[SMM Shanghai spot copper] Looking ahead to tomorrow, today was the last trading day of the month, and downstream procurement sentiment continued to pull back. End-user demand was weak, and transactions remained sluggish even after suppliers modestly lowered their offer prices, leaving the overall market quiet on both the buying and selling sides. However, some cargoes with invoices dated this month still managed to transact due to invoice-related demand, indicating structural support. As a new monthly procurement cycle begins and copper prices hover at relatively low levels, downstream restocking demand is expected to be released, and consumption is likely to recover marginally. When that happens, buying and selling sentiment may be boosted, and spot discounts are likely to gradually narrow.

According to SMM data, on June 30, the SMM battery-grade nickel sulphate average price fell by 160 yuan/mt from the previous day.

According to SMM data, on June 30, the FOB price of Indonesian MHP nickel fell by $221/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $31/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $222/mt Ni.

On June 30, the SMM battery-grade nickel sulphate average price edged lower.

SMM June 30 news: The futures market plummeted again today, and the spot market in South China improved slightly. The absolute price hit a new recent low, making cargo holders more determined to hold back from selling. Sellers' room for selling was significantly limited, with almost no discounts. However, hedged positions continued to push for timely monetization amid falling prices while the spot-futures price spread remained high. Mainstream quotations were at a premium of 0 to +10 yuan/mt, neither high nor low, and availability tightened somewhat compared with earlier. Demand side, downstream dip-buying demand increased somewhat, but some bearish wait-and-see sentiment limited the scale of increase, and the buying strength was mild. Traders remained reluctant to enter the market, only purchasing on an as-needed basis to fulfill orders. There was almost no replenishment by intermediaries. Overall transactions were lukewarm. Spot transaction prices were concentrated at a discount of 20 yuan/mt to a premium of 20 yuan/mt against the SHFE aluminum 2607 contract.

Platinum prices drifted lower today. With ongoing uncertainties surrounding the U.S.-Iran situation and repeated swings in market rate hike expectations, precious metals futures are likely to continue swinging wildly, limiting upside room. In early trading, the most-traded GFEX platinum contract PT2608 closed at 388.9 yuan/g, down 3.29%. The inverted spread between the SGE Pt9995 best ask price and GFEX PT2608 narrowed to around 4 yuan/g. In the spot market, mainstream quotations for platinum ranged from a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. Mainstream quotations against the contract were basically flat compared to the previous trading day, with most traders quoting at parity with the most-traded contract but seeing difficulty in closing deals. A small portion of spot platinum with current-month invoices was quoted at a modest premium. Most upstream enterprises showed limited willingness to sell due to low absolute prices, while downstream demand was limited and the wait-and-see sentiment was strong. Overall, platinum trading was relatively sluggish today.