SMM, June 29: Futures edged up today, while spot aluminum in South China was in the doldrums. Inventory destocking remained steady and substantial, continuing to provide holders with the confidence to hold prices firm. In the morning, sellers continued their slow-selling pace to control prices. However, spot-futures spread expectations stayed at a relatively high level. Coupled with bearish sentiment disruptions and intensifying half-year cash realization needs, actual selling gradually shifted to larger volumes. As a result, supply loosened to a slightly surplus state, and mainstream quotations at discounts of 10 yuan/mt to par gradually dominated. Demand side, after aluminum prices stopped falling, downstream restocking demand was moderate, providing some bottom support. However, traders showed very little willingness to enter the market except for buying to meet delivery obligations; intermediate replenishment was almost completely absent, causing transactions to lose follow-through momentum. Spot transaction prices were concentrated at premiums of -30 yuan/mt to +10 yuan/mt against the SHFE aluminum 2607 contract.

SMM, June 29 – Metals market: As of the midday close, base metals on the domestic market were almost all up. SHFE copper gained 1.11%, SHFE aluminum rose 0.48%. SHFE lead fell 0.43%. SHFE zinc increased by 2.01%. SHFE tin rose 1.19%. SHFE nickel edged up 0.1%. In addition, the most-traded cast aluminum futures rose 1.08%, the most-traded alumina futures increased 0.86%. The most-traded lithium carbonate futures climbed 2.27%. The most-traded silicon metal futures edged up 0.24%. The most-traded polysilicon futures rose 0.59%. Most ferrous metals rose. Iron ore futures gained 0.47%, rebar and hot-rolled coil edged down, and stainless steel edged up 0.03%. For coking coal and coke: the most-traded coking coal contract rose 2.25%, and the most-traded coke contract increased 1.32%. On the overseas market, as of 11:43, LME metals showed mixed performance. LME copper rose 0.29%, LME aluminum fell 0.44%, and LME lead gained 0.24%. LME zinc fell 0.1%, LME tin dropped 0.18%, and LME nickel edged up. In precious metals, as of 11:43, COMEX gold fell 0.29%, while COMEX silver lost 0.84%. On the domestic precious metals front: SHFE gold rose 1.23%; the most-traded SHFE silver contract gained 2.22%. Furthermore, as of the midday close, the most-traded platinum futures rose 2.77%, and the most-traded palladium futures increased 3.78%. As of the midday close, the most-traded container shipping futures contract (European route) rose 0.19%, to 3,715 points. As of 11:43 on June 29, selected futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 20 yuan/mt, down 50 yuan/mt from the previous trading day; standard-quality copper was at a discount of 60 yuan/mt, down 70 yuan/mt; SX-EW copper was at a discount of 120 yuan/mt, down 70 yuan/mt. The average price of Guangdong #1 copper cathode was 102,320 yuan/mt, up 535 yuan/mt from the previous trading day; the average price for SX-EW copper was 102,220 yuan/mt, up 525 yuan/mt… Macro Front Domestic: [MOFCOM Places 20 Japanese Entities on Export Control List] MOFCOM: To safeguard national security and interests and fulfill international obligations such as non-proliferation, it has decided to add 20 Japanese entities, including the National Institute for Defense Studies, that are involved in enhancing Japan's military capabilities to the export control list. 1. Export operators are prohibited from exporting dual-use items to the above 20 entities, and overseas organizations and individuals are prohibited from transferring or providing dual-use items originating from the People's Republic of China to these entities; ongoing related activities shall be immediately halted. 2. Where exports are indeed necessary under special circumstances, export operators shall apply to MOFCOM. [China’s Highest-Latitude Solar Thermal Power Station Begins Operation] Today (June 29), the first solar thermal power station in Northeast China – the CGN Jixi Base 100,000 kW solar thermal power station in Da'an City, Jilin Province – began operation, marking a new breakthrough in the application of solar thermal power generation technology in high-latitude, extremely cold areas of China. Located at a latitude of 45.36 degrees north in a severe cold climate zone, this is China’s highest-latitude solar thermal power station, with an installed capacity of 100,000 kW and a heat storage duration of up to 8 hours, enabling safe, stable, and continuous 24-hour operation. This type of station mainly focuses sunlight onto a heat collection device through a large array of mirrors to achieve energy storage. (CCTV News) The PBOC conducted 157.5 billion yuan of 7-day reverse repo operations today at an interest rate of 1.4%, unchanged from the previous operation. Today, 476.5 billion yuan of reverse repos matured. At the same time, the PBOC conducted 300 billion yuan of overnight reverse repo operations. US Dollar: As of 11:43, the US dollar index fell 0.05% to 101.33. According to CME "FedWatch": the probability that the Fed will hold rates steady in July is 69.5%, while the probability of a cumulative 25 basis point rate hike is 30.5%. The probability that the Fed will keep rates unchanged through September is 40.4%, a cumulative 25 bps hike is 46.9%, and a cumulative 50 bps hike is 12.8%. (Jin10 Data App) Gavekal Research noted in a report: “In 2025, the market was broadly concerned that Trump would undermine the independence of US monetary policy, nominate a political puppet as Fed Chairman, force the Fed to cut interest rates, and cause inflation to persist above the Fed’s 2% target.” “Developments over the past seven months have made such a scenario unlikely.” These developments include the appointment of Kevin Warsh to lead the Fed and the reappointment of 11 out of 12 regional Fed presidents. At the first meeting chaired by Warsh earlier this month, the Fed stressed its commitment to price stability, surprising some market participants who had expected a more dovish stance under the new chairman. (Jin10 Data App) According to "Fed mouthpiece" Nick Timiraos, people familiar with the matter revealed that the selection of a new president for the Federal Reserve Bank of Atlanta has reached an impasse. The initial slate of candidates failed to produce a final choice, forcing the bank to restart the seven-month-long selection process. On the surface, this is merely a procedural hiccup. But at the same time, the independence of the Fed is facing a severe test. The presidents of the regional Fed banks are crucial to the Fed's independence: they participate in setting interest rates, and their appointment process is deliberately designed to avoid the influence of Washington politics. (Jin10 Data App) Data Front: Today will see the release of the Eurozone June industrial sentiment index, the Eurozone June economic sentiment index, the US June Dallas Fed business activity index, and other data. Also watch: the ECB’s Global Central Bank Forum in Sintra, through July 1; and the 2026 Beijing Space Computing Conference on June 29–30. Crude Oil: As of 11:43, oil prices on both sides of the Atlantic rose. WTI crude gained 1.14%, and Brent crude rose 0.87%. Renewed military clashes between the US and Iran over the weekend and stalled negotiations reignited supply risks in the Strait of Hormuz, supporting oil prices. According to a CCTV reporter on June 28, a senior US official disclosed that the US and Iran have agreed to stop attacking each other and plan to hold a meeting in the Qatari capital on June 30 to resolve the dispute over the Strait of Hormuz. However, as of now, neither the US, Iran, nor mediators Pakistan and Qatar have made any official statements. (Wallstreetcn) The weekly report released by energy services firm Baker Hughes on Friday showed that US energy companies added the highest number of rigs in a single week since June 2022. The total number of oil and gas rigs, an early indicator of future output, rose by 10 in the week ending June 29, the largest weekly increase in four years. The total rig count reached 573, the highest since May 2025. Baker Hughes said this week’s increase took the total rig count up by 26, or 5%, compared to the same period last year. The company said the oil rig count rose by 7 to 440, the highest since June 2025. Gas rigs increased by 3 to 125, while miscellaneous rigs held steady at 8. (Jin10 Data App) Additionally, Russian President Putin stated that car owners and businesses are still facing fuel supply difficulties, with queues widespread at gas stations across the country. Affected by the shutdown of several refineries, Russia is rolling out measures to stabilize the domestic market. Putin confirmed that a full ban on diesel exports is one of the options currently under discussion. Following a meeting on Friday with oil producers and government departments, the Russian Energy Ministry temporarily advised against imposing a diesel export ban, citing potential issues such as diesel inventory overhang; the government will reassess the market situation on Monday. (Jin10 Data App) Spot Market Overview: ► ► ► Midday reviews for other spot metals will be updated later, please refresh to view~

Finnish renewable energy investor Korkia announced that its subsidiary Korkia Renewables Development Sweden has received an environmental permit from the County Administrative Board of Dalarna to build a 150-MWp solar photovoltaic plant and a 150-MW/600-MWh battery energy storage system in the Vilmoren forest area, collectively known as the Smedjebacken project, which is expected to generate around 150 GWh of electricity annually once operational; the project has already secured a grid connection and is now moving toward ready-to-build status, with Korkia noting the approval marks one of the few permits of comparable scale for solar and storage projects in Scandinavia, following a string of permitting milestones in H1 2026 that also included approval for two solar projects in Alberta, Canada, a substation in Chile, and a series of licences for solar and storage projects in Romania.

This week (6/22–6/25), the secondary copper rod and copper scrap markets were locked in a deep stalemate, marked by the supply side holding prices firm and holding back from selling, the demand side waiting for further price declines and refraining from purchasing, and persistently sluggish transactions, as copper prices continued to fall and approached the psychological threshold of 100,000 yuan/mt

On June 25, the Leap Motor D99, the first MPV on Leap Motor's flagship D platform, was officially launched with a selling price of 249,800 to 319,800 yuan. As the flagship masterpiece embodying a decade of Leap Motor's accumulated full-stack in-house R&D technology, the new vehicle is the industry's first to feature dual Qualcomm 8797 central domain control chips built on a 4nm process, delivering a total computing power of 1,280 TOPS. It creates a cockpit-driving integrated super collaboration architecture, providing intelligent upgrade redundancy for the next five years. The Leap Motor D99 offers two powertrain options: range-extender and pure electric. The range-extender version is equipped with an 80.3 kWh range-extender-specific CATL LFP battery, offering a CLTC pure electric driving range of up to 480 km. The pure electric version features the world's first CATL molecular-level fusion super hybrid battery cell, with a battery capacity of 115 kWh and a CLTC pure electric driving range of 700 km. It adopts a full-stack 1,000 V high-voltage architecture, with peak fast charging power exceeding 460 kW, adding over 350 km of driving range with a 15-minute charge.

SMM, June 26: Against the backdrop of sluggish downstream demand, product prices across the cobalt industry chain showed a downward trend under pressure. Cobalt sulphate and cobalt chloride recorded five consecutive declines this week, while refined cobalt spot quotations also fell below the round-number level of 380,000 yuan/mt during the week... SMM compiled the quotation changes for cobalt products this week as follows: : According to SMM spot quotations, although refined cobalt spot prices rose 2,500 yuan/mt on the last trading day, they still showed an overall decline this week. As of June 26, refined cobalt spot quotations were in the range of 374,000~385,000 yuan/mt, with an average of 379,500 yuan/mt, down 4,000 yuan/mt from June 18, a decline of 1.04%. Supply and demand side, on the supply front, mainstream smelters lowered their ex-factory quotations to 385,000 yuan/mt. After the deep price slump, most traders suspended market offerings, and wait-and-see sentiment dominated. On the demand side, the rush-to-buy-amid-continuous-price-rise and hold-back-amid-price-downturn mentality continued to curb the downstream procurement pace. Alloy-type enterprises remained on the sidelines and postponed restocking, while some magnetic material enterprises released small procurement demand near 380,000 yuan/mt, making selective restocking. In the short term, futures still face choppy pressure. A stabilization in refined cobalt prices requires two conditions: first, an easing of market funding pressure and a reduction in low-price sell-offs; second, that prices of related products such as cobalt salts stop falling and stabilize, forming support for market confidence. Cobalt intermediate product prices, according to SMM spot quotations, as of June 26, cobalt intermediate product (CIF China) spot prices remained stable earlier, then edged down $0.025/lb on the last trading day of the week. Quotations stayed in the range of $24.75-25.5/lb, with an average of $25.125/lb. The overall price center changed little. According to SMM, on the supply side of cobalt intermediate products, mainstream miners and traders maintained their offers near $25.5/lb, while downstream smelters remained conservative in procurement, with intended purchase prices generally below $25/lb. Some smelters even planned to sell their intermediate products at $24.8-24.9/lb, turning to procure low-priced recycled black mass to control production costs. On the logistics side, since May, some Chinese-invested miners have gradually increased chartered shipping volumes, and some leading miners have gradually resumed shipments since June. Port arrivals of intermediate products are expected to trend slowly upward in the following months, potentially forming concentrated batch arrivals after August. In the short term, end-use demand support is insufficient, and cobalt intermediate product prices will most likely continue to move sideways. Should prices strengthen going forward, a recovery in downstream operating rates and a repair of cobalt salt prices must form a resonance. Cobalt salt side ( and ): : According to SMM spot price data, cobalt sulphate spot prices continued to show persistent weakness this week. After five consecutive declines, spot cobalt sulphate prices dropped to 85,000-87,300 yuan/mt, with the average price reported at 86,150 yuan/mt, down 2,350 yuan/mt from 88,500 yuan/mt on June 18, a decline of 2.66%. According to SMM, the trading atmosphere in the cobalt sulphate market remained sluggish this week, with the spot price center slowly moving lower. Supply side performance continued to diverge: offers from primary smelters were relatively firm, with mainstream producers maintaining their minimum selling intention price above 85,000 yuan/mt; some recycling smelters and traders, under cash flow pressure, lowered offers further to 80,000-81,000 yuan/mt. Demand side, the continuous price erosion dampened downstream stockpiling confidence, with enterprises’ psychological price levels largely concentrated at 79,000-80,000 yuan/mt. Although some downstream purchase intention prices have converged with the lowest seller offers in the market, bulk transactions remained limited as the low-priced supply did not fully match downstream requirements in commercial terms and product quality. In the short term, the weak pattern of cobalt sulphate prices is hard to fundamentally reverse, and stabilization and rebound still await the material realization of downstream concentrated restocking demand. side: According to SMM spot price data, spot cobalt chloride prices also recorded five consecutive declines this week. As of June 26, spot cobalt chloride prices dropped to 104,000-106,500 yuan/mt, with the average price reported at 105,250 yuan/mt, down 3,750 yuan/mt from 109,000 yuan/mt on June 18, a decline of 3.44%. From a fundamental perspective, the cobalt chloride market continued to be extremely sluggish this week, with scarce actual transactions and spot liquidity almost drying up. Supply side, most smelters remained suspended from quoting, and sporadic offers more reflected cost bottom lines and psychological expectations. Against the backdrop of difficulty in achieving sales without substantial price concessions, their guiding significance for transactions has been quite limited. Demand side, downstream producers still held some raw material inventory to maintain turnover. In an environment of weak end-use demand and continuous price erosion, the “rush to buy amid continuous price rise and hold back amid price downturn” mentality combined with pessimistic expectations for the future further suppressed purchase willingness. Overall, although the pessimistic atmosphere in the cobalt chloride market was still spreading and the divergence between bulls and bears not fully resolved, a relatively positive signal emerged this week: current transactions could no longer factor in the semi-annual report performance window of various companies, and upstream offers in the market have stabilized after stopping falling, injecting a glimmer of hope into the overall pessimistic market sentiment. However, the direction for H2 remains unclear, and the guiding value of the July price trend remains prominent and warrants close attention. : According to SMM spot price assessments, spot Co3O4 quotes drifted lower this week. As of June 26, spot Co3O4 quotes fell to 329,000-341,000 yuan/mt, with an average price of 335,000 yuan/mt, down 3,500 yuan/mt from 338,500 yuan/mt on June 18, a decline of 1.03%. According to SMM, the Co3O4 market also remained extremely sluggish this week, with very few actual transactions. On the supply side, upstream producers still held divergent views on the market outlook, but given that this week's deals could no longer be settled before the semi-annual report deadline, most previously bearish enterprises had largely completed their shipments, releasing price pressure in stages, and offers began to stabilize this week. On the demand side, although June is a traditional negotiation window, against the backdrop of persistently falling Co3O4 prices, downstream cathode material plants generally adopted a wait-and-see approach; even when they had purchasing intentions, they mainly pushed for significantly lower prices, and the continued price decline in turn further weakened upstream shipment motivation. Overall, the subsequent trend of Co3O4 will still depend on the price direction of cobalt salts. On the news front, recently, the May cobalt product import and export data were released. According to customs data, China's imports of unwrought cobalt in May 2026 were approximately 673 mt, down 50% MoM but up 3% YoY. By source, the top three regions for refined cobalt imports in May were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp drop in imports this month was mainly because previously accumulated overseas low-priced cobalt raw materials had been consumed, and the prices of newly imported cobalt plates and cobalt beans were higher than other domestic cobalt raw materials, leading to reduced willingness of smelters to purchase for remelting. On the import price side, the average import price of China's unwrought cobalt in May 2026 was $54,557/mt, up 3.48% MoM. Cumulative imports from January to May 2026 reached 6,589 mt, up 120% YoY. On the export side, China's unwrought cobalt exports in May 2026 were approximately 370 mt, up 70% MoM but down 88% YoY. By destination, China's exports to the Netherlands surged significantly, with May exports reaching 205 mt, up 791% MoM. On the export price side, the average export price of China's unwrought cobalt in May 2026 was $53,403/mt, down 2.17% MoM. Cumulative exports from January to May 2026 totaled 2,161 mt, down 79% YoY. Cobalt hydrometallurgy intermediate products, China's imports of cobalt hydrometallurgy intermediate products in May 2026 were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY, of which imports from the DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY. The average import price of cobalt hydrometallurgy intermediate products in May 2026 was $16,607/mt in physical content, down 3.37% MoM. It is reported that since May, some Chinese miners have been increasing shipment bookings, and some leading miners have gradually resumed shipments from June. Port arrivals of intermediate products are expected to slowly increase in the coming months, and bulk arrivals are expected after August.

SMM, June 26: Metals market: As of the midday close, base metals on the domestic market almost all fell. SHFE copper edged down, SHFE aluminum fell 0.38%, SHFE lead rose 0.15%, SHFE zinc fell 1%, SHFE tin dropped 1.7%, and SHFE nickel declined 1.81%. In addition, the most-traded foundry aluminum futures fell 0.4%, the most-traded alumina contract dropped 1.41%, the most-traded lithium carbonate contract tumbled 5.26%, the most-traded silicon metal contract lost 0.89%, and the most-traded polysilicon futures fell 3.53%. Ferrous metals all fell. Iron ore dropped 0.67%, rebar lost 0.64%, hot-rolled coil slipped 0.51%, and stainless steel dipped 0.21%. Coking coal and coke: the most-traded coking coal contract fell 0.92%, and the most-traded coke contract fell 1.21%. Overseas base metals: as of 11:43, LME metals all fell. LME copper dropped 1.55%, LME aluminum fell 0.97%, LME lead lost 0.39%, LME zinc declined 1.38%, LME tin tumbled 1.99%, and LME nickel fell 1.36%. Precious metals: as of 11:43, COMEX gold fell 0.9% and COMEX silver plunged 3.4%. Domestic precious metals: SHFE gold edged down 0.11%; the most-traded SHFE silver contract extended losses from the previous five trading days, falling another 2.72%, and hit an intraday low of 13,513 yuan/kg, the weakest since December 2025. Additionally, as of the midday break, the most-traded platinum futures rose 0.31%, while the most-traded palladium futures fell 0.85%. As of the midday close, the most-traded container shipping (Europe route) futures added 0.7% to 3,686.5 points. Selected futures midday quotes as of 11:43, June 26: Spot and fundamentals Aluminum: The futures market stopped falling and edged up today. Spot aluminum in South China gradually weakened amid divergence. Low aluminum prices and strong destocking continued to support suppliers holding prices firm in selling... Macro front China: [National Energy Administration: During the 15th Five-Year Plan period, it will continue to open up energy projects and issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects] Wan Jinsong, deputy director and spokesperson of the National Energy Administration, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the administration will persist in the approach of open construction and service-driven investment, increasing support for private enterprises to engage in building a new-type energy system. For major energy projects, it will expand the investment space for private enterprises. For major projects with certain returns, such as nuclear power, hydropower, and oil and gas storage and transportation facilities, the feasibility of private enterprise participation will be assessed on a case-by-case basis. During the 15th Five-Year Plan period, we will continue to open up energy projects, issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects and others, so that their investments have direction and returns are guaranteed. We will further improve the electricity market and pricing mechanism, and support private enterprises in investing in projects such as virtual power plants, charging facilities, and new-type energy storage. [Wang Hongzhi, Director of the National Energy Administration: China's installed power capacity is expected to reach 5.4 billion kW by 2030] Wang Hongzhi, member of the Party Leadership Group of the National Development and Reform Commission (NDRC) and Director of the National Energy Administration, stated at a press conference of the State Council Information Office that China's installed power capacity has now exceeded 4 billion kW and is expected to reach 5.4 billion kW by 2030. Among this, new energy will account for over 50% of installed capacity, becoming the mainstay of power capacity, while non-fossil fuel power generation will account for 50% of total electricity output, becoming the main source of electricity. Coal and oil consumption will have peaked. The PBOC conducted a 231.5 billion yuan 7-day reverse repo operation today at an interest rate of 1.4%, unchanged from the previous rate. No reverse repos matured today. The PBOC injected a net 329.7 billion yuan into the open market this week. (From Wallstreetcn APP) US dollar aspect: As of 11:43, the US dollar index rose 0.01% to 101.47. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 69%, while the probability of a cumulative 25-basis-point hike is 31%. For September, the probability of keeping rates unchanged is 36.6%, cumulative 25-bp hike is 48.8%, and cumulative 50-bp hike is 14.6%. Fed Williams stated that the current monetary policy stance is well positioned to bring inflation back to the Fed's 2% target while acknowledging that risks to achieving its dual mandate remain. Williams said, "Given that inflation is elevated, we must bring it back sustainably to the 2% longer-run goal. The current stance of monetary policy is fully capable of achieving that." Williams noted that inflation is "clearly elevated" and well above the Committee's 2% objective. He expects inflation data to pull back slightly over the next few quarters, although significant risks remain. Fed Goolsbee said on Thursday that while the latest US inflation report showed a glimmer of hope for improvement in services inflation, underlying inflation pressures remain too high and concerning. In an interview with CNBC, Goolsbee declined to offer specific views on whether the Fed should raise rates or keep them unchanged. He said he agreed with Fed Chairman Warsh's view that fueling speculation about future interest rate paths should be avoided. (Jin10 Data APP) US data sent mixed signals while oil prices fell below pre-conflict levels. The May PCE inflation YoY matched average expectations, accelerating from 3.8% to 4.1%. Lower energy costs are expected to cool future inflation. May durable goods orders fell 4.5%, versus average expectations for a 4% decline. Meanwhile, Q1 real GDP annualized quarterly rate was revised up from 1.6% to 2.1%, compared to expectations of 1.7%. Initial jobless claims for the week fell to 215,000, against average expectations of 223,000. (Jin10 Data APP) A CITIC Securities research report said the US dollar index has strengthened rapidly in recent days, driving gold prices below the $4,000/oz mark. Fading inflation concerns did not push the dollar lower. We believe political “re-dollarization” may partly explain the dollar’s recent strength, but a more important driver likely comes from expectations of tightening dollar liquidity. We expect the dollar index to find support this year but struggle to sustain a strong rally, and the next US inflation data could be a catalyst for the market to adjust trading strategies. On the data front: The final US June University of Michigan consumer sentiment index and final June one-year inflation expectations will be released today. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee speaks; 2026 FOMC voter and Minneapolis Fed President Kashkari speaks. On the crude oil front: As of 11:43, both crude benchmarks fell, with WTI down 1.67% and Brent down 1.54%. As shipping through the Strait of Hormuz resumed, supply concerns eased somewhat. However, a cargo vessel was attacked near Oman on Thursday, and markets will closely monitor geopolitical developments. S&P Global Energy reported on the 25th that 78 vessels transited the Strait of Hormuz on the 24th, the highest single-day tally since the outbreak of the Iran war. The daily average number of vessels transiting the Strait this month has recovered to about 57% of pre-conflict levels. As of the 24th, a cumulative total of 551 vessels had transited the Strait this month, putting it on track to be the busiest month since the war began. The report noted that recent departures from the Strait included vessels that had been stranded for long periods due to the conflict as well as recent arrivals, signaling early signs of normalization in shipping activity. However, whether the rebound in transit volumes can be sustained remains to be seen, and related agreements still need further consolidation and implementation. ((Xinhua News Agency) US Secretary of Energy Wright expects Iran's daily crude oil exports to reach up to 2 million barrels. Additionally, market sources say that crude oil exports from the Persian Gulf have rebounded to 75% of pre-war levels; in the past three days through Wednesday, the region exported 13 million barrels of crude oil. (Jin10 Data App) An earlier Wallstreetcn article reported that the UAE formally withdrew from OPEC on May 1, and Iraq subsequently threatened to follow suit unless granted greater production freedom. Meanwhile, a series of geopolitical shocks—including the US takeover of Venezuelan oil assets and US-Israeli military actions against Iran—have significantly eroded OPEC's market control capability. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

June 26: Northern ports: South African high-iron ore 30.8-31.7 yuan/mtu, down WoW; South African semi-carbonate ore 37.2-37.7 yuan/mtu, down WoW; Gabonese ore 40.6-41 yuan/mtu, flat WoW; 46% Australian lumps 43.3-43.8 yuan/mtu, flat WoW; South African medium-iron ore 37-37.5 yuan/mtu, down WoW. Southern ports: South African high-iron ore 34-34.5 yuan/mtu, down WoW; South African semi-carbonate ore 36.5-37 yuan/mtu, flat WoW; Gabonese ore 41-41.5 yuan/mtu, flat WoW; 46% Australian lumps 43.5-44 yuan/mtu, flat WoW; South African medium-iron ore 37-37.5 yuan/mtu, flat WoW. The manganese ore market is stable but stagnant, end-use demand is weak, and wait-and-see sentiment prevails among buyers and sellers.

Legacy Minerals has commenced ground geophysical surveys at its Battery and Mascotte prospects within the Mt Carrington Project in New South Wales, Australia. Fender Geophysics has begun a dipole-dipole induced polarization (DDIP) survey across six priority lines, aimed at identifying extensions to high-grade gold-silver zones at Mascotte and locating potential higher-grade copper mineralization at Battery. The project boasts significant polymetallic potential; in previous drilling campaigns, drill-hole MSDD003 returned a high-grade intercept of 18.7% lead, 8.7% zinc, and 43g/t silver over a 1-meter interval. Data from this three-week geophysical program will be integrated with ongoing surface sampling and mapping to refine geological models. Concurrently, work is underway towards a new 2026 mineral resource estimate to inform an upcoming scoping study, with follow-up drilling at Mascotte scheduled to commence shortly after the geophysical analysis is complete.

This week (6.19-6.25), the operating rate of enamelled wire industry machines rebounded WoW....