SMM May 30 Report: Metal Market: Overnight, metals in both domestic and overseas markets showed mixed performance. LME nickel rose by 2.56%, and SHFE nickel increased by 1.25%. LME tin fell by 2.48%, and LME lead dropped by 1.11%. SHFE tin decreased by 2.28%, while the price changes of other metals were all within 1%. The main alumina futures contract remained flat at 2,954 yuan/mt. The ferrous metals series also showed mixed performance. Stainless steel rose by 0.39%, iron ore increased by 0.35%, and rebar gained 0.07%. In the coking coal and coke sector, coking coal fell by 1.96%, and coke dropped by 1.31%. In the precious metals sector, as of the overnight close, COMEX gold rose by 0.61%, and COMEX silver increased by 0.84%. Domestically, SHFE gold rose by 0.96%, and SHFE silver increased by 0.28%. Overnight closing prices as of 8:14 AM on May 30 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: [Preview: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00 AM to 11:00 AM on May 30] The CCPIT will organize its regular May press conference at its auditorium from 10:00 AM to 11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will release the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data from the national trade promotion system for April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of events for the Osaka Expo, among others. Zhang Yuzhuo, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), visited the China Automotive Technology & Research Center Co., Ltd. to investigate the company's business development, technological innovation, and Party building work. Zhang Yuzhuo emphasized the need to strive for breakthroughs and master more key core technologies, consolidate the foundation of industrial technology, leverage the leading role of industry standards, and support national automobile brands in better "going global." On May 29, the Ministry of Commerce held a regular press conference. Spokesperson He Yongqian stated that the EU had initiated an anti-dumping investigation into China's passenger car and light truck tire products, to which China expressed great concern. China has consistently advocated for the reasonable and prudent use of trade remedy measures and urged the EU not to hastily impose trade restrictions, but rather to resolve mutual concerns through dialogue and consultation with China. China will closely monitor the EU's subsequent actions and resolutely safeguard the legitimate rights and interests of Chinese enterprises. US Dollar Developments: The US dollar fell by 0.52% overnight as investors prepared for the showdown between US President Trump and the US Court of International Trade's ruling, which blocked most of the proposed tariffs on Wednesday. According to CCTV News, on May 29 local time, the US Court of Appeals for the Federal Circuit granted the Trump administration's request to temporarily suspend a previous ruling by the US Court of International Trade that prohibited the enforcement of an executive order by the Trump administration to impose additional tariffs on multiple countries under the International Emergency Economic Powers Act. The US Court of Appeals for the Federal Circuit also ordered both parties to submit written arguments on the issue of blocking the imposition of tariffs, with relevant documents due to be submitted by early next month. The court will then decide on the next steps. The US dollar showed a relatively small reaction to this news. Concerns that tariffs would lead to an economic slowdown and reignite inflation had weakened the US dollar, while the erratic nature of Trump's policies was seen as diminishing the appeal of US assets to foreign investors. Due to fears of rising inflation, the US Fed had been holding off, as Fed officials were waiting to see how trade policies would affect the US economy. During a private meeting at the White House on Thursday, Trump told Fed Chairman Powell that it was a "mistake" not to cut interest rates, expressing in person a view he had made public several times over the past few months. Earlier this week, after Trump postponed plans over the weekend to impose 50% tariffs on EU imports, US economic pessimism had eased somewhat. Data released by the US showed that the increase in initial jobless claims last week exceeded expectations, and the unemployment rate in May appeared to have rebounded somewhat, indicating that as tariffs cast a shadow over the economic outlook, the number of layoffs continued to rise, weakening the US dollar as a result. Investors were also monitoring the progress of tax cut and spending bills under consideration in Congress. Amid growing concerns about the deterioration of the US fiscal outlook, yields on longer-term US Treasuries rose last week, and demand for the Treasury's 20-year bond auction was weak. In other currency news: The euro rose 0.73% against the US dollar in New York late trading, closing at $1.1374, after dipping to $1.1209, its lowest level since May 19. The US dollar fell 0.57% against the Japanese yen, closing at 143.99 yen. Earlier, it had reached 146.28 yen, its highest level since May 15. The US dollar fell 0.59% against the Swiss franc, closing at 0.822. Earlier this week, the yen also weakened against the US dollar amid reports that Japan would consider cutting the issuance of ultra-long-term bonds following a recent sharp rise in yields. In terms of data: Today, data including the monthly rate of US personal spending in April, the annual rate of the US core PCE price index in April, the annual rate of the US PCE price index in April, the preliminary monthly rate of US wholesale inventories in April, the Chicago PMI for May, the final value of the University of Michigan consumer sentiment index for May, the annual rate of Tokyo CPI in Japan for May, the unemployment rate in Japan for April, the monthly rate of actual retail sales in Germany for April, the annual rate of actual retail sales in Germany for April, the preliminary annual rate of Germany's CPI for May, the annual rate of seasonally adjusted M3 money supply in the eurozone for April, the annualized quarterly rate of Canada's Q1 GDP, the seasonally adjusted quarterly rate of Canada's Q1 GDP, and the annual rate of Canada's seasonally adjusted GDP for March will be released. Additionally, on May 30, the Taiwan Stock Exchange in China was closed for the day due to the Dragon Boat Festival holiday, while the Shanghai Gold Exchange, Shanghai Futures Exchange (SHFE), Zhengzhou Commodity Exchange, and Dalian Commodity Exchange (DCE) in China had no night session trading on the eve of the Dragon Boat Festival. Federal Reserve Governor Adriana Kugler will deliver the opening remarks at the Fifth Annual Online Symposium on Macroeconomics and Finance hosted by the Federal Reserve. Crude oil: Oil prices in both markets rose overnight, with US crude and Brent crude both falling by 1.49%. Investors weighed the potential impact of possible changes in the global trade landscape. The market is also monitoring the possibility of the US imposing new sanctions to curb the flow of Russian crude oil, as well as whether OPEC+ will decide to increase production in July. According to CCTV News, on May 28 local time, a CCTV reporter learned that the US Court of International Trade had blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" on April 2, ruling that Trump had exceeded his authority by imposing across-the-board tariffs on countries that export more to the US than they import. Driven by this news, oil prices rose at the beginning of the trading session. The ruling boosted risk appetite in global markets, but analysts said that given the US government's stated intention to appeal, this relief in pressure may only be temporary. Jim Ritterbusch of Ritterbusch and Associates, a US energy consulting firm, said in a report, "One interpretation of this reaction is that not much has changed, and the uncertainty that has persisted since the implementation of US tariff measures will continue." Fatih Birol, the Executive Director of the International Energy Agency (IEA), said on Thursday that developments in Russia and Iran are a "question mark" for oil prices, putting pressure on crude oil futures. In terms of oil supply, OPEC+, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, may agree to accelerate production increases in July. ING analysts said in a report, "We expect the group to agree to another significant supply increase of 411,000 barrels per day. We anticipate such increases to continue until the end of Q3, as the group is placing greater emphasis on maintaining market share." However, concerns about new sanctions on Russian crude oil persist. Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a report, "From May to August, the data shows a constructive bullish bias, with demand expected to exceed supply." He expects demand growth to outpace supply growth by 600,000-700,000 barrels per day. Crude oil futures narrowed some of their losses on Thursday. Data from the US Energy Information Administration (EIA) showed that US crude oil inventories unexpectedly fell by 2.8 million barrels in the latest week, declining to 440.4 million barrels, which contributed to crude oil futures narrowing some of their losses on Thursday. Analysts had previously expected crude oil inventory to increase by 118,000 barrels last week. (Wenhua Comprehensive)

》[Live] Analysis of Macroeconomics, Power, Infrastructure, Real Estate, and PV Markets; Outlook for Copper and Aluminum Prices; Insights into Cable Technology Trends SMM, May 22: Metal Market: Overnight, most domestic base metals closed in the red, with SHFE tin down 0.36%, SHFE copper down 0.41%, SHFE nickel up 0.32%, SHFE lead down 0.33%, SHFE aluminum down 0.17%, and SHFE zinc down 0.75%. Additionally, the most-traded alumina futures rose 1.85%. Overnight, the ferrous metals series showed mixed performance, with iron ore up 0.48%, stainless steel slightly down, rebar up 0.16%, and HRC up 0.44%. For coking coal and coke: coking coal remained flat at 841.5 yuan/mt, while coke fell 0.18%. Overnight, overseas base metals generally closed lower, with LME copper down 0.34%, LME aluminum up 0.16%, LME lead down 0.1%, LME zinc down 0.96%, LME tin down 0.93%, and LME nickel up 0.72%. Overnight, precious metals: COMEX gold rose 0.97%, hitting a new high in over a week at $3,327.2/oz; COMEX silver rose 1.21%. Overnight, SHFE gold rose 0.92%, and SHFE silver rose 0.86%. As of 8:13 a.m. on May 22, overnight closing prices 》Click to view SMM Futures Data Dashboard Macro Front Domestic: [China Development Bank has issued over 50 billion yuan in special loans for technological upgrades and equipment renewal] According to the China Development Bank, as of the end of April this year, it has issued over 50 billion yuan in special loans for technological upgrades and equipment renewal. Going forward, the bank will strengthen innovation in product models and service mechanisms, and continue to increase financing support for technological upgrades and equipment renewal. [National passenger vehicle market retail sales increased 12% YoY and 18% MoM from May 1-18] Data released by the China Passenger Car Association (CPCA) showed that from May 1-18, nationwide passenger vehicle retail sales reached 932,000 units, up 12% YoY and 18% MoM. Cumulative retail sales for the year so far reached 7.804 million units, up 8% YoY. During the same period, nationwide new energy passenger vehicle retail sales reached 484,000 units, up 32% YoY and 15% MoM, with a retail penetration rate of 52% in the national new energy market. Cumulative retail sales for the year so far reached 3.808 million units, up 35% YoY. (Financial News Agency) [DCE Announces Trading Hours During the 2025 Dragon Boat Festival] The Dalian Commodity Exchange (DCE) announced trading hours during the 2025 Dragon Boat Festival. The market will be closed from May 31 (Saturday) to June 2 (Monday) and will resume normal trading on June 3 (Tuesday). There will be no night session trading on the evening of Friday, May 30. On Tuesday, June 3, the call auction period for all contracts will be from 08:55 to 09:00 AM. Night session trading will resume on the evening of Tuesday, June 3. [Ningxia Ruiyin Lead Resource Recycling Co., Ltd.: Bullish on China's Stock Market, Foreign Capital Inflows Expected to Be a Key Logic in the Coming Quarters] Wang Zonghao, Head of China Equity Strategy Research at UBS Investment Bank, stated on Wednesday that he is bullish on China's stock market, and that foreign capital inflows will be a significant trading logic in the coming quarters, with Hong Kong stocks slightly outperforming A-shares. At a media briefing, Wang Zonghao mentioned that the recent performance of Hong Kong IPOs reflects overseas investors' recognition and interest in China's core assets, indicating that more long-term funds will need to flow back into China's stock market. (Caijing) US Dollar: The US dollar index extended its decline from the previous two trading days overnight, falling by 0.4% to close at 99.61. The US dollar fell against multiple currencies on Wednesday, weighed down by concerns over the US tax cut and spending bill, as well as weak demand for the 20-year US Treasury bond auction, reinforcing the view that the market is shunning US assets. Major US stock indices on Wall Street declined, while US government bond yields rose. The market closely monitored key debates on US President Trump's tax cut bill, exacerbating concerns about the growing US debt. Disagreements persist within the US Republican Party over the details of the tax bill. US President Trump met with House Republicans on Tuesday but failed to convince hardliners within the party to support his comprehensive tax plan. US House Speaker Johnson stated that Republican hardliners still believe the bill does not cut spending enough. Surveys of economists indicate that despite a temporary easing of trade conflicts, the US economic outlook remains weak, with the debate over the country's fiscal health still unresolved. Other Currencies: UK inflation data was hot, but the British pound failed to receive a boost, with market bearish risks intensifying. Reuters reported that the UK's Consumer Price Index (CPI) data showed strong performance, particularly in the closely watched services inflation indicator. Services CPI rose from 4.7% to 5.4%, exceeding the Bank of England's expectations by 0.4 percentage points. This data triggered a repricing in the market, with the current market expectation for an interest rate cut in August at 50%. Previously, the market had a high expectation for downside risks to the British pound, and market reactions showed that the pound's brief rally following the data release quickly reversed. April CPI data often exceeds expectations due to one-off adjustments (such as annual increases in utility and service prices), so the market's reaction was relatively muted. Additionally, market expectations for interest rate cuts have nearly reached their upper limit, constraining the upside potential for the British pound. Currently, the market expects a 35 basis point interest rate cut before the end of the year, down from 40 basis points before the release of CPI data. Overall, the trend of the British pound following the inflation data release has further strengthened the case for a bearish outlook on the currency. (Huitong Finance) Macro Aspects: Today, the following data will be released: flash estimates of the SPGI Manufacturing PMI for France, Germany, and the Eurozone in May; the IFO Business Climate Index for Germany in May; flash estimates of the SPGI Services PMI and SPGI Manufacturing PMI for the UK in May; the CBI Industrial Trends Survey for the UK in May; the CFIB Business Barometer for Canada in May; initial jobless claims in the US for the week ending May 17; continuing jobless claims in the US for the week ending May 10; flash estimates of the SPGI Manufacturing PMI for the US in May; and the annualized total of existing home sales in the US in April. Additionally, notable events include: Thomas Barkin, the 2027 FOMC voter and president of the Federal Reserve Bank of Richmond, attending an event titled "Fed Listens"; the State Council Information Office holding a press conference with Qiu Yong, Vice Minister of Science and Technology, Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission to introduce policies related to science and technology finance and answer questions from reporters; and the European Central Bank releasing the minutes of its April monetary policy meeting. Crude Oil Aspects: Both WTI and Brent crude oil futures rose slightly, with WTI down 1.11% and Brent down 0.4%. Oil prices came under pressure due to bearish US government data. The market is closely monitoring the supply situation in Iran, as well as an unexpected decline in US crude oil inventories. Industry sources said on Tuesday that Kazakhstan's oil production had increased by 2% in May, defying pressure from OPEC to cut production. Data released by the Joint Organizations Data Initiative (JODI) on Wednesday showed that Saudi Arabia's crude oil production rose to 8.96 million barrels per day (bpd) in March, up 0.11% MoM. According to the database, crude oil exports fell 12.11% MoM to 5.75 million bpd. The US Energy Information Administration (EIA) said on Wednesday that US crude oil, gasoline, and distillate fuel inventories all unexpectedly increased in the week ending May 16. US crude oil inventories rose by 1.3 million barrels to 443.2 million barrels in the week ending May 16. Gasoline inventories increased by 816,000 barrels to 225.5 million barrels, while distillate fuel inventories rose by 580,000 barrels to 104.1 million barrels. (Webstock Inc.)

SMM April 30 News: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE copper and SHFE zinc dropping 0.26% and 0.47%, respectively. SHFE tin fell 0.13%, and SHFE nickel fell 0.59%. SHFE aluminum rose 0.23%, while SHFE lead fell 0.38%. In addition, alumina fell 3.1%. Lithium carbonate fell 0.21%, silicon metal fell 1.1%, and polysilicon fell 0.43%. The ferrous metals series all fell, with iron ore dropping 0.85%, rebar falling 0.61%, HRC declining 0.74%, and stainless steel decreasing 0.24%. For coking coal and coke: coking coal fell 0.91%, and coke fell 0.87%. In the overseas metal market, as of 11:42 a.m., overseas base metals were nearly universally down. LME tin and LME zinc fell slightly. LME lead rose 0.1%, LME copper fell 0.55%, and LME aluminum fell 0.28%. LME nickel rose 0.29%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.46%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 0.57%, and SHFE silver fell 0.21%. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose 0.77% to 1,290.4 points. As of 11:42 a.m. on April 30, some midday futures market movements: 》SMM Metal Spot Prices on April 30 Spot and Fundamentals Copper: As of Thursday, April 30, SMM copper inventories in major domestic regions fell 25,500 mt from Monday to 129,600 mt, a decrease of 52,100 mt from last Thursday, achieving destocking for nine consecutive weeks, with the destocking speed accelerating... 》Click for details Macro Front Domestically: 【NBS: April PMI at 49%, Manufacturing Enterprises Focused on Domestic Sales Generally Stable】 The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics (NBS) released China's PMI for April today (30th). Affected by factors such as the rapid changes in the external environment, the manufacturing PMI for April fell from the previous month, but high-tech manufacturing and other related industries continued to expand, and the production and operation of manufacturing enterprises focused on domestic sales remained generally stable. China's manufacturing PMI for April was 49%, a decrease of 1.5 percentage points from the previous month. From the perspective of key industries, the overall market demand for new growth drivers maintained a steady and increasing trend, with domestic market demand showing good growth. The PMI for high-tech manufacturing in April was 51.5%, significantly higher than the overall manufacturing level, continuing a good development trend. The new orders index for consumer goods manufacturing was also at the critical point of 50%, indicating a good release of domestic market demand for consumer goods manufacturing. From the perspective of enterprise expectations, the expected index for production and operation activities in April was 52.1%, continuing to be in expansion territory. From the perspective of non-manufacturing, non-manufacturing as a whole continued to expand, with positive performances in investment, consumption, and new growth driver-related activities. The business activity index for the service sector in April was 50.1%, a decrease of 0.2 percentage points from the previous month, still above the critical point. Among them, activities related to residents' tourism and leisure performed well, and industries related to the information service sector remained active. 》Click for details The People's Bank of China (PBOC) conducted 530.8 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.50%, unchanged from before. As 108 billion yuan in 7-day reverse repos matured today, a net injection of 422.8 billion yuan was realized on the day. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 30 was 7.2014 yuan per US dollar. US Dollar: As of 11:42 a.m., the US dollar index rose 0.12% to 99.34. US data showed that US consumer confidence in April slipped to a nearly five-year low as growing concerns about tariffs weighed on the economic outlook. Market participants will focus on US economic data, including the US Personal Consumption Expenditures (PCE) Price Index released later today and the non-farm payrolls report due on Friday, to further assess the impact of US trade policy on the outlook for US interest rates. Market participants currently believe that the US Fed will cut interest rates by about 97 basis points by the end of 2025. Other Currencies: Australia's Consumer Price Index (CPI) for Q1 rose 0.9%, slightly higher than expected, but the annual rate of core inflation slowed to 2.9%, the lowest level in three years, pulling back into the Reserve Bank of Australia's (RBA) target range. Despite the CPI slightly exceeding expectations, the market still widely expects the RBA to cut interest rates on May 20 to address uncertainties in the global economic outlook. Data showed that rising electricity prices were the main driver of the CPI rebound, while service sector inflation pulled back, supporting expectations for policy easing. (Huitong Finance) Data: Today, the US April ADP employment change, the preliminary Q1 real GDP annualized quarter-on-quarter rate, the preliminary Q1 GDP price index quarter-on-quarter rate, the preliminary Q1 core PCE price index annualized quarter-on-quarter rate, the preliminary Q1 consumer spending annualized quarter-on-quarter rate, the preliminary Q1 GDP implicit deflator quarter-on-quarter rate - seasonally adjusted, the US April Chicago PMI, the US March personal spending month-on-month rate, the US March core PCE price index annual rate, the US March seasonally adjusted pending home sales index month-on-month rate, the Australia Q1 CPI quarter-on-quarter rate, the Australia Q1 CPI annual rate, the preliminary France Q1 GDP annual rate, the Germany March actual retail sales month-on-month rate, the Germany March actual retail sales annual rate, the Germany April seasonally adjusted unemployment rate, the Germany April seasonally adjusted change in the number of unemployed persons, the preliminary Germany Q1 unadjusted quarterly GDP annual rate, the preliminary Germany April CPI annual rate, the Switzerland April Credit Suisse/CFA Economic Expectations Index, the preliminary eurozone Q1 seasonally adjusted GDP quarter-on-quarter rate, the preliminary eurozone Q1 seasonally adjusted GDP annual rate, the Canada February seasonally adjusted GDP annual rate, and other data will be released. It should be noted that on April 30, there will be no night session trading at the Shanghai Gold Exchange (SGE), SHFE, Zhengzhou Commodity Exchange (ZCE), and Dalian Commodity Exchange (DCE) in China due to the Labor Day holiday. Crude Oil: As of 11:42 a.m., crude oil futures fell, with US crude falling 1.21% and Brent crude falling 1.09%. This was due to concerns about weak global economic growth and fuel demand triggered by the US's erratic tariff policies. Daniel Hynes, a senior commodity strategist at ANZ Bank, said that concerns about demand amid trade disputes weighed on investor confidence. He added, "The market is also worried that the recent strength in US economic data is only temporary, driven by stockpiling ahead of tariffs taking effect, and that this effect is now fading." Data released by the American Petroleum Institute (API) showed that US crude oil inventories rose last week, while gasoline and distillate inventories fell. As of the week ending April 25, US crude oil inventories rose by 3.8 million barrels, gasoline inventories fell by 3.1 million barrels, and distillate inventories fell by 2.5 million barrels. Previously, surveyed analysts had expected, on average, an increase of about 400,000 barrels in US crude oil inventories, a decrease of about 1 million barrels in gasoline inventories, and a decrease of about 1.6 million barrels in distillate inventories last week. The US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 on Wednesday. The possibility that OPEC, composed of the Organization of the Petroleum Exporting Countries and its allies, may increase production also weighed on oil prices, especially as trade disputes put pressure on demand. Industry insiders said that several OPEC member countries may propose accelerating the increase in oil production for the second consecutive month in June. (Webstock Inc.) ► Spot Market Overview: ► Copper inventories in major domestic regions fell by 25,500 mt this week [SMM Weekly Data] ► Downstream manufacturers have basically completed pre-holiday stockpiling, with spot premiums under pressure and declining [SMM South China Copper Spot] ► On the last trading day before the holiday, market stockpiling demand cooled [SMM North China Copper Spot] Other metal spot midday reviews will be updated later. Please refresh to view~

In order to stabilise market operation, Dalian Commodity Exchange (DCE) always adhered to its main responsibilities and main business, and kept taking “zero-tolerance” approach to strict supervision market and tight investigation of violations and illegal activities to protect legitimate rights and interests of traders.

Iron ore futures prices slumped 2.91% overnight and extended its rout into today’s morning session, losing 3.11% as of CST 9:31 on November 16.

In February, the prices of imported iron ore fluctuated slightly due to news factors.