Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

CME Group is increasing margins on Comex gold and silver futures. The exchange said in a statement on Friday that gold margins will increase from the current 6 percent for a non-heightened risk profile to 8 percent of the underlying contract’s value.

SMM News on June 27: Metal Market: As of the midday close, nearly all domestic base metals futures rose, with SHFE copper up 1.41%, SHFE nickel up 0.73%, SHFE aluminum up 0.83%, SHFE zinc up 1.53%, SHFE tin up 0.76%, and SHFE lead down 0.26%. Additionally, main aluminum casting futures rose 0.38%, main alumina futures climbed 1.06%, lithium carbonate jumped 2.48%, silicon metal rose 0.32%, and polysilicon gained 0.27%. The ferrous metals series mostly rose, with iron ore up 1.85%, rebar up 0.78%, HRC up 0.78%, while stainless steel fell 0.16%. For coking coal and coke: coking coal surged 3.16%, and coke rose 1.77%. Overseas metals were mostly lower as of 11:39, with LME copper down 0.1%, LME nickel down 0.22%, LME zinc unchanged at $2,768/mt, LME tin down 0.44%, LME lead down 0.25%, and LME aluminum down 0.14%. Precious metals saw COMEX gold up 0.28% and COMEX silver up 0.61% as of 11:39; domestically, SHFE gold rose 0.56% and SHFE silver climbed 1.65%. As of the midday close, the most-traded Europe container shipping futures contract rose 0.87% to 1,779.2 points. Partial futures market data as of 11:39 on June 27: 》SMM Metal Spot Prices on June 27 Spot & Fundamentals Copper: Today in Guangdong, #1 copper cathode spot premiums against the front-month contract ranged from 40 yuan/mt to 150 yuan/mt, with an average premium of 95 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts of 20 yuan/mt to 0 yuan/mt, averaging a 10 yuan/mt discount, up 30 yuan/mt from the previous session. The average #1 copper cathode price in Guangdong was 80,070 yuan/mt, up 1,205 yuan/mt, while SX-EW copper averaged 79,965 yuan/mt, up 1,195 yuan/mt. Spot Market: Guangdong inventories declined for the third consecutive day due to limited arrivals and increased outflows. The market is already trading cargoes with next month's invoices, with minimal impact from mid-year settlements... 》Click for details Macro Front Domestic: [NBS: Jan-May Industrial Profits Down 1.1% YoY] NBS data shows profits at China's major industrial enterprises (annual sales ≥20 million yuan) declined 1.1% YoY in January-May 2025. State-owned holding enterprises reported 870.95 billion yuan in profits, down 7.4% YoY; joint-stock enterprises earned 2.01707 trillion yuan, down 1.5% YoY; foreign-funded, Hong Kong, Macau, and Taiwan-invested enterprises achieved 685.68 billion yuan, up 0.3% YoY; and private enterprises secured 759.25 billion yuan, up 3.4% YoY. Yu Weining, a statistician from the Department of Industry of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to May 2025: During the January-May period, industrial enterprises above designated size achieved a total profit of 2.72 trillion yuan, representing a year-over-year (YoY) decline. The performance presented the following characteristics: multiple factors contributed to the profit decline of industrial enterprises. Gross profits and operating revenues of industrial enterprises maintained growth. The equipment manufacturing sector played a stabilizing role. Breakthroughs in aerospace and marine sectors demonstrated the vitality of high-quality industrial development. The program of large-scale equipment upgrades and consumer goods trade-ins continued to yield results. Profits of private and foreign-funded enterprises maintained growth. In the next phase, it is essential to thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, implement more proactive macro policies, strengthen the domestic market, enhance innovation-driven development, steadily advance high-quality industrial development, and lay a solid foundation for the recovery of industrial enterprises' profitability. 》Click for details [China's Logistics Market Size Ranks First Globally for 9 Consecutive Years, Exceeding 360 Trillion Yuan for First Time] The China Federation of Logistics and Purchasing (CFLP) released the "China Logistics and Supply Chain Development Report (2024-2025)" today (June 27). According to the report, China's logistics market size has ranked first globally for nine consecutive years, with modern logistics further strengthening its support for the national economy. The report indicates that in 2024, China's total social logistics volume exceeded 360 trillion yuan for the first time, and the annual total revenue of the logistics industry reached 13.8 trillion yuan. By the end of 2024, the number of A-grade logistics enterprises in China surpassed 10,000 for the first time, including over 500 5A-grade enterprises representing the highest domestic standard. The industry is generally transitioning from "logistics" to "supply chain" development. A preliminary national logistics node network has taken shape. A survey of national logistics parks shows that the number of large-scale logistics parks reached 2,769. The People's Bank of China conducted 525.9 billion yuan in 7-day reverse repo operations today at an interest rate of 1.40%, unchanged from previous operations. With 161.2 billion yuan in 7-day reverse repos maturing today, the operation resulted in a net injection of 364.7 billion yuan. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market was set at 7.1620 yuan per US dollar on June 27. US Dollar Update: As of 11:39, the US dollar index fell 0.03% to 97.26. US data showed greater-than-estimated economic contraction in Q1 due to weak consumer spending and tariff-related disruptions. While initial jobless claims declined last week, dwindling job opportunities and corporate reluctance to hire amid economic uncertainty raised risks of a June unemployment rate increase. Markets await Friday's release of US core personal consumption expenditures (PCE) data for further insights into the US Fed's monetary policy outlook. Other currency updates: Bank of England Governor Andrew Bailey warned that the Labour government's payroll tax is causing UK job losses, declining worker incomes, and rising food prices. He cautioned that inflation risks remain "two-sided." Speaking at the British Chambers of Commerce annual conference in London, Bailey stated he is "starting to hear more evidence of adjustments through pay and employment" following the £26 billion ($36 billion) employer National Insurance contribution increase that took effect in April. (Hexun Finance) Data releases: Today's releases include US May personal spending month-over-month, US May core PCE price index year-over-year, US June University of Michigan consumer sentiment final reading, Eurozone June industrial confidence index, Eurozone June economic confidence index, Eurozone June consumer confidence final reading, Japan June Tokyo CPI year-over-year, Japan May unemployment rate, and Canada April seasonally adjusted GDP year-over-year. Additionally, ECB President Christine Lagarde will deliver remarks, while 2026 FOMC voter and Cleveland Fed President Loretta Mester, along with Fed Governor Lisa Cook, will participate in the "Fed Listens" event. Crude oil markets: Both oil futures rose slightly, with WTI crude up 0.48% and Brent crude up 0.46% as of 11:39. US summer driving season is boosting fuel demand. However, oil prices are expected to post weekly losses as the Iran-Israel ceasefire agreement holds, easing concerns about Middle East supply risks. The US Energy Information Administration (EIA) reported Wednesday that US crude, gasoline, and distillate inventories fell last week amid increased refining activity and demand. EIA data showed crude stocks declined by 5.8 million barrels to 415.1 million barrels in the week ending June 20, exceeding analyst expectations of a 797,000-barrel draw. Iran's Nour News agency reported Thursday that a damaged facility at Phase 14 of the South Pars refinery in Iran's Bushehr province - previously targeted by Israeli strikes - has resumed operations, continuing to alleviate supply concerns. (Webstock Inc.) Spot market overview: ► Inventories decline for 3rd week as suppliers refuse to budge on prices, but downstream buyers resist high prices [SMM South China Copper Spot] ► Rising copper prices suppress consumption, with market demand outlook remaining pessimistic [SMM North China Copper Spot] ► Shanghai zinc: Futures market continues to strengthen while premiums drop significantly [SMM Midday Review] ► [SMM Analysis] Strong fundamentals expected to support further iron ore price gains next week Other metal spot market updates coming soon - please refresh for latest insights

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

SMM News on June 18: Metal Market: As of the daytime close, domestic market base metals generally rose, with SHFE aluminum leading the gains with a 1.35% increase. SHFE zinc rose by 0.85%, while SHFE lead fell by 0.68% and SHFE nickel by 0.42%. The remaining metals experienced minor fluctuations in their gains. The main alumina contract rose by 2.31%, recording two consecutive days of gains. The main casting aluminum contract rose by 0.95%. In addition, lithium carbonate rose by 0.1%, polysilicon fell by 2%, and silicon metal rose by 1.09%. The main European container shipping contract rose by 3.18%. In the ferrous metals series, iron ore fell by 0.5%, HRC rose by 0.32%. In the coking coal and coke sector, coking coal fell by 0.57%, while coke rose by 0.62%. In the overseas market, as of 15:02, overseas market base metals generally rose, with LME tin leading the gains with a 0.94% increase. LME zinc rose by 0.63%, and LME copper by 0.48%. The remaining metals experienced minor fluctuations in their gains. In precious metals, as of 15:02, COMEX gold fell by 0.13%, while COMEX silver rose by 0.39%, reaching a high of $37.405 per ounce during the session, a new high since March 2012. Domestically, SHFE gold fell by 0.21%, while SHFE silver rose by 2.35%. Notably, SHFE silver surged to a high of 9,075 yuan/kg during the session, a new all-time high since its listing. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. The second is to establish an international operation center for the digital yuan. This will promote the international operation of the digital yuan and the development of financial market businesses, serving digital financial innovation. The third is to establish personal credit reporting agencies. These will provide diversified and differentiated personal credit reporting products for financial institutions, further improving the social credit reporting system. 》Click to view details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] Today, at the 2025 Lujiazui Forum, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, the construction of Shanghai as an international financial center has achieved a series of new progress and breakthroughs. During the forum, the National Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of Shanghai as an international financial center, introducing a series of deployment measures. These include encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels. (Cailian Press) [State Administration of Foreign Exchange to Implement a Package of Innovative Foreign Exchange Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of innovative foreign exchange policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the strategy to enhance the pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Intelligent Mine Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting Intelligent Mine Construction and Facilitating Mine Safety Development" issued by the National Mine Safety Administration and seven other departments, and to accelerate the construction of intelligent mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in collaboration with relevant departments, has drafted the "Key R&D Catalog for Intelligent Mine Robots (Draft for Public Consultation)", which is now open for public comments. ► On June 18, the central parity rate of the RMB in the interbank foreign exchange market was set at 7.1761 RMB per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.25% to 98.57. The market generally expects the US Fed to remain on hold this time, but expectations for Fed easing in H2 have risen. Attention should be paid to the Fed's policy stance and forecasts for future economic trends early tomorrow morning. The market expects the Fed to maintain the benchmark interest rate within the range of 4.25%-4.50%. However, IG market analyst Tony Sycamore stated that risks from the Middle East conflict and the slowdown in global economic growth may prompt the Fed to cut interest rates by 25 basis points in July, earlier than the current market expectation of September. US retail sales in May recorded the largest decline since the beginning of the year, indicating that new tariffs have curbed consumer spending, particularly in the automotive sector. Data released by the US Department of Commerce on Tuesday showed that retail sales, unadjusted for inflation, fell by 0.9% MoM in May, following a revised decline of 0.1% in April. Retail sales excluding automobiles fell by 0.3%. Macro: Today, data such as the UK's May CPI YoY, UK's May core CPI YoY, UK's May retail price index YoY, Eurozone's May harmonized CPI YoY - unadjusted final value, Eurozone's May core harmonized CPI YoY - unadjusted final value, US's May preliminary monthly rate of building permits, US's May preliminary annualized total of building permits, US initial jobless claims for the week ending June 14, US continuing jobless claims for the week ending June 7, US May housing starts annualized monthly rate, and US May housing starts annualized total will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. Crude Oil: As of 15:02, both WTI and Brent crude oil prices fell by 0.2%. The Israel-Iran conflict has introduced new uncertainties into the global oil market. Additionally, analysts have stated that the market is primarily concerned about potential supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that with the arrival of the traditional peak summer oil consumption season, market demand for petroleum products is rebounding, and the significant decline in crude oil inventories suggests that the current destocking trend may continue for some time. Influenced by these positive factors, the price increases of domestic and overseas crude oil futures have expanded significantly. The International Energy Agency (IEA) released its monthly report for June, slightly lowering its demand forecast and significantly raising its supply growth projection. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further increase. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that as the traditional peak oil consumption season in summer approaches, market demand for petroleum products is rebounding. The significant decline in crude oil inventory suggests that the current trend of destocking may continue for some time. Influenced by these positive factors, the increase in crude oil futures prices in both domestic and overseas markets has expanded significantly. The International Energy Agency (IEA) released its monthly report for June, in which it slightly lowered its demand forecast and significantly raised its supply growth estimate. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market, but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further intensify. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and revised down its average oil demand growth forecast for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices approach the 21,000 resistance level, with aluminum scrap prices showing limited increases [Daily Review of Aluminum Scrap] ► June 18: SHFE aluminum surged unilaterally, destocking significantly hindered, and processing fees collapsed [Daily Review of Spot Aluminum Billet] ► [SMM Daily Review of Nickel Sulphate] June 18: Nickel salt prices maintained a downward trend ► Market fluctuations are relatively small, with spot prices temporarily stable [SMM Daily Review of EMM] ► [SMM Daily Review of MHP] June 18: Indonesian MHP prices slightly declined ► Traders lower quotes, rare earth prices slightly weaken [SMM Daily Review of Rare Earths] ► Silver prices surge significantly, attempting to break through previous highs, with spot-futures price spread widening and contango rising [SMM Daily Review]

SMM News on June 18: Metal Market: As of the midday close, most domestic base metals rose, with SHFE nickel down 0.5%. SHFE copper rose 0.15%, SHFE aluminum rose 1.42%. SHFE zinc rose 0.87%, SHFE tin rose 0.13%. SHFE lead fell 0.71%. In addition, the main continuous futures contract for foundry aluminum rose 0.79%, and the main continuous contract for alumina rose 1.4%. Lithium carbonate rose 0.17%, silicon metal rose 0.95%, and polysilicon fell 0.47%. The ferrous metals series generally rose, with iron ore down 0.72%, rebar up 0.13%, and HRC up 0.36. Stainless steel rose 0.04%. In the coking coal and coke sector: coking coal fell 0.44%, and coke rose 0.59%. In the overseas metal market, as of 11:50 a.m., LME metals all rose, with LME copper, LME lead, LME aluminum, and LME nickel all up less than 0.4%. LME zinc rose 0.63%, and LME tin rose 0.73%. In the precious metals market, as of 11:50 a.m., COMEX gold was flat at $3,407/oz, and COMEX silver rose 0.47%. Domestically, SHFE gold fell 0.17%, and SHFE silver rose 2.37%, hitting a record high of 9,047 yuan/kg during the session. As of the midday close, the most-traded contract for the European container shipping index rose 4.49% to 2,118.6. As of 11:50 a.m. on June 18, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 18 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-220 yuan/mt against the front-month contract, with an average premium of 180 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 80-100 yuan/mt, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,840 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,750 yuan/mt, up 155 yuan/mt from the previous trading day. Spot Market: Inventories in Guangdong have fallen for two consecutive days, mainly due to fewer arrivals. Although inventories have decreased, warrants are flowing out, increasing the available supply. As a result, suppliers have had to lower prices to sell... 》Click for details Macro Front Domestic: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve the high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. Second, establish an international operation center for the digital yuan. Promote the international operation of the digital yuan and the development of financial market businesses to serve digital financial innovation. Third, establish personal credit reporting agencies. Provide diversified and differentiated personal credit reporting products for financial institutions to further improve the social credit reporting system. 》Click for details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] At the 2025 Lujiazui Forum today, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, Shanghai has achieved a series of new progress and breakthroughs in the construction of an international financial center. During the forum, the National Financial Regulatory Administration will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center, introducing a series of deployment measures, including encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels, among others. (Caixin) [SAFE to Implement a Package of Foreign Exchange Innovation Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the enhancement strategy of pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Mine Intelligent Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting the Intelligent Construction of Mines and Promoting Mine Safety Development" jointly issued by seven departments including the National Mine Safety Administration, and to accelerate the intelligent construction of mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in conjunction with relevant departments, has organized the drafting of the "Key R&D Catalog for Mine Intelligent Robots (Draft for Public Consultation)", which is now open for public consultation. The People's Bank of China conducted 156.3 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 164 billion yuan of 7-day reverse repos matured today, a net withdrawal of 7.7 billion yuan was realized. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 18 was 7.1761 yuan per US dollar. US dollar aspect: As of 11:50, the US dollar index fell by 0.14% to 98.68. Fed officials held a meeting on Tuesday, and the latest economic data may heighten their concerns that government policies (or at least the high degree of uncertainty surrounding these policies) will slow economic growth in the coming months. US retail sales fell more than expected in May, dragged down by a decline in car purchases, as the surge in advance buying by US consumers to avoid tariff-induced price increases has subsided. However, consumer spending is currently still supported by robust wage growth. The market generally expects the US Fed to keep its benchmark interest rate range unchanged at 4.25%-4.50%. The market will closely monitor the remarks of Fed Chairman Powell after the policy decision is announced, seeking signals for the future path of monetary policy. In other currency news: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining the policy interest rate at 0.5% and slowing the pace of reducing its bond-buying program. The BOJ will cut its bond purchases by 200 billion yen per quarter starting from April 2026. The BOJ stated that the Japanese economy is recovering mildly, but there are still some signs of weakness. (Cailian Press) In terms of data: Today, data including the UK's May CPI year-on-year rate, UK's May core CPI year-on-year rate, UK's May retail price index year-on-year rate, Eurozone's May harmonized CPI year-on-year rate - final unadjusted figure, Eurozone's May core harmonized CPI year-on-year rate - final unadjusted figure, US's May initial monthly rate of building permits, US's May initial annualized total of building permits, US's initial jobless claims for the week ending June 14, US's continuing jobless claims for the week ending June 7, US's May seasonally adjusted annualized monthly rate of housing starts, and US's May seasonally adjusted annualized total of housing starts will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.31% and Brent up 0.35% as of 11:50. This is due to market concerns that the conflict between Iran and Israel may disrupt oil supplies, supporting oil prices. Analysts said the market is mainly concerned about supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. According to the CCTV News app, on the 17th local time, the US consumer news and business channel CNBC reported that the Baltic and International Maritime Council (BIMCO), one of the world's largest shipping associations, said that the large-scale conflict between Israel and Iran has made the entire shipping industry uneasy, with many ships already choosing to avoid the Strait of Hormuz, and the number of ships passing through the Strait is declining. Amid the escalating deterioration of regional security, ocean freight rates through the Strait of Hormuz are expected to rise. Iran is the third-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC), with a daily output of approximately 3.3 million barrels. However, analysts suggest that other OPEC members could utilize their spare capacity to offset the decline in Iran's production. Data released by the American Petroleum Institute (API) indicate a decrease in US crude oil and gasoline inventories, along with an increase in distillate fuel oil inventories, for the week ending June 13. Crude oil inventories fell by 10.1 million barrels, gasoline inventories decreased by 202,000 barrels, and distillate fuel oil inventories rose by 318,000 barrels. (Webstock Inc.) Spot Market Overview: ► A significant outflow of warrants has increased market supply, leading to a notable decline in spot premiums. [SMM South China Spot Copper] ► Trading activity in the spot market remains low, with premiums and discounts weakening. [SMM North China Spot Copper] ► Shanghai Zinc: Premiums continue to deteriorate, with average trading performance. [SMM Midday Review] ► [SMM Nickel Midday Review] On June 18, nickel spot prices remained stable, with People's Bank of China Governor Pan Gongsheng announcing eight significant financial policies. Midday reviews for other metal spot markets will be updated shortly. Please refresh for the latest information.

Macro News 1. On June 17 local time, during his attendance at the second China-Central Asia Summit in Astana, President Xi Jinping met with Uzbek President Shavkat Mirziyoyev. The two heads of state exchanged views on the current situation in the Middle East. Xi Jinping stated that Israel's military actions against Iran have suddenly intensified tensions in the Middle East, and China is deeply concerned about this. China opposes any actions that infringe upon the sovereignty, security, and territorial integrity of other countries. Military conflict is not the way to resolve issues, and the escalation of regional tensions does not serve the common interests of the international community. All parties should work to de-escalate the conflict as soon as possible and prevent further escalation of tensions. China is willing to work with all parties to play a constructive role in restoring peace and stability in the Middle East. 2. Li Bin, Deputy Director of the State Administration of Foreign Exchange and spokesperson, stated that in May, the overall supply and demand of foreign exchange at home and abroad were balanced, and the foreign exchange market operated smoothly. In May, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, amounted to $33 billion. Among them, the net inflow of funds from trade in goods remained at a relatively high level, and foreign investors' holdings of domestic stocks increased further compared to the previous month. The net outflow of funds from services trade, dividend distributions by foreign-invested enterprises, and outward direct investment remained generally stable. 4. Yesterday, a reporter asked whether there were plans to evacuate Chinese citizens in Iran and Israel amid the escalating conflict between Israel and Iran. Foreign Ministry spokesperson Guo Jiakun stated that some Chinese citizens have already been safely evacuated to neighboring countries. The Foreign Ministry and relevant embassies and consulates are working with relevant departments to fully ensure the safety and protection of Chinese citizens in Iran and Israel and to organize the evacuation of Chinese citizens promptly. 6. At yesterday's regular press conference of the Foreign Ministry, a reporter asked about the Financial Times report that the EU had canceled the high-level China-EU economic dialogue, believing that discussions with China were meaningless without progress on trade issues. Guo Jiakun responded by saying to inquire with the competent Chinese authorities. Guo Jiakun stated that strengthening strategic communication and deepening dialogue and cooperation between China and the EU are beneficial to the world. Industry News 1. Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted a survey on industrial innovation and the promotion of the healthy development of the platform economy in Guangdong from the 15th to the 17th. He emphasized the need to thoroughly implement the important instructions and directives of General Secretary Xi Jinping, implement the decisions and deployments of the CPC Central Committee and the State Council, promote the deep integration of technological innovation and industrial innovation, continuously shape new momentum and advantages for development, adhere to the principle of equal emphasis on development and regulation, focus on improving the governance system of the platform economy, and create a fair and orderly environment for the development of the platform economy. 2. The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council held the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises in Shenzhen, Guangdong Province, on the 17th. The meeting called for efforts to improve the quality of technological innovation supply, take on responsibilities in building a modern industrial system, make tangible progress in collaborative innovation and the application of research outcomes, and achieve breakthroughs in improving the innovation evaluation and incentive mechanisms. It also urged active promotion of AI-led transformations in the scientific research paradigms of state-owned enterprises, as well as the creation and opening up of strategic, high-value application scenarios. The meeting emphasized that completing the deepening and enhancement action plan with high quality should be the top priority for this year's state-owned enterprise reforms, with a focus on achieving tangible results. 3. The International Energy Agency's new medium-term outlook indicates that global oil supply growth will far exceed demand growth in the coming years. 4. The National Development and Reform Commission (NDRC) announced that starting today, domestic gasoline and diesel prices will be increased by 260 yuan/mt and 255 yuan/mt, respectively. In terms of price per liter, 92-octane gasoline will increase by 0.2 yuan, while 95-octane gasoline and 0-diesel will both increase by 0.22 yuan. After this price increase, filling up a 50L fuel tank of a family car with 92-octane gasoline will cost an additional 10 yuan. 5. According to a survey report titled "The New Silver Hair Economy Will Become Another 'Strategic Opportunity' for Upgrading Consumption Quality" released by the Shanghai Consumer Council, the new silver hair economy will become an important engine for upgrading consumption quality. The consumption demands of the new silver hair group are highly concentrated in areas such as "health and wellness," "travel and socializing," and "hobbies and interests." 6. The commencement ceremony for the EPCI project of the Shanghai Lingang Submarine Data Center Demonstration Project, participated in by the Second Company of CCCC Third Harbor Engineering Co., Ltd., was held in Nantong. As the world's first zero-carbon new infrastructure benchmark for offshore wind power-integrated submarine data centers, this project will help Shanghai reach the international forefront in the field of green and low-carbon computing infrastructure. 7. During an inspection of a shipment of children's toys and plastic cups, customs officers from Beilun Customs, under the jurisdiction of Ningbo Customs, discovered that a plush toy was suspected of infringing on the copyright of the "Labubu Spring Elf Series." After contacting the rights holder for confirmation, it was determined that the entire shipment was infringing. Upon inventory, it was found that there were 20,240 infringing children's toys. 8. Relevant officials from the Guangdong Provincial SASAC stated at the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises that Guangdong Province has increased its investment in strategic emerging industries and high-tech enterprises, establishing the Guangdong Advanced Manufacturing Industry Investment Fund and the Strategic Industry Promotion and Development Fund, with a total subscribed capital of approximately 70 billion yuan and 52 investment projects. Company News 1. New World Development stated on an interactive platform that its shopping malls have POP MART vending machines. 2. PetroChina Capital announced its plan to invest 655 million yuan to increase the capital of Kunlun Capital for investment in controllable nuclear fusion projects. 3. SmartSens Technology announced that the shareholding ratio of the National Integrated Circuit Industry Investment Fund Phase II has decreased to 6.99%. 4. BOE Technology Group Co., Ltd. announced its plan to acquire a 30% stake in CHOT. 5. RemeGen announced that Telitacicept has been granted orphan drug designation by the European Union. 6. Dematic announced its strategic cooperation intention with Zhiyuan Xinchuang to explore innovative applications of embodied intelligent robots in logistics scenarios. 7. GCoreLab announced the successful internal testing of its new anti-quantum cryptographic card, which has been sampled to multiple customers. 8. Yuanlong Yatu stated on the interactive platform that its revenue from IP-related businesses with POP MART in 2024 was approximately 2.21 million yuan. 9. Eastcompeace Technology announced that in recent years, the company has actively deployed R&D and applications in fields such as blockchain, but faces risks of new technology R&D and commercial applications not meeting expectations. 10. Asian Paints announced that Runhe Tongcai intends to passively reduce its shareholding in the company by 3% due to the triggering of a mandatory liquidation procedure. Global Markets 1. US stocks opened lower and closed lower, with all three major indices ending in the red. The Nasdaq fell 0.91%, the S&P 500 fell 0.84%, and the Dow fell 0.7%. Major tech stocks generally declined, with Tesla falling nearly 4% and Apple falling over 1%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 1.77%. Major European stock indices also closed lower, with the German DAX30 index falling 0.86%. 2. International crude oil futures settlement prices rose sharply by over 4%. WTI crude oil futures for July rose 4.28%, and Brent crude oil futures for August rose 4.4%. 3. COMEX gold futures fell 0.37%, while COMEX silver futures rose 1.97%. Investment Opportunities Reference 1. China's annual cross-border e-commerce export scale exceeds 2 trillion yuan, with leading sellers expected to continue increasing market share According to media reports, at the 2025 China Langfang International Economic and Trade Fair, which opened on June 16, the Statistical Analysis Department of the General Administration of Customs introduced China's cross-border e-commerce import and export situation in 2024, stating that China's cross-border e-commerce export scale exceeded 2 trillion yuan in 2024, reaching 2.15 trillion yuan, a 16.9% increase from 2023, setting a new historical high for cross-border e-commerce scale. A survey of enterprises by the customs showed that over 70% of enterprises expected cross-border e-commerce import and export to remain stable or grow in 2025. Cinda Securities believes that the increasing penetration of online channels in overseas consumer markets will continue to be an important opportunity for Chinese brands to go global. Leading sellers in cross-border e-commerce are focusing on brand strategies and leveraging their core supply chain advantages, and are expected to continue increasing their market share. 2. Ten new low-altitude logistics routes have been added in the region, and 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root. According to media reports, the Hanshang Low-Altitude Port, which connects the core areas of the three towns of Wuhan (Wuchang, Hankou, and Hanyang) through flight service routes, has officially commenced operations. It is understood that the Hanshang Low-Altitude Port is constructed and operated by Hanshang Low-Altitude Technology Co., Ltd., a subsidiary of Hanshang Group. Currently, it has formed a specialized low-altitude logistics operation system comprising one digital real-time dispatching platform, two intelligent command centers, ten low-altitude routes, and 22 intelligent parking aprons. It primarily serves the distribution and emergency support of commodities such as seafood, fresh-cut flowers, and pharmaceuticals. Galaxy Securities believes that 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root, with infrastructure such as air traffic control systems and takeoff and landing sites accelerating in construction. Kaiyuan Securities further analyzed that the low-altitude economy has ushered in vertical implementation from the macro level (national-level industrial planning) to the meso level (local subsidies in various regions) and then to the micro level (infrastructure mainframe tenders and application scenario creation). It is recommended to pay attention to the subsequent market trends of the low-altitude economy sector. 3. The region's first project of this kind has officially landed! Policy dividends are emerging, injecting strong momentum into foreign trade growth. According to media reports, recently, the Macun Port Customs under Haikou Customs successfully handled the customs clearance procedures for a cross-border bonded lease of a "Lancang" electric multiple unit (EMU) trainset declared by a leasing company within the Haikou Integrated Free Trade Zone, marking the official landing of Hainan Free Trade Port's first cross-border railway EMU leasing project. Currently, the EMU trainset has been delivered to Laos-China Railway Co., Ltd., effectively enhancing the passenger transport supply capacity of the Lao section of the China-Laos Railway and driving regional economic development. "Unlike previous direct sales and exports, the bonded lease approach significantly reduces the investment and operating costs for foreign enterprises. It also helps promote international cooperation and optimal resource allocation, providing more foreign enterprises with access to China's manufacturing resources and market opportunities," said a relevant person in charge of the leasing company. This business represents an important milestone in the company's cross-border leasing business layout. A relevant person in charge of Haikou Customs stated that the customs will strengthen communication and exchanges with various parties, including the Haikou Integrated Free Trade Zone and leasing companies, to further leverage the policy advantages of the Hainan Free Trade Port. By facilitating financing and customs clearance, it will promote industrial development and accelerate the "going global" of large-scale rail transit equipment made in China. According to statistics from Haikou Customs, as of late May this year, the import value of goods under Hainan Free Trade Port's three "zero-tariff" lists reached 22.69 billion yuan, with tax exemptions and reductions totaling 4.32 billion yuan. The early policy dividends of the Hainan Free Trade Port are emerging, injecting strong momentum into foreign trade growth. 4. Hard to Get a Ticket! Number of Scottish Premiership Sponsors Surges to 20 It was reported that as of June 16, the number of Scottish Premiership sponsors had reached 20, more than three times the number at the start of the season. Amid sustained high popularity, the sponsorship fees for the "Scottish Premiership" had soared to 3 million yuan, and it was hard to get a ticket. Meanwhile, according to booking data from Meituan Travel, the booking volume for cultural and tourism activities in Jiangsu Province during the summer vacation had increased by 41% YoY. Over the past weekend, the tourism order volume in Jiangsu Province had surged to the top nationwide, with the order volume for dining in restaurants in Jiangsu contributed by out-of-town consumers increasing by over 49% YoY. The tourism order volume in Nanjing, the provincial capital, led the country, while Suzhou and Yangzhou had both ranked among the top 10, showing a booming trend of "full bloom". The "Scottish Premiership Effect" was amplified by policy support and the platform economy, driving comprehensive growth in the cultural, tourism, sports, and commercial sectors in Jiangsu. The ongoing Jiangsu Provincial City Football League has recently attracted a large number of fans to attend the games. According to Future Report data, the global football market size reached $55.97 billion in 2024 and is expected to expand at a compound annual growth rate of 3.9%, reaching $70.29 billion by 2030. Fang Guangzhao from Kaiyuan Securities believes that driven by both policy support and market demand growth, the Chinese football industry is expected to usher in a period of rapid development, and it is recommended to actively pay attention to investment opportunities related to the football industry chain. The development of the football industry is expected to drive demand for derivatives such as trading cards and sports lotteries. As a core component of the upstream events in the football industry chain, football clubs are expected to see their value continue to rise. In addition, with the rapid development of the football industry, the demand for high-grade football equipment and materials may increase significantly.

Metals generally rose, with LME zinc and coking coal up over 1%, while crude oil, NYMEX gold, and SHFE gold fell [Overnight Market]

SMM News on June 17: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE zinc rose by 0.48%, while SHFE copper and SHFE aluminum both increased by 0.34%. SHFE nickel led the declines with a 0.92% drop, and the rest of the metals saw slight declines. The main alumina contract rose by 0.46%, and the main aluminum casting contract increased by 0.75%. In addition, the main lithium carbonate contract rose by 0.74%, the main polysilicon contract fell by 0.07%, and the main silicon metal contract rose by 1.1%. The main European container shipping contract fell by 1.39%. In the ferrous metals series, stainless steel fell by 0.48%, and iron ore declined by 0.07%. In the coking coal and coke sector, coking coal rose by 0.7%, and coke increased by 1%. In the overseas market, as of 15:02, overseas market base metals generally declined, with only LME copper and LME aluminum rising together. LME aluminum increased by 0.18%, and LME copper rose by 0.09%. LME nickel fell by 0.52%, and the declines in the rest of the metals fluctuated slightly. In the precious metals sector, as of 15:02, COMEX gold fell by 0.33%, and COMEX silver rose by 0.29%. Domestically, SHFE gold fell by 1.46%, recording two consecutive declines. SHFE silver rose by 0.45%. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] The third China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Linking the World, Creating the Future Together." This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the third expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the third expo has increased by 15% compared to the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council stated that China is a very important market, and US enterprises are willing to continue investing in China, participating in China's economic growth and innovation, and progressing together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win. Promoting mutually beneficial cooperation between China and the US is in the common interests of the business communities of both countries. (Financial News Agency) ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 17 was 7.1746 yuan per US dollar. US Dollar Aspect: As of 15:02, the US dollar index rose by 0.04% to 98.19. The market is expected to focus on a series of monetary policy decisions by multiple central banks this week, primarily on the US Fed. It is widely expected that the US Fed will maintain interest rates unchanged at the end of its policy meeting on Wednesday. Comments made by Fed Chairman Powell after the US Fed's interest rate decision will be closely watched for more clues on the path of interest rate cuts. Macro Aspects: Today, data including the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Indicator for the Eurozone in June, the ZEW Economic Sentiment Indicator for Germany in June, the monthly rate of the US import price index in May, the annual rate of the US import price index in May, the monthly rate of US retail sales in May, the monthly rate of US core retail sales in May, the annual rate of US retail sales in May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, in May, the monthly rate of US industrial production in May, the US capacity utilisation rate in May, the monthly rate of US manufacturing output in May, the US manufacturing capacity utilisation rate in May, and the annual rate of US industrial production, seasonally adjusted, in May, will be released. In addition, it is worth noting that: 182 billion yuan of 1-year medium-term lending facility (MLF) will mature today; Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference; the Bank of Japan will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude Oil Aspects: As of 15:02, oil prices in both markets fell simultaneously, with US crude oil down 0.3% and Brent crude oil down 0.36%. The crude oil market's attention remains focused on the Israel-Iran conflict. In the first half of June, the Strait of Hormuz, a crucial global oil transportation route, operated normally without any transportation disruptions as feared by the outside world. Iran's crude oil exports remained at around 1.75 million barrels per day, indicating that the previously feared risk of crude oil supply disruptions has not materialized for the time being. The latest monthly report released by OPEC shows that the average daily crude oil production of OPEC+ in May was 41.23 million barrels, an increase of 180,000 barrels from April. OPEC's forecast for global oil demand growth remains largely unchanged, at 1.29 million barrels per day this year and 1.28 million barrels per day next year. The supply increase from non-OPEC producers will decrease from 800,000 barrels per day this year to 730,000 barrels per day in 2026, by which time the growth rate of US oil production will slow to 210,000 barrels per day, a 25% decline from the previous level, reflecting reduced capital expenditure and a slowdown in drilling activities. Kazakhstan's oil production in May fell by 21,000 barrels per day to 1.803 million barrels per day, but again exceeded the quota set by OPEC. According to OPEC's latest agreement, Kazakhstan's quota for May was increased from 1.473 million barrels per day in April to 1.486 million barrels per day. (Comprehensive report by Wenhua) SMM Daily Review ► [SMM Daily Review of Nickel Sulphate] Nickel salt prices fell on June 17 ► Sluggish demand persists in the off-season for stainless steel consumption, with low prices failing to boost transactions [SMM Daily Review of Stainless Steel] ► Just-in-time procurement dominates, with rare earth prices remaining stable [SMM Daily Review of Rare Earths] ► [SMM Daily Review of MHP] Indonesian MHP prices slightly declined on June 17 ► Tender transaction prices for molybdenum concentrate remain firm, with strong wait-and-see sentiment in the market [SMM Daily Review of Molybdenum] ► Silver prices continue to consolidate sideways, with spot transactions appearing sluggish [SMM Daily Review]

SMM, June 17: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE nickel down 0.96%. SHFE copper rose 0.24%, and SHFE aluminum edged up. SHFE zinc slightly declined, while SHFE lead and SHFE tin fell 0.18% and 0.39%, respectively. In addition, the main continuous futures contract for foundry aluminum rose 0.62%, and the main continuous contract for alumina increased 0.28%. Lithium carbonate rose 0.67%, silicon metal rose 1.1%, and polysilicon rose 0.24%. The ferrous metals series showed mixed performance, with iron ore down 0.21%, rebar edging up, and HRC slightly declining. Stainless steel fell 0.36%. In terms of coking coal and coke: coking coal rose 1.02%, and coke rose 0.92%. In the overseas metal market, as of 11:42 a.m., LME metals all fell, with LME copper, LME tin, LME aluminum, and LME nickel all declining within 0.5%. LME aluminum fell 0.6%, and LME zinc fell 0.7%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.42%, and COMEX silver fell 0.3%. Domestically, SHFE gold fell 1.54%, and SHFE silver edged up. Citi predicts that gold prices will fall due to weak demand and a US Fed interest rate cut. Citi said that gold prices will pull back to below $3,000 per ounce in the coming quarters. As of the midday close, the most-traded contract for the European container shipping index fell 1.71%, closing at 2031.5. As of 11:42 a.m. on June 17, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on June 17 Spot and Fundamentals Zinc: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 21,940-22,105 yuan/mt, with Shuangyan zinc trading at 22,060-22,235 yuan/mt, and 1# zinc mainly trading at 21,870-22,035 yuan/mt. In the morning session, the market offered premiums of 0-20 yuan/mt against the average price, with no quotes against the contract price... 》Click for details Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% from the previous edition] The 3rd China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Connecting the World, Creating a Shared Future". This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the 3rd Expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the 3rd Expo increased by 15% from the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council expressed that China is a very important market, and US companies are willing to continue investing in China, participating in China's economic growth and innovation, and making progress together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win outcomes. Advancing mutually beneficial cooperation between China and the US aligns with the common interests of the business communities in both countries. (Cailian Press) [The PBOC Conducts RMB197.3 Billion in 7-Day Reverse Repo Operations Today] The People's Bank of China (PBOC) conducted RMB197.3 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. RMB198.6 billion in reverse repos matured today. ► On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.1746 RMB per US dollar. US dollar: As of 11:42, the US dollar index fell by 0.01% to 98.14. The market is looking forward to a series of monetary policy decisions from multiple central banks this week, with a primary focus on the US Fed. It is widely expected that the Fed will maintain interest rates unchanged at the conclusion of its policy meeting on Wednesday. Comments from Fed Chairman Jerome Powell following the Fed's interest rate decision will be closely monitored for clues regarding the path of interest rate cuts. Other currencies: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining its policy interest rate unchanged at 0.5% and slowing the pace of reducing its bond purchases. Starting from April 2026, the BOJ will reduce its bond purchases by JPY200 billion each quarter. The BOJ stated that the Japanese economy is experiencing a mild recovery, although there are still signs of weakness. (Cailian Press) Data: Today, data including the BOJ's policy benchmark interest rate for June 17, the ZEW Economic Sentiment Index for the Eurozone and Germany in June, the monthly and annual rates of the US import price index for May, the monthly rates of US retail sales and core retail sales for May, the annual rate of US retail sales for May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, for May, the monthly rate of US industrial production for May, the capacity utilisation rate of the US for May, the monthly rate of US manufacturing output for May, the manufacturing capacity utilisation rate of the US for May, and the annual rate of US industrial production, seasonally adjusted, for May, will be released. Additionally, it is noteworthy that RMB182 billion in 1-year medium-term lending facility (MLF) loans mature today; BOJ Governor Kazuo Ueda will hold a monetary policy press conference; the BOJ will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures rose. As of 11:42, WTI crude oil increased by 0.47%, and Brent crude oil increased by 0.44%. Heightened tensions in the Middle East have increased the likelihood of deeper instability and disruptions to oil supplies in the region, supporting oil prices. OPEC and its allies, including Russia (OPEC+), stated on Monday that the global economy is expected to remain resilient in the second half of this year. OPEC also revised down its forecast for the growth in oil supply from the US and other non-OPEC countries in 2026. (Webstock Inc.) Spot Market Overview: ► Spot premiums surged significantly after contract rollover, but downstream procurement remained moderate. [SMM South China Spot Copper] ► Trading performance in the spot market was sluggish, with downstream players focusing on executing long-term contracts. [SMM North China Spot Copper] ► Shanghai Zinc: Futures market edged higher, with downstream players resuming wait-and-see stance. [SMM Midday Review] ► Ningbo Zinc: Imports at low prices exert pressure, with premiums continuing to decline. [SMM Midday Review] Midday reviews for other metal spot markets will be updated later. Please refresh to view.