ELQ has announced an investment of up to €2.5 billion to build up to 2 GW of new energy infrastructure in Ukraine. Supported by US and Arab partners, construction of the initial installations will begin in Q2 2026. Sołtysiak stated the company refuses to wait for the war to end, aiming to actively participate in the first phase of rebuilding Ukraine's heavily damaged power grid. The initiative aligns with broader recovery efforts, including a February 2026 World Bank estimate placing Ukraine's decade-long reconstruction costs at $588 billion, and a July 2025 EBRD mechanism to mobilize €1.5 billion for new renewables. Through its newly registered subsidiary, ELQ UKRAINE, the firm plans to supply autonomous energy to critical social infrastructure like schools and hospitals.

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

[SMM Tin Midday Review: Rebound in US Dollar Index Weighs on Metal Prices; SHFE Tin Prices May Fluctuate Around 264,000 Yuan/mt in Afternoon] The most-traded SHFE tin contract (SN2507) opened at 264,430 yuan/mt this morning, slightly higher than the previous trading day's closing price of 263,690 yuan/mt, and then hovered at highs. By midday, prices fluctuated around 264,000 yuan/mt, with relatively cautious market trading and a slight reduction in open interest, reflecting intensified competition between bulls and bears at the current price level. Divergence in Global Economic Outlook: US May non-farm payrolls data exceeded expectations, weakening expectations for US Fed interest rate cuts. The rebound in the US dollar index weighed on metal prices. Meanwhile, the World Bank lowered its 2025 global economic growth forecast to 3.5%, putting pressure on the outlook for industrial metal demand.

SMM News on June 11: Metal Market: As of the daytime close, domestic market base metals generally rose, with only SHFE lead declining, by 0.06%. SHFE aluminum and SHFE zinc both rose by over 1%, with SHFE aluminum up 1.25% and SHFE zinc up 1.23%. SHFE tin rose by 0.69%, while the fluctuations in the gains of other metals were relatively small. The main alumina contract closed flat at 2,895 yuan/mt, and the main aluminum casting contract rose by 0.91%. In addition, the main lithium carbonate contract rose by 1.68%, polysilicon rose by 0.72%, and silicon metal rose by 2.23%. The main European container shipping contract fell by 2.1%. In the ferrous metals series, prices rose collectively, with iron ore up 1%, rebar up 0.67%, and HRC up 0.78%. In the coking coal and coke sector, coking coal rose by 1.1%, and coke rose by 1.31%. In the overseas market, as of 15:06, only LME tin declined, by 0.08%, while other metals rose. LME aluminum and LME zinc both rose by over 1%, with LME aluminum up 1.26% and LME zinc up 1.19%. The fluctuations in the gains of other metals were relatively small. In precious metals, as of 15:06, COMEX gold rose by 0.44%, and COMEX silver rose by 0.14%. Domestically, SHFE gold rose by 0.56%, and SHFE silver fell by 0.28%. Market conditions as of 15:06 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Announcement] The State Council Information Office will hold a press conference at 10:00 a.m. on Friday, June 13, 2025. Li Yongxia, Deputy Representative for International Trade Negotiations of the Ministry of Commerce, and Song Junji, Vice Governor of Shandong Province, will introduce the relevant situation of the 2025 Qingdao Summit for Leaders of Multinational Corporations and answer questions from reporters. [Average Annual Growth Rate of 14.2% Over 25 Years, China-Africa Trade Volume Exceeds 2 Trillion Yuan] On the occasion of the upcoming Fourth China-Africa Economic and Trade Expo in Changsha, Hunan Province, data released by the General Administration of Customs on June 11 showed that since the establishment of the Forum on China-Africa Cooperation in 2000, the total value of China's imports and exports with Africa has increased from less than 100 billion yuan that year to 2.1 trillion yuan in 2024, representing a cumulative growth of over 20 times and an average annual growth rate of 14.2%, fully demonstrating the strong vitality of China-Africa economic and trade cooperation. On the same day, the General Administration of Customs also released the 2024 China-Africa Trade Index, which rapidly climbed from a base value of 100 points in 2000 to a new high of 1,056.53 points in 2024. (Xinhua News Agency) The People's Bank of China conducted 164 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 214.9 billion yuan of 7-day reverse repos matured today, a net withdrawal of 50.9 billion yuan was achieved. ► On June 11, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was set at 7.1815 yuan per US dollar. US dollar: As of 15:06, the US dollar index rose by 0.12% to 99.17. Most economists believe that the US Federal Reserve will remain on hold for at least a few months, as the tariff policies of US President Trump may pose a lingering risk of reigniting inflation. The market will closely monitor the US inflation data to be released later on Wednesday. This report may reflect the economic impact of tariffs on price pressures and could potentially determine the trajectory of the US Fed's monetary policy for the remainder of the year. Macro: The World Bank's "Global Economic Prospects" report, released on Tuesday (June 10), clearly stated that global economic growth in 2025 will be only 2.3%, significantly lower than the pre-COVID-19 average and the lowest non-recessionary growth since the 2008 financial crisis. More concerningly, the average annual growth rate of global GDP is projected to be just 2.5% by 2027, marking the slowest pace since the 1960s. The report attributes this bleak outlook to rising trade barriers and "record-high uncertainty." Nearly 70% of economies worldwide are facing downward revisions to their growth forecasts, including the US, Europe, and several emerging market regions. Ayhan Kose, the World Bank's Deputy Chief Economist, vividly compared the situation in an interview, saying, "Uncertainty is like fog on the runway, hindering investment and dimming the economic outlook." This uncertainty not only weighs on global trade but also exerts significant pressure on consumption, investment, and financial market stability. (Huitong Finance) Today, data to be released include China's year-on-year growth rate of M2 money supply for May (time uncertain between June 11-17), China's year-to-date social financing scale for May (time uncertain between June 11-17), China's year-to-date new RMB loans for May (time uncertain between June 11-17), the US's year-on-year CPI growth rate for May (not seasonally adjusted), the US's year-on-year core CPI growth rate for May (not seasonally adjusted), the US's year-on-year energy CPI growth rate for May (not seasonally adjusted), the US's June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ consumer confidence index for the week ending June 8. Additionally, He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US Economic and Trade Consultation Mechanism. Crude oil: As of 15:06, oil prices in both markets fell simultaneously, with US crude oil down by 0.11% and Brent crude oil down by 0.18%. According to CCTV News, on the 10th local time, Russian President Putin signed a decree extending countermeasures against the price cap imposed on Russian oil and oil products until December 31, 2025. Earlier, on December 27, 2022, Putin signed a presidential decree prohibiting the supply of Russian oil and oil products to foreign legal entities and individuals that directly or indirectly use a price cap mechanism in their contracts. This decree took effect on February 1, 2023, and its validity has been extended multiple times. As a major oil-producing country in the world, if Russia significantly reduces its oil exports in the future due to Western price caps, it could lead to an increase in energy prices in some EU countries. For some European countries, such sanctions only harm both sides equally; while others believe that the current price cap is not low enough and does not meet their expectations. For example, countries like Greece, Cyprus, and Malta, which rely heavily on the shipping industry, hope to raise the price cap to around $70 per barrel to alleviate the pressure on local enterprises. However, this is completely opposite to the views of Poland and the Baltic states, where some officials have even proposed setting the cap at $20 per barrel. Ukrainian President Zelenskyy, on the other hand, has called for a price cap of no more than $30 per barrel. The EIA released its monthly Short-Term Energy Outlook report, significantly raising its forecast for the crude oil market surplus in 2025. Its data shows that global oil inventories increased in the first five months of this year and will continue to grow significantly during the forecast period. The EIA expects global oil inventories to increase by an average of 8,000 barrels per day in 2025, which is 4,000 barrels per day higher than last month's forecast. The reason for the upward revision in the supply surplus forecast is the decline in oil demand from OECD countries in 2025, as well as the increase in supply growth from OPEC countries and non-OPEC countries. Additionally, the EIA emphasized that while no major supply disruptions are expected, oil supply risks still exist. From the inventory perspective, API data released early in the morning showed that US crude oil inventories decreased by 370,000 barrels in the week ending June 6. Although crude oil inventories have declined, the 370,000-barrel drop is far below analysts' expectations of 2 million barrels. More concerning is the continuous increase in refined product inventories, with gasoline inventories rising by 3 million barrels and distillate inventories increasing by 3.7 million barrels in the same week. Analysts had previously forecast that distillate inventories would increase by about 800,000 barrels and gasoline inventories by 900,000 barrels last week. The continued significant inventory buildup of gasoline and diesel in the US, exceeding expectations, has exerted downward pressure on oil prices. (Wenhua Comprehensive) SMM Daily Review ► Rare Earth Prices Decline Slightly, Transactions Remain Stagnant [SMM Rare Earth Daily Review] ► As Delivery Approaches, Spot-Futures Price Spread Narrows, Spot Market Transactions Remain Sluggish [SMM Daily Review]

SMM June 11 News: Metal Market: As of the midday close, domestic market base metals were mostly up, with SHFE copper rising 0.11%, SHFE zinc up 0.89%, SHFE aluminum up 1.18%, SHFE lead down 0.03%, SHFE tin up 0.81%, and SHFE nickel slightly up. In addition, the main continuous futures contract for foundry aluminum rose 0.78%, and alumina rose 0.21%. Lithium carbonate rose 0.73%, silicon metal rose 1.62%, and polysilicon fell 0.13%. The ferrous metals series all rose, with iron ore up 1.07%, rebar up 0.71%, and HRC up 0.81%. Stainless steel rose 0.16%. For coking coal and coke: coking coal rose 1.29%, and coke rose 1.12%. In the overseas metal market, as of 11:43, LME metals were all up, with LME zinc rising 0.56%, LME copper rising 0.17%, LME aluminum rising 0.9%, LME lead rising 0.33%, LME tin not yet opened, and LME nickel rising 0.27%. In precious metals, as of 11:43, COMEX gold rose 0.57%, and COMEX silver rose 0.32%; domestically, SHFE gold rose 0.65%, and SHFE silver fell 0.15%. As of the midday close, the most-traded contract for the Europe Containerized Freight Index fell 1.03%, closing at 2023.4. As of 11:43 on June 11, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 11 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 30 yuan/mt to a premium of 150 yuan/mt against the front-month contract, with an average premium of 90 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 40 yuan/mt to a discount of 20 yuan/mt, with an average discount of 30 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,305 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 79,185 yuan/mt, up 85 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory continued to decline, now for five consecutive days. It is reported that nearby smelters have exports, reducing supply... 》Click for details Macro Front Domestic: [Announcement] The State Council Information Office will hold a press conference at 10 a.m. on June 13, 2025 (Friday). Li Yongxia, Deputy Representative for International Trade Negotiations of the Ministry of Commerce, and Song Junji, Vice Governor of Shandong Province, will introduce the 2025 Qingdao Summit for Leaders of Multinational Corporations and answer questions from reporters. [Average Annual Growth Rate of 14.2% Over 25 Years, Sino-African Trade Volume Exceeds 2 Trillion Yuan] On the occasion of the upcoming Fourth China-Africa Economic and Trade Expo in Changsha, Hunan Province, data released by the General Administration of Customs on June 11 showed that since the establishment of the Forum on China-Africa Cooperation in 2000, China's total import and export value with Africa has increased from less than 100 billion yuan that year to 2.1 trillion yuan in 2024, a cumulative increase of over 20 times, with an average annual growth rate of 14.2%, fully demonstrating the strong vitality of Sino-African economic and trade cooperation. On the same day, the General Administration of Customs also released the China-Africa Trade Index for 2024. This index rapidly climbed from its base value of 100 points in 2000, reaching a new high of 1,056.53 points in 2024. (Xinhua News Agency) The People's Bank of China conducted reverse repo operations worth 164 billion yuan for 7 days today, with an operating interest rate of 1.40%, unchanged from the previous rate. As reverse repo operations worth 214.9 billion yuan for 7 days matured today, a net withdrawal of 50.9 billion yuan was realized. ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 11 was 7.1815 yuan per US dollar. US dollar: As of 11:43, the US dollar index rose by 0.07% to 99.12. Most economists believe that the US Federal Reserve will remain on hold for at least a few months, as the tariff policies of US President Trump may pose a lingering risk of reigniting inflation. The market will closely monitor the US inflation data to be released later on Wednesday. This report may reflect the economic impact of tariffs on price pressures and could determine the trajectory of the Fed's monetary policy for the remainder of the year. Data: The World Bank's "Global Economic Prospects" report, released on Tuesday (June 10), clearly stated that global economic growth in 2025 will be only 2.3%, significantly lower than the pre-pandemic average and the lowest non-recessionary growth rate since the 2008 financial crisis. More concerningly, the average annual growth rate of global GDP is expected to be only 2.5% by 2027, marking the slowest pace since the 1960s. The report attributed this bleak outlook to rising trade barriers and "record-high uncertainty." Nearly 70% of economies worldwide are facing downward revisions to their growth forecasts, including the US, Europe, and several emerging market regions. Ayhan Kose, the World Bank's Deputy Chief Economist, vividly compared the situation in an interview: "Uncertainty is like fog on the runway, hindering investment and dimming the economic outlook." This uncertainty not only weighs on global trade but also exerts significant pressure on consumption, investment, and financial market stability. (Huitong Finance) Data to be released today include China's M2 money supply annual growth rate for May (time uncertain between June 11-17), China's total social financing for the year to date as of May (time uncertain between June 11-17), China's new RMB loans for the year to date as of May (time uncertain between June 11-17), the US's unadjusted annual CPI rate for May, the US's unadjusted annual core CPI rate for May, the US's unadjusted annual energy CPI rate for May, the US's June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ Consumer Confidence Index for the week ending June 8. In addition, He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US Economic and Trade Consultation Mechanism. Crude oil: As of 11:43, crude oil futures fluctuated rangebound, with US crude oil down 0.06% and Brent crude oil down 0.13%. Weak global oil demand and increased production by OPEC have put pressure on the market, weighing on oil prices. On Wednesday evening, the market will focus on the weekly US oil inventory report released by the US Energy Information Administration (EIA). Analysts expect that US crude oil inventories are likely to decrease by 2 million barrels in the week ending June 6, while distillate and gasoline inventories may increase. Data released by the American Petroleum Institute (API) showed that US crude oil inventories fell last week, while gasoline and distillate inventories rose. The API report indicated that US crude oil inventories decreased by 370,000 barrels, gasoline inventories increased by 3 million barrels, and distillate inventories increased by 3.7 million barrels in the week ending June 6. (Webstock Inc.) Spot market overview: ► Inventories fell for five consecutive weeks; suppliers refused to budge on prices, but actual transactions were average. [SMM South China spot copper] ► Shanghai zinc: Futures market rebounded MoM, downstream purchases weakened. [SMM midday review] ► As delivery approaches, spot-futures price spread narrows, and transactions in the spot market are sluggish. [SMM daily review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

[SMM Aluminum Morning Meeting Summary: Low Inventory Provides Strong Support for Prices, Aluminum Prices Expected to Fluctuate] Overall, on the macro side, the Sino-US consultation meeting may lead to a relaxation of the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals. Currently, low inventory and the expectation of a rising proportion of liquid aluminum provide strong support for aluminum prices. However, the pressure of the off-season on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with short-term aluminum prices expected to remain volatile and range-bound.

The World Bank released its latest Global Economic Prospects report on Tuesday, arguing that heightened uncertainty and high tariffs pose "significant headwinds" to the growth prospects of nearly all economies, leading to a substantial downward revision of its global GDP growth forecast for 2025 to 2.3%. Specifically, the World Bank projects global GDP growth for 2025 at 2.3%, a 0.4 percentage point reduction from its earlier forecast at the beginning of the year, while global GDP growth for 2024 was 2.8%. Since taking office, Trump has raised the US effective tariff rate from less than 3% to nearly 15%, the highest level in nearly a century, contributing to global trade tensions. The World Bank is the latest institution to lower its growth forecast due to Trump's erratic trade policies, despite US officials' insistence that a surge in investment and impending tax cuts will offset these negative consequences. Although the World Bank does not anticipate a recession, it expects global economic growth to be sluggish this year, which, excluding the exceptional year of 2020 (during the pandemic), will be the weakest since the global financial crisis. The report projects global trade growth for 2025 at 1.8%, down from 3.4% in 2024. This forecast is based on tariffs in effect as of the end of May, including the US's 10% benchmark tariff on imports from most countries, but excluding the currently suspended reciprocal tariffs. Economic models suggest that, on top of the already implemented 10% tariffs, a 10 percentage point increase in the average US tariff rate, coupled with retaliation from other countries, could further reduce global GDP growth by 0.5 percentage points in 2025. An escalation of the tariff war would lead to a stagnation in global trade in the second half of this year... followed by a widespread collapse in confidence, a surge in uncertainty, and financial market volatility. Despite this, the World Bank states that the risk of a global recession is less than 10%. Ayhan Kose, the World Bank's Deputy Chief Economist, said, "Uncertainty remains a powerful headwind, like fog on a runway, slowing investment and casting a shadow over the outlook." However, Kose noted signs of increased dialogue on trade, which could help dispel uncertainty, and that supply chains are adapting to the new global trade landscape rather than collapsing. He mentioned that global trade growth could see a mild rebound to 2.4% in 2026, and that the development of artificial intelligence could also drive growth. "We believe that uncertainty will eventually decline, and once the fog clears, the trade engine may restart, albeit at a slower pace," he said. In developed countries, due to increased trade barriers, record-breaking uncertainty, and heightened financial market volatility, the World Bank expects the US economy to grow by 1.4% in 2025. In January this year, the institution had forecast a 2.3% growth for the US economy in 2025. The economic outlook for the Eurozone is relatively bleak, with an expected growth rate of 0.7% this year; Japan's growth rate is expected to be 0.4% this year. As a whole, emerging markets and developing countries are expected to grow by 3.8% this year, down from the 4.1% forecast in January. Mexico, which heavily relies on trade with the US, has seen its growth forecast for 2025 revised down by 1.3 percentage points to 0.2%.

Foreign media reported that China and the United States plan to participate in the investment of the Atlantic Africa Pipeline Project, which has a total value of US$25 billion. Originally known as the Nigeria-Morocco Gas Pipeline Project, the project reached a significant turning point in 2025, attracting increasing attention from the international community. During the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Washington, Nigerian Finance Minister Olawale Edun stated, "Given China's vast natural gas reserves, the US side is focusing on investments in Nigeria's natural gas sector, particularly in the Nigeria-Morocco pipeline." Jingye Group, a Chinese industrial giant, has announced its participation in the project through its UK subsidiary, Jingye UK Steel, and will supply steel for the pipeline construction.

Sun King, the world’s largest off-grid solar company, has secured an $80 million naira-denominated loan from the International Finance Corporation and Stanbic IBTC Bank. This marks the largest local-currency financing for energy access in West Africa to date.

【Minutes of Morning Meeting on April 30】Affected by the production cuts in Indonesia's MHP and high-grade nickel matte projects, the supply of raw materials is tight, driving the MHP coefficient to continue fluctuating at highs, with insufficient downward momentum. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, hence their quotations remain firm. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking.