Energy Transition Minerals has discovered a new 1.8 km-long target in southern Greenland, with characteristics similar to the Kvanefjeld rare earth deposit but with uranium content below the prohibition threshold of 0.01% set by the Greenland government. Last year, the company identified 10 new targets within the Kvanefjeld license area, where rock chip sampling returned total rare earth oxide (TREO) grades of up to 3.97%, with high dysprosium and terbium contents. As climate change reduces permanent snow and ice cover, making previously inaccessible areas reachable, the company has also delineated a new-type volcanic rhyolite anomaly that differs from conventional fenite alteration targets. Energy Transition Minerals is currently seeking to renew the Kvanefjeld license.

Energy Transition Minerals (ETM) has discovered a new 1.8-kilometer-long target in southern Greenland, with characteristics similar to the Kvanefjeld rare earth deposit, but its uranium content is below the 0.01% threshold imposed by the Greenland government. Last year, the company discovered 10 new targets within the Kvanefjeld license area, where rock chip sampling returned total rare earth oxide (TREO) grades of up to 3.97%, with elevated dysprosium and terbium content. As climate change reduces permanent snow and ice cover, making previously inaccessible areas accessible, the company also delineated a new-type volcanic rhyolite anomaly that differs from traditional fenite alteration targets. ETM is striving to renew the Kvanefjeld license.

[Geopolitical easing combined with manufacturing slowdown exert dual suppression, SHFE and LME aluminum prices plunge significantly] SMM maintains its forecast that inventory will drop to around 1.28 million mt by late June, and may further approach 1.2 million mt by the end of June or early July, providing some support for aluminum prices. However, the pressure from high domestic inventory remains relatively evident, and coupled with the currently dominant bearish macro sentiment in the market, domestic aluminum prices are expected to mainly be in the doldrums with adjustments in the short term.

Futures: Overnight, LME lead opened at a low of $1,965/mt, fluctuating upward during Asian trading hours; entering the European session, it touched a high of $1,981/mt, then gave back some gains towards the close, eventually ending at $1,968.5/mt, up 0.08%. Overnight, the most-traded SHFE lead 2607 contract opened at 16,240 yuan/mt, dipping to a session low of 16,210 yuan/mt early on before edging up to a high of 16,315 yuan/mt, finally settling at 16,265 yuan/mt, up 0.15%. On the macro front: The US Strategic Petroleum Reserve fell to a 43-year low. Middle East situation – Trump: Will allow Iran to conduct low-level uranium enrichment. May or may not attend the agreement signing on the 19th. The strait will fully open on Friday. Importantly, oil prices have dropped sharply while the stock market is rising. The National Development and Reform Commission (NDRC) and other departments issued a notice to launch a three-year campaign to tackle energy conservation and carbon reduction in key industries. SAFE: In May, foreign-invested enterprises' dividend and profit distribution expenditures increased seasonally, and foreign investors were net buyers of domestic stocks and bonds overall. Spot fundamentals: SHFE lead reversed course and rebounded, with suppliers selling along with the market. Some offered wider discounts from last Friday, but some smelters, with low inventory, remained relatively firm in their pricing. Mainstream production region primary lead quotations against the SMM #1 lead average price were at discounts of 25 yuan/mt to premiums of 25 yuan/mt, EXW. For secondary lead, smelters had divergent attitudes toward selling. Secondary refined lead quotations against SMM #1 lead were at discounts of 25 yuan/mt to premiums of 125 yuan/mt, EXW. Downstream enterprises mostly turned cautious, with fewer inquiries; some temporarily focused on digesting inventories, and spot market transactions weakened. Inventory: On June 15, LME lead inventory decreased by 1,025 mt to 304,850 mt; as of June 15, SMM lead ingot social inventory across five regions totaled 67,700 mt, an increase of 3,000 mt from June 8 and an increase of 2,300 mt from June 11. Lead price forecast today: Last week, lead prices declined, and downstream dip-buying demand warmed up. Affected by secondary lead smelters holding back from selling and their high quotes, purchasing demand shifted significantly to EXW primary lead cargoes. At present, Henan smelters are still shipping on order. Yesterday, the SHFE lead 2606 contract completed delivery, with suppliers shipping to delivery warehouses in a concentrated manner, and social inventory increased as expected. Currently, both primary and secondary lead enterprises face maintenance and raw material shortages, with supply tight and uncertain. SMM believes that after the delivery, lead ingot inventory buildup pressure will gradually ease, and upside resistance to lead prices is expected to weaken.

[SMM Zinc Morning Meeting Summary: LME Inventory Running at Low Levels LME Zinc Fluctuates at Highs]: Overnight, LME zinc opened at $3,591/mt, fluctuated upward after opening, touched a high of $3,623/mt, then pulled back all the way, dipped to $3,568/mt during the session, and finally closed up at $3,584.5/mt, up $1.5/mt, or 0.04%. Trading volume dropped to 11,715 lots...

SMM Morning Brief: Overnight LME copper opened at $13,452/mt, fluctuated downward in early trading to a low of $13,395/mt, then its price center gradually moved up to reach $13,608.5/mt, before fluctuating downward again to finally close at $13,449/mt, a decline of 0.81%. Trading volume reached 24,800 lots, and open interest stood at 267,000 lots, an increase of 976 lots from the previous trading day, which was characterized by bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 103,500 yuan/mt, dipped in early trading to 103,480 yuan/mt, then fluctuated upward to a high of 104,340 yuan/mt, after which the center of copper prices fluctuated downward, moved sideways near the session's end, and finally closed at 103,650 yuan/mt, a decline of 0.79%. Trading volume reached 39,700 lots, and open interest stood at 157,000 lots, a decrease of 3,255 lots from the previous trading day, which was characterized by bulls reducing positions.