The northern region serves as the core hub of China’s wire and cable industry. Building on its industrial heritage, full-chain supporting capabilities, and favorable policies under the Beijing-Tianjin-Hebei coordinated development initiative, it has established a complete industrial cluster that integrates raw material processing, wire and cable production, new material R&D, and intelligent equipment manufacturing. The region’s annual output value of the wire and cable sector exceeds 100 billion yuan, supported by a solid industrial foundation and broad market potential. However, compared with the established industrial clusters in the Yangtze River Delta and Pearl River Delta, the northern wire and cable industry still faces shortcomings such as fragmented industrial resources, weak industry-academia-research collaboration, and insufficient risk resilience across the industry chain. Breaking down collaboration barriers has thus become key to upgrading industry quality. will be held on July 23-24, 2026, at the Crowne Plaza Qingdao Jinshui, Shandong . The conference will focus on three major themes: industrial collaboration, green intelligence, and globalization. Shanghai Metals Market (SMM) , in partnership with Jiangsu Guoja Conductor Technology Co., Ltd., invites clients from across the entire industry chain to gather, explore industry opportunities, and promote quality upgrades in the northern wire and cable industry. Click to attend. We look forward to meeting you at the conference. Founded in 1999, Jiangsu Guoja Conductor Technology Co., Ltd. is an enterprise integrating the R&D, design, manufacturing, and sales of five types of flexible aluminum alloy conductors. Driven by market demand and years of product development, the company has formed a distinctive product portfolio. Its main products include flexible aluminum alloy conductors for PV power generation, flexible aluminum alloy conductors for wind turbine twist cables, flexible aluminum alloy conductors for NEV wiring harnesses, and flexible aluminum alloy conductors for aerospace applications. Aluminum Alloy PV Cable — DC Side Copper-Aluminum Transition Connection Solution The company has successively obtained IATF 16949 certification, ISO 9001 quality management system certification, ISO 14001 environmental management system certification, OHSAS 18001 occupational health and safety management system certification, TÜV certification, PCCC certification, and other product certifications, and has been awarded an AAA enterprise credit rating certificate. It also holds 6 invention patents and 42 utility model patents, successfully resolving the copper-aluminum transition issues between aluminum alloy cables on the DC side of PV power stations and PV modules, or between DC-side aluminum alloy cables and inverters, thereby ensuring safe and reliable connections. The company is equipped with over 20 sets of advanced testing equipment and employs several professional testing personnel. Its advanced detection instruments ensure that products comply with IEC international standards, GB national standards, ASTM US standards, JIS Japanese standards, and customer-specific requirements. The company currently maintains cooperation with renowned enterprises from multiple countries such as Australia, South Korea, France, and Denmark, and has deep collaboration with leading players in China’s wire and cable industry. The company always regards quality and service as the foundation of its survival. It conducts strict quality inspections from raw material intake to finished product delivery, and organizes a professional technical team to provide clients with a one-stop service covering pre-sale, in-sale, and after-sale support, earning widespread trust and acclaim from users. Contact Zhang Ting 188 6147 6777 SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

The North is the core hinterland of China's wire and cable industry. Leveraging its industrial heritage, full-chain support, and favorable Beijing-Tianjin-Hebei coordinated development policies, it has established a complete industrial cluster integrating raw material processing, wire and cable production, new material R&D, and smart equipment manufacturing. The regional wire and cable industry's annual output value exceeds 100 billion yuan, with a solid industrial foundation and vast market potential. Compared with the leading industrial clusters in the Yangtze River Delta and Pearl River Delta, the northern wire and cable industry still faces shortcomings such as scattered industrial resources, weak industry-university-research linkages, and insufficient industry chain resilience. Breaking down collaboration barriers has become key to industry upgrading. will be held on July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Shandong . The conference focuses on three major themes: industrial collaboration, green intelligence, and globalization. SMM joins hands with Hebei Danshu Aluminum Co., Ltd. to invite customers from across the entire industry chain to gather, explore industry opportunities, and boost the quality upgrading of the northern wire and cable industry. Click to attend, and we look forward to meeting you at the conference. Good Conductors, Made by Danshu Hebei Danshu Aluminum Co., Ltd. was founded in January 2024, located in the cable industry cluster area of Ningjin County, Xingtai City, Hebei Province. It is a modern enterprise specializing in the R&D, production, and sales of aluminum and aluminum alloy conductors. Its main business includes non-ferrous metal rolling, aluminum conductors, aluminum alloy conductors, and other core products, widely used in high and low voltage power cables, wires, and other fields. It provides customers with customized production and spot supply services. Relying on its regional industrial advantages and mature production system, the company adheres to quality-first and integrity-based operations. It has standardized production management, comprehensive quality inspection procedures, and import/export operation qualifications, committed to providing stable and reliable aluminum product solutions for clients in the power and cable industries. Serving and empowering customers, "Pioneering and innovating, pursuing excellence" is the constant pursuit of Hebei Danshu Aluminum Co., Ltd. We sincerely look forward to cooperating with both new and long-established customers to create a better future together! Contact Zhang Cong 193 3191 4111 SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

1. Tender Conditions This bidding project for Titanium Metal Transformers in July 2026 (PGWZMYHGZHD260703301404) is tendered by Panzhihua Steel Group Materials Trading Co., Ltd., with funds sourced from self-raised funds. The project has met the conditions for bidding, and a public tender is now conducted. 2. Project Overview and Tender Scope 2.1 Project Name: Titanium Metal Transformers in July 2026 2.2 If the Tender Fails, It Will Be Converted to Another Procurement Method: Negotiation Procurement 2.3 For details of the tender content, scope and scale of this project, please refer to the appendix "Material List Appendix.pdf". 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this tender. 3.2 The bidder must meet the following qualification requirements: (1) Production Business License 3.3 The bidder must meet the following registered capital requirements: Registered capital for production type: not less than RMB 2 million 3.4 The bidder must meet the following performance requirements: 1. The bidder shall provide proof of sales performance for similar products within three years prior to the bid submission deadline of this project (a copy of the invoice for similar products must be provided and uploaded), and the total performance volume shall not be less than the total bid price. 3.5 The bidder must meet the following capability requirements, financial requirements and other requirements: Financial requirements: refer to the appendix (if any) Capability requirements: refer to the appendix (if any) Other requirements: 1. Valid enterprise qualification requirements must be provided: (1) Scanned copy of business license (or duplicate). (2) Scanned copy of tax registration certificate (or duplicate) (except for those with the three-in-one certificate) (3) Scanned copy of organization code certificate (or duplicate) (except for those with the three-in-one certificate) 3.6 For projects subject to mandatory bidding by law, bids submitted by dishonest persons subject to enforcement shall be invalid. 4. Acquisition of Tender Documents 4.1 All bidders who intend to participate in the tender shall log in to the Ansteel Smart Bidding Platform at http://bid.ansteel.cn to download the electronic tender documents from 09:00 on July 4, 2026 to 09:00 on July 24, 2026 (Beijing time, the same hereinafter). Click to view tender details:

SMM July 4 news: Metal market: Last Friday night, domestic base metals nearly all rose. SHFE copper gained 0.14%, SHFE aluminum rose 0.6%, SHFE lead added 0.38%, SHFE zinc increased 0.87%, and SHFE tin jumped 3.8%. SHFE nickel edged down 0.02%. In addition, the most-traded alumina futures contract fell 0.07%, and the most-traded cast aluminum contract rose 0.24%. Last Friday night, ferrous metals mostly closed higher. Stainless steel dropped 1.85%, iron ore rose 0.27%, rebar gained 0.39%, and hot-rolled coil added 0.4%. Coking coal and coke: the most-traded coking coal contract rose 1.21%, and the most-traded coke contract rose 1.6%. Last Friday night, in the overseas market, LME base metals rose across the board. LME copper gained 0.54%, LME aluminum added 0.23%, LME lead rose 1.04%, LME zinc climbed 2.17%, LME tin surged 4.99%, and LME nickel rose 0.4%. Last Friday night, precious metals : COMEX gold rose 1.49%, posting a weekly gain of 2.22%; COMEX silver gained 2.87%, closing the week higher with a 5.26% increase. Last Friday night, the most-traded SHFE gold contract rose 0.81%, ending the week up 3.5%; the most-traded SHFE silver contract gained 1.61%, posting a weekly rise of 8.82%. JPMorgan said that in the short term, gold prices may be capped by weakening demand and are likely to remain moving sideways overall. The main reasons are weaker purchasing power in key demand areas and renewed sensitivity of gold to changes in real interest rates, which may limit further price gains. However, the bank maintains a medium- to long-term bullish outlook. It expects gold to gradually rebound in H2 2026, with an average price of around $4,300 per ounce in Q3, rising to about $4,500 in Q4. Looking ahead to 2027, JPMorgan believes the rally may continue, driven mainly by continued central bank buying, stronger physical demand, and persistent long-term structural allocation needs. These factors will support gold's long-term appeal as a safe-haven and reserve asset. As of 7:41 a.m. on July 4, last Friday night's closing quotations: Macro front China: [Li Qiang: Take more forceful measures and actions in building a modern industrial system, accelerating high-level self-reliance in science and technology, building a strong domestic market, and deepening reforms and expanding opening up] On July 1, Premier Li Qiang, also secretary of the CPC Leadership Group of the State Council, presided over a meeting of the group to study and implement the spirit of General Secretary Xi Jinping's important speech at the celebration of the 105th anniversary of the founding of the Communist Party of China and Xi Jinping Thought on Party Building. The meeting emphasized the need to strive for new achievements in high-quality development, strengthen initiative and a sense of urgency in work, and take more robust measures and actions in building a modern industrial system, accelerating self-reliance in high-level science and technology, developing a strong domestic market, and deepening reform and expanding opening up. It called for taking solid action, shouldering responsibilities, and striving to carry forward the baton of history, so as to make greater contributions to building a strong country and achieving national rejuvenation. (Xinhua News Agency) [The State Council: Increasing Efforts in Energy Conservation and Carbon Reduction Transformation in Key Industries such as Steel and Non-Ferrous Metals to Achieve Energy Savings of More Than 150 Million mt of Standard Coal] Recently, the State Council issued the “15th Five-Year Plan for Building a Beautiful China,” clarifying the overall requirements, targets and indicators, key tasks, and major projects for comprehensively advancing the building of a Beautiful China during the 15th Five-Year Plan period. The Plan proposes that by 2030, the quality of the ecological environment will be comprehensively improved, and new significant progress will be made in building a Beautiful China. Green production and lifestyles will be essentially in place, the carbon peak target will be met as scheduled, total emissions of major pollutants will continue to decline, comprehensive solid waste management capacity and level will be significantly enhanced, urban and rural living environments will be notably improved, the diversity, stability, and sustainability of ecosystems will be continuously strengthened, nuclear and radiation safety levels will keep rising, national ecological security will be effectively guaranteed, an ecological and environmental governance system adapted to the requirements of building a Beautiful China will be steadily refined, a number of demonstration models for building a Beautiful China will be established, and the people’s sense of gain, happiness, and security from the ecological environment will be continuously enhanced. It also makes an outlook on the 2035 targets and proposes accelerating the formation of the overall layout for building a Beautiful China. (Xinhua News Agency) The Plan mentions increasing efforts in energy conservation and carbon reduction transformation in key industries such as thermal power, steel, non-ferrous metals, petrochemicals, chemicals, and building materials, promoting and popularizing energy-saving and low-carbon technologies, and achieving energy savings of more than 150 million mt of standard coal. With the Beijing-Tianjin-Hebei region and surrounding areas as the focus, industrial coal-fired boilers with a capacity of 65 steam tonnes per hour or below will be gradually phased out. The substitution of clean energy for coal-fired boilers and industrial kilns in industries such as food, textiles, and papermaking will be advanced. [Ministry of Finance and Two Other Departments: Adjusting Vehicle and Vessel Tax Preferential Policies for Energy-Saving Vehicles and NEVs] On July 2, the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology issued an announcement on adjusting vehicle and vessel tax preferential policies for energy-saving vehicles and new energy vehicles. It states that from January 1, 2027, the policy of halving vehicle and vessel tax for energy-saving vehicles will be abolished, and the exemption from vehicle and vessel tax for pure electric commercial vehicles, plug-in hybrid (including extended-range) vehicles, and fuel cell commercial vehicles will be abolished. Vehicles of the above types newly acquired by taxpayers or acquired before the implementation of this announcement shall be subject to vehicle and vessel tax in accordance with the Vehicle and Vessel Tax Law of the People’s Republic of China, its implementation regulations, and other relevant provisions. [PBOC: To conduct 1,000 billion yuan outright reverse repo operation on July 6, with 3-month tenor] To keep banking system liquidity ample, on July 6, 2026, the People's Bank of China will conduct a 1,000 billion yuan outright reverse repo operation via a fixed-quantity, interest rate tender with multiple-price winning bids, with a tenor of 3 months (91 days), maturing on October 5, 2026 (adjusted for holidays if it falls on a holiday). (Jinshi Data APP) On the dollar front: Overnight last Friday, the US dollar index rose 0.03% to 100.91. On the weekly chart: The dollar index fell on a weekly basis, down 0.44% for the week, its biggest weekly decline since mid-April. The decline occurred as US June employment data cooled noticeably, leading the market to lower expectations for near-term Fed rate hikes, and the dollar index fell this week. Against a weaker dollar backdrop, the euro rose to $1.1440, up about 0.5% for the week; sterling rose to $1.3352, up about 1.1% for the week, its best performance in nearly three months. The yen rebounded from near a 40-year low, with USD/JPY once pulling back to around 161, though still at elevated levels. Japan continued to release signals of forex intervention, with finance and cabinet officials stating they are closely monitoring markets and remain prepared to intervene. Analysts pointed out that the dollar's movement has clearly been influenced by employment data and interest rate expectations, and if subsequent economic data continue to weaken, the dollar could still face further pressure. However, whether the yen can sustain its rebound still depends on the US-Japan interest rate differential and Japan's policy actions. (Jinshi Data APP) "Fed mouthpiece" Nick Timiraos said: Trump stated that he considers Fed Chairman Warsh to be on the dovish side within the Federal Open Market Committee (FOMC). A day earlier, White House National Economic Council Director Hassett made similar remarks; a week earlier, US Treasury Secretary Bessent said he hoped the Fed would remain "open-minded" on inflation and expects the Fed to ease policy this year. A new era of "forward guidance"... (Jinshi Data APP) BNP Paribas Chief Economist Isabel Mateos y Lago said: "If July's nonfarm payrolls are very strong, close to or exceeding 130,000, then I think the July meeting will be full of suspense. The uncertainty may not be as high now, but in my view, the case for a Fed rate hike remains valid." Ahead of the July 4 holiday, short-term interest rate futures markets expected a roughly 20% probability of a Fed rate hike at the July 29 rate decision, down from 33% before the release of the payrolls report. Markets still expect the US Fed to raise rates by 25 basis points this year, but not until December at the earliest. For the ECB, Lagarde said, "The baseline expectation remains another rate hike in September. But it is worth noting that Governing Council members speaking at the Sintra meeting did not rule out skipping this additional hike." She warned that the normalization of energy supply could take six months or longer to take effect, and eurozone inflation could accelerate again. Even so, she also believes that consumer prices outside energy-affected areas will not face pressure. Allianz Chief Economist Ludovic Subran said, "The US non-farm payrolls data was actually weak, but I still think inflation will peak above 3.7%, and AI, fiscal stimulus and the energy sector are still supporting economic growth. The US Fed may have to raise rates in September. I think this is where the real divergence between Europe and the US lies." Subran believes that after last month's hike, the ECB will not act again. "That was an insurance hike, but judging from the current data, it seems that moment has passed," he said. "The trauma effect of the war (with Iran) takes time to manifest. The economy is still bearing the costs of war, but the situation is much better than a few weeks ago."(Jin10 Data APP) Other currencies: ECB Governing Council member Mullan said that as falling oil prices ease price pressures in the eurozone, the ECB is in a favorable position after last month's rate hike. Mullan said that while it is too early to predict the next two meetings in July and September, officials have made clear that "we will not enter a new rate-hiking cycle." Mullan said, "For now, we are in a favorable position. The balance of risks is also at a reasonable level." Mullan added, "Falling oil prices will ease inflation pressure in the services sector," and "we have not yet seen second-round effects."(Jin10 Data APP) On the macro front: This week will see the release of Switzerland June seasonally adjusted unemployment rate, Eurozone July Sentix Investor Confidence Index, Eurozone May PPI m/m, Eurozone May retail sales m/m, US June S&P Global Services PMI Final, US June ISM Non-Manufacturing PMI, US June Global Supply Chain Pressure Index, Germany May seasonally adjusted industrial output m/m, UK June Halifax seasonally adjusted house price index m/m, France May trade balance, US ADP employment change for the week ended June 20, US May trade balance, China June foreign exchange reserves, Japan May trade balance, New Zealand interest rate decision for July 8, US May wholesale sales m/m, China June CPI y/y, China June PPI y/y, Germany May seasonally adjusted trade balance, US initial jobless claims for the week ending July 4, US June existing home sales annualized, Germany June CPI m/m final, France June CPI m/m final, Switzerland June consumer confidence index, Canada June employment change, China June M2 money supply y/y, and other data. Additionally, events to watch this week include: a 900 billion yuan outright reverse repo maturing today; speeches from Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Wunsch, and Deputy Governor of Sveriges Riksbank Seim; Turkey hosts the NATO summit through July 8; the Reserve Bank of New Zealand announces its interest rate decision; RBNZ Governor Bremman holds a monetary policy press conference; the Fed releases minutes of its monetary policy meeting; the ECB releases minutes of its June monetary policy meeting; FOMC permanent voter and New York Fed President Williams delivers a speech; and 2026 FOMC voter and Dallas Fed President Logan delivers a speech. Crude Oil: In overnight trading last Friday, both oil futures edged up slightly, with WTI up 0.13% and Brent up 0.19%. On the weekly chart: WTI futures fell for a fourth consecutive week, down 0.65% for the week; Brent futures also declined for a fourth straight week, down 0.91% for the week. The crude oil market is relatively stable, with Brent stabilizing near $72 per barrel as the market weighs the supply outlook around the Strait of Hormuz and the progress of US-Iran negotiations. (Wall Street News) Data from Intercontinental Exchange (ICE) show: In the week ending June 30, Brent crude futures speculators cut their net long positions by 34,704 contracts to 55,634 contracts. Gasoil futures speculators cut their net long positions by 2,664 contracts to 57,852 contracts. (Jin10 Data APP) Data show that oil exports from the Gulf region in June increased by more than 3 million barrels per day (bpd) from May, exceeding 10 million bpd, but still 40% below pre-war levels. The UAE led the recovery in oil markets, enabling millions of barrels of crude stranded in the Gulf region to enter international markets, allowing producers to raise output and push oil prices down to pre-war levels. Kpler data show that combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million bpd from May to 10.07 million bpd. Vortexa, another cargo analytics firm, estimated June shipments at 10.2 million bpd, up from 7 million bpd in May, but still well below the 16.5 million bpd recorded a year earlier. According to data from Kpler, Vortexa and LSEG, the UAE’s crude exports reached a record 3.7 million to 3.8 million bpd in June, more than 1 million bpd above May’s level. (Jin10 Data APP) Additionally, three sources said that Venezuela’s largest refinery, the 645,000-bpd Amuay refinery, has resumed operations after a power outage on Friday and is currently processing about 140,000 bpd of crude, with the fluid catalytic cracking (FCC) unit also back online. Following two earthquakes last week that caused heavy casualties, multiple refineries in Venezuela were affected by power outages. Sources also said that the El Palito refinery, with a daily processing capacity of 146,000 barrels, has had power restored, but staff have not yet been able to restart the production units. (Jinshi Data APP) A Reuters survey showed that OPEC’s crude oil production rebounded sharply in June, up about 3.3 million barrels per day MoM to 19.43 million barrels per day, a clear rebound from May’s more-than-two-decade low, but still well below quota levels. The recovery in output mainly came from Gulf countries restoring supply, with Kuwait posting the largest increase; Iran, Saudi Arabia, and Iraq also raised output in tandem. Nigeria and Libya likewise made small increases. The UAE exited OPEC on May 1 and is no longer included in the statistics. The report noted that the earlier Iran war and the effective blockade of the Strait of Hormuz had disrupted supply; the US subsequently lifted restrictions on vessels at Iranian ports, helping some output recover. Although OPEC+ had planned to increase production in June, the plan was not fully implemented due to the war. Overall, global crude oil supply was being repaired, but had not yet returned to normal levels. (Jinshi Data APP) Recommended Reading:

1. Tender Conditions The bid inviter for this tender project, July Heavy Titanium Iron Powder (PGWZMYHGZHD260701300677), is Pangang Group Materials Trading Co., Ltd. The project funds are from self-financing. This project has met the tender conditions and is now open for public tender. 2. Project Overview and Tender Scope 2.1 Project Name: July Heavy Titanium Iron Powder 2.2 If the tender fails, it will be converted to other procurement methods: negotiation procurement 2.3 For details on the tender content, scope, and scale, please refer to the attachment Material List Attachment.pdf. 3. Bidder Qualification Requirements 3.1 Joint bidding is not allowed in this tender. 3.2 Bidders are required to possess the following qualification requirements: (1) Production-type business license (2) Circulation-type business license 3.3 Bidders are required to meet the following registered capital requirements: Production-type registered capital: 2 million yuan and above Circulation-type registered capital: 2 million yuan and above 3.4 Bidders are required to have the following performance requirements: Bidders must provide relevant supply performance records for similar products (limited to the bid submission deadline, provide VAT invoices within 3 years). 3.5 Bidders are required to possess the following capability requirements, financial requirements, and other requirements: Financial requirement: Registered capital should be ≥ 2 million yuan. Capability requirement: Bidders should have been established for ≥ 1 year and possess legal business qualifications. Other requirement: If it is a sole proprietorship (partnership) enterprise, capital proof documents must be uploaded. 3.6 For projects that must legally undergo tender, bids from dishonest executees are invalid. 4. Obtaining the Tender Documents 4.1 All prospective bidders may log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn from 23:00 on July 2, 2026 to 08:45 on July 23, 2026 (Beijing time, the same hereinafter) to download the electronic tender documents. Click to view tender details:

SMM, July 3: Metals market: As of the midday close, most base metals on the domestic market rose. SHFE copper edged up 0.76%, SHFE aluminum gained 1.45%, SHFE lead increased 0.47%, SHFE zinc fell 0.02%, SHFE tin added 0.66%, and SHFE nickel rose 0.59%. In addition, the most-traded foundry alloy futures contract climbed 1.42%, while the most-traded alumina contract fell 1.62%. The most-traded lithium carbonate contract rose 1.87%, the most-traded silicon metal contract edged up 0.18%, and the most-traded polysilicon futures contract nudged higher. Ferrous metals mostly fell. Iron ore dropped 1.41%, while HRC, rebar, and stainless steel all declined by 0.4% or less. In the coking coal and coke segment, the most-traded coking coal contract gained 1.58%, and the most-traded coke contract rose 1.89%. On the overseas base metals market, as of 11:46, LME metals all rose. LME copper gained 0.96%, LME aluminum climbed 1.04%, LME lead added 0.8%, LME zinc rose 0.81%, LME tin surged 2.05%, and LME nickel increased 1.1%. In the precious metals sector, as of 11:46, COMEX gold was up 1.64% and COMEX silver rose 2.76%. On the domestic precious metals front, SHFE gold climbed 2.67%, while the most-traded SHFE silver contract surged 4.05%. Strategists at OCBC Group Research said in a note that gold's medium-term role as a diversification asset remains valid, but its price could be weighed down by a more challenging macro environment. OCBC analysts noted that gold demand may be supported by the official sector, with central banks indicating intentions to increase gold reserves over the next 12 months. However, investors have priced in expectations for US Fed rate hikes, and the short-term macro headwinds from rising real yields and a strengthening US dollar are unlikely to be fully offset, they added. OCBC expects gold prices to reach $4,360 per ounce by the end of 2026 and $4,680 per ounce by the end of Q2 2027. (Jin10 Data APP) Additionally, as of the midday close, the most-traded platinum futures contract rose 3.81%, and the most-traded palladium futures contract gained 4.1%. As of the midday close, the most-traded containerized freight index (European service) futures contract rose 3.31% to 2,653 points. As of 11:46 on July 3, selected futures midday quotes: Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at parity of 60 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper at parity of 20 yuan/mt, up 20 yuan/mt; and SX-EW copper at a discount of 50 yuan/mt, up 10 yuan/mt. The average price of #1 copper cathode in Guangdong was 102,965 yuan/mt, up 625 yuan/mt from the previous trading day, while the average price of SX-EW copper was 102,875 yuan/mt, up 620 yuan/mt from the previous trading day. In the spot market, Guangdong inventories have pulled back for two consecutive days… Macro Front On the domestic front: [This year's 200 billion yuan "program of large-scale equipment upgrades and consumer goods trade-ins" funding for equipment renewal has been fully allocated] The National Development and Reform Commission (NDRC) has noted that this year's 200 billion yuan ultra-long-term special sovereign bond funding to support the "program of large-scale equipment upgrades and consumer goods trade-ins" for equipment renewal has been fully allocated. (CCTV News) [PBOC's open market operations resulted in a net drain of 168.5 billion yuan on the day, and a net drain of 1,587 billion yuan for the week] The PBOC conducted 63 billion yuan of 7-day reverse repo operations today. With 231.5 billion yuan of 7-day reverse repos maturing today, this resulted in a net drain of 168.5 billion yuan for the day. For the week, the PBOC conducted 678.5 billion yuan of 7-day reverse repos and 900 billion yuan of overnight reverse repos. With 2,265.5 billion yuan of 7-day reverse repos and 900 billion yuan of overnight reverse repos maturing this week, this resulted in an aggregate net drain of 1,587 billion yuan for the week. (Jin10 Data APP) On the US dollar front: As of 11:46, the US dollar index fell 0.07% to 100.81. On Friday, the US dollar was on track for its biggest weekly loss in nearly three months, after a weaker-than-expected June payrolls report delayed market expectations for US Fed rate hikes and offered some respite to the ailing yen. A sharp slowdown in US employment growth in June prompted traders to scale back their expectations of near-term rate hikes by the US Fed, with the market now pricing in a 52% chance of a hike at the September meeting, down from 64% the previous trading day. US Treasury yields also pulled back from earlier highs, with the two-year yield snapping a three-day winning streak. OCBC currency strategist Sim Moh Siong said, "At the margin, the data is a bit dovish and helps ease concerns about an overheating labor market and the need for more aggressive policy tightening." However, he added that so long as expectations of Fed tightening remain in place, the overall outlook for the US dollar remains constructive, especially against low-yielding currencies. (Jin10 Data APP) According to CME "FedWatch": The probability of the US Fed keeping rates unchanged at the July meeting is 82.4%, and the probability of a cumulative 25-basis-point rate hike is 17.6%. For the September meeting, the probability of rates remaining unchanged is 46.8%, while the probability of a cumulative 25-basis-point rate hike is 45.6% and the probability of a cumulative 50-basis-point rate hike is 7.6%. Jin10 Data APP) CICC research report pointed out that the US added 57,000 nonfarm payrolls in June, below market expectations, indicating a cooling of the acceleration in job growth. After downward revisions to previous months, the average job gains over the past three months still reached 111,000, showing that the labour market is still expanding. Meanwhile, the unemployment rate fell to 4.2%, and the labour force participation rate continued to pull back, reflecting steady labour demand coexisting with a contraction in labour supply, with overall unemployment pressure relatively small. CICC believes that this data gives the US Fed time to wait and watch, thus maintaining the judgement that there will be neither an interest rate increase nor a cut for the rest of the year. In the medium term, the improvement in US employment this year is more attributable to the economic cycle recovery driven by AI investment, rather than short-term factors such as the World Cup. This means that if total economic demand continues to expand boosted by AI, the possibility of the US Fed resuming interest rate hikes next year cannot be ruled out. Huatai Securities research report stated that the US nonfarm payrolls in June missed expectations, mainly due to a sharp pullback in leisure and hospitality and local government employment, which had been boosted earlier by the early Memorial Day and the World Cup. By sector, both services and government saw a marked slowdown in new nonfarm jobs, while the goods sector saw a small rebound. The June nonfarm report eased market concerns about overheating risks in the US labour market. Leading indicators suggest that employment levels will be around the equilibrium level of 0‒50,000 in the coming months, maintaining the view that the US Fed will keep interest rates unchanged in H2 and may need to raise rates next year. Data: Today, France's May industrial production m/m, France's June final services PMI, Germany's June final services PMI, Eurozone June final services PMI, UK June final services PMI, and other data will be released. In addition, China's refined oil products will open a new pricing window. European Central Bank President Lagarde will attend an economic forum, and Bank of England Governor Bailey will deliver a speech on fiscal and monetary policy coordination. Notably, on July 3, the US – NYSE will be closed for one day due to the US Independence Day holiday. The US – CME, due to the US Independence Day, will have trading in its precious metals, energy, foreign exchange, US Treasury, and equity index futures contracts close early at 01:00 Beijing time on July 4. July 3 (Friday) coincides with the US Independence Day holiday, and financial market trading hours will be adjusted accordingly. The holiday schedules for overseas exchanges are as follows: (all times are Beijing time) Crude oil: As of 11:46, both benchmarks rose, with WTI up 0.52% and Brent up 0.64%. Saudi Arabia’s crude exports have surged to near pre-war levels since it resumed loading and unloading tankers in the Persian Gulf, providing further evidence that oil supplies from regional producers are recovering following the US-Iran interim peace agreement. In the six days through Wednesday, the world’s largest oil exporter shipped a daily average of 6.3 million barrels of crude, according to tanker-tracking data compiled by Bloomberg. That pace is roughly in line with the average for 2025 and nearly 90% of February’s level, when the kingdom and its Gulf neighbors ramped up supply before the Iran war broke out. (Jin10 Data APP) Citigroup said the US-Iran memorandum of understanding is expected to remain in force in the coming months and eventually be converted into a formal agreement. The incentives for de-escalating the conflict outweigh the costs of returning to confrontation. The bank reiterated its recommendation to sell into any summer rally and forecast that Brent crude will fall to $60-65 a barrel by year-end. Additionally, "gasoline prices have been a bit sticky on the way down," US Treasury Secretary Bessent said in a CBS News interview. "We’re trying to put a little pressure on the gasoline retailers. We are telling them we’re watching closely," Bessent said, "We’ve gotten positive responses from some of the big-box retailers on doing something for the consumer." Bessent hopes the average gasoline price will fall to $3 a gallon by Labor Day and said he expects oil and energy prices to continue to pull back. (From Wall Street News APP) Separately, trading in Intercontinental Exchange (ICE) Brent crude futures contracts will close early at 01:30 Beijing time on July 4 in observance of US Independence Day. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►