at the CCPIT Auditorium from 10:00-11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will release the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data for the national trade promotion system in April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of events for the Osaka Expo, among others. [MIIT Releases 2025 Work Plan for Formulating Regulations] The Ministry of Industry and Information Technology (MIIT) has released its 2025 work plan for formulating regulations. Among the projects to be submitted to the ministerial meeting for deliberation this year are the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Administrative Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Domestic Entities Leasing Overseas Satellite Resources. The People's Bank of China conducted 266 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 154.5 billion yuan of 7-day reverse repos matured today, a net injection of 111.5 billion yuan was achieved. ► On May 29, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1907 RMB per US dollar. US Dollar: As of 11:41, the US dollar index rose by 0.36% to 100.25. After the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2), the US dollar rebounded, and market risk appetite improved. According to CCTV News, the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2) and ruled that Trump had overstepped his authority by imposing across-the-board tariffs on countries that export more to the US than they import. It is understood that the Trump administration filed a notice of appeal within minutes of the ruling. White House spokesperson Kush Desai strongly condemned the ruling, stating that unelected judges have no authority to decide how to properly respond to a national emergency, and that the Trump administration will use all executive powers to address the crisis. The market is focusing on the release of US GDP data later in the day, as well as Friday's personal consumption expenditures (PCE) data and comments from Federal Reserve officials, in search of more clues about interest rates. The Federal Reserve maintained interest rates unchanged at its May meeting. Federal funds rate futures traders believe that the Federal Reserve is most likely to resume interest rate cuts in September. Data: Today, data such as the number of initial jobless claims in the US for the week ending May 24, the revised annualised quarter-on-quarter rate of real GDP for the US in Q1, the revised quarter-on-quarter rate of the GDP price index for the US in Q1, the revised annualised quarter-on-quarter rate of the core PCE price index for the US in Q1, the revised annualised quarter-on-quarter rate of consumer spending for the US in Q1, the revised quarter-on-quarter rate of the implicit GDP deflator for the US in Q1 (seasonally adjusted), and the month-on-month rate of the US seasonally adjusted pending home sales index for April will be released. In addition, Bank of England Governor Bailey will deliver a speech at the annual dinner of the Irish Association of Investment Managers. Crude Oil: As of 11:41, crude oil futures have all risen, with US oil up 1.25% and Brent oil up 1.13%. The rebound in market risk appetite, coupled with ongoing market attention to potential new measures by the US to curb Russian crude oil supplies and OPEC's decision to increase production in July, has supported oil prices. OPEC did not make any adjustments to its production policy at its Wednesday meeting but agreed to establish a mechanism to set a benchmark for its oil production in 2027. OPEC sources said that the eight-nation meeting to be held on Saturday may agree to further accelerate the pace of production increases in July. Chevron Corporation has terminated its oil production and some other activities in Venezuela, thereby increasing supply risks. Later on Thursday, the market will focus on the EIA Weekly Petroleum Status Report. A survey of industry analysts released on Wednesday showed that US crude oil inventories increased by approximately 100,000 barrels last week, distillate inventories increased by approximately 500,000 barrels, and gasoline inventories decreased by approximately 500,000 barrels. Data released by the American Petroleum Institute (API) on Wednesday showed that US crude oil inventories decreased by 4.24 million barrels, gasoline inventories decreased by 528,000 barrels, and distillate inventories increased by 1.3 million barrels in the week ending May 23. (Webstock Inc.) Spot Market Overview: ► Downstream restocking intentions were low before the holiday, and suppliers continuously lowered prices to facilitate sales [SMM South China Spot Copper] ► [SMM Nickel Midday Review] On May 29, nickel prices fell sharply, breaking through the 120,000 support level, with active trading and rising premiums in the spot market Midday reviews of other metal spot prices will be updated later. 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