[SMM Stainless Steel Daily Review] Capital Flows and SHFE Nickel Resonance Propel SS Futures; Spot Stainless Steel Demand Remains Weak According to SMM news on July 14, SS futures showed a strengthening and upward trend. Driven by the strengthening of SHFE nickel during the night session, combined with the impact of SS's own capital flow fluctuations, SS rebounded quickly after the night session opened, and then maintained a generally strong consolidation pattern. As of the midday close, the most-traded SS contract settled at 14,565 yuan/mt. In the spot market, boosted by SS's stop falling and strengthening, spot quotations recovered from yesterday afternoon's decline, low-priced sources in the market decreased, some traders raised their quotations, downstream end-user clients remained in a wait-and-see sentiment, and transactions remained mediocre overall. The most-traded SS futures contract. At 10:15 a.m., SS2608 was reported at 14,540 yuan/mt, up 210 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 330-730 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled raw edge 304/2B coil, the average price in Wuxi held steady, and the average price in Foshan held steady; the price of cold-rolled 316L/2B coil in Wuxi was flat; for hot-rolled 316L/NO.1 coil, the Wuxi quotation was flat; and cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, macro capital flow disturbances intensified, and stainless steel futures moved in an independent weak trend, with market movements significantly diverging from the rhythm of SHFE nickel and other nonferrous metals. During the week, capital sentiment switched repeatedly, causing SS futures to swing wildly. The key support level of 14,500 yuan/mt was breached earlier, and the overall trend center continued to...

[7.14 Morning Meeting Minutes] On the 12th local time, US President Trump said the US carried out “heavy strikes” on Iran the night before. Regarding the navigational status of the Strait of Hormuz, there are disagreements among various parties. Iran’s Persian Gulf Strait Authority posted on social media on the 12th, stating that the Strait of Hormuz is currently impassable. Trump, however, said, “As far as the US is concerned, the Strait of Hormuz is still open.” The most-traded SHFE nickel 2609 contract edged down in early trading, closing at 128,030 yuan/mt by the end of the early session, up 0.02%. Over the weekend, the US-Iran conflict took another turn. The simultaneous rise of the US dollar and crude oil weighed on metals, but Indonesia’s Ministry of Energy and Mineral Resources officially announced on July 10 that it will no longer raise the national nickel ore mining production quota overall. The increase will be very limited, with strict exception approval channels set only for domestic smelters facing severe raw material supply shortages. In the short term, nickel prices may rebound, with the most-traded SHFE nickel contract trading in a range of 127,000-133,000 yuan/mt.

[SMM Stainless Steel Daily Review] SHFE Nickel Stops Falling but Fails to Change SS Weakness, Guidance Price Cut Drags Down Stainless Steel Spot Prices According to SMM on July 9, SS futures further pulled back and declined. Although SHFE nickel strengthened and rose, SS remained under pressure from capital flows and continued to decline. As of the close, the most-traded SS contract settled at 14,355 yuan/mt. In the spot market, driven by the consecutive decline in SS futures, a mainstream stainless steel mill cut its guidance price, leading spot quotes to follow suit and decline. Against a backdrop of persistently weak overall market sentiment, transactions remained sluggish. SS Futures Most-Traded Contract: At 10:15 AM, SS2608 was at 14,375 yuan/mt, down 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 545 to 1,095 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained stable; for cold-rolled raw edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan fell by 50 yuan/mt; the price of cold-rolled 316L/2B coils in Wuxi remained flat; for hot-rolled 316L/NO.1 coils, quotes in Wuxi were flat; cold-rolled 430/2B coils in both Wuxi and Foshan remained unchanged. This week, the tug-of-war between macro and industrial logic dominated the market trend. US inflation data pulled back, expectations for US Fed interest rate hikes further cooled, and the US dollar index weakened, collectively lifting the valuations of commodities and nonferrous metals and providing macro support for the metal sector. However, industrial sentiment remained persistently bearish. The issue of Indonesia's nickel ore supplementary quotas remained unresolved, and the market held strong expectations for ample nickel supply in the future...

July 7, 2026 Has the worst of the selling pressure on gold and silver finally passed? Although the gold price has not yet managed to break through the first resistance level above $4,200, Ole Hansen, commodities strategist at Saxo Bank, sees clear signs that the months-long correction is coming to an end. In his view, the market environment is currently shifting from pure liquidation toward a sustainable bottoming-out process, during which precious metals are once again being selectively accumulated. U.S. Monetary Policy as the Key Driver for a Breakout The next major price movement depends largely on macroeconomic conditions. Although the market is still pricing in an interest rate hike by the Federal Reserve this year, disappointing labor market data—with only 57,000 new jobs created in June—has already tempered the most aggressive forecasts. In addition, the new Fed Chair, Kevin Warsh, recently signaled that inflation risks are subsiding. Speaking to Kitco News, Hansen consequently stated that he does not expect another interest rate hike this year. Falling energy prices and waning inflationary pressure are undermining the basis for a restrictive monetary policy. Once this realization takes hold in the market, a weaker U.S. dollar is likely to give the gold price a massive boost. Technical Correction Phase and Momentum Opportunities for Silver Despite the improvement in fundamentals, gold is still technically in a correction phase and remains 26 percent below its January high. While support below $4,000 has been successfully defended, investors have so far used rallies toward $4,200 to reduce their positions. For a genuine trend reversal, the precious metal must first break above the 200-day moving average at $4,485 as well as the key correction retracement level at $4,574. A similar picture is emerging for silver, which, after the recent selling wave halted in the mid-$50 range, staged a constructive rally above the $60 mark before being capped at $63.27. Silver combines gold’s macroeconomic sensitivity with an extremely tight fundamental environment characterized by multi-year supply deficits and rising industrial demand. Due to its smaller market size, the white metal remains highly attractive to momentum investors, but its heavy reliance on short-term capital flows means it still requires strong nerves in the face of sudden shifts in market sentiment. Source： https://goldinvest.de/en/is-the-sell-off-over-gold-and-silver-may-be-on-the-verge-of-their-next-breakout

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Consolidated at Highs and Tested 410,000, While Spot Market Trading Was Sluggish]

[SMM Tin Midday Commentary: Disappointing Non-Farm Payrolls Trigger US Dollar Plunge, Most-Traded SHFE Tin Contract Tests 400,000 Yuan Level Again]