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)

Platinum prices continued to fluctuate today. Regarding the US-Iran conflict, Iran announced the suspension of all indirect negotiations with the US. Data-wise, the US May manufacturing PMI came in at 54, hitting a three-year high. During the morning session, the most-traded GFEX platinum PT2608 contract closed at 480.05 yuan/gram, up 0.71%. The inverted price spread between the SGE platinum 9995 best offer price and the GFEX PT2608 remained around 6 yuan/gram. Spot market, mainstream quotations for spot platinum were at a discount of 4 yuan/gram to parity against the PT2608 contract. Most suppliers of warrant-based spot cargo quoted at the higher end, with elevated absolute prices, making transactions at higher-end quotations difficult. Suppliers generally reported that registered warrants were absorbing a large volume of spot cargo, resulting in premiums on spot prices and wide price spreads in the market. Transaction side, according to SMM, downstream enterprises negotiated purchases based on orders, and overall transactions in the spot platinum market were normal today.

[SMM Daily Review: Silver Prices Moved Sideways, Spot Discounts Held Steady] SMM reported on June 2 that macro sentiment fluctuated, and silver prices saw small fluctuations. Spot market discounts continued, with increased shipments at the beginning of the month, and transactions leaned toward the lower end.

[China Inventory Continued to Decline This Week, Aluminum Prices Moving Sideways with LME Outperforming SHFE in the Short Term] If the US-Iran ceasefire agreement materializes, it would significantly ease Middle East supply concerns, but recurring military frictions leave the peace outlook uncertain, and the short-term geopolitical premium tends to converge but has not fully dissipated. The rigid supply gap outside China supported a relatively strong LME aluminum pattern. China's inventory continued to decline but remained at historically high levels, capping the upside elasticity of SHFE aluminum, and the divergence between LME and SHFE is expected to persist in the short term. Going forward, key areas to watch include whether China's inventory drawdown accelerates, whether the US-Iran agreement can be formally signed, further clarity on the US Fed's interest rate path, and whether China is further tightening regulations on aluminum capacity operations. Overall, aluminum prices are expected to move sideways in the short term with LME outperforming SHFE.

SMM Nickel News, June 1: Macro and market news: (1) National Bureau of Statistics (NBS): The manufacturing PMI in May was 50.0%, down 0.3 percentage points from the previous month. (2) Trump claimed the US and Iran reached agreement on nuclear issues and secondary matters beyond the Strait of Hormuz; however, according to US media reports, Trump tightened the terms of the deal with Iran, with revised proposals involving nuclear access and the Strait, extending the US-Iran negotiations by one week. Spot market: On June 1, SMM #1 refined nickel prices fell 200 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 800 yuan/mt, up 100 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -700 to 300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract moved sideways during the morning session, closing at 142,980 yuan/mt, down 0.79%. In the short term, nickel prices may remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 137,000-145,000 yuan/mt.

SMM June 1 News: Metals market: As of the midday close, most base metals on the domestic market fell, with SHFE copper edging up, while SHFE aluminum and SHFE lead dipped slightly. SHFE zinc fell 0.84%. SHFE tin rose 0.85%. SHFE nickel fell 0.79%. In addition, the most-traded foundry aluminum futures fell 0.17%, the most-traded alumina contract fell 0.35%. The most-traded lithium carbonate contract fell 0.26%. The most-traded silicon metal contract rose 1.75%. The most-traded polysilicon futures rose 1.19%. Ferrous metals mostly rose, with iron ore down 0.38%, rebar up 0.67%, hot-rolled coil up 0.59%, and stainless steel down 0.81%. Coking coal and coke: the most-traded coking coal contract rose 7.2%, and the most-traded coke contract rose 5.1%. Overseas base metals, as of 11:44, LME metals rose across the board. LME copper rose 0.56%. LME aluminum rose 0.2%. LME lead rose 0.22%. LME zinc rose 0.08%. LME tin rose 0.51%. LME nickel rose 0.34%. Precious metals, as of 11:44, COMEX gold fell 0.88%, and COMEX silver rose 0.16%. Domestic precious metals: the most-traded SHFE gold contract rose 0.78%, and the most-traded SHFE silver contract rose 0.13%. In addition, as of the midday close, the most-traded platinum futures rose 0.97%, and the most-traded palladium futures fell 0.72%. As of the midday close, the most-traded Europe containerized freight index contract rose 11.26%, closing at 3,884 points. As of 11:44 on June 1, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 70 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, down 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 70 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,845 yuan/mt, down 170 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,740 yuan/mt, down 170 yuan/mt from the previous trading day. Spot market: Returning from the weekend, Guangdong inventory saw a significant increase... Macro front China: [The "Regulations of the State Council on Outbound Investment" was published and will take effect on July 1, 2026] It mentioned that investors conducting outbound investment activities shall not export or use goods, technologies, services, and related data prohibited from export by the state, or export or use goods, technologies, services, and related data restricted from export by the state without authorization; shall not transfer goods, technologies, services, and related data prohibited from export by the state to other countries (regions) through means such as cross-border dispatch of technical personnel, organizing personnel to work in other countries (regions), providing cross-border technical guidance, or arranging cross-border training, or transfer goods, technologies, services, and related data restricted from export by the state to other countries (regions) without authorization. [Shanghai Municipal Government General Office Released the Shanghai Service Industry Development 15th Five-Year Plan] The plan mentioned that by 2030, the service industry is expected to achieve notable progress in optimizing its structure, fostering momentum, and improving quality and efficiency, with continuous improvement in digitalization, standardization, integration, and internationalization. The added value of the service industry is expected to reach approximately 6 trillion yuan, basically forming a new high-quality and efficient service industry system led by high-level urban core service functions, anchored by high-end producer services, and supported by high-grade consumer services, building Shanghai's service industry into a "resilient foundation" for economic growth with higher capacity and a "dynamic hub" for global service resource allocation with stronger influence. (Source: Wallstreetcn) [PBOC Net Drained 247 Billion Yuan via Open Market Operations Today] The PBOC conducted 11 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. A total of 258 billion yuan in reverse repos matured today. US Dollar: As of 11:44, the US dollar index rose 0.13% to 99.08. According to an article by Nick Timiraos, known as the "Fed whisperer," in a speech on Sunday evening local time, former US Fed Chair Powell stated that if any administration found an excuse to remove Fed officials simply over policy disagreements, the Fed would not be able to survive. Powell currently serves as a Fed governor. While speaking broadly about institutions, the rule of law, and related topics, he did not name any president, nor did he express any specific personal grievances. However, when addressing the institutional framework designed to keep monetary policy decisions out of presidential control, his language was extremely precise. Powell emphasized the legal protections designed to prevent the arbitrary removal of Fed officials and specifically noted that the executive branch "plays no role in selecting or supervising the 12 regional Reserve Bank presidents," who vote on interest rate decisions alongside Fed governors. "If any administration found an excuse to remove Fed officials simply over policy disagreements, future administrations would inevitably follow suit," Powell said. He noted that the credibility the Fed had built over decades was a "priceless asset," and he and his colleagues "have a responsibility to defend it." (Source: Jin10 Data APP) A CITIC Securities research report noted that the current US Fed transition pace was relatively smooth, and within the next two years, among the seven members of the Federal Reserve Board, only JeromeGovernor Powell may see changes due to his term ending in 2028, while regional Fed presidents face no formal departure pressure before 2028. New Chair Warsh was sworn in on May 22 and his remarks did not release dovish signals. Overall, dovish forces within the US Fed have notably weakened, with neutral and neutral-to-hawkish stances in the majority on policy, though attention is still needed on US economic conditions, geopolitical conflict risks, and other factors. Data: Today's releases include the UK May Nationwide House Price Index MoM, Switzerland April real retail sales YoY, France May manufacturing PMI final, Germany May manufacturing PMI final, Eurozone May manufacturing PMI final, UK May manufacturing PMI final, Eurozone April unemployment rate, US May S&P Global manufacturing PMI final, US May ISM manufacturing PMI, and US April construction spending MoM. In addition, attention is needed on: the opening of NVIDIA GTC Taipei 2026, with Jensen Huang delivering a keynote speech. Crude oil: As of 11:44, oil prices in both markets rose, with WTI up 2.26% and Brent up 2%. Oil prices rebounded from six-week lows as the outlook for an Iran war and peace agreement remained unclear. The US and Iran exchanged messages over the weekend seeking to revise a draft agreement aimed at extending the ceasefire and opening the Strait of Hormuz, but whether substantive progress was made remains unclear. Previously, optimism that the two sides would reach some form of peace agreement and that energy shipments through the Strait of Hormuz would resume had led to crude oil's first monthly decline this year. "Neither Iran nor the US will concede or compromise on their bottom lines for reaching a deal, some of which have not changed since before the war," said economist Gaoud. These bottom lines include the nuclear program, control of the Strait of Hormuz, the ballistic missile program, and sanctions. He also noted that oil prices may remain sensitive to local developments and statements from political leaders. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ►

[SMM Tin Midday Review: SHFE Tin Futures Center Shifted Upward with Wider Fluctuations, Elevated Prices Led to Sluggish Market Trading]

[SMM Lead Morning Meeting Minutes: Divergent Fundamentals in and outside China, Lead Prices Expected to Lack Upward Momentum] Over the weekend, U.S.-Iran negotiations took another turn, with foreign media reporting that Trump significantly revised the memorandum of understanding, proposing tougher terms in an attempt to pressure Iran into accelerating negotiations. The macro landscape remains complex and volatile, while lead fundamentals diverge. In markets outside China, LME lead had previously been in a backwardation structure...

[SMM Morning Meeting Minutes: Inventories Outside China Increase, LME Zinc Posts a Small Bearish Candlestick] Overnight, LME zinc opened at $3,556.5/mt. Early in the session, LME zinc fluctuated upward to a high of $3,585/mt. As European trading hours began, bears increased their open interest and prices pulled back continuously from the highs. Near the end of the session, it dipped to a low of $3,531.5/mt, ultimately closing lower at $3,543.5/mt, down $15.25/mt, a decline of 0.43%. Trading volume increased to 108,000 lots, and open interest increased by 2,300 lots to 230,000 lots.