Effective April 22, 2026 (night session on April 21), nickel futures and options are open to overseas participants. First contracts: NI2605 and subsequent futures, with corresponding options. For margin, overseas traders may use USD at a 0.95 discount rate, valued at the daily RMB central parity rate. Account opening is available immediately.

SMM7月14日讯： 金属市场方面: 截至午间收盘，内盘基本金属近全线下行，沪铝跌1.76%，沪铜跌0.15%，沪镍跌0.18%。沪铅跌0.29%、沪锌跌0.89%，沪锡涨0.37%。 此外，铸造铝主连期货跌1.35%，氧化铝主连跌1.14%。碳酸锂涨3.43%，工业硅跌0.12%。多晶硅跌0.82%。 黑色系多飘绿，铁矿微涨，螺纹、热卷分别跌0.22%、0.18%。不锈钢跌0.43%。双焦方面：焦煤跌0.16%，焦炭涨0.66%。 外盘金属方面，截至11:40分，LME金属涨跌互现，伦铝跌0.94%。伦镍涨0.18%。伦锌跌0.07%。伦锡涨0.36%。伦铅跌0.3%。伦铜涨0.33%。 贵金属方面，截至11:40分，COMEX黄金涨0.23%，COMEX白银涨0.58%；国内方面，沪金涨0.66%；沪银涨2.01%，盘中刷新历史新高至9267元/千克。全球最大黄金上市交易基金(ETF)--SPDR Gold Trust公布，截至周五(7月11日)，其黄金持仓量为947.64吨，减少1.16吨，或0.12%。前一交易日为948.8吨。美国商品期货交易委员会（CFTC）周五公布的报告显示，截至7月8日当周，黄金投机客减持COMEX黄金期货和期权净多头头寸1,855手，至134,842手。 截至午间收盘，欧线集运主力合约跌0.33%，报2010点。 截至7月14日11:40分，部分期货午间行情: 》7月14日SMM金属现货价格 现货及基本面 铜： 截至7月14日周一，SMM全国主流地区铜库存环比上周四增加0.39万吨至14.76万吨；相比上周四库存的变化，各地区库存除了上海地区外其他地区普遍增加...... 》点击查看详情 宏观面 国内方面: 【海关总署：上半年我国货物贸易进出口同比增长2.9% “新三样”产品增长12.7%】 国务院新闻办公室今日上午10时举行新闻发布会，请海关总署副署长王令浚等介绍2025年上半年进出口情况，并答记者问。Wang Lingjun introduced: Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while ensuring stability, remained steadfast in managing its own affairs, unswervingly expanded high-standard opening up, and focused on stabilizing employment, enterprises, markets, and expectations while effectively responding to external shocks. The national economy has maintained overall stability with progress, and China's foreign trade has withstood pressures, sustained momentum, and demonstrated vitality amid complex environments. According to customs statistics, in the first half of this year, China's import and export of goods totaled 21.79 trillion yuan, up 2.9% YoY. Among these, exports reached 13 trillion yuan, increasing by 7.2%, while imports stood at 8.79 trillion yuan, down 2.7%. Specific features are highlighted in five aspects: 1) Steady growth in foreign trade scale. In H1, China's import and export scale exceeded 20 trillion yuan, reaching a record high for the same period. From a quarterly perspective, Q2 imports and exports grew 4.5% YoY, accelerating by 3.2 percentage points compared to Q1, marking seven consecutive quarters of YoY growth. 2) Diversification of foreign trade partners. 3) Optimized and upgraded export momentum. In H1, China's machinery and equipment exports reached 7.8 trillion yuan, up 9.5%, accounting for 60% of total exports—a 1.2 percentage point increase compared to the same period last year. High-end equipment closely related to new quality productive forces grew by over 20%, while "new three" products representing green and low-carbon sectors increased by 12.7%. 4) Expanding domestic demand stabilized imports. With policies like "implementing major national strategies" and "large-scale equipment upgrades" taking effect, imports turned positive in Q2. In H1, China's imports of machinery equipment for petrochemical and textile sectors achieved double-digit growth, key parts like electronic components grew rapidly, and imports of crude oil, metal ores, and other critical raw materials increased. 5) Vitality of foreign trade entities continued to release. 》Click for details [PBOC injects 119.7 billion yuan net liquidity today] The People's Bank of China conducted 226.2 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.40%. With 106.5 billion yuan in 7-day reverse repos maturing, the net injection reached 119.7 billion yuan. ► On July 14, the central parity rate of the yuan in the interbank foreign exchange market was 7.1491 yuan per US dollar. US dollar update: As of 11:40, the US dollar index rose 0.09% to 97.96. US President Trump announced in a letter to the European Commission that a 30% tariff will be imposed on all European goods starting August 1. Several EU analysts have stated that announcing tariff hikes is a negotiating tactic employed by Trump. The market is currently awaiting the US inflation data for June, which will be released on Tuesday, to gain more clues about the US Fed's path for interest rate hikes. According to media reports on Friday, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said that Trump's new tariffs could spark fresh concerns about inflation, which might force the US Fed to remain on the sidelines. In other currencies: The euro fell to a three-week low on Monday, and the Mexican peso also came under pressure after US President Trump threatened to impose a 30% tariff on imports from the US's two largest trading partners starting August 1. Trump sent letters to European Commission President Ursula von der Leyen and Mexican President Andrés Manuel López Obrador on Saturday, announcing the new tariffs. In response, the EU and Mexico called the tariffs unfair and disruptive. The EU said it would suspend retaliatory measures against US tariffs until early August while continuing to urge a negotiated solution. During the Asian morning session, the foreign exchange market's reaction to Trump's latest tariff threats was largely mediocre, with only the euro falling to a roughly three-week low. The market has become increasingly insensitive to Trump's series of tariff threats. His recent stirring up of global trade turmoil has hardly been able to stop the US stock market from repeatedly hitting new highs, and has only slightly boosted the US dollar. Taylor Nugent, a senior economist at National Australia Bank, said it was difficult to attribute the market's mediocre reaction in the past week to either increased resilience or self-delusion. However, negotiations are still ongoing, and the recent key substantive progress was that the July 9 deadline for reciprocal tariffs had arrived without any tariff rate increases, making it difficult for the market to price in a series of major news items that were said to determine the tariff levels on August 1. Data: Today, data such as China's M2 money supply annual growth rate for June (time uncertain from July 14 to 17), China's total social financing for the year to date in June (time uncertain from July 14 to 17), and China's new yuan-denominated loans for the year to date in June (time uncertain from July 14 to 17) will be released. In addition, it is worth noting that the State Council Information Office will hold a press conference on financial statistics for the first half of 2025; the National Energy Administration will release data on total electricity consumption around the 15th of each month; and US President Trump plans to make a "major announcement" on Russia. Crude oil: Both crude oil futures rose slightly. As of 11:40, US crude oil was up 0.13%, and Brent crude oil was up 0.16%. Concerns that further US sanctions on Russia could affect global supply have supported oil prices, but increased production by Saudi Arabia and ongoing tariff uncertainties have limited the gains in oil prices. 国际能源署(IEA)称，沙特6月石油日产量超出目标43万桶，达到980万桶/日，而根据OPEC 配额该国的产量目标应为937万桶/日。沙特能源部周五表示，沙特完全遵守了OPEC 的自愿产量目标，并补充称，沙特6月的市场原油供应量为935.2万桶/日，符合配额要求。 美国能源服务公司贝克休斯(Baker Hughes)周五在其备受关注的报告中表示，美国能源公司本周连续第11周削减石油和天然气钻机数量，为2020年7月以来首次。数据显示，截至7月11日当周，未来产量的先行指标--美国石油和天然气钻机总数减少2座至537座，为2021年10月以来最低水平。（文华综合） 现货市场一览: ► 周末全国主流地区铜库存增加0.39万吨【SMM周度数据】 ► 铜价回落且月差收窄，下游采购积极性上升【SMM华南铜现货】 ► 交割日临近 市场氛围表现安静【SMM华北铜现货】 ► 上海锌：现货成交一般 升水继续走低【SMM午评】 ► 宁波锌：下游订单走弱 成交表现平淡【SMM午评】 ► 【SMM铁矿石航运】全球铁矿石发运量和到港量同步小幅下滑6% ► 【SMM钢材航运】上周中国出口钢材总量环比上升28% ► 【SMM煤焦航运】上周焦煤到港213.36万吨 环比+40.05万吨 ► 需求减弱但下游囤货意愿增强 光伏玻璃7月冷修产能再增【SMM分析】 其他金属现货午评稍后更新，敬请刷新查看~

SMM News on June 27: Metal Market: As of the midday close, nearly all domestic base metals futures rose, with SHFE copper up 1.41%, SHFE nickel up 0.73%, SHFE aluminum up 0.83%, SHFE zinc up 1.53%, SHFE tin up 0.76%, and SHFE lead down 0.26%. Additionally, main aluminum casting futures rose 0.38%, main alumina futures climbed 1.06%, lithium carbonate jumped 2.48%, silicon metal rose 0.32%, and polysilicon gained 0.27%. The ferrous metals series mostly rose, with iron ore up 1.85%, rebar up 0.78%, HRC up 0.78%, while stainless steel fell 0.16%. For coking coal and coke: coking coal surged 3.16%, and coke rose 1.77%. Overseas metals were mostly lower as of 11:39, with LME copper down 0.1%, LME nickel down 0.22%, LME zinc unchanged at $2,768/mt, LME tin down 0.44%, LME lead down 0.25%, and LME aluminum down 0.14%. Precious metals saw COMEX gold up 0.28% and COMEX silver up 0.61% as of 11:39; domestically, SHFE gold rose 0.56% and SHFE silver climbed 1.65%. As of the midday close, the most-traded Europe container shipping futures contract rose 0.87% to 1,779.2 points. Partial futures market data as of 11:39 on June 27: 》SMM Metal Spot Prices on June 27 Spot & Fundamentals Copper: Today in Guangdong, #1 copper cathode spot premiums against the front-month contract ranged from 40 yuan/mt to 150 yuan/mt, with an average premium of 95 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts of 20 yuan/mt to 0 yuan/mt, averaging a 10 yuan/mt discount, up 30 yuan/mt from the previous session. The average #1 copper cathode price in Guangdong was 80,070 yuan/mt, up 1,205 yuan/mt, while SX-EW copper averaged 79,965 yuan/mt, up 1,195 yuan/mt. Spot Market: Guangdong inventories declined for the third consecutive day due to limited arrivals and increased outflows. The market is already trading cargoes with next month's invoices, with minimal impact from mid-year settlements... 》Click for details Macro Front Domestic: [NBS: Jan-May Industrial Profits Down 1.1% YoY] NBS data shows profits at China's major industrial enterprises (annual sales ≥20 million yuan) declined 1.1% YoY in January-May 2025. State-owned holding enterprises reported 870.95 billion yuan in profits, down 7.4% YoY; joint-stock enterprises earned 2.01707 trillion yuan, down 1.5% YoY; foreign-funded, Hong Kong, Macau, and Taiwan-invested enterprises achieved 685.68 billion yuan, up 0.3% YoY; and private enterprises secured 759.25 billion yuan, up 3.4% YoY. Yu Weining, a statistician from the Department of Industry of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to May 2025: During the January-May period, industrial enterprises above designated size achieved a total profit of 2.72 trillion yuan, representing a year-over-year (YoY) decline. The performance presented the following characteristics: multiple factors contributed to the profit decline of industrial enterprises. Gross profits and operating revenues of industrial enterprises maintained growth. The equipment manufacturing sector played a stabilizing role. Breakthroughs in aerospace and marine sectors demonstrated the vitality of high-quality industrial development. The program of large-scale equipment upgrades and consumer goods trade-ins continued to yield results. Profits of private and foreign-funded enterprises maintained growth. In the next phase, it is essential to thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, implement more proactive macro policies, strengthen the domestic market, enhance innovation-driven development, steadily advance high-quality industrial development, and lay a solid foundation for the recovery of industrial enterprises' profitability. 》Click for details [China's Logistics Market Size Ranks First Globally for 9 Consecutive Years, Exceeding 360 Trillion Yuan for First Time] The China Federation of Logistics and Purchasing (CFLP) released the "China Logistics and Supply Chain Development Report (2024-2025)" today (June 27). According to the report, China's logistics market size has ranked first globally for nine consecutive years, with modern logistics further strengthening its support for the national economy. The report indicates that in 2024, China's total social logistics volume exceeded 360 trillion yuan for the first time, and the annual total revenue of the logistics industry reached 13.8 trillion yuan. By the end of 2024, the number of A-grade logistics enterprises in China surpassed 10,000 for the first time, including over 500 5A-grade enterprises representing the highest domestic standard. The industry is generally transitioning from "logistics" to "supply chain" development. A preliminary national logistics node network has taken shape. A survey of national logistics parks shows that the number of large-scale logistics parks reached 2,769. The People's Bank of China conducted 525.9 billion yuan in 7-day reverse repo operations today at an interest rate of 1.40%, unchanged from previous operations. With 161.2 billion yuan in 7-day reverse repos maturing today, the operation resulted in a net injection of 364.7 billion yuan. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market was set at 7.1620 yuan per US dollar on June 27. US Dollar Update: As of 11:39, the US dollar index fell 0.03% to 97.26. US data showed greater-than-estimated economic contraction in Q1 due to weak consumer spending and tariff-related disruptions. While initial jobless claims declined last week, dwindling job opportunities and corporate reluctance to hire amid economic uncertainty raised risks of a June unemployment rate increase. Markets await Friday's release of US core personal consumption expenditures (PCE) data for further insights into the US Fed's monetary policy outlook. Other currency updates: Bank of England Governor Andrew Bailey warned that the Labour government's payroll tax is causing UK job losses, declining worker incomes, and rising food prices. He cautioned that inflation risks remain "two-sided." Speaking at the British Chambers of Commerce annual conference in London, Bailey stated he is "starting to hear more evidence of adjustments through pay and employment" following the £26 billion ($36 billion) employer National Insurance contribution increase that took effect in April. (Hexun Finance) Data releases: Today's releases include US May personal spending month-over-month, US May core PCE price index year-over-year, US June University of Michigan consumer sentiment final reading, Eurozone June industrial confidence index, Eurozone June economic confidence index, Eurozone June consumer confidence final reading, Japan June Tokyo CPI year-over-year, Japan May unemployment rate, and Canada April seasonally adjusted GDP year-over-year. Additionally, ECB President Christine Lagarde will deliver remarks, while 2026 FOMC voter and Cleveland Fed President Loretta Mester, along with Fed Governor Lisa Cook, will participate in the "Fed Listens" event. Crude oil markets: Both oil futures rose slightly, with WTI crude up 0.48% and Brent crude up 0.46% as of 11:39. US summer driving season is boosting fuel demand. However, oil prices are expected to post weekly losses as the Iran-Israel ceasefire agreement holds, easing concerns about Middle East supply risks. The US Energy Information Administration (EIA) reported Wednesday that US crude, gasoline, and distillate inventories fell last week amid increased refining activity and demand. EIA data showed crude stocks declined by 5.8 million barrels to 415.1 million barrels in the week ending June 20, exceeding analyst expectations of a 797,000-barrel draw. Iran's Nour News agency reported Thursday that a damaged facility at Phase 14 of the South Pars refinery in Iran's Bushehr province - previously targeted by Israeli strikes - has resumed operations, continuing to alleviate supply concerns. (Webstock Inc.) Spot market overview: ► Inventories decline for 3rd week as suppliers refuse to budge on prices, but downstream buyers resist high prices [SMM South China Copper Spot] ► Rising copper prices suppress consumption, with market demand outlook remaining pessimistic [SMM North China Copper Spot] ► Shanghai zinc: Futures market continues to strengthen while premiums drop significantly [SMM Midday Review] ► [SMM Analysis] Strong fundamentals expected to support further iron ore price gains next week Other metal spot market updates coming soon - please refresh for latest insights

SMM News on June 18: Metal Market: As of the daytime close, domestic market base metals generally rose, with SHFE aluminum leading the gains with a 1.35% increase. SHFE zinc rose by 0.85%, while SHFE lead fell by 0.68% and SHFE nickel by 0.42%. The remaining metals experienced minor fluctuations in their gains. The main alumina contract rose by 2.31%, recording two consecutive days of gains. The main casting aluminum contract rose by 0.95%. In addition, lithium carbonate rose by 0.1%, polysilicon fell by 2%, and silicon metal rose by 1.09%. The main European container shipping contract rose by 3.18%. In the ferrous metals series, iron ore fell by 0.5%, HRC rose by 0.32%. In the coking coal and coke sector, coking coal fell by 0.57%, while coke rose by 0.62%. In the overseas market, as of 15:02, overseas market base metals generally rose, with LME tin leading the gains with a 0.94% increase. LME zinc rose by 0.63%, and LME copper by 0.48%. The remaining metals experienced minor fluctuations in their gains. In precious metals, as of 15:02, COMEX gold fell by 0.13%, while COMEX silver rose by 0.39%, reaching a high of $37.405 per ounce during the session, a new high since March 2012. Domestically, SHFE gold fell by 0.21%, while SHFE silver rose by 2.35%. Notably, SHFE silver surged to a high of 9,075 yuan/kg during the session, a new all-time high since its listing. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. The second is to establish an international operation center for the digital yuan. This will promote the international operation of the digital yuan and the development of financial market businesses, serving digital financial innovation. The third is to establish personal credit reporting agencies. These will provide diversified and differentiated personal credit reporting products for financial institutions, further improving the social credit reporting system. 》Click to view details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] Today, at the 2025 Lujiazui Forum, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, the construction of Shanghai as an international financial center has achieved a series of new progress and breakthroughs. During the forum, the National Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of Shanghai as an international financial center, introducing a series of deployment measures. These include encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels. (Cailian Press) [State Administration of Foreign Exchange to Implement a Package of Innovative Foreign Exchange Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of innovative foreign exchange policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the strategy to enhance the pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Intelligent Mine Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting Intelligent Mine Construction and Facilitating Mine Safety Development" issued by the National Mine Safety Administration and seven other departments, and to accelerate the construction of intelligent mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in collaboration with relevant departments, has drafted the "Key R&D Catalog for Intelligent Mine Robots (Draft for Public Consultation)", which is now open for public comments. ► On June 18, the central parity rate of the RMB in the interbank foreign exchange market was set at 7.1761 RMB per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.25% to 98.57. The market generally expects the US Fed to remain on hold this time, but expectations for Fed easing in H2 have risen. Attention should be paid to the Fed's policy stance and forecasts for future economic trends early tomorrow morning. The market expects the Fed to maintain the benchmark interest rate within the range of 4.25%-4.50%. However, IG market analyst Tony Sycamore stated that risks from the Middle East conflict and the slowdown in global economic growth may prompt the Fed to cut interest rates by 25 basis points in July, earlier than the current market expectation of September. US retail sales in May recorded the largest decline since the beginning of the year, indicating that new tariffs have curbed consumer spending, particularly in the automotive sector. Data released by the US Department of Commerce on Tuesday showed that retail sales, unadjusted for inflation, fell by 0.9% MoM in May, following a revised decline of 0.1% in April. Retail sales excluding automobiles fell by 0.3%. Macro: Today, data such as the UK's May CPI YoY, UK's May core CPI YoY, UK's May retail price index YoY, Eurozone's May harmonized CPI YoY - unadjusted final value, Eurozone's May core harmonized CPI YoY - unadjusted final value, US's May preliminary monthly rate of building permits, US's May preliminary annualized total of building permits, US initial jobless claims for the week ending June 14, US continuing jobless claims for the week ending June 7, US May housing starts annualized monthly rate, and US May housing starts annualized total will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. Crude Oil: As of 15:02, both WTI and Brent crude oil prices fell by 0.2%. The Israel-Iran conflict has introduced new uncertainties into the global oil market. Additionally, analysts have stated that the market is primarily concerned about potential supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that with the arrival of the traditional peak summer oil consumption season, market demand for petroleum products is rebounding, and the significant decline in crude oil inventories suggests that the current destocking trend may continue for some time. Influenced by these positive factors, the price increases of domestic and overseas crude oil futures have expanded significantly. The International Energy Agency (IEA) released its monthly report for June, slightly lowering its demand forecast and significantly raising its supply growth projection. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further increase. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that as the traditional peak oil consumption season in summer approaches, market demand for petroleum products is rebounding. The significant decline in crude oil inventory suggests that the current trend of destocking may continue for some time. Influenced by these positive factors, the increase in crude oil futures prices in both domestic and overseas markets has expanded significantly. The International Energy Agency (IEA) released its monthly report for June, in which it slightly lowered its demand forecast and significantly raised its supply growth estimate. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market, but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further intensify. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and revised down its average oil demand growth forecast for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices approach the 21,000 resistance level, with aluminum scrap prices showing limited increases [Daily Review of Aluminum Scrap] ► June 18: SHFE aluminum surged unilaterally, destocking significantly hindered, and processing fees collapsed [Daily Review of Spot Aluminum Billet] ► [SMM Daily Review of Nickel Sulphate] June 18: Nickel salt prices maintained a downward trend ► Market fluctuations are relatively small, with spot prices temporarily stable [SMM Daily Review of EMM] ► [SMM Daily Review of MHP] June 18: Indonesian MHP prices slightly declined ► Traders lower quotes, rare earth prices slightly weaken [SMM Daily Review of Rare Earths] ► Silver prices surge significantly, attempting to break through previous highs, with spot-futures price spread widening and contango rising [SMM Daily Review]

SMM News on June 18: Metal Market: As of the midday close, most domestic base metals rose, with SHFE nickel down 0.5%. SHFE copper rose 0.15%, SHFE aluminum rose 1.42%. SHFE zinc rose 0.87%, SHFE tin rose 0.13%. SHFE lead fell 0.71%. In addition, the main continuous futures contract for foundry aluminum rose 0.79%, and the main continuous contract for alumina rose 1.4%. Lithium carbonate rose 0.17%, silicon metal rose 0.95%, and polysilicon fell 0.47%. The ferrous metals series generally rose, with iron ore down 0.72%, rebar up 0.13%, and HRC up 0.36. Stainless steel rose 0.04%. In the coking coal and coke sector: coking coal fell 0.44%, and coke rose 0.59%. In the overseas metal market, as of 11:50 a.m., LME metals all rose, with LME copper, LME lead, LME aluminum, and LME nickel all up less than 0.4%. LME zinc rose 0.63%, and LME tin rose 0.73%. In the precious metals market, as of 11:50 a.m., COMEX gold was flat at $3,407/oz, and COMEX silver rose 0.47%. Domestically, SHFE gold fell 0.17%, and SHFE silver rose 2.37%, hitting a record high of 9,047 yuan/kg during the session. As of the midday close, the most-traded contract for the European container shipping index rose 4.49% to 2,118.6. As of 11:50 a.m. on June 18, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 18 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-220 yuan/mt against the front-month contract, with an average premium of 180 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 80-100 yuan/mt, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,840 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,750 yuan/mt, up 155 yuan/mt from the previous trading day. Spot Market: Inventories in Guangdong have fallen for two consecutive days, mainly due to fewer arrivals. Although inventories have decreased, warrants are flowing out, increasing the available supply. As a result, suppliers have had to lower prices to sell... 》Click for details Macro Front Domestic: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve the high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. Second, establish an international operation center for the digital yuan. Promote the international operation of the digital yuan and the development of financial market businesses to serve digital financial innovation. Third, establish personal credit reporting agencies. Provide diversified and differentiated personal credit reporting products for financial institutions to further improve the social credit reporting system. 》Click for details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] At the 2025 Lujiazui Forum today, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, Shanghai has achieved a series of new progress and breakthroughs in the construction of an international financial center. During the forum, the National Financial Regulatory Administration will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center, introducing a series of deployment measures, including encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels, among others. (Caixin) [SAFE to Implement a Package of Foreign Exchange Innovation Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the enhancement strategy of pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Mine Intelligent Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting the Intelligent Construction of Mines and Promoting Mine Safety Development" jointly issued by seven departments including the National Mine Safety Administration, and to accelerate the intelligent construction of mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in conjunction with relevant departments, has organized the drafting of the "Key R&D Catalog for Mine Intelligent Robots (Draft for Public Consultation)", which is now open for public consultation. The People's Bank of China conducted 156.3 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 164 billion yuan of 7-day reverse repos matured today, a net withdrawal of 7.7 billion yuan was realized. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 18 was 7.1761 yuan per US dollar. US dollar aspect: As of 11:50, the US dollar index fell by 0.14% to 98.68. Fed officials held a meeting on Tuesday, and the latest economic data may heighten their concerns that government policies (or at least the high degree of uncertainty surrounding these policies) will slow economic growth in the coming months. US retail sales fell more than expected in May, dragged down by a decline in car purchases, as the surge in advance buying by US consumers to avoid tariff-induced price increases has subsided. However, consumer spending is currently still supported by robust wage growth. The market generally expects the US Fed to keep its benchmark interest rate range unchanged at 4.25%-4.50%. The market will closely monitor the remarks of Fed Chairman Powell after the policy decision is announced, seeking signals for the future path of monetary policy. In other currency news: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining the policy interest rate at 0.5% and slowing the pace of reducing its bond-buying program. The BOJ will cut its bond purchases by 200 billion yen per quarter starting from April 2026. The BOJ stated that the Japanese economy is recovering mildly, but there are still some signs of weakness. (Cailian Press) In terms of data: Today, data including the UK's May CPI year-on-year rate, UK's May core CPI year-on-year rate, UK's May retail price index year-on-year rate, Eurozone's May harmonized CPI year-on-year rate - final unadjusted figure, Eurozone's May core harmonized CPI year-on-year rate - final unadjusted figure, US's May initial monthly rate of building permits, US's May initial annualized total of building permits, US's initial jobless claims for the week ending June 14, US's continuing jobless claims for the week ending June 7, US's May seasonally adjusted annualized monthly rate of housing starts, and US's May seasonally adjusted annualized total of housing starts will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.31% and Brent up 0.35% as of 11:50. This is due to market concerns that the conflict between Iran and Israel may disrupt oil supplies, supporting oil prices. Analysts said the market is mainly concerned about supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. According to the CCTV News app, on the 17th local time, the US consumer news and business channel CNBC reported that the Baltic and International Maritime Council (BIMCO), one of the world's largest shipping associations, said that the large-scale conflict between Israel and Iran has made the entire shipping industry uneasy, with many ships already choosing to avoid the Strait of Hormuz, and the number of ships passing through the Strait is declining. Amid the escalating deterioration of regional security, ocean freight rates through the Strait of Hormuz are expected to rise. Iran is the third-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC), with a daily output of approximately 3.3 million barrels. However, analysts suggest that other OPEC members could utilize their spare capacity to offset the decline in Iran's production. Data released by the American Petroleum Institute (API) indicate a decrease in US crude oil and gasoline inventories, along with an increase in distillate fuel oil inventories, for the week ending June 13. Crude oil inventories fell by 10.1 million barrels, gasoline inventories decreased by 202,000 barrels, and distillate fuel oil inventories rose by 318,000 barrels. (Webstock Inc.) Spot Market Overview: ► A significant outflow of warrants has increased market supply, leading to a notable decline in spot premiums. [SMM South China Spot Copper] ► Trading activity in the spot market remains low, with premiums and discounts weakening. [SMM North China Spot Copper] ► Shanghai Zinc: Premiums continue to deteriorate, with average trading performance. [SMM Midday Review] ► [SMM Nickel Midday Review] On June 18, nickel spot prices remained stable, with People's Bank of China Governor Pan Gongsheng announcing eight significant financial policies. Midday reviews for other metal spot markets will be updated shortly. Please refresh for the latest information.

SMM News on June 17: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE zinc rose by 0.48%, while SHFE copper and SHFE aluminum both increased by 0.34%. SHFE nickel led the declines with a 0.92% drop, and the rest of the metals saw slight declines. The main alumina contract rose by 0.46%, and the main aluminum casting contract increased by 0.75%. In addition, the main lithium carbonate contract rose by 0.74%, the main polysilicon contract fell by 0.07%, and the main silicon metal contract rose by 1.1%. The main European container shipping contract fell by 1.39%. In the ferrous metals series, stainless steel fell by 0.48%, and iron ore declined by 0.07%. In the coking coal and coke sector, coking coal rose by 0.7%, and coke increased by 1%. In the overseas market, as of 15:02, overseas market base metals generally declined, with only LME copper and LME aluminum rising together. LME aluminum increased by 0.18%, and LME copper rose by 0.09%. LME nickel fell by 0.52%, and the declines in the rest of the metals fluctuated slightly. In the precious metals sector, as of 15:02, COMEX gold fell by 0.33%, and COMEX silver rose by 0.29%. Domestically, SHFE gold fell by 1.46%, recording two consecutive declines. SHFE silver rose by 0.45%. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] The third China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Linking the World, Creating the Future Together." This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the third expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the third expo has increased by 15% compared to the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council stated that China is a very important market, and US enterprises are willing to continue investing in China, participating in China's economic growth and innovation, and progressing together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win. Promoting mutually beneficial cooperation between China and the US is in the common interests of the business communities of both countries. (Financial News Agency) ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 17 was 7.1746 yuan per US dollar. US Dollar Aspect: As of 15:02, the US dollar index rose by 0.04% to 98.19. The market is expected to focus on a series of monetary policy decisions by multiple central banks this week, primarily on the US Fed. It is widely expected that the US Fed will maintain interest rates unchanged at the end of its policy meeting on Wednesday. Comments made by Fed Chairman Powell after the US Fed's interest rate decision will be closely watched for more clues on the path of interest rate cuts. Macro Aspects: Today, data including the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Indicator for the Eurozone in June, the ZEW Economic Sentiment Indicator for Germany in June, the monthly rate of the US import price index in May, the annual rate of the US import price index in May, the monthly rate of US retail sales in May, the monthly rate of US core retail sales in May, the annual rate of US retail sales in May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, in May, the monthly rate of US industrial production in May, the US capacity utilisation rate in May, the monthly rate of US manufacturing output in May, the US manufacturing capacity utilisation rate in May, and the annual rate of US industrial production, seasonally adjusted, in May, will be released. In addition, it is worth noting that: 182 billion yuan of 1-year medium-term lending facility (MLF) will mature today; Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference; the Bank of Japan will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude Oil Aspects: As of 15:02, oil prices in both markets fell simultaneously, with US crude oil down 0.3% and Brent crude oil down 0.36%. The crude oil market's attention remains focused on the Israel-Iran conflict. In the first half of June, the Strait of Hormuz, a crucial global oil transportation route, operated normally without any transportation disruptions as feared by the outside world. Iran's crude oil exports remained at around 1.75 million barrels per day, indicating that the previously feared risk of crude oil supply disruptions has not materialized for the time being. The latest monthly report released by OPEC shows that the average daily crude oil production of OPEC+ in May was 41.23 million barrels, an increase of 180,000 barrels from April. OPEC's forecast for global oil demand growth remains largely unchanged, at 1.29 million barrels per day this year and 1.28 million barrels per day next year. The supply increase from non-OPEC producers will decrease from 800,000 barrels per day this year to 730,000 barrels per day in 2026, by which time the growth rate of US oil production will slow to 210,000 barrels per day, a 25% decline from the previous level, reflecting reduced capital expenditure and a slowdown in drilling activities. Kazakhstan's oil production in May fell by 21,000 barrels per day to 1.803 million barrels per day, but again exceeded the quota set by OPEC. According to OPEC's latest agreement, Kazakhstan's quota for May was increased from 1.473 million barrels per day in April to 1.486 million barrels per day. (Comprehensive report by Wenhua) SMM Daily Review ► [SMM Daily Review of Nickel Sulphate] Nickel salt prices fell on June 17 ► Sluggish demand persists in the off-season for stainless steel consumption, with low prices failing to boost transactions [SMM Daily Review of Stainless Steel] ► Just-in-time procurement dominates, with rare earth prices remaining stable [SMM Daily Review of Rare Earths] ► [SMM Daily Review of MHP] Indonesian MHP prices slightly declined on June 17 ► Tender transaction prices for molybdenum concentrate remain firm, with strong wait-and-see sentiment in the market [SMM Daily Review of Molybdenum] ► Silver prices continue to consolidate sideways, with spot transactions appearing sluggish [SMM Daily Review]

SMM, June 17: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE nickel down 0.96%. SHFE copper rose 0.24%, and SHFE aluminum edged up. SHFE zinc slightly declined, while SHFE lead and SHFE tin fell 0.18% and 0.39%, respectively. In addition, the main continuous futures contract for foundry aluminum rose 0.62%, and the main continuous contract for alumina increased 0.28%. Lithium carbonate rose 0.67%, silicon metal rose 1.1%, and polysilicon rose 0.24%. The ferrous metals series showed mixed performance, with iron ore down 0.21%, rebar edging up, and HRC slightly declining. Stainless steel fell 0.36%. In terms of coking coal and coke: coking coal rose 1.02%, and coke rose 0.92%. In the overseas metal market, as of 11:42 a.m., LME metals all fell, with LME copper, LME tin, LME aluminum, and LME nickel all declining within 0.5%. LME aluminum fell 0.6%, and LME zinc fell 0.7%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.42%, and COMEX silver fell 0.3%. Domestically, SHFE gold fell 1.54%, and SHFE silver edged up. Citi predicts that gold prices will fall due to weak demand and a US Fed interest rate cut. Citi said that gold prices will pull back to below $3,000 per ounce in the coming quarters. As of the midday close, the most-traded contract for the European container shipping index fell 1.71%, closing at 2031.5. As of 11:42 a.m. on June 17, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on June 17 Spot and Fundamentals Zinc: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 21,940-22,105 yuan/mt, with Shuangyan zinc trading at 22,060-22,235 yuan/mt, and 1# zinc mainly trading at 21,870-22,035 yuan/mt. In the morning session, the market offered premiums of 0-20 yuan/mt against the average price, with no quotes against the contract price... 》Click for details Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% from the previous edition] The 3rd China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Connecting the World, Creating a Shared Future". This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the 3rd Expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the 3rd Expo increased by 15% from the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council expressed that China is a very important market, and US companies are willing to continue investing in China, participating in China's economic growth and innovation, and making progress together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win outcomes. Advancing mutually beneficial cooperation between China and the US aligns with the common interests of the business communities in both countries. (Cailian Press) [The PBOC Conducts RMB197.3 Billion in 7-Day Reverse Repo Operations Today] The People's Bank of China (PBOC) conducted RMB197.3 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. RMB198.6 billion in reverse repos matured today. ► On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.1746 RMB per US dollar. US dollar: As of 11:42, the US dollar index fell by 0.01% to 98.14. The market is looking forward to a series of monetary policy decisions from multiple central banks this week, with a primary focus on the US Fed. It is widely expected that the Fed will maintain interest rates unchanged at the conclusion of its policy meeting on Wednesday. Comments from Fed Chairman Jerome Powell following the Fed's interest rate decision will be closely monitored for clues regarding the path of interest rate cuts. Other currencies: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining its policy interest rate unchanged at 0.5% and slowing the pace of reducing its bond purchases. Starting from April 2026, the BOJ will reduce its bond purchases by JPY200 billion each quarter. The BOJ stated that the Japanese economy is experiencing a mild recovery, although there are still signs of weakness. (Cailian Press) Data: Today, data including the BOJ's policy benchmark interest rate for June 17, the ZEW Economic Sentiment Index for the Eurozone and Germany in June, the monthly and annual rates of the US import price index for May, the monthly rates of US retail sales and core retail sales for May, the annual rate of US retail sales for May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, for May, the monthly rate of US industrial production for May, the capacity utilisation rate of the US for May, the monthly rate of US manufacturing output for May, the manufacturing capacity utilisation rate of the US for May, and the annual rate of US industrial production, seasonally adjusted, for May, will be released. Additionally, it is noteworthy that RMB182 billion in 1-year medium-term lending facility (MLF) loans mature today; BOJ Governor Kazuo Ueda will hold a monetary policy press conference; the BOJ will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures rose. As of 11:42, WTI crude oil increased by 0.47%, and Brent crude oil increased by 0.44%. Heightened tensions in the Middle East have increased the likelihood of deeper instability and disruptions to oil supplies in the region, supporting oil prices. OPEC and its allies, including Russia (OPEC+), stated on Monday that the global economy is expected to remain resilient in the second half of this year. OPEC also revised down its forecast for the growth in oil supply from the US and other non-OPEC countries in 2026. (Webstock Inc.) Spot Market Overview: ► Spot premiums surged significantly after contract rollover, but downstream procurement remained moderate. [SMM South China Spot Copper] ► Trading performance in the spot market was sluggish, with downstream players focusing on executing long-term contracts. [SMM North China Spot Copper] ► Shanghai Zinc: Futures market edged higher, with downstream players resuming wait-and-see stance. [SMM Midday Review] ► Ningbo Zinc: Imports at low prices exert pressure, with premiums continuing to decline. [SMM Midday Review] Midday reviews for other metal spot markets will be updated later. Please refresh to view.

SMM News on June 16: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE copper, SHFE lead, and SHFE tin all rose, with SHFE copper up 0.19% to lead the gains, while SHFE zinc fell 0.5% to lead the losses. The % changes of the remaining metals fluctuated slightly. The main alumina contract fell 0.73%, while the main casting aluminum contract rose 0.31%. In addition, the main lithium carbonate contract fell 0.7%, the main silicon metal contract rose 0.41%, the main polysilicon contract rose 1.93%, and the main European container shipping contract fell 4.04%. The ferrous metals series rose collectively. Rebar rose 0.98%, HRC rose 1.07%. In the coking coal and coke segment, coking coal rose 2.84%, and coke rose 1.9%. In the overseas market, as of 15:03, overseas market base metals generally rose, with only LME aluminum and LME tin falling. LME tin fell 0.24%, LME aluminum fell 0.04%, and LME zinc rose 0.53%. The remaining metals all rose slightly. In the precious metals segment, as of 15:03, COMEX gold fell 0.47%, and COMEX silver rose 0.48%. Domestically, SHFE gold fell 0.08%, and SHFE silver rose 0.45%. Market conditions as of 15:03 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% in May, with the National Economy Generally Stable and Making Steady Progress] The NBS showed that in May, the industrial added value above designated size actually increased by 5.8% YoY. On a MoM basis, the industrial added value above designated size increased by 0.61% compared to the previous month. From January to May, the industrial added value above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in added value. Among them, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry grew by 5.3%, the agricultural and sideline food processing industry grew by 7.6%, the liquor, beverage, and refined tea manufacturing industry grew by 4.1%, the textile industry grew by 0.6%, the chemical raw material and chemical product manufacturing industry grew by 5.9%, the non-metallic mineral products industry fell by 0.6%, the ferrous metal smelting and rolling processing industry grew by 4.8%, the non-ferrous metal smelting and rolling processing industry grew by 8.1%, the general equipment manufacturing industry grew by 6.3%, the special equipment manufacturing industry grew by 2.3%, the automobile manufacturing industry grew by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry grew by 14.6%, the electrical machinery and equipment manufacturing industry grew by 11.0%, the computer, communication, and other electronic equipment manufacturing industry grew by 10.2%, and the electric power, heat production, and supply industry grew by 2.0%. Overall, in May, as the combined effects of policies continued to unfold, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable development trend with steady progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external uncertainties and destabilizing factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for sustained economic rebound and improvement still needs to be consolidated. 》Click to view details [NBS: The real estate market continues to move towards stabilization and recovery] Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that since the beginning of this year, China has implemented more proactive macro policies, increased counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two major" policies) as well as the program of large-scale equipment upgrades and consumer goods trade-ins ("two new" policies). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic operations. In the next stage, China has sufficient reserves in its policy toolbox, and macro policies have room for maneuver. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. Fu Linghui stated that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilization and recovery. Judging from the situation in May, the operation of the real estate market was generally stable. The YoY decline in housing prices in 70 large and medium-sized cities continued to narrow, and the inventory of commercial housing continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales remained basically stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY respectively, basically flat with the figures from January to April. Market transactions in some first-tier and second-tier cities were relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in newly-built commercial residential housing continued to narrow. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to the end of April, marking a decrease for three consecutive months. Fu Linghui emphasized that overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the operation of the real estate market was generally stable in May. However, it should be noted that the real estate market is still in the process of adjustment. Market confidence still needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still needed to promote the stabilization and recovery of the real estate market. 》Click to view details ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar: As of 15:03, the US dollar index fell by 0.08% to 98.04. This week marks a "super central bank week," with attention focused on the US Fed's statements regarding inflation and monetary policy in the second half of the year. The University of Michigan's US consumer sentiment index for June rose to 60.5, compared with a forecast of 53.5. Consumers' 12-month inflation expectations fell to 5.1%. Long-term inflation expectations declined to 4.1%. As Sino-US trade tensions eased, US consumer confidence improved for the first time in six months, though households remained concerned about the trajectory of the economy. Despite widespread expectations that the US Fed would keep interest rates stable, the market eagerly anticipated signals of possible interest rate cuts in the coming months. Macro: Today, data such as the eurozone's total reserve assets in May, the US New York Fed's manufacturing index for June, and the US New York Fed's manufacturing index for the next six months' expectations in June will be released. In addition, the US New York Fed's manufacturing index for the next six months' expectations in June. Crude oil: As of 15:03, oil prices in both markets rose simultaneously, with US oil up 0.74% and Brent oil up 0.55%. On Friday, prices surged 7% as renewed tensions in the Middle East heightened fears that geopolitical conflicts could spread across the region and severely disrupt oil exports from the Middle East. It is understood that the latest developments have heightened concerns about potential disruptions to the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of global oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. Most of the crude oil and refined product exports from OPEC members Saudi Arabia, the UAE, Kuwait, Iraq, and Iran transit through the Strait of Hormuz, with few viable alternative routes. Toshitaka Tazawa, an analyst at Fujitomi Securities, said, "Buying is driven by the ongoing conflict between Israel and Iran, with no signs of resolution in sight. However, as seen on Friday, there has been some selling due to concerns about overreaction." Tazawa added that the market is monitoring potential disruptions to Iran's oil production from Israeli strikes on energy facilities, while heightened concerns about disruptions to traffic through the Strait of Hormuz could significantly boost oil prices. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces around 3.3 million barrels of oil per day and exports over 2 million barrels of crude oil and fuel. So far, Israeli attacks on Iran's oil and natural gas infrastructure have not affected production or exports from the region. However, concerns persist that Israel could destroy Iran's oil facilities, depriving it of a major source of revenue and driving up oil prices. Analysts and OPEC observers say that the idle oil production capacity that OPEC and its allies, including Russia, have increased to offset any disruptions is roughly equivalent to Iran's production. (Wenhua Comprehensive) SMM Daily Review ► Inventory buildup of high-grade NPI continues, short-term market focus may dip again [NPI Daily Review] ► [SMM MHP Daily Review] On June 16, MHP prices in Indonesia edged lower ► [SMM Nickel Sulphate Daily Review] On June 16, nickel salt prices remained stable

SMM News on June 16: Metal Market: As of the midday close, domestic base metals generally declined, with SHFE copper slightly up by 0.08%, SHFE aluminum down by 0.27%, SHFE zinc down by 0.62%, SHFE lead and SHFE tin slightly down, and SHFE nickel down by 0.28%. In addition, the main continuous futures contract for foundry aluminum rose by 0.13%, while the main continuous contract for alumina fell by 0.97%. Lithium carbonate fell by 0.9%, silicon metal fell by 0.48%, and polysilicon rose by 1.47%. The ferrous metals series all rose, with iron ore up by 0.21%, rebar up by 0.91%, and HRC up by 0.88%. Stainless steel rose by 0.2%. In terms of coking coal and coke: coking coal rose by 1.87%, and coke rose by 1.11%. In the overseas metal market, as of 11:45, LME metals all declined, with LME copper, LME tin, LME lead, and LME nickel all falling within 0.1%. LME aluminum fell by 0.8%, and LME zinc fell by 0.34%. In precious metals, gold prices rose, approaching a two-month high, as escalating conflicts between Israel and Iran sparked concerns about a broader regional conflict, prompting the market to seek safe-haven assets. As of 11:45, COMEX gold rose by 0.01%, reaching an intraday high of $3,476.3/oz, refreshing the highest level since April 22; COMEX silver fell by 0.32%. Domestically, SHFE gold rose by 0.55%, and SHFE silver fell by 0.07%. As of the midday close, the most-traded contract for the European container shipping index fell by 1.81%, closing at 2077.2. As of 11:45 on June 16, some midday futures market movements: 》SMM Metal Spot Prices on June 16 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 50 yuan/mt to a premium of 50 yuan/mt against the front-month contract, with an average premium of 0 yuan/mt, down 25 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 110 yuan/mt to a discount of 90 yuan/mt, with an average discount of 100 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,590 yuan/mt, down 285 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,490 yuan/mt, down 270 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory increased significantly after the weekend, mainly due to weak downstream purchasing sentiment amid a large price spread between futures contracts and the approaching delivery date... 》Click for details Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in May, Overall National Economy Remained Stable with Steady Progress] The NBS showed that in May, the industrial added value above designated size actually grew by 5.8% YoY. On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.61% in May compared to the previous month. From January to May, the value-added of industrial enterprises above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in value-added. Specifically, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry by 5.3%, the agricultural and sideline food processing industry by 7.6%, the liquor, beverage, and refined tea manufacturing industry by 4.1%, the textile industry by 0.6%, the chemical raw material and chemical product manufacturing industry by 5.9%, the non-metallic mineral products industry declined by 0.6%, the ferrous metal smelting and rolling processing industry by 4.8%, the non-ferrous metal smelting and rolling processing industry by 8.1%, the general equipment manufacturing industry by 6.3%, the special equipment manufacturing industry by 2.3%, the automobile manufacturing industry by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry by 14.6%, the electrical machinery and equipment manufacturing industry by 11.0%, the computer, communication, and other electronic equipment manufacturing industry by 10.2%, and the electricity, heat production, and supply industry by 2.0%. Overall, in May, with the continuous release of the combined effects of policies, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable and steady development trend with progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external unstable and uncertain factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for the sustained rebound and improvement of the economy still needs to be consolidated. 》Click for details The People's Bank of China conducted 242 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 173.8 billion yuan of 7-day reverse repos matured today, a net injection of 68.2 billion yuan was achieved. ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar aspect: As of 11:45, the US dollar index rose by 0.22% to 98.34. The US Federal Reserve is scheduled to hold a policy meeting from June 17 to 18 and make a decision on Wednesday. Although it is widely expected that the US Fed will keep interest rates stable, the market is eagerly anticipating signals of possible interest rate cuts in the coming months. Data aspect: Today, data such as the total reserve assets of the Eurozone in May, the New York Fed's Empire State Manufacturing Survey for June, and the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June will be released. In addition, the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June. Crude oil aspect: Both crude oil futures continued to climb. As of 11:45, US crude oil rose by 0.67%, and Brent crude oil rose by 0.59%. The intensifying conflict between Israel and Iran has fueled market concerns that tensions in the Middle East could escalate across the region and severely disrupt oil exports from the Middle East, thereby supporting oil prices. The latest developments have heightened market fears of potential blockages in the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of the world's total oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. (Webstock Inc.) Spot Market Overview: ► With delivery approaching and a significant price spread between futures contracts, downstream users exhibit strong wait-and-see sentiment. [SMM Spot Copper in South China] ► Market activity cools on delivery day, with sluggish trading performance. [SMM Spot Copper in North China] ► [SMM Nickel Midday Review] On June 16, nickel prices declined slightly, with total retail sales of consumer goods in May up 6.4% YoY. Midday reviews of other metal spot prices will be updated later. Please refresh to view.

SMM News on June 13: Metal Market: As of the daytime close, domestic market base metals generally fell, with only SHFE aluminum and SHFE lead rising together. SHFE aluminum rose by 0.49%, and SHFE lead rose by 0.27%. SHFE zinc led the decline with a drop of 1.09%, SHFE copper fell by 0.85%, and the rest of the metals all dropped slightly. Alumina fell by 1.38%, the main continuous contract of foundry aluminum fell by 0.03%. In addition, the main continuous contract of lithium carbonate fell by 1.38%, the main continuous contract of silicon metal fell by 1.8%, and the main continuous contract of polysilicon fell by 0.49%. The main continuous contract of European container shipping rose by 2.76%. On the ferrous metals series front, most prices fell. Stainless steel fell by 0.24%, rebar fell by 0.2%, and HRC fell by 0.26%. In the coking coal and coke sector, coking coal rose by 0.06%, and coke rose by 0.75%. In the overseas market, as of 15:05, overseas market base metals collectively fell, with LME copper and LME zinc both falling over 1%. LME copper fell by 1.1%, and LME zinc fell by 1.21%. The declines of the remaining metals were all within 1%. In the precious metals sector, as of 15:05, COMEX gold fell by 0.97%, reaching a high of $3,467 per ounce during the session, hitting a new high since April 22. COMEX silver fell by 0.36%. Domestically, SHFE gold rose by 1.72%, reaching a high of 801.14 yuan per gram during the session, hitting a new high since May 8. SHFE silver fell by 0.49%. Market conditions as of 15:05 today 》Click to view SMM market dashboard Macro Front Domestic front: [Guangzhou: Optimizing Real Estate Policies by Fully Lifting Purchase, Sales, and Price Restrictions, and Reducing Loan Down Payment Ratios and Interest Rates] The "Implementation Plan for Special Actions to Boost Consumption in Guangzhou (Draft for Public Comment)" is open for public comment. It mentions that consumption restrictions will be reduced in an orderly manner. Real estate policies will be optimized by fully lifting purchase, sales, and price restrictions, and reducing loan down payment ratios and interest rates. This will better meet housing consumption needs. Solid progress will be made in the renovation of urban villages and old residential communities. In 2025, it is planned to promote the renovation of over 150 old residential communities, replace over 9,000 old elevators in residential buildings, and complete fixed asset investment of 100 billion yuan in the renovation of urban villages. The use of special loans to purchase existing commercial housing as resettlement housing will be promoted. The policy on the use of housing provident funds will be continuously optimized, supporting depositors in applying for individual housing loans from housing provident funds while withdrawing housing provident funds to pay for down payments on home purchases, and further optimizing policy measures for rent withdrawal. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on June 13 was 7.1772 yuan per US dollar. US dollar front: As of 15:05, the US dollar index rose by 0.3% to 98.15. US PPI data fell short of expectations, with initial jobless claims reaching a new high since October last year. Expectations for a US Fed interest rate cut in September continued to rise. US PPI in May increased by 2.6% YoY, in line with expectations. US PPI in May rose by 0.1% MoM, missing expectations of 0.2%. The number of initial jobless claims in the US for the week ending June 7 reached 248,000, the highest since the week of October 5, 2024. Traders now expect the US Fed to cut interest rates by 55 basis points before the end of the year, starting in September instead of the previously anticipated October. Macro: Today, data including China's M2 money supply annual rate for May (the exact time between June 13-17 is uncertain), China's aggregate financing to the real economy year-to-date for May, China's new RMB loans year-to-date for May, the preliminary US University of Michigan consumer sentiment index for June, the eurozone's seasonally adjusted trade balance for April, the eurozone's total reserve assets for May, the final annual CPI rate for Germany in May, the monthly manufacturing sales rate for Canada in April, and the monthly new orders rate for Canada's manufacturing sector in April will be released. Additionally, the National Energy Administration typically releases data on total electricity consumption around the 15th of each month. Crude Oil: Due to renewed concerns about supply disruptions, as of 15:05, oil prices in both markets surged by over 5%, with US crude oil rising by 5.54% and Brent crude oil increasing by 5.41%. US crude oil briefly reached $77.64 per barrel, the highest since January 20, while Brent crude oil briefly hit $78.5 per barrel, the highest since January 23, both marking new highs in nearly five months. Analysts from ING reported, "This significantly increases the uncertainty surrounding geopolitical risks, requiring the oil market to price in a larger risk premium for any potential supply disruptions." SMM Daily Review ► June 13: The SHFE aluminum squeeze remains unresolved, with the market witnessing "negative processing fees" for aluminum billets [Daily Review of Spot Aluminum Billets] ► [SMM Daily Review of Nickel Sulphate] June 13: Nickel salt prices remained stable. ► [SMM Daily Review of MHP] June 13: Indonesian MHP prices slightly declined. SMM Weekly Review ► Mid-year negotiation results begin to emerge, with KK mine's copper production target slashed by 28% [SMM Weekly Review of Spot Copper Concentrates] ► Deteriorating price ratios lead to inactivity from both buyers and sellers, with Yangshan copper premiums remaining at low levels [SMM Weekly Review of Yangshan Copper] ► Smelters continue to fulfill prior contracts, with domestic TCs remaining stable [SMM Weekly Review of Zinc Concentrates] ► This week's sales promotions boosted operating rates, but market demand is gradually weakening [SMM Weekly Review of Wire and Cable Market]