【SMM Steel】JSW Steel MD and CEO Jayant Acharya stated at the Citi India Conference on June 4 that the company expects to invest 20 billion USD over the next seven years or approximately 3 billion USD annually. The investment responds to India's needs in infrastructure urbanisation manufacturing growth and domestic consumption. Acharya noted India's per capita steel consumption has now exceeded 115 kg. Over the past five years the ratio of steel demand growth to GDP growth has increased to about 1.5 times from below 1 previously. He added that JSW Steel's expansion strategy urgently requires local supply capabilities for specialty steels including electrical steel packaging steel and advanced high-tensile steel for auto manufacturing and energy transition.

SMM June 8 News: On the metals market front: Overnight last Friday, base metals across domestic and overseas markets fell broadly. In the domestic market, SHFE tin led the decline with a drop of 5.27%, while LME tin fell 4.92%. LME copper dropped 2.78%. LME aluminum, LME zinc, and SHFE copper all fell over 1%, with LME aluminum down 1.84%, LME zinc down 1.52%, and SHFE copper down 1.84%. Declines for the remaining metals were all within 1%. The alumina main contract rose 0.65%, while the cast aluminum main contract fell 0.61%. Overnight last Friday, ferrous metals generally rose. Only stainless steel fell, with a decline of 0.14%, while the remaining metals all increased. HRC and rebar saw gains of around 0.4%, with HRC up 0.47% and rebar up 0.44%. For coking coal and coke, coking coal rose 1.73%, and coke rose 0.15%. In the precious metals market, overnight last Friday, COMEX gold fell 3.35%, recording a weekly decline of 5.21%. COMEX silver plunged 8.08%, with a weekly decline of 10.39%, marking its fourth consecutive weekly drop. Domestically, SHFE gold fell 2.93%, with a weekly decline of 0.66%. SHFE silver fell 7.43%, with a weekly decline of 3.72%. The US achieved another strong month of job growth in May, raising concerns about a potential interest rate hike later this year. As of 8:27 on June 6, the closing market data from overnight last Friday: Macro Front [Foreign Ministry Introduces Arrangements for General Secretary Xi Jinping’s Visit to North Korea] At the invitation of Kim Jong Un, State Affairs Commission Chairman of the Democratic People's Republic of Korea, Xi Jinping, General Secretary of the Central Committee of the Communist Party of China and President of the People’s Republic of China, will pay a state visit to the Democratic People’s Republic of Korea from June 8 to 9. Foreign Ministry Spokesperson Mao Ning stated during a regular press conference on the 5th that this visit marks General Secretary Xi Jinping’s first state visit to North Korea in seven years. During the visit, the top leaders of the two Parties and two countries will exchange views on bilateral relations and issues of common concern. In recent years, under the strategic guidance of General Secretary Xi Jinping and General Secretary Kim Jong Un, the traditional friendly and cooperative relationship between China and the DPRK has maintained sustained, healthy, and stable development, bringing tangible benefits to both countries and their peoples. This year marks the 65th anniversary of the signing of the Treaty of Friendship, Cooperation and Mutual Assistance Between the People’s Republic of China and the Democratic People’s Republic of Korea. The two sides will take this visit as an opportunity to push for greater progress in China-DPRK relations that keeps pace with the times, enhance the well-being of both peoples, and make greater contributions to peace, stability, development, and prosperity in the region and the world. (Xinhua News Agency) Domestic front: On June 5, Premier Li Qiang presided over a State Council executive meeting. The meeting pointed out the need to further strengthen forward-looking layout and increase promotion efforts based on the characteristics of future industries, to firmly grasp the initiative in development. It is necessary to solidify the technological foundation, continuously increase investment in basic research, and systematically deploy breakthroughs in original and disruptive technologies. Ecological construction must be emphasized, promoting the deep integration of industry, academia, research, and application, encouraging close cooperation between upstream and downstream segments of the industry chain, and fostering more startups and unicorn enterprises in key tracks. [Ministry of Housing and Urban-Rural Development Seeks Public Comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments)] The Ministry of Housing and Urban-Rural Development issued a notice to solicit public comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments). Under any of the following circumstances, an employee may withdraw the balance stored in their housing provident fund account: (1) Paying rent; (2) Purchasing, constructing, renovating, or overhauling a self-occupied dwelling; (3) Repaying the principal and interest of a housing purchase loan; (4) Decorating a self-occupied dwelling, up to a certain limit; (5) Paying property management fees for a self-occupied dwelling; (6) Retiring or leaving their post; (7) Completely losing the ability to work and terminating the labor (personnel) relationship with their employer; (8) Emigrating and settling abroad; (9) Other housing consumption circumstances approved by the State Council. (Wall Street CN) The Ministry of Transport and ten other departments issued the Three-Year Action Plan for Promoting High-Quality Development of Small and Mini Passenger Vehicle Rental (2026–2028). The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. US Dollar front: As of overnight closing last Friday, the US dollar index rose 0.62% to 100.07. Previously released data showed strong US employment data for May. The US Bureau of Labor Statistics disclosed that non-farm payrolls added 172,000 jobs in May. Employment data for the previous two months were revised upwards, and job gains over the last three months marked the best performance in more than two years. The unemployment rate held steady at 4.3%, with labour market resilience significantly exceeding overall market forecasts. Nick Timiraos, the Fed mouthpiece, noted that the re-acceleration of spring hiring this year will provide more ammunition for Fed officials who worry about inflation and believe current interest rates are too low to contain a new round of price pressures. Some officials recently hinted that the Fed should be ready to raise interest rates later this year, at least clawing back some of the three 25-basis-point cuts implemented in H2 last year. Those cuts were implemented to stabilize the labour market, which now looks much healthier. This jobs report will not entirely settle the debate over how much the Fed should consider raising rates later this year, but it does further suggest the case for near-term cuts has largely evaporated. The stronger argument for raising rates now comes from the inflation outlook. Multiple overlapping shocks—from AI infrastructure build-out, tariffs, and energy—could keep inflation persistently above the Fed’s 2% target, even if progress is made in restoring commercial shipping traffic through the Strait of Hormuz. If the Fed holds steady as inflation rises, inflation-adjusted real rates would fall. Even if the labour market is not the primary driver, this mechanism could become a key factor driving rate hike discussions. (Jin10 Data APP) Fed official Hammack stated that with the labour market appearing to be roughly balanced, a rate hike may be appropriate soon. Hammack said that while she never over-emphasizes any single data point, today’s employment report confirms again that the labour market appears to be mostly in balance. She noted the unemployment rate remains at 4.3%, which is basically consistent with what I define as maximum employment. “Given the uncertainty in the economic outlook, holding rates steady is appropriate for now. But if recent trends continue, action may soon be needed.” This essentially repeats remarks she made on June 2. (Jin10 Data APP) According to foreign media reports, May non-farm payrolls data far exceeded market expectations, and the US interest rate futures market significantly increased bets on a Fed rate hike at the December meeting. Based on data from LSEG, the rate futures market now prices in a 65% probability of a Fed rate hike in December, up from 48% before the jobs report. For the June meeting, the market still broadly expects the Fed to keep rates unchanged in the 3.50% to 3.75% range. The stronger-than-expected jobs data indicates the US labour market remains resilient, further weakening market expectations for near-term rate cuts while strengthening investor assessment that the Fed may need to resume rate hikes later to counter inflationary pressures. (Jin10 Data APP) According to CME FedWatch: The probability of the Fed keeping rates unchanged in June is 96.6% (compared to 96.4% before the non-farm payrolls release), with a 3.4% probability of a cumulative 25-basis-point cut. The probability of the Fed keeping rates unchanged through July is 90.6%, with a 6.2% probability of a cumulative 25-basis-point hike and a 3.2% probability of a cumulative 25-basis-point cut. (Jin10 Data APP) Macro front: This week, in China, data releases include the China May CPI year-over-year rate, China May PPI year-over-year rate, China May trade balance (TBD), and China May M2 money supply year-over-year rate (TBD), among others. In the US, data releases include the US May New York Fed 1-year inflation expectations, US May NFIB Small Business Optimism Index, US weekly change in ADP employment for the week ending May 23, US April trade balance, US May existing home sales annualized rate, US April wholesale sales month-over-month rate, US May unadjusted CPI year-over-year rate, US May seasonally adjusted CPI month-over-month rate, US May seasonally adjusted core CPI month-over-month rate, US May unadjusted core CPI year-over-year rate, US 10-year note auction yield for June 10, US 10-year note auction bid-to-cover ratio for June 10, US initial jobless claims for the week ending June 6, US May PPI year-over-year rate, US May PPI month-over-month rate, US June preliminary one-year inflation expectations, and US June preliminary University of Michigan Consumer Sentiment Index, among others. In Germany, data releases include the German April seasonally adjusted industrial output month-over-month rate, German April seasonally adjusted trade balance, and German May final CPI month-over-month rate, among others. In the Eurozone, data releases include the Eurozone June Sentix Investor Confidence Index, Eurozone ECB deposit facility rate for June 11, and Eurozone ECB main refinancing rate for June 11, among others. In the UK, data releases include the UK April three-month GDP month-over-month rate, UK April manufacturing output month-over-month rate, UK April seasonally adjusted goods trade balance, and UK April industrial output month-over-month rate, among others. Data including the Bank of Canada interest rate decision for June 10, French May final CPI month-over-month rate, Japan April trade balance, and Switzerland May Consumer Confidence Index will also be released. Furthermore, the Bank of Canada will announce its interest rate decision, and BoC Governor Macklem and Senior Deputy Governor Rogers will hold a monetary policy press conference. The European Central Bank will announce its interest rate decision, and ECB President Lagarde will hold a monetary policy press conference. Crude Oil front: As of overnight closing last Friday, oil prices in both markets fell together, with WTI oil down 3% and Brent oil down 2.37%. However, both recorded weekly gains, with WTI oil up 3.31% weekly and Brent oil up 1.82% weekly. The decline in crude oil prices overnight last Friday was primarily due to reduced market perceptions of a renewed US-Iran conflict. US President Trump stated at a campaign event in Wisconsin on the 5th that the war with Iran would be ended quickly, thus removing a significant factor contributing to high prices. With the midterm elections approaching, US public opinion widely believes the US-Iran war has driven up oil prices and the cost of living, putting pressure on Republican election prospects. (CCTV) Fitch stated in a new report that the closure of the Strait of Hormuz created a logistical supply shock but did not alter the market trend. The agency expects a rapid recovery in regional production, strong supply growth from non-OPEC countries, and potentially more aggressive OPEC policies to re-trigger an oversupply situation in Q4 2026, pushing oil prices downward once the Strait reopens. Based on an assumption that the Strait of Hormuz reopens around month-end July (implying an effective closure period of five months), our baseline expectation is that Brent crude will average $87 per barrel in 2026. Significant uncertainty remains regarding the exact timing of the Strait's reopening, and the risks facing oil prices are binary. The current price increase reflects a transitory logistical supply shock rather than a permanent loss of production capacity. We expect the Strait to reopen around end-July and anticipate a significant decline in Brent prices from the highs seen between March and July. (Jin10 Data APP) According to a Bloomberg survey, OPEC crude oil production fell to its lowest level in decades in May, as the US blockade on Iran and turmoil in the Persian Gulf region continued to suppress output. OPEC oil production dropped by 1.22 million barrels per day in May (half of which came from Iran), falling to 16.33 million barrels per day, its lowest level in at least 37 years. This figure excludes the UAE, which withdrew from OPEC last month. The survey indicated Iran’s oil production plunged last month by 710,000 barrels per day to 2.34 million barrels per day, a five-year low. US Central Command continues to enforce a blockade on all maritime traffic to and from Iranian ports. (Jin10 Data APP) Notably, however, the UK government has raised its domestic crude oil price forecast, believing that even if the US and Iran reach a peace deal, crude oil prices could remain around $100 per barrel through 2028, as it now anticipates energy supply recovery in the Gulf region will take longer. A new analysis warns that pressure on energy prices is higher than previously expected, amid a deteriorating global economic outlook. The UK government previously estimated Persian Gulf supply could recover about six months after the end of the war, but it now believes recovery could take as long as 14 months. (Jin10 Data APP)

SMM June 5 News: Metals market, as of the midday close, domestic base metals all declined. SHFE copper, aluminum, and lead each fell within 0.5%. SHFE zinc fell 0.88%, SHFE tin fell 4.29%, and SHFE nickel fell 1.68%. Additionally, the most-traded casting aluminum futures contract edged down, alumina most-traded contract fell 0.75%, lithium carbonate most-traded contract rose 1.37%, silicon metal most-traded contract fell 1.15%, and polysilicon most-traded futures contract fell 1.76%. Ferrous metals mostly rose, with iron ore falling 0.84%, rebar and HRC both edging up 0.06%, and stainless steel falling 1.05%. Coking coal and coke: the most-traded coking coal contract rose 2.74%, and the most-traded coke contract rose 1.5%. Overseas base metals market, as of 11:39, LME metals fell across the board. LME copper fell 1.05%, LME aluminum fell 0.98%, LME lead fell 0.4%, LME zinc fell 0.99%, LME tin fell 2.05%, and LME nickel fell 0.21%. Precious metals, as of 11:39, COMEX gold fell 0.9% and COMEX silver fell 1.77%. Domestic precious metals: the most-traded SHFE gold contract fell 0.53%, and the most-traded SHFE silver contract fell 1.75%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.02%, and the most-traded palladium futures contract fell 2.4%. As of the midday close, the most-traded European container freight futures contract fell 0.68% to 3,660 points. As of 11:39 on June 5, selected futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper quoted at a premium of 50 yuan/mt, up 20 yuan/mt from the previous trading day; standard-quality copper quoted at a discount of 20 yuan/mt, up 10 yuan/mt; SX-EW copper quoted at a discount of 70 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 105,335 yuan/mt, down 65 yuan/mt from the previous trading day, while the average for SX-EW copper was 105,250 yuan/mt, down 70 yuan/mt. Spot market: Guangdong inventory continued to decline today, marking four consecutive days of decline... Macro front Domestic side: [Strengthening fair competition: China Anti-Monopoly Enforcement Annual Report (2025) released] The State Administration for Market Regulation (the National Anti-Monopoly Bureau) released the China Anti-Monopoly Enforcement Annual Report (2025). The report noted that in 2025, the SAMR continued to step up anti-monopoly enforcement, filing 20 monopoly cases and concluding 22 throughout the year, with total fines and confiscations reaching 653 million yuan; steadily improved the quality and efficiency of business concentration regulation, concluding 706 merger cases, up 9.8% YoY; intensified efforts to remove local protectionism and market segmentation, issued the Implementation Measures for the Fair Competition Review Regulations, strengthened gatekeeping at the source for fair competition review, and market regulation departments at all levels reviewed nearly 60,000 policy measures during the year. (CCTV) [PBOC Reverse Repo Injects Net 92 Billion Yuan Today] The PBOC conducted a 215 billion yuan 7-day reverse repo operation at an interest rate of 1.4%, unchanged from the previous operation. Today, 123 billion yuan in reverse repos matured. On the dollar front: As of 11:39, the US dollar index edged down 0.03% to 99.42. US initial jobless claims for the week ending May 30 came in at 225,000, above the expected 213,000 and the revised prior reading of 212,000, the highest since the first week of February. The four-week moving average was 214,750, up from 208,250 the previous week. Continuing claims stood at 1.777 million, slightly below the expected 1.78 million. The rise in initial claims indicates some softening in the labor market, though they remain at relatively low and stable levels. Continuing claims edged down. It should be noted that continuing claims data are reported with a one-week lag, so next week's data will correspond to this week's initial claims. (Jin10 Data APP) According to the CME FedWatch Tool: The probability that the Fed will keep interest rates unchanged through June is 96.4%, while the probability of a cumulative 25-basis-point cut is 3.6%. Through July, the probability of rates staying unchanged is 88.5%, the probability of a cumulative 25-bp rate hike is 8.2%, and the probability of a cumulative 25-bp cut is 3.2%. The Fed's Mary Daly said that monetary policy is currently in a good place, but the economic situation is too uncertain to clearly determine the path of interest rates. Daly stated that providing forward guidance is not appropriate at this time because it is impossible to predict how the economy will evolve, and the most concerning issue is inflation, with the focus on rising energy and food prices. Bringing inflation back to target is the Fed's top priority. Daly also said that while there is no clear evidence in the economic data yet that AI is boosting productivity, she remains optimistic about the technology and believes 2027 will be a litmus test; at the same time, she sees no financial stability concerns related to AI investment. (Jin10 Data APP) Data: Today, data including the US unemployment rate for May, US seasonally adjusted non-farm payrolls for May, US average hourly earnings year-over-year for May, US average hourly earnings month-over-month for May, UK Halifax seasonally adjusted house price index month-over-month for May, French industrial production month-over-month for April, French trade balance for April, Eurozone Q1 revised GDP annual growth rate, and Eurozone Q1 final seasonally adjusted employment change quarter-over-quarter will be released. Additionally, 2028 FOMC voting member and Kansas City Fed President Schmid participated in a fireside chat, while 2027 FOMC voting member and San Francisco Fed President Daly delivered a speech. Crude Oil: As of 11:39, oil prices on both exchanges moved sideways, with WTI up 0.19% and Brent up 0.46%. The market focused on developments in the geopolitical conflict. UK-based maritime analytics firm Windward reported on the 4th that satellite imagery showed loading operations had resumed at Iran’s key oil export hub, Kharg Island. The report stated that satellite images captured on June 2 showed a very large crude carrier (VLCC) moored near the western offshore terminal of Kharg Island, marking the first confirmed vessel to berth since the facility halted operations in early May due to a suspected oil leak. On June 3, loading operations were underway simultaneously for the VLCC at the western berth and a Panamax tanker at the eastern T-jetty. By the 4th, the VLCC had completed loading and departed, while the Panamax remained berthed at the terminal. Windward noted that the simultaneous resumption of services at both terminals indicates Iran is actively working to restore crude export capacity. The report also highlighted continued frequent activity by small fast-attack craft of Iran’s Islamic Revolutionary Guard Corps (IRGC) throughout the Strait of Hormuz. The ongoing high tempo of operations suggests that the IRGC Navy remains on heightened alert to support Iran-linked vessels in the Strait. (Xinhua News Agency) On Friday, an explosion occurred near the Mina Al Fahal crude terminal in Oman. Details on the cause and scale remain limited, but the incident was reportedly a drone attack. The spillover of geopolitical risks has drawn close attention from multiple parties. (Jin10 Data App) Furthermore, eight OPEC+ member countries will hold an online meeting on Sunday to review supply policy for March. According to delegates, OPEC+ is still prepared to approve the suspension of production increases, even after US threats against member Iran helped push oil prices to $70. A delegate previously suggested that a major supply disruption could prompt the group to act, but for now, their stance appeared unaffected by this week’s crude price rally. OPEC+ faces a more uncertain choice at its subsequent monthly meeting, which will likely be held in early March, when it must decide on a course of action after the Q1 production-increase pause expires. Other members like Saudi Arabia and the UAE have already shown notable signs of eagerness to continue restoring output. However, whether further increases are feasible is another question. (Jin10 Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

SMM June 5 News: Metals market: Overnight, base metals fell broadly across both domestic and overseas markets, with only LME copper and SHFE copper rising together. LME copper rose 0.86%, and SHFE copper rose 0.64%. LME tin and SHFE tin both fell over 2%, with LME tin down 2.24% and SHFE tin down 2.1%. SHFE nickel fell 1.25%, while the remaining metals declined less than 1%. The alumina front-month contract fell 1.36%, and the casting aluminum front-month contract fell 0.04%. Overnight, ferrous metals generally fell. Stainless steel and iron ore both dropped over 1%, with stainless steel down 1.01% and iron ore down 1.23%. Hot-rolled coil and rebar each fell around 0.4%. Coking coal and coke both rose, with coking coal up 1.23% and coke up 0.88%. Precious metals: Overnight, COMEX gold rose 0.79% and COMEX silver rose 0.58%. In China, SHFE gold rose 0.43% and SHFE silver rose 0.73%. As of 6:42 AM on June 5, overnight closing prices: Macro Front China: [PBOC: Conducted 500 billion yuan outright reverse repo operation] The PBOC announced that to maintain ample liquidity in the banking system, on June 5, 2026, the People's Bank of China would conduct a 500 billion yuan outright reverse repo operation through fixed-quantity, interest rate tender, and multiple-price winning method, with a term of 3 months (92 days) and a maturity date of September 5, 2026 (to be extended in case of holidays). US dollar: As of the overnight close, the US dollar index fell 0.09% to 99.44. US Fed's Daly stated that monetary policy is currently in a good position, but the economic outlook is too uncertain to provide clarity on the direction of interest rates. Daly said it is not appropriate to offer forward guidance at this time, as it is impossible to predict how the economy will develop. The most concerning issue at present is inflation, with the focus on rising energy and food prices, and bringing inflation back to the target level is the Fed's top priority. Daly also noted that although there is no clear evidence in current economic data that artificial intelligence has boosted productivity, she remains optimistic about the technology and believes 2027 will be the litmus test; meanwhile, she has not identified financial stability concerns related to AI investment. (Jin10 Data APP) Data from the New York Fed showed that global supply chains remained under pressure in May due to the Middle East conflict, indicating that inflationary pressures will remain severe for the foreseeable future. The latest Global Supply Chain Pressure Index pulled back slightly to 1.77 from April's unrevised reading of 1.82. The index remained near levels seen in the second half of 2022. (Wallstreetcn) According to CME FedWatch: The probability of the US Fed holding rates unchanged through June was 96.4%, with a 3.6% probability of a cumulative 25 basis point interest rate cut. The probability of the Fed holding rates unchanged through July was 88.5%, with an 8.2% probability of a cumulative 25 basis point rate hike and a 3.2% probability of a cumulative 25 basis point interest rate cut. (Jin10 Data APP) Macro front: Data to be released today include the US May unemployment rate, US May seasonally adjusted non-farm payrolls, US May average hourly earnings year-on-year, US May average hourly earnings month-on-month, UK May Halifax seasonally adjusted house price index month-on-month, France April industrial output month-on-month, France April trade balance, Eurozone Q1 GDP year-on-year revised, and Eurozone Q1 seasonally adjusted employment quarter-on-quarter final. In addition, 2028 FOMC voter and Kansas City Fed President Schmid will participate in a fireside chat, and 2027 FOMC voter and San Francisco Fed President Daly will deliver a speech. Crude oil: As of the overnight close, oil prices in both markets fell, with WTI crude down 3.24% and Brent crude down 2.5%. The market pinned hopes on the possibility of an end to the US-Iran conflict; however, US crude oil inventory declines exceeded expectations and market supply remained constrained, providing a foundation for oil prices to move higher. Iran's crude oil and condensate exports fell to at least a six-year low in May, with daily average exports well below 300,000 barrels per day, mainly due to the US naval blockade imposed since April 13. At that time, Iran nearly completely blocked the Strait of Hormuz, disrupting exports from Saudi Arabia, Kuwait, Iraq, and the UAE, and the oil market faced a supply deficit. Vortexa data showed Iran's May exports were approximately 209,000 bpd, down from 1.34 million bpd in April and nearly 1.9 million bpd in March, the lowest level since the end of 2019. Another agency, Kpler, estimated May exports at approximately 260,000 bpd, also a six-year low. (Wallstreetcn) According to data released by the US Energy Information Administration (EIA) on Wednesday, for the week ending May 29, total US crude oil and petroleum product inventories fell by 10.6 million barrels from the previous week to 1.57 billion barrels, the lowest level since 2004. Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) fell by 8 million barrels in a single week to 433.7 million barrels, marking the sixth consecutive weekly decline, far exceeding analysts' prior expectations of a 3.3 million barrel draw. (Wallstreetcn) Fitch stated that the Strait of Hormuz closure has lasted 14 weeks, and it assumes the strait will not begin to reopen until July. Fitch raised its 2026 Brent crude oil average price assumption from $70/barrel in March to $87/barrel. (Jin10 Data APP)

SMM June 3 News: Metals market: As of the midday close, base metals on the domestic market rose nearly across the board. SHFE copper gained 1.03%, SHFE aluminum rose 0.45%, SHFE lead rose 0.45%, SHFE zinc gained 1.61%, SHFE tin rose 1.83%, and SHFE nickel fell 0.64%. In addition, the most-traded casting aluminum futures rose 0.39%, and the most-traded alumina futures fell 1.51%. The most-traded lithium carbonate futures continued the downtrend from the previous two trading days, falling 2.58%. The most-traded silicon metal futures rose 0.63%. The most-traded polysilicon futures fell 1.96%. Ferrous metals showed mixed performance. Iron ore was flat at 784.5 yuan/mt, rebar edged down 0.09%, hot-rolled coil fell 0.21%, and stainless steel rose 0.2%. Coking coal and coke: the most-traded coking coal contract fell 0.26%, and the most-traded coke contract rose 0.18%. Overseas base metals, as of 11:41, LME metals showed mixed performance. LME copper fell 0.34%, LME aluminum rose 0.17%, LME lead and LME nickel both fell within 0.4%. LME zinc and LME tin edged up. Precious metals, as of 11:41, COMEX gold fell 0.16% and COMEX silver fell 0.29%. Domestic precious metals: the most-traded SHFE gold contract rose 0.07%, and the most-traded SHFE silver contract rose 0.18%. In addition, as of the midday close, the most-traded platinum futures fell 0.82%, and the most-traded palladium futures rose 1.02%. As of the midday close, the most-traded Europe containerized freight index contract fell 0.67%, closing at 3,758 points. As of 11:41 on June 3, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, #1 copper cathode spot prices against the front-month contract in North China were reported at an average discount of 400 yuan/mt to a discount of 300 yuan/mt, with the average discount of 350 yuan/mt down 20 yuan/mt from the previous trading day. The average transaction price was 106,360 yuan/mt, up 825 yuan/mt from the previous trading day... Macro front China: [PBOC reverse repo operations achieved a net withdrawal of 177.6 billion yuan on the day] The PBOC conducted zero reverse repo operations today. As 177.6 billion yuan in 7-day reverse repos matured today, a net withdrawal of 177.6 billion yuan was achieved on the day. [ Zibo, Shandong: Optimizing housing provident fund usage policies ] Zibo officially implemented new optimized provident fund policies, adopting multiple measures to boost housing consumption and safeguard residents' essential and upgrading housing needs. The new policies broadened the scope of provident fund withdrawals, allowing down payment and owner-occupied housing withdrawals to be linked with funds from the homebuyer's spouse, both parents, and children. Elevator installation withdrawals were also expanded to include old elevator replacement scenarios. Lending side, housing unit count can be reduced for families with multiple children, purchases of high-grade residential properties or completed homes, and one loan record can be waived for trade-in policies; the upper limit of second-hand housing age plus loan term was raised to 50 years, and the lending ban on properties over 300㎡ was lifted. The new policy added loan extension services, while opening up commercial-to-provident fund and commercial-to-combined loan conversions for flexible employment workers, further reducing residents' home purchase and repayment costs. US dollar: As of 11:41, the US dollar index rose 0.03% to 99.24. US April JOLTs job openings surged from 6.89 million in March to 7.62 million, reaching the highest level in nearly two years, while layoffs declined. These signs indicated that the labour market remained robust despite pressure on enterprises from rising energy costs caused by the Iran war. The professional and business services sector accounted for nearly all of the increase. Total hiring fell to 5.12 million, partially offsetting the sharp increase in March, while layoffs also declined to 1.69 million. These data suggested that US labour demand has stabilized this year compared to near-zero job growth in 2025. Although job openings remained well below levels reached during the post-pandemic reopening period, this stability may further undermine the case for interest rate cuts, with US Fed officials increasingly discussing the possibility of rate hikes. According to CME "FedWatch": the probability of the US Fed maintaining rates unchanged through June was 98.6%, with a 1.4% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed maintaining rates unchanged through July was 92.4%, with a 6.3% probability of a cumulative 25 basis point rate hike, and a 1.3% probability of a cumulative 25 basis point interest rate cut. Fed Chairman Waller has hired two outside individuals as advisors to assist him in the early stages of his tenure; one of them co-authored a conservative policy blueprint that recommended sweeping structural reforms to the US Fed. According to people familiar with the matter, one of the advisors is Paul Winfree. He served as a White House domestic policy expert during Trump's first term. He is also a credited author of the US Fed chapter in "Project 2025," a conservative policy blueprint developed ahead of the 2024 election. The other advisor is Daniel Heil, a policy fellow at Stanford University's Hoover Institution who served as an economic policy advisor to the 2016 presidential campaign team. His recent writings have primarily focused on cutting federal healthcare spending costs and social security issues. Both individuals have long been active in conservative policy circles, and their professional backgrounds lie in areas outside the US Fed's core responsibilities. A person familiar with the matter said the two advisors would work on temporary contracts to assist Warsh with policy analysis and planning; Warsh has not yet made a final decision on whether they will take on longer-term, formal job titles within the US Fed. (Jin10 Data APP) Other currencies: Traders were reluctant to push the yen exchange rate above the key 160 level amid the risk of intervention by Japanese authorities to support the yen. The yen edged down to near 160 in early Wednesday trading, touching its weakest level since the authorities intervened in late April. The yen still declined despite Japan spending a record 11.73 trillion yen ($73.35 billion) to support the currency between April 28 and May 27. Finance Minister Katayama Satsuki reiterated on Wednesday that the authorities were prepared to respond to foreign exchange fluctuations at any time as needed. Gaitame.com Research Institute analyst Nakamura Tsutomu said: "As USD/JPY approaches the 160 level, intervention concerns are escalating rapidly, triggering a psychological battle in the market, but a test of 160 could happen at any time. With almost no signs of a breakthrough in US-Iran permanent ceasefire negotiations, pressure on the yen is increasing. The large interest rate differential between the US and Japan is also putting the yen under pressure after the Bank of Japan kept rates unchanged in April. Bank of Japan Governor Ueda Kazuo is scheduled to speak on Wednesday afternoon, his last scheduled speech before the central bank's rate-setting meeting on June 16." Overnight index swaps indicated the probability of a rate hike this month was approximately 84%. (Jin10 Data APP) Australia's economic growth slowed more than expected last quarter as households cut spending in the face of rising fuel costs and higher interest rates. Government data released on Wednesday showed GDP grew 0.3% in the first three months of the year, below expectations and roughly one-third of the Q4 2025 growth rate. The 2.5% annual growth rate also fell short of expectations. The head of national accounts at the Australian Bureau of Statistics said: "Economic growth slowed in the March quarter, with mild household and public sector spending. Rising interest rates and significantly higher fuel costs in March likely created an environment of more cautious consumer behavior." Swap traders consolidated the view that the probability of a rate hike at the August meeting was only slightly above 50%, and maintained the view that the Reserve Bank of Australia may raise rates once more before year-end. (Jin10 Data APP) Data: Data to be released today include US May ADP employment, US May S&P Global Services PMI final, US May ISM Non-Manufacturing PMI, US April factory orders month-over-month, France May Services PMI final, Eurozone May Services PMI final, Eurozone April PPI month-over-month, Germany May Services PMI final, UK May Services PMI final, and Australia Q1 GDP annual rate. In addition, attention should be paid to: Bank of Japan Governor Ueda Kazuo will deliver a speech, and US Fed Governor Barr will participate in a dialogue at the 2026 Community Development Bankers Association Peer Forum. Crude oil: As of 11:41, oil prices in both markets rose, with WTI up 0.92% and Brent up 0.82%. According to CCTV News: On June 2 local time, the US Central Command stated that US forces took action against an oil tanker heading to an Iranian port in the Arabian Gulf and disabled it. The war between Iran and the US has no end in sight, diplomatic negotiations have stalled, and military conflicts in the Gulf region continue to escalate. A series of developments indicate that this conflict, which erupted in late February this year, continues to drain all parties through repeated frictions. Oil prices rose after the news broke. (Wallstreetcn) US API crude oil inventory for the week ending May 29 was -6.757 million barrels, vs. expectations of -3.605 million barrels and a prior value of -2.819 million barrels. US API gasoline inventory for the week ending May 29 was 3.454 million barrels, vs. expectations of -98,000 barrels and a prior value of -3.199 million barrels. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM June 3 News: Metals market: Overnight, base metals generally rose across both domestic and overseas markets, with only LME nickel and SHFE nickel declining together. LME nickel fell 0.05%, and SHFE nickel fell 0.28%. SHFE tin and LME tin rose over 2%, with SHFE tin up 2.22% and LME tin up 2.6%. LME lead, LME zinc, SHFE copper, and SHFE zinc all rose over 1%, with LME lead up 1.24% and LME zinc up 1.37%. SHFE zinc rose 1.57%, SHFE copper rose 1.05%, and the remaining metals gained less than 1%. The alumina front-month contract fell 1.23%, while the foundry aluminum front-month contract rose 0.9%. Overnight, ferrous metals generally rose, with iron ore being the only decliner, down 0.13%. The remaining metals gained less than 1%. For coking coal and coke, coking coal rose 0.44% and coke rose 0.88%. Precious metals: Overnight COMEX gold rose 0.29%, and COMEX silver rose 0.25%. In China, SHFE gold rose 0.17% and SHFE silver rose 0.24%. As of 6:44 AM on June 3, overnight closing prices: Macro Front China: [The State Council issued the "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization": Encouraging the establishment of rural revitalization funds through market-oriented approaches and supporting eligible enterprises in bond financing for rural revitalization] The State Council issued the "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization." It mentioned improving the agricultural and rural investment mechanism, establishing a diversified investment structure with fiscal priority guarantees, financial sector focus, and active social participation, ensuring continuously strengthened investment in rural revitalization. Agriculture and rural areas will be prioritized in general public budget guarantees, making good use of central government budgetary investment, local government bonds, and other funding channels, strengthening full-chain supervision of rural revitalization funds, strictly investigating fraud, misappropriation, and other issues, and improving the effectiveness of fiscal policies supporting agriculture and fund efficiency. The rural financial service system will be improved, medium and long-term lending to agriculture and rural areas will be increased, rural digital inclusive finance will be developed, and rural credit system construction will be promoted. The risk protection role of agricultural insurance will be leveraged, development of local specialty agricultural product insurance will be supported, and claims settlement efficiency will be improved. Private investment will be guided to participate in rural revitalization in a lawful, standardized, and orderly manner, capital market services for agriculture-related entities will be enriched, the establishment of rural revitalization funds through market-oriented approaches will be encouraged, and eligible enterprises will be supported in bond financing for rural revitalization. [Unitree Robotics' STAR Market IPO approved] On June 1, the SSE Listing Review Committee held its 31st listing review meeting of 2026. The review results showed that Unitree Robotics Co., Ltd.'s IPO met the issuance conditions, listing conditions, and information disclosure requirements. (Jin10 Data APP) US dollar: As of overnight close, the US dollar rose 0.03% to 99.22. Data from the US Bureau of Labor Statistics (BLS) showed that US job openings in April jumped to their highest level in nearly two years, with professional and business services accounting for nearly all of the gains, and layoffs declined. This further indicated that the labour market remained resilient even as businesses had to cope with rising energy costs triggered by the Iran war. The data suggested that labour demand was stabilizing this year after employment growth nearly stalled in 2025, which could further weaken the case for interest rate cuts, especially as US Fed officials were increasingly discussing the possibility of rate hikes. (Wallstreetcn) According to sources, Fed Chairman Kevin Warsh hired conservative policy analysts Paul Winfree and Daniel Heil as temporary advisors. The two will assist Warsh with policy analysis and special projects, serving in a temporary capacity. (Wallstreetcn APP) Fed Chairman Warsh stated in a memo sent and reviewed by Reuters: "Our top priority will be getting policy right to serve our mandate and the national interest. We will ensure we create an environment that supports our staff in doing their best work and building their careers. We will not rely on past practices when we find better alternatives. In the coming quarters, I hope we can engage together in open, clear-eyed discussions about the Fed's strategy, policy, and operations." (Wallstreetcn APP) According to CME "FedWatch": The probability of the US Fed maintaining rates unchanged through June was 98.6%, with a 1.4% probability of a cumulative 25 basis point cut. The probability of maintaining rates unchanged through July was 92.4%, with a 6.3% probability of a cumulative 25 basis point hike and a 1.3% probability of a cumulative 25 basis point cut. (Jin10 Data APP) Macro: Today will see the release of China's May RatingDog Services PMI, US May ADP employment figures, US May S&P Global Services PMI final reading, US May ISM Non-Manufacturing PMI, US April factory orders month-over-month, France's May Services PMI final reading, Eurozone May Services PMI final reading, Eurozone April PPI month-over-month, Germany's May Services PMI final reading, UK May Services PMI final reading, and Australia's Q1 GDP year-over-year, among other data. In addition, Bank of Japan Governor Ueda Kazuo will deliver a speech, and US Fed Governor Barr will participate in a dialogue at the 2026 Community Development Bankers Association Peer Forum. Crude oil: Overnight, oil prices rose across both markets, with WTI up 1.33% and Brent up 1.01%. The market was still awaiting progress in US-Iran negotiations, and combined with continued declines in global crude oil inventory and expectations of peak summer demand season, multiple factors supported oil price strength. American Petroleum Institute (API) data showed that last week, US API crude oil inventory was -6.757 million barrels, compared to -2.819 million barrels the previous week. Last week, API Cushing crude oil inventory was -279,000 barrels, versus -2.875 million barrels previously. Last week, API gasoline inventory was +3.454 million barrels (previous: -3.199 million barrels), and distillate inventory was -214,000 barrels (previous: +11.03 million barrels). (Wallstreetcn APP) IEA oil head: Rising prices and a weak economic outlook led to declining transport fuel demand. If crude oil shipments through the Strait of Hormuz do not resume, oil inventory drawdowns will continue into the summer. Inventory could reach critical levels before peak summer demand arrives. (Wallstreetcn APP) Tom Baker, Managing Director for Bahrain at global commodities trading giant Vitol, stated that the oil market was underestimating some of the risks from the Iran war. Baker said at the S&P Global Energy Middle East Petroleum and Gas Conference in London: "Crude supply may be able to recover, but from a refined petroleum products perspective, the system may struggle to catch up for the remainder of the year." (Wallstreetcn APP)

May 31, 2026 Over the past two weeks, the price of gold has failed to recover further. Instead, its failure to break through the falling 50-day moving average increased downward pressure, causing gold to be pushed back down to $4,366 this morning—and thus to the 200-day moving average—amid the resurgent Iran crisis. Silver presents a similar picture; here, even lower price targets are in play. Overall, precious metals have been in a healthy but treacherous and confusing correction since the end of January, one that is likely not yet over. The ongoing conflict in the Middle East remains the dominant and highly unpredictable risk factor for commodity and financial markets . A sustainable solution does not appear to be in sight. Rather, physical oil and gas shipments through the Strait of Hormuz remain well below pre-crisis levels. Europe’s reserves have so far cushioned the supply bottlenecks but are now nearing depletion. As long as the logistical bottlenecks remain unresolved, volatility will stay high. In addition, the vulnerability of financial markets is increasing. Short-term signs of peace can abruptly push oil prices down, while setbacks or military escalations drive them back up just as quickly—an environment in which precious metals are also suffering. On the macro side, however, the dilemma for risk assets is intensifying, particularly for the heavily overbought stock markets. The recent price increases caused by rising energy prices heighten the risk of accelerating inflation, meaning central banks could be forced to raise interest rates and tighten monetary policy. Whether the central banks can actually implement this at all, given the complex and fragile starting point, remains questionable, however. However, the mere expectation of higher real interest rates could put further pressure on the gold price, even if this interest rate trend ultimately fails to materialize. At the same time, rising energy prices are supporting the inflation outlook and, in the long term, the demand for inflation-protected assets . China continues to shift into gold Chinese holdings of U.S. Treasury bonds, as of May 25, 2026. © Bloomberg At the same time, China’s holdings of U.S. Treasuries have fallen to their lowest level since 2008, while official gold reserves continue to rise. China is thus consistently shifting assets from dollars to gold. However, the decline in Treasury holdings is also, to some extent, a matter of accounting. A significant portion of China’s reserves was apparently held through custodians such as Belgium or transferred to the balance sheets of state-owned banks. Economically, the exposure to U.S. Treasury bonds thus remains, even if it no longer appears directly under China’s name in official statistics. The composition has therefore changed more significantly than the actual risk. What is changing, however, is the nature of sovereign risk management. Like other strategically minded nations, China is gradually reducing its vulnerability to assets carrying political counterparty risk. While U.S. Treasuries are liquid and deeply traded, they ultimately remain claims within a Western-dominated financial system. Under extreme conditions, they can be frozen or subject to sanctions. Gold, on the other hand, has no issuer, no counterparty risk, no digital barriers to access, and has been money for millennia. The Chinese are not seeking an abrupt exit from the Western financial system, but rather a reduction in dependence and greater freedom of action. Nevertheless, the price of gold has been in a correction since the end of January, which, in our view, is more than justified and, above all, healthy following the spectacular gains of the past three and a half years. Semiconductor Boom vs. Dot-Com Bubble, May 27, 2026. © The Great Martis The only real cause for concern is that stock markets have recently surged into parabolic price movements amid a very fragile, geopolitically strained environment. The AI rally has driven semiconductor stocks in particular into completely overvalued territory: The semiconductor sector is currently more overbought than it has been in twenty years. NVIDIA is trading at a trailing P/E ratio of around 33 and has posted a 44% gain in the last two months alone. Micron Technology has seen its share price rise by 1,450% over the past 14 months! Margin levels (i.e., speculative trading on credit) stand at approximately $1.3 trillion (5.2% of GDP), exceeding the peak levels of 2008 and the dot-com era. Should a reversal and correction occur here, precious metals are likely to be dragged down with them in a temporary liquidity crunch. That is why we would like to mention our worst-case scenario of $3,500 for the gold price once again at this point. Gold – Our price target “200-day line” was reached today Gold in US dollars, daily chart as of May 28, 2026. © GOLD.DE As suspected, the falling 50-day line ($4,628) has stopped the gold price twice on its way up over the past six weeks. In light of this difficult-to-overcome and psychologically burdensome barrier, a new, sharp downward wave began on May 12, which today reached our repeatedly mentioned price target in the form of the 200-day line ($4,392). This means that, in our view, the bulk of the correction potential for the gold price has been exhausted for now. We had consistently emphasized that the first support level at the 200-day moving average of $4,100 from March 23 did not constitute a sufficiently solid foundation. However, the problem is that the silver price has not yet reached its 200-day moving average (US$66.56) during the correction that has been underway since late January, and no real panic has yet been observed in the precious metals sector. Despite the already oversold conditions in the gold market, we would therefore not be surprised to see the correction continue down to the lower Bollinger Band on the weekly chart ($4,289). Overall, the price action reflects a typical spring correction. We already see buying opportunities again between $4,250 and $4,400. We initially expect a bottom to form in this range, which should then lay the foundation for a foreseeable recovery and the summer rally. Conclusion: Gold – Correction Continues, Buying Opportunities Ahead Gold and silver have been undergoing a healthy but not yet complete correction since late January: Gold failed twice at the falling 50-day moving average and has now fallen back to its 200-day moving average. Silver, on the other hand, still faces significantly more downside risk, as the 200-day moving average has not yet been tested at all. Although a test of the lower weekly Bollinger Bands around $4,280 on the gold market would therefore not be surprising, we already see attractive entry prices between $4,250 and $4,400. However, macroeconomic and geopolitical risks remain high and are increasing volatility in the short term: The Iran crisis and the ongoing bottlenecks through the Strait of Hormuz continue to weigh on commodity and energy markets and weaken Europe’s security of supply. In the long term, however, China’s shift from U.S. Treasuries to gold supports demand for precious metals. Only a broad-based sell-off in the heavily overbought stock markets—driven by high margin leverage and an overheated semiconductor/AI rally—could also put gold under significant short-term pressure in the event of a liquidity crunch; our worst-case scenario therefore remains $3,500. Source： https://goldinvest.de/en/gold-correction-continues-buying-opportunities-are-emerging

SMM June 1 Update: Metals market: Last Friday's overnight session saw base metals collectively decline in both domestic and overseas markets. LME copper and LME tin both led the decline with a 0.98% drop. SHFE zinc fell 0.86%, while declines in other metals were relatively small. The alumina front-month contract closed flat at 2,888 yuan/mt, and the foundry aluminum front-month contract fell 0.26%. Last Friday's overnight ferrous metals session showed mixed performance. Stainless steel fell 0.74%, and iron ore dropped 0.26%. Hot-rolled coil and rebar both rose around 0.2%. In coking coal and coke, coking coal rose 0.7% and coke rose 0.89%. Last Friday's overnight precious metals session: COMEX gold rose 0.83%, up 1.03% on the week but down 1.29% on the month, marking a third consecutive monthly decline. COMEX silver fell 0.43% overnight last Friday, down 0.81% on the week but up 2.1% on the month. In China, SHFE gold rose 1.61%, down 0.23% on the week and down 1.61% on the month, also recording a third consecutive monthly decline alongside the overseas market. SHFE silver rose 0.64% overnight last Friday, down 1.23% on the week but up 3.08% on the month. As of 8:25 AM on May 30, last Friday's overnight closing prices: Macro Front China: From January to April, total operating revenue of national state-owned and state-holding enterprises fell 0.5% YoY, while total profits rose 1.9% YoY. Specifically, total operating revenue was 26.27 trillion yuan, and total profits were 1.37 trillion yuan. Taxes payable rose 3.9% YoY to 2.12 trillion yuan. At the end of April, the asset-liability ratio of state-owned enterprises was 65.5%, up 0.4 percentage points YoY. (Xinhua News Agency) On May 29, it was reported that in Q1, China's integrated circuit exports reached $72.47 billion, up 77.5% YoY, of which memory product exports reached $45.99 billion, up 174.2% YoY. The surge in memory product exports also transmitted to supply chain service segments. The head of a logistics company said that since the beginning of this year, the company's orders related to memory exports had doubled, with large orders exceeding 100 million yuan per transaction increasing significantly. Industry insiders noted that the explosive growth in memory product exports was driven by both cyclical factors of tight global supply and demand, as well as structural industrial changes including industry chain upgrades and market share gains in China's domestic memory sector. The Deputy Secretary General of the Shenzhen Electronics Chamber of Commerce said that compared with March last year, memory prices had risen nearly tenfold, with some even seeing more than tenfold increases. The rise was mainly due to the significant price increases, which drove up the total (export) value. Domestic brand prices had a significant price spread compared with ex-China brands, making them very competitive. (CCTV Finance) [MIIT and Six Other Departments: Encouraging Equipment Manufacturing in Aerospace, Shipbuilding, Automotive, Robotics and Other Sectors] On May 29, the General Office of the Ministry of Culture and Tourism, the General Office of the Central Publicity Department, the General Office of MIIT, the General Office of the Ministry of Education, the General Office of the State-owned Assets Supervision and Administration Commission of the State Council, the General Office of the National Cultural Heritage Administration, and the General Office of the All-China Federation of Trade Unions jointly issued a notice on promoting industrial culture, protecting industrial heritage, and developing industrial tourism. The notice mentioned enriching the supply of industrial tourism products. It encouraged the active development of industrial heritage tourism, promoting the revitalization and utilization of industrial sites through creative design, new business format integration, and facade renovation, and developing new scenarios, formats, and models for industrial tourism. It vigorously promoted "factory tours," encouraging enterprises in equipment manufacturing sectors such as aerospace, shipbuilding, automotive, and robotics, consumer goods industries such as textiles and apparel, arts and crafts, and food processing, as well as e-commerce logistics, to innovatively launch programs including production process observation, simulated operations, hands-on experiences, and product customization, while ensuring production safety and confidentiality requirements, to create themed sightseeing factories. It called for the orderly expansion of smart industrial tourism, supporting the use of BeiDou, artificial intelligence, ultra-high-definition video, virtual reality, autonomous driving, and other digital technologies and equipment to create immersive and intelligent industrial tourism experiences. It supported industrial tourism venues in developing themed commerce, immersive experiences, specialty markets, and other formats to create "industrial tourism+" consumption scenarios. It encouraged localities to launch a batch of high-quality industrial tourism routes and brands with regional and industry characteristics. It encouraged industrial enterprises to strengthen product promotion, expand product sales, and build stronger enterprise brands through industrial tourism. The Shanghai International Energy Exchange announced adjustments to the daily price limit for crude oil and low-sulfur fuel oil futures contracts to 17%, the hedging position trading margin ratio to 18%, and the general position trading margin ratio to 19%; it also adjusted trading limits for related crude oil and low-sulfur fuel oil futures contracts. US dollar: As of last Friday's overnight close, the US dollar index fell 0.07% to 98.93, down 0.39% on the week but up 0.85% on the month. Optimistic expectations about the extension of the ceasefire agreement between the US and Iran weakened safe-haven demand. The US April PCE price index rose 3.8% YoY, the highest level since May 2023, in line with expectations, compared with the previous reading of 3.5%. The US April core PCE price index rose 3.3% YoY, hitting a new high since November 2023, also in line with expectations, compared with the previous reading of 3.2%. Additionally, separate data released by the Bureau of Economic Analysis showed that the US economy grew at an annualized rate of 1.6% in Q1, below the preliminary data. The initial estimate released last month showed growth of 2%. The data indicated that US consumers became more cautious amid cost-of-living pressures and uneven labor market performance. The Middle East conflict pushed up fuel and other raw material prices, with the impact transmitting through the broader economy and sending consumer confidence to record lows. Meanwhile, this inflation data is likely to further reinforce warnings from some US Fed officials that the US Fed would need to consider raising interest rates if price pressures fail to ease. Kevin Warsh, who was just sworn in as Fed Chairman on May 22, may need to convince other officials that inflation expectations can be controlled without rate hikes. (Wallstreetcn) Minneapolis Fed President Kashkari stated that it was too early to conclude that interest rates need to rise, but he believed the US Fed should keep all policy options on the table. He said it was too early to conclude that an immediate rate hike was needed. He noted the need to continue monitoring economic data and developments in the Middle East conflict before considering whether policy adjustments were necessary. Kashkari pointed out that under both the most optimistic and most pessimistic scenarios, inflation could remain significantly elevated for an extended period. He was closely monitoring this risk, as well as the possibility that inflation expectations could become unanchored. (Wallstreetcn) US Fed Vice Chair for Supervision Michelle Bowman stated that it was too early to judge the impact of the Iran conflict on inflation, and policymakers needed to look through temporary price shocks. She supported officials retaining language in their statement after last month's policy meeting that hinted at the possibility of further interest rate cuts. She said that as she thought about the future path of monetary policy, she wanted a clearer understanding of the economic impact of the Middle East conflict and the persistence of those effects. As long as credibility in the commitment to achieving the inflation target was maintained, it was appropriate to look through temporarily elevated inflation primarily driven by rising energy prices. She expected the "one-off" impact of tariffs implemented by US President Trump to fade. (Wallstreetcn) Macro front: This week, China is set to release data including China's May RatingDog Manufacturing PMI and China's May RatingDog Services PMI. The US is set to release data including the US May S&P Global Manufacturing PMI final, US May ISM Manufacturing PMI, US April construction spending MoM, US April JOLTs job openings, US May ADP employment, US May S&P Global Services PMI final, US May ISM Non-Manufacturing PMI, US April factory orders MoM, US May Challenger job cuts, US initial jobless claims for the week ending May 30, US May unemployment rate, US May seasonally adjusted non-farm payrolls, US May average hourly earnings YoY, and US May average hourly earnings MoM. The UK is set to release data including UK May Nationwide house price index MoM, UK May Manufacturing PMI final, UK April central bank mortgage approvals, UK May Services PMI final, and UK May Halifax seasonally adjusted house price index MoM. The Eurozone is set to release data including Eurozone May Manufacturing PMI final, Eurozone April unemployment rate, Eurozone May CPI YoY preliminary, Eurozone May CPI MoM preliminary, Eurozone May Services PMI final, Eurozone April PPI MoM, Eurozone April retail sales MoM, Eurozone Q1 GDP YoY revised, and Eurozone Q1 seasonally adjusted employment QoQ final. Switzerland is set to release data including Swiss April real retail sales YoY, Swiss April trade balance, Swiss May CPI MoM, and Swiss May seasonally adjusted unemployment rate. France is set to release data including France May Manufacturing PMI final, France May Services PMI final, France April industrial output MoM, and France April trade balance. Germany is set to release data including Germany May Manufacturing PMI final and Germany May Services PMI final. In addition, Australia Q1 GDP YoY and Canada May employment figures will also be released. Crude oil: As of last Friday's overnight close, oil prices in both markets fell, with WTI down 1.28% and Brent down 0.87%. On a weekly basis, oil prices suffered heavy losses, with WTI down 9.15% and Brent down 8.3%, both recording a second consecutive weekly decline and the largest weekly drop since April. WTI fell 16.47% on the month and Brent fell 16.77% on the month, with WTI posting its largest monthly decline since November 2021 and Brent its largest monthly decline since March 2020. According to Xinhua News Agency, US President Trump said on the 29th that the US and Iran had reached agreement on secondary issues beyond Iran's nuclear program and Strait of Hormuz passage, sending crude oil prices lower. The oil market in May underwent a clear three-phase evolution: Early month (May 1-6): Oil prices pulled back slightly from near four-year highs, but Brent briefly surged to around $114 after OPEC+ announced a modest production increase and shipping attacks, before plunging to the $101-106 range following signals of US-Iran de-escalation. Mid-month (May 7-20): Oil prices oscillated as ceasefire breakdowns alternated with mediation progress, with the continued blockade of the Strait of Hormuz maintaining an elevated risk premium. Month-end (May 21-29): Driven by reports of a US-Iran agreement in principle to reopen the strait, Brent briefly fell to the $93-100 low range, WTI touched $88-92, and Brent closed around $92. (Wallstreetcn) Nevertheless, analysts emphasized that until the conflict truly ends and the strait resumes normal passage, global crude oil inventories will continue to be depleted by approximately 10 to 14 million barrels per day, and physical market fundamentals remain tight. The decline in oil prices driven by ceasefire expectations reflected more the pricing of future supply recovery rather than a fundamental change in the current supply-demand pattern. (Wallstreetcn) Recent reports revealed that calculations by Goldman Sachs showed global crude oil inventories could fall below the equivalent of 100 days of global demand as early as the end of May. Goldman Sachs estimated that as of the end of April, global crude oil inventories were equivalent to approximately 101 days of global demand, and were expected to decline to 98 days by the end of May. Of this, "visible inventories" observable through satellites and other means were estimated at only 73 days of demand. Reports indicated that currently only a few vessels can pass through the Strait of Hormuz each day, resulting in a daily global crude oil supply loss exceeding 10 million barrels. (Wallstreetcn)

Tata Steel’s latest performance shows a company moving from a traditional volume-based steel business toward a more margin-focused and transformation-driven model. It is driving growth and profitability, financial performance is recovering through better margins and cost control, while the company’s key business activities are increasingly focused on downstream expansion, raw material security and low-carbon steelmaking.

SMM News, May 29: Metals market: As of the midday close, domestic base metals rose nearly across the board. SHFE copper was up 0.86%, SHFE aluminum up 0.19%, SHFE lead down 0.45%, SHFE zinc up 1.05%, SHFE tin up 1.31%, and SHFE nickel edged down. In addition, the most-traded casting aluminum futures edged up, the most-traded alumina contract was up 1.08%, the most-traded lithium carbonate contract up 0.9%, the most-traded silicon metal contract up 0.12%, and the most-traded polysilicon futures contract up 0.45%. Ferrous metals mostly rose. Iron ore was up 0.77%, rebar up 0.38%, hot-rolled coil up 0.47%, and stainless steel down 0.57%. Coking coal and coke: coking coal edged up, and the most-traded coke contract was up 0.42%. Overseas base metals, as of 11:41, LME metals fell nearly across the board. LME copper was down 0.41%, LME aluminum down 0.68%, LME lead down 0.12%, LME zinc up 0.18%, LME tin down 1.61%, and LME nickel down 0.52%. Precious metals, as of 11:41, COMEX gold was down 0.1% and COMEX silver down 0.26%. Domestic precious metals: the most-traded SHFE gold contract was up 1.59% and the most-traded SHFE silver contract up 1.86%. In addition, as of the midday close, the most-traded platinum futures contract was up 0.89% and the most-traded palladium futures contract down 1.45%. As of the midday close, the most-traded Europe containerized freight contract was up 0.62%, closing at 3,016 points. As of 11:41 on May 29, midday futures quotes for selected contracts: Spot cargo and fundamentals Aluminum: On May 29, SMM A00 aluminum (Foshan) was quoted at 24,060, up 50, at a discount of 225 to the current-month contract, narrowing by 5. Futures edged up today, and spot cargo in South China was generally stable with slight fall. Absolute prices remained at relatively low levels and inventory saw significant drawdowns. In the morning, most holders continued to hold prices firm for shipments... Macro front China: [ CCPIT: Global Trade Friction Index Remained at High Level in March ] This morning (May 29), the China Council for the Promotion of International Trade (CCPIT) held a press conference to release the latest Global Trade Friction Index. Data showed that in March this year, the global trade friction index remained at a high level. Composite index, the global trade friction index stood at 104 in March 2026, remaining at a high level. The value of trade involved in global trade friction measures fell 29.1% YoY but rose 2.8% MoM. Country-specific indices, among the 20 countries (regions) monitored, the top 3 were the US, India, and the EU. The US accounted for the largest amount involved in global trade friction measures, ranking first in 11 out of the past 12 months. Wang Yifei, spokesperson of the China Council for the Promotion of International Trade (CCPIT), stated that in terms of industry indices, among the 13 major industries within the monitoring scope, trade friction measures were concentrated in the electronics, chemicals, transportation equipment, and machinery equipment industries, with the electronics industry ranking first in the trade friction index. (CCTV News) [PBOC Reverse Repo Operations Achieved a Net Withdrawal of 30 Billion Yuan for the Day and a Net Injection of 104.4 Billion Yuan for the Week] The PBOC conducted 123 billion yuan of 7-day reverse repo operations today. As 153 billion yuan of 7-day reverse repos matured today, a net withdrawal of 30 billion yuan was achieved for the day. This week, the PBOC conducted 908.9 billion yuan of reverse repo operations. As a total of 500 billion yuan of 1-year MLF and 304.5 billion yuan of reverse repos matured this week, a net injection of 104.4 billion yuan was achieved for the week. (Jin10 Data APP) US Dollar: As of 11:41, the US dollar index rose 0.1% to 99.1. Fed's Musalem said on Thursday that, like several other Fed policymakers, he believed the "easing bias" language should have been removed from the post-meeting statement last month, thereby creating the possibility of an interest rate hike. "I supported the rate decision, but I believe the easing bias no longer aligns with the economic outlook and the balance of risks," Musalem said. Blerina Uruci, chief US economist at T. Rowe Price, said the market may still be underestimating the likelihood of further policy tightening by the US Fed. In her report, Uruci noted that since early May, the Iran conflict has lasted longer than expected, oil prices have risen, and US economic growth has remained resilient. While the US Fed can look through a temporary energy shock, sustained oil and import price pressures could affect inflation expectations, wage dynamics, and enterprise pricing behavior. Uruci shifted her base case to the federal funds rate remaining unchanged over the next 12 months. She assigned a 45% probability to rates staying unchanged, a 35% probability of an interest rate hike by year-end or early 2027, and a 20% probability of an interest rate cut. According to the CME "FedWatch": the probability of the US Fed keeping rates unchanged through June was 99.4%, with a 0.6% probability of a cumulative 25-basis-point hike. The probability of the US Fed keeping rates unchanged through July was 93%, with a 6.9% probability of a cumulative 25-basis-point hike. (Jin10 Data APP) A series of economic data confirmed market concerns about US inflation, while economic activity sent mixed signals. US durable goods orders rose 7.9% in April, easily surpassing the Wall Street Journal's market consensus expectations of 3.5%; however, this figure was largely driven by a surge in non-defense aircraft equipment orders. The second estimate of Q1 GDP growth was unexpectedly revised down from 2% to 1.6%. Weekly initial jobless claims rose more than expected, increasing from an upwardly revised 210,000 to 215,000, suggesting an acceleration in the pace of enterprise layoffs. PCE inflation accelerated as expected, rising from 3.5% to 3.8%. (Jin10 Data APP) Data: Today will see the release of France's preliminary May CPI m/m, France's final Q1 GDP y/y, Germany's seasonally adjusted May unemployment change, Germany's seasonally adjusted May unemployment rate, Germany's preliminary May CPI m/m, Canada's March GDP m/m, and the US May Chicago PMI, among other data. In addition, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin participating in a fireside chat at a conference hosted by Johns Hopkins University Carey Business School; 2026 FOMC voter and Minneapolis Fed President Kashkari participating in an exchange event at Korea University; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; US Fed Governor Bowman delivering a speech; and 2026 FOMC voter and Philadelphia Fed President Paulsen delivering a speech on the economic outlook. Crude oil: As of 11:41, both benchmarks declined, with WTI down 1.26% and Brent down 0.85%. The market expected a possible US-Iran ceasefire extension agreement, putting oil prices under pressure. Meanwhile, the back-and-forth nature of bilateral agreement negotiations also led to heightened volatility in oil prices. The US and Iran are nearing a historic 60-day ceasefire and maritime corridor unblocking agreement, but contradictory statements from senior officials on both sides indicate that core disagreements over Iran's nuclear plan and control of the Strait of Hormuz persist, leaving significant uncertainty over whether a final deal can be reached. According to Xinhua News Agency, US officials stated that US-Iran negotiators had largely reached agreement on the terms of a memorandum of understanding on the 26th, pending approval from senior leadership on both sides. The Iranian side stated it had obtained the necessary approval and was ready to sign. US negotiators briefed Trump on the details of the memorandum of understanding. "The President told the mediators that he would like to take a few days to consider the matter." Meanwhile, according to CCTV News, the Iranian side stated that as of now, Iran has not agreed to any memorandum of understanding, nor has it confirmed to Pakistani mediators that it has approved the memorandum. In addition, Iran explicitly stated that it had not made any commitments on the nuclear issue during negotiations with the US. (Wallstreetcn) US Treasury Secretary Bessent: Oil prices will be lower than pre-conflict levels. Nearly 2,000 ships are waiting for port departures in the Gulf, and supply on the other end of the oil market will be very ample. (Jin10 Data APP) South Korean government officials said on the 28th that the South Korean government decided to ease mandatory oil reserve requirements for private enterprises starting from the 29th to release private oil reserves to the market. The country has not yet decided when to release national oil reserves, keeping them as a "last card" to deal with potential oil crises. Yang Ki-wook, an official from South Korea's Ministry of Trade, Industry and Energy, announced on the same day that starting from the 29th, the government will reduce the mandatory oil reserve requirement for private oil companies from 40 days to 20 days, releasing oil reserves equivalent to 20 days of consumption. He stated that this measure was to fulfill commitments made to the International Energy Agency. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ►