SMM June 13: Metal market: Overnight, base metals broadly rose in both domestic and overseas markets, with only LME nickel edging down 0.03%. SHFE tin led the gains with a 2.19% increase, while LME copper, LME zinc, LME tin, and SHFE zinc all rose over 1%—LME copper up 1.02%, LME zinc up 1.63%, LME tin up 1.75%, and SHFE zinc up 1.48%. The remaining metals saw gains within 1%. In addition, alumina's main contract rose 0.86%, and cast aluminum's main contract rose 0.45%. Overnight, ferrous metals broadly rose except for iron ore, which fell 0.13%, while rebar rose 0.44% and hot-rolled coil rose 0.59%. In the coking coal and coke segment, coking coal rose 0.22% and coke rose 2.73%. Overnight, precious metals rebounded across the board, with COMEX gold up 3.06% and COMEX silver up 6.44%. However, due to significant earlier declines, COMEX gold still recorded a weekly loss of 2.87%, marking its second consecutive weekly decline; COMEX silver fell 1.42% on a weekly basis, marking its fifth straight weekly decline. On the domestic front, SHFE gold rose 2.3%, and SHFE silver rose 5.22%. Among them, SHFE gold fell 6.79% on a weekly basis, also its fifth consecutive weekly decline; SHFE silver tumbled 10.14% on a weekly basis, also recording a five-week losing streak. Bank of China issued a notice stating that, recently, global geopolitics and the US Fed's monetary policy have faced considerable uncertainties. Under the influence of multiple factors, precious metal price fluctuations in and outside China have further intensified. To protect the interests of clients involved in precious metal-related businesses such as gold accumulation, interest-bearing gold accumulation, precious metal accounts, two-way precious metal accounts, and agency services for personal trading on the Shanghai Gold Exchange, our bank particularly reminds you to guard against market risks, engage in rational investment based on your financial status and risk tolerance, reasonably control precious metal positions, and mitigate the impact of short-term price fluctuations through long-term investment, to prevent the risk of capital losses from market fluctuations. As of 8:31 am on June 13, the overnight closing prices: Macro front Domestic front: [PBOC: Aggregate social financing rose by 17.48 trillion yuan in the first five months; new loans reached 9.11 trillion yuan; M2 money supply increased 8.6% YoY in May] Preliminary PBOC statistics show that the cumulative increase in aggregate social financing in the first five months of 2026 was 17.48 trillion yuan, which was 1.16 trillion yuan less than the same period last year. Of this, RMB loans issued to the real economy increased by 9 trillion yuan, 1.38 trillion yuan less YoY; foreign currency loans to the real economy, in yuan terms, increased by 115.3 billion yuan, 211.6 billion yuan more YoY; entrusted loans decreased by 103.1 billion yuan, 91.8 billion yuan more of a decrease YoY; trust loans increased by 5.7 billion yuan, 57 billion yuan less YoY; undiscounted bankers' acceptances decreased by 17.2 billion yuan, 151.4 billion yuan more of a decrease YoY; net corporate bond financing was 1.67 trillion yuan, 757.7 billion yuan more YoY; net government bond financing was 5.67 trillion yuan, 634 billion yuan less YoY; and equity financing by non-financial enterprises on the domestic market was 230.5 billion yuan, 79.9 billion yuan more YoY. Over the first five months, renminbi loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan and medium and long-term loans increased by 62.8 billion yuan; corporate (institutional) loans increased by 9.63 trillion yuan, of which short-term loans grew by 3.77 trillion yuan, medium and long-term loans grew by 4.99 trillion yuan, and bill financing increased by 699.9 billion yuan; loans to non-banking financial institutions decreased by 279.7 billion yuan. Central bank data shows that at end-May, the broad money (M2) balance stood at 353.67 trillion yuan, up 8.6% YoY. The narrow money (M1) balance was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) balance was 14.69 trillion yuan, up 11.9% YoY. Over the first five months, net cash injection reached 590.7 billion yuan. According to the central bank's official website, to maintain ample liquidity in the banking system, on June 15, 2026, the People's Bank of China will conduct 600 billion yuan outright reverse repo operations via fixed quantity, interest rate tender, and multiple-price auction, with a tenor of six months (183 days), maturing on December 15, 2026. As for the US dollar: As of the overnight close, the US dollar index gained 0.1% to 99.79, down 0.28% for the week, with markets closely watching the peace talks between the US and Iran. On the 12th, multiple US media reported that a senior US government official said that day that the US has "80% to 85%" confidence in signing a memorandum of understanding with Iran in the coming days. Meanwhile, the US is "confident" that Israel will support this US-Iran MoU. According to reports from CNN, CBS, and others, the official said at a telephone press briefing, "We haven't quite reached the finish line, but we're very close." The official said the specific location and date for the US-Iran MoU signing have yet to be determined, but US President Trump previously suggested signing it in a European country, which could be an option. (Xinhua News Agency) On the 12th, Iranian media reported that Iranian Foreign Minister Araghchi said that once Iran and the US complete the final stage of negotiations, the MoU will be signed and announced immediately. The first stage will be signed remotely via electronic means, "which could happen in the coming days." (Xinhua News Agency) In a report, HSBC analysts noted that the US dollar exchange rate is currently below the level implied by market expectations for US interest rates. They noted that as market expectations have recently shifted from anticipated rate cuts to possible rate hikes, the dollar's response has been relatively limited. They believe this likely reflects loose US financial conditions and market hopes for a resolution to the Middle East conflict. They said the dollar needs a clear stimulus from monetary policy. If the US Fed fails to support rate hike expectations at next week's meeting, the dollar “could be in trouble”. (Jinshi Data APP) Traders expect the Fed to keep rates unchanged at 3.5% to 3.75%, but see a more than 50% chance of a rate hike before year-end. On Thursday, after Trump’s comments on a potential deal, market pricing edged down slightly. Other currencies: Turner Chris, an analyst at ING, said that for EUR/USD trend, the Fed’s upcoming policy meeting may be more important than the ECB’s rate hike decision on Thursday. The ECB has already signaled further rate hikes, and the market is speculating about another hike in July. But he said that since the market has already priced in the ECB’s aggressive tightening cycle and is reluctant to push those expectations higher, the EUR/USD exchange rate has remained below 1.16. Moreover, the market believes the Fed may raise rates later this year. He said that unless the Fed pushes back against these expectations at its meeting on Wednesday, the dollar should stay firm. (Jinshi Data APP) Data: Next week, China will release China's May total retail sales of consumer goods YoY, China's May industrial value-added of enterprises above designated size YoY, China's May share of yuan in global payments via SWIFT, China's May total electricity consumption YoY (TBC), China's May total electricity consumption (TBC), and other data; the US will release the US Fed interest rate decision (upper bound) for the period to June 17, the US June Empire State manufacturing index, US May industrial production MoM, US June NAHB housing market index, ADP employment change for the week ended May 30, US May housing starts annualized total, US May building permits total, US May import price index MoM, US May retail sales MoM, US April business inventories MoM, US May pending home sales index MoM, US initial jobless claims for the week ended June 13, US June Philly Fed manufacturing index, US May Conference Board Leading Economic Index MoM, and other data; the UK will release UK May CPI MoM, UK May retail price index MoM, UK ILO unemployment rate for the three months to April, UK May unemployment rate, UK May jobless claims change, UK Bank of England interest rate decision for the period to June 18, UK June Gfk consumer confidence index, UK May seasonally adjusted retail sales MoM, and other data; the Eurozone will release Eurozone April seasonally adjusted trade balance, Eurozone April industrial production MoM, Eurozone June ZEW economic sentiment index, Eurozone May final CPI YoY, Eurozone May final CPI MoM, Eurozone April seasonally adjusted current account, and other data; Switzerland will release Switzerland May consumer confidence index, Switzerland May trade balance, Switzerland SNB policy rate for the period to June 18, and other data; Japan will release Japan BoJ target rate for the period to June 16, Japan May core CPI YoY, and other data; Canada will release Canada April wholesale sales MoM, Canada April retail sales MoM, and other data; Germany June ZEW economic sentiment index, Germany May PPI MoM, and Australia RBA interest rate decision for the period to June 16 will also be released. In addition, on June 15, China will see 218.5 billion yuan of 7-day reverse repos mature, along with 600 billion yuan of six-month outright reverse repos. The National Energy Administration releases nationwide electricity consumption data around the 15th of each month. The National Bureau of Statistics (NBS) publishes the monthly report on residential property prices in 70 large and medium-sized cities. The State Council Information Office will hold a press conference on national economic performance. The China Academy of Information and Communications Technology (CAICT) will hold a seminar to launch the High-Quality Token Service Capability Climbing Plan (TBD). China will also open a new round of fuel price adjustment windows. On June 18, the Fed’s FOMC will release its interest rate decision and summary of economic projections; Fed Chairman Warsh will hold a monetary policy press conference. ECB President Lagarde will deliver a speech. BOJ Deputy Governor Uchida Shinichi will hold a monetary policy press conference, and the BOJ will release its interest rate decision. RBA Governor Bullock will hold a monetary policy press conference. The Swiss National Bank (SNB) will release its interest rate decision, and the Bank of England (BOE) will release its interest rate decision and meeting minutes. The Group of Seven (G7) Summit opens and will run until June 17. Crude oil: Overnight, oil prices on both markets fell, with WTI down 3.9% and Brent down 3.96%. Expectations for a US-Iran peace agreement continued to heat up, putting oil prices under pressure and pulling them back. On a weekly basis, oil prices also fell, with WTI down 6.9% and Brent down 6.76%. In early US stock trading, according to CCTV, Iranian Foreign Minister Abbas Araghchi said that the Islamabad memorandum of understanding was "closer than ever" to being reached, causing oil prices to tumble and US stock indices to extend their intraday gains. Iranian Foreign Ministry spokesman Baghaei stated that the two sides had now reached an understanding on most issues, and that Iran was internally finalizing the text of the memorandum of understanding. During the US midday, CCTV reported that Pakistani Prime Minister Shehbaz Sharif said "the final agreed text of the peace agreement has been completed," and that the two countries were moving forward with implementing the next steps. Oil prices continued their decline. During US trading, stocks briefly dipped after Trump criticized Iran for leaking the terms of the deal, before Wall Street Insights noted that the UAE had reportedly agreed to unlock large-scale funds for Iran, with an initial tranche of roughly $3 billion already transferred, further boosting optimism about reaching an agreement. (Wall Street Insights) US Secretary of Energy Wright stated that about 7 million barrels of oil and fuel currently transit the Strait of Hormuz daily, roughly half the amount of cargo stranded at the onset of the Iran conflict. Wright said that currently no Iranian crude oil can be shipped out through the Strait of Hormuz. He added that if an agreement is reached, he expects all products to be able to pass freely through the Persian Gulf. Wright also noted that if no agreement is reached, the US military will resume transport along the route. Wright stated that the US will not impose an oil export ban to curb oil prices. (Jinshi Data APP) US Energy Secretary Wright said on Friday local time that US refiners can still absorb more Venezuelan crude oil. Wright stated that Venezuela currently sends about half of its total exports of 1.2 million barrels per day to the US, and that proportion could rise in the coming months. Wright also said that Iran is not currently exporting any oil or refined products. During the Middle East conflict, the US has actively filled the gap in oil exports. (Jinshi Data APP) Due to the most severe supply disruption on record caused by the Iran conflict, US emergency reserve crude oil exports have surged to an all-time high. Customs data compiled by Kpler Ltd. show that nearly 22 million barrels of crude oil from the US Strategic Petroleum Reserve (SPR) have been sold to markets outside China so far this year. This volume has already exceeded the previous high set four years ago. Although US emergency reserve crude oil exports are not uncommon, the large scale of this year's shipments shows that with the near-closure of the Strait of Hormuz causing supply disruptions, global markets are increasingly relying on US supplies to tide them over. About one in every three barrels of crude oil flowing out of the emergency stockpile is exported. The volume heading overseas could be even higher, as the Trump administration is still releasing the full 172 million barrels of crude oil it committed to. This is part of a broader effort by the International Energy Agency (IEA) to help cushion the impact of the Iran war on global energy markets. (Wall Street CN)

[U.S.-Iran Conflict Sees Dramatic Reversal, ECB Rate Hike Weighs on Metal Prices] On the fundamentals side, the supply gap outside China is expected to provide strong bottom support for aluminum prices, and expectations of rising energy costs also create a bullish driver for aluminum prices; this Thursday, the destocking pace of China's aluminum ingot social inventory noticeably accelerated, effectively alleviating the previous high inventory pressure. However, China's high inventory pressure remains relatively pronounced and is expected to limit the upside room for domestic aluminum prices. In the short term, domestic aluminum prices are expected to mainly undergo volatile adjustments.

SMM Jun 12 News: Metal markets: Overnight, domestic base metals broadly rose. SHFE copper rose 0.13%. SHFE aluminum rose 0.62%, SHFE lead fell 0.74%, SHFE tin rose 1.91%. SHFE zinc fell 0.19%. SHFE nickel rose 0.25%. In addition, the most-traded alumina futures contract rose 1.18%, and the most-traded cast aluminum contract rose 0.04%. Overnight, ferrous metals showed mixed performance. Iron ore closed flat at 766.5 yuan/mt, hot-rolled coil (HRC) flat at 3,365 yuan/mt, stainless steel rose 1.91%, and rebar fell 0.33%. Coking coal and coke: The most-traded coking coal futures contract fell 0.33%, while the most-traded coke futures contract rose 0.35%. Overnight overseas market: LME base metals nearly all rose. LME copper rose 0.94%. LME aluminum rose 0.87%, LME lead fell 0.25%. LME zinc rose 1.64%. LME tin rose 2.01%. LME nickel rose 0.37%. Overnight precious metals : Overnight COMEX gold rose 2.43%, COMEX silver rose 4.25%. Overnight the most-traded SHFE gold contract rose 0.75%, and the most-traded SHFE silver contract rose 2.41%. As of 7:15 on Jun 12, overnight closing prices: Macro front China: [SAMR Approves Release of a Batch of Important National Standards] Recently, the State Administration for Market Regulation (Standardization Administration of China) approved the release of 389 important national standards, covering high-tech, traditional industries, environmental protection, agricultural production, and people's livelihoods. After publication, these standards will play a vital role in promoting high-quality industrial development, improving people's quality of life, and safeguarding life and property. In the high-tech sector, 33 national standards were released for artificial intelligence, cybersecurity, blockchain, etc., clarifying technical and safety specifications. Six national standards were released for industrial internet and industrial digital twins, promoting smart manufacturing upgrades. Fifteen national standards were released for spacecraft grounding requirements, manned spacecraft markings and usage requirements, and general requirements for parachute systems of civil light and small rotary-wing drones, laying a solid foundation for the large-scale application of China's aerospace equipment. (SAMR) [SHFE: Adjusting Price Limit and Margin Requirements for Gold and Silver Futures Contracts] SHFE announced that for the gold AU2609 contract, the price limit is 17%, the hedging position margin rate is 18%, and the speculative position margin rate is 19%; for the silver AG2706 contract, the price limit is 17%, the hedging position margin rate is 18%, and the speculative position margin rate is 19%. [GFEX: Matters Regarding Polysilicon Futures PS2706 Contract and Lithium Carbonate Futures LC2706 Contract] GFEX announced that for the polysilicon futures PS2706 contract, the trading fee rate is 0.025% of the transaction value, the intraday closing fee rate is 0.025% of the transaction value; the minimum order size per trade is 5 lots for opening and 1 lot for closing; non-futures company members or clients are limited to a maximum daily opening volume of 200 lots. For the lithium carbonate futures LC2706 contract, the trading fee rate is 0.032% of the transaction value, the intraday closing fee rate is 0.032% of the transaction value; the minimum order size per trade is 5 lots for opening and 1 lot for closing; non-futures company members or clients are limited to a maximum daily opening volume of 400 lots. [DCE: Trading Schedule for 2026 Dragon Boat Festival Holiday] DCE announced that the market will be closed from Jun 19 (Friday) to Jun 21 (Sunday) and resume trading on Jun 22 (Monday). There will be no night session on the evening of Jun 18 (Thursday). On Jun 22 (Monday), the call auction for all contracts will take place from 08:55 to 09:00. Night session trading will resume on the evening of Jun 22 (Monday). US dollar: Overnight, the US dollar index fell 0.35% to 99.69. Market expectations for US Fed interest rate hikes were pushed back from December this year to January next year, with markets no longer fully pricing in a rate hike this year. (Jin10 Data APP) According to CME "Fed Watch": The probability that the US Fed will keep rates unchanged through June is 98.5%, and the probability of a cumulative 25bp rate cut is 1.5%. For the meeting through July, the probability that the Fed will keep rates unchanged is 91.3%, the probability of a cumulative 25bp rate hike is 7.4%, and the probability of a cumulative 25bp rate cut is 1.4%. Data released by the US Bureau of Labor Statistics on Thursday showed that the producer price index (PPI) rose 6.5% YoY in May, the largest increase since November 2022 and above the expected 6.4%; it rose 1.1% MoM, also exceeding the market forecast of 0.7%. The data echoed the consumer price index (CPI) released earlier, which also recorded the fastest pace in three years. The combination of these two inflation figures is expected to further cement market expectations that the US Fed will begin raising rates in 2026. With momentum rebuilding in the labor market, taming inflation has become the Fed's top priority for now. (From Wallstreetcn APP) Last week, US initial jobless claims increased slightly, indicating that the labor market retained resilience in early June. The US Department of Labor said on Thursday that in the week ending June 6, initial claims for unemployment benefits rose by 4,000 to a seasonally adjusted 229,000, above market expectations. Claims typically rise at the start of summer, as some states allow non-teaching staff to file for unemployment benefits during long school holidays. However, the government's model for stripping out seasonal fluctuations may not fully capture these changes. Last week, the government reported that the economy added jobs for the third straight month in May. The unemployment rate held at 4.3% for the third consecutive month. Some of the strength in job growth may be due to fewer layoffs. (Jin10 Data APP) Other currencies: [ECB Becomes First Major Central Bank to Raise Rates Since Inflation Reemerged] The European Central Bank raised interest rates for the first time in nearly three years, making it the first major central bank in the developed world to respond to inflation triggered by the Iran war. The bank lifted its main rate from 2% to 2.25%, a move widely expected but also highlighting the challenges faced by major economies due to rising energy prices resulting from the prolonged closure of the Strait of Hormuz. Investors widely expect the ECB to raise rates at least once more this year. The decision also made the ECB the first major central bank to tighten monetary policy in response to rising energy prices, which have pushed eurozone inflation above 3%. The US Fed, under Chair Warsh, is expected to hold rates steady next week as Warsh faces a dilemma between Trump's demand for low rates and mounting inflationary pressure; the Bank of England is also expected to keep rates unchanged next week. (Zhitong Finance) Data: Today will see the release of Germany's final May CPI MoM, the UK's April three-month GDP MoM, UK April manufacturing output MoM, UK April seasonally adjusted goods trade balance, UK April industrial output MoM, France's final May CPI MoM, US June one-year ahead inflation expectations preliminary, and US June University of Michigan consumer sentiment preliminary, among others. Also of note: the Huawei Developer Conference will be held from Jun 12-14; Elon Musk's commercial space company SpaceX is scheduled to list on the Nasdaq on Jun 12, 2026. Crude oil: Overnight, both oil futures fell, with WTI crude down 4.01% and Brent crude down 4.26%. Oil prices tumbled after Trump signaled that the US and Iran are about to reach a peace deal. OPEC's monthly report showed that OPEC lowered its forecast for 2026 global oil demand growth to 970,000 bpd (previously expected at 1.17 million bpd). It raised its 2027 global oil demand growth forecast to 1.73 million bpd (previously 1.54 million bpd). OPEC+ (including former member UAE) crude oil production averaged 33.13 million bpd in May 2026, down 190,000 bpd from April, mainly due to lower Iranian output. (From Wallstreetcn APP) Additionally, CME Group announced that, pending regulatory review, it will offer 24/7 (around the clock) trading for new, smaller crude oil and gold contracts. The new crude oil contract will be one-tenth the size of CME's existing micro WTI crude oil futures contract and will launch on August 30. Around-the-clock trading for the company's existing 1-ounce gold futures contract will begin on July 26. Derek Sammann, Global Head of Commodity Markets at CME Group, said: "In the face of geopolitical uncertainty, offering appropriately sized, regulated products available 24/7 enables traders to manage risk whenever news breaks." (Jin10 Data APP)

SMM News, June 11: Metals market: As of the midday close, base metals in the domestic market mostly fell: SHFE copper fell 1.4%, SHFE lead rose 0.68%, and SHFE tin fell 1.08%. SHFE nickel fell 1.49%. SHFE aluminum rose 0.33%. SHFE zinc fell 2.48%. In addition, the most-traded cast aluminum futures contract rose 0.46%, and the most-traded alumina contract rose 1.19%. The most-traded lithium carbonate contract rose 3.17%. The most-traded silicon metal contract rose 0.81%. The most-traded polysilicon futures contract rose 4.19%. Ferrous metals mostly fell: iron ore fell 0.46%, rebar fell 0.28%, hot-rolled coil fell 0.3%, and stainless steel fell 0.14%. Coking coal and coke: the most-traded coking coal contract fell 0.41%, while the most-traded coke contract rose 1.27%. Overseas base metals: as of 11:43, LME metals were down nearly across the board. LME copper fell 0.19%, LME aluminum fell 0.31%, and LME lead rose 0.48%. LME zinc fell 0.45%, LME tin fell 0.77%, and LME nickel fell 0.23%. Precious metals: as of 11:43, COMEX gold fell 1.16%, hitting an intraday low of $4,046.2/oz; COMEX silver fell 2.04%. Domestic precious metals: the most-traded SHFE gold contract fell 4.58%, and the most-traded SHFE silver contract fell 3.89%. In addition, as of the midday close, the most-traded platinum futures contract fell 0.77%, while the most-traded palladium futures contract rose 3.7%. As of the midday close, the most-traded European container shipping contract was flat at 3,977.5 points. As of 11:43 on June 11, midday moves in selected futures: Spot and Fundamentals Copper: Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at 240 yuan/mt, up 80 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 180 yuan/mt, up 50 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 120 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,625 yuan/mt, down 585 yuan/mt from the previous trading day, while the average price of SX-EW copper was 103,550 yuan/mt, down 585 yuan/mt from the previous trading day. Spot market: Guangdong inventory continued to decline today, marking the eighth consecutive drop... Macro Front China: [China Automotive Power Battery Industry Innovation Alliance: In May, China’s power and energy storage battery sales rose 47.4% YoY] The China Automotive Power Battery Industry Innovation Alliance released monthly power battery information for May 2026. In May, total production of power and energy storage batteries in China was 191.7 Gwh, up 4.2% MoM and up 55.2% YoY. In May, China's sales of power batteries and ESS batteries totaled 182.2 GWh, up 11.0% MoM and 47.4% YoY. Of these, power battery sales were 127.0 GWh, accounting for 69.7% of the total, up 16.6% MoM and 45.2% YoY; ESS battery sales were 55.2 GWh, representing 30.3% of the total, down 0.1% MoM but up 52.7% YoY. [Changchun: Building a World-Class Vehicle Manufacturer Group, Supporting FAW and Huawei to Deepen Strategic Cooperation] The 15th Five-Year Plan for the Automobile Industry Development in Changchun (Draft for Comment) has been released for public comment. It mentions providing full support for vehicle enterprises to transform and upgrade, with the aim of building a world-class vehicle manufacturer group. It focuses on supporting vehicle enterprises to develop new energy and energy-efficient vehicles and to establish a clear brand system. It also supports carriers to strengthen strategic cooperation with domestic cross-industry enterprises in the field of intelligent connected vehicles. In particular, it fully supports China FAW in integrating global innovation resources and deepening strategic technological cooperation with Leap Motor, Huawei, DJI, and other enterprises in areas such as new energy vehicles and intelligent connected vehicles. The plan emphasizes the industrialization application and iterative upgrade of key technologies such as all-solid-state batteries, the 'Hongqi No.1' multi-domain fusion chip, the Sinan Intelligent Driving large model, and the Lingxi Cockpit large model. It supports China FAW in deepening strategic cooperation with leading technology enterprises such as Huawei, Baidu, and iFLYTEK, as well as internet platforms, to jointly establish innovation laboratories, focusing on tackling key technologies such as end-cloud integrated intelligent architecture, Level 3 and above autonomous driving, and multimodal interaction, thereby creating a nationally influential source of intelligent connected vehicle innovation. (From WSJ APP) The PBOC conducted 188.5 billion yuan of 7-day reverse repo operations at an interest rate of 1.4%, unchanged from the previous operation. No reverse repos matured today. As for the US dollar: As of 11:43, the US dollar index fell 0.09% to 99.96. The US Labor Department said on Wednesday that the CPI rose 4.2% YoY in May, accelerating from 3.8% in the previous month. This marked the highest year-on-year increase since April 2023, indicating that high energy costs due to the conflict with Iran continue to drive up price pressures. Since the US and Israel launched attacks against Iran in late February, Americans have been feeling the pain of rising oil prices. Rising energy costs have weakened consumer confidence. Currently, there is little sign that oil tankers can obtain sustained permission to transit the Strait of Hormuz, meaning that supply pressure in the global energy market is expected to persist. According to the CME FedWatch tool, the probability of the US Fed holding interest rates steady through June was 98.4%, with a cumulative 25-basis-point rate cut seen at just 1.6%. The probability of the Fed maintaining the current rate through July stood at 89.1%, a cumulative 25-bp hike at 9.5%, and a cumulative 25-bp cut at 1.5%. Art Hogan, Chief Market Strategist at B. Riley Wealth Management, described the latest CPI report as a “tale of two cities.” While the data was highly consistent with expectations, the overall trend remained negative. This did not alter the policy path for the Fed’s next meeting. However, the prevailing consensus is that the Fed will hold steady, and Fed funds futures are currently pricing in only one hike. In summary, after significant profit-taking pressure on semiconductor stocks and the broader tech sector, these factors were likely instrumental in helping the market recover some lost ground in early trading today. A CICC research note argued that US inflation remains dominated by structural factors, such as energy shocks, with cyclical inflation not yet evident. However, it warned of the risks of a rebound in aggregate demand driven by AI capex expansion and improving employment. On monetary policy, the firm maintained its baseline call of no cuts and no hikes by the Fed this year. It expects the Fed’s stance to stay hawkish, noting that Fed Chair Warsh’s top priority upon taking office would be to rebuild policy credibility, likely demonstrating resolve by signaling stronger expectations for balance sheet reduction rather than hinting at rate hikes. A scenario of “balance sheet reduction first, delayed rate cuts” could not be ruled out, posing sustained pressure on assets that conflict with Warsh’s philosophy, those reliant on liquidity, and those benefiting from dollar over-issuance. (Jin10 Data App) On the Data Front: Releases due today include the Eurozone’s ECB Deposit Facility Rate and ECB Main Refinancing Rate as of June 11, US Initial Jobless Claims for the week ending June 6, and the US PPI year-over-year and month-over-month figures for May. Additionally, attention will be on the Ministry of Commerce’s second regular press briefing for June; the ECB’s interest rate decision; and the monetary policy press conference held by ECB President Christine Lagarde. In Crude Oil: As of 11:43, oil prices were up across both benchmarks, with WTI gaining 1.94% and Brent crude rising 1.65%. Prices climbed amid escalating military conflict between the US and Iran. The US Department of Energy (DOE) stated on Wednesday local time that the US is seeking to lend up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to energy enterprises to help lower fuel prices. This plan is part of a previous agreement to release 172 million barrels from the SPR. To date, the US has lent approximately 133 million barrels of crude oil under that agreement. In March this year, after the US and Israel launched a war against Iran on February 28, the US reached an agreement with about 30 member countries of the International Energy Agency (IEA) to jointly release approximately 400 million barrels of strategic reserves to help stabilize the global oil market. At that time, the US SPR inventory stood at 349.2 million barrels, the lowest level since August 2023. Enterprises that borrowed crude oil had to return an equal amount and pay a premium of up to 24% in the form of additional crude oil. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

SMM June 11 news: Metal market: Overnight, base metals on the domestic market mostly fell. SHFE copper fell 0.79%. SHFE aluminum edged up 0.02%, while SHFE lead and SHFE tin fell slightly. SHFE zinc fell 1.98%. SHFE nickel fell 0.72%. In addition, the most-traded alumina futures rose 0.73%, and the most-traded foundry aluminum contract rose 0.63%. Overnight, ferrous metals all rose. Iron ore rose 0.07%, hot-rolled coil edged up, stainless steel rose 0.17%, and rebar rose 0.19%. Coking coal and coke: the most-traded coking coal futures contract rose 0.44%, and the most-traded coke futures contract rose 2.34%. Overnight, on the overseas market, LME base metals fell across the board. LME copper fell 0.81%. LME aluminum fell 1.09%, and LME lead fell 0.93%. LME zinc fell 2.19%. LME tin fell 0.34%. LME nickel fell 1.47%. Overnight, precious metals : Overnight, COMEX gold fell 4.49%, and COMEX silver fell 2.67%. Overnight, the most-traded SHFE gold contract fell 3.37%, and the most-traded SHFE silver contract fell 1.08%. Citibank expects that if the blockage of the Strait of Hormuz continues into this summer, global gold purchasing demand may shrink further, and gold prices may fall to $3,500 per ounce by September. Currently, Citibank has lowered its three-month gold price target from $4,300 per ounce to $4,000 per ounce. CITIC Securities pointed out that the US CPI for May was broadly in line with expectations, with high oil prices continuing to push up the overall inflation rate, while core inflation was mild. CITIC Securities believes the risk of a second round of US inflation is low, and the overall CPI YoY may have peaked for this cycle. It is expected to gradually decline slowly until September, then rebound slightly, before pulling back rapidly in March next year. The US Fed is expected to keep its target rate unchanged this year, and the interest rate hike expectations priced in the derivatives market have room to be revised downwards. The key focus of next week's Fed meeting will be the new Chair, Mr. Walsh's, remarks on the current inflation situation and interest rate levels. For US Treasuries, trading opportunities are more suitable than allocation opportunities now, and short-term bonds are better than long-term bonds. The US dollar index finds support, and gold prices may need to wait for accommodative expectations to restart before breaking out of their predicament. As of 7:19 AM on June 11, overnight closing prices: Macro front Domestic: [Zheng Zhajie: Fully implement the "AI+" initiative and deeply address "involution-style" competition] On June 10, Zheng Zhajie, Director of the National Development and Reform Commission (NDRC), chaired an expert symposium on the economic situation, exchanging views with Cai Fang, a member of the Chinese Academy of Social Sciences, Zhang Li, President of the CCID Research Institute, and chief economists from some domestic and international securities firms, including BOC International. The discussion focused on analyzing and assessing the current economic situation, continuously expanding domestic demand, promoting high-level sci-tech self-reliance and strength and autonomous control of the industry chain, and stabilizing employment, enterprises, the market, and expectations. The attending experts' views, opinions, and suggestions were heard. Zheng Zhajie stated that the NDRC would earnestly implement the decisions and plans of the Party Central Committee and the State Council by making best use of its macro policies and leveraging the integrated effects of existing and incremental policies; strengthening the planning and construction of water networks, new-type power grids, computing power networks, new-generation communication networks, urban underground pipeline networks, and logistics networks to promote a close integration of investment in objects and investment in people, and effectively implementing the consumer goods trade-in policy; accelerating the construction of a modern industrial system and fully implementing the "AI+" initiative; continuously strengthening reform and innovation to deeply advance the construction of a unified national market and deeply address "involution-style" competition; enhancing energy and resource security levels and implementing a comprehensive conservation strategy; effectively ensuring the basic wellbeing of the people and making every effort to promote employment for key groups; at the same time, promptly researching and reserving a batch of targeted and highly operational policy tools, ready to be introduced and implemented as needed, to continuously consolidate the foundation for sustained and stable economic improvement. It is hoped that the experts would provide more suggestions to contribute their wisdom and strength to promoting high-quality development. [Ministry of Commerce and seven other units issue "Several Measures to Promote the Integrated Development of Railways and Tourism and Expand Service Consumption"] It is proposed to strengthen the coordination and alignment of railway and tourism planning. Planning guidance should be enhanced. Compiling railway-related plans should encompass the developmental needs of the tourism industry, site planning and layout must be effectively executed, and the accessibility and convenience of tourism resources should be elevated. The compilation of tourism-related plans should coordinate the layout and development of cultural tourism resources and railway resources, promoting the integrated and mutually reinforcing development of railways and tourism. [NRDC Price Cost and Certification Center Conducts Survey at SPIC] On June 3, Cheng Gang, Deputy Director of the Price Cost and Certification Center of the National Development and Reform Commission (NDRC), led a team to conduct a survey at State Power Investment Corporation Limited (SPIC). The two sides exchanged views on the operation of wind power and PV projects, as well as the development of the hydrogen-based energy industry. (NDRC Price Cost and Certification Center) US dollar: Overnight, the US dollar index rose 0.09%, closing at 100.04. Data released by the US Bureau of Labor Statistics on Wednesday showed that the Consumer Price Index (CPI) rose 4.2% YoY in May, the highest level since early 2023 and in line with market expectations. This marked the first time in three years that CPI inflation breached the 4% mark. The main factor driving the overall inflation higher was the rise in energy prices triggered by the Iran war. The 0.5% MoM rise matched expectations and was slightly lower than the previous 0.6%. "New Fed wire" Nick Timiraos' analysis pointed out that on a three-month annualized basis, the overall CPI increase in May was as high as 8.2% ; the overall CPI rose 0.47% MoM, with an annualized rate of approximately 5.8%, pushing the 12-month increase to 4.2%, a three-year high. Core CPI rose 2.9% YoY in May , matching expectations and edging up from the previous 2.8%; the MoM increase was 0.2%, lower than the market expectation of 0.3% and a significant slowdown from the previous 0.4%. Core inflation was mild, but US real wages have already seen their first YoY negative growth since April 2023, worsening the situation for consumers. Furthermore, multiple Wall Street institutions believe that while this CPI data reinforces the "higher for longer" logic, it is not enough to trigger an interest rate hike. Market bets on the Fed resuming rate hikes have risen, but mainstream institutions still tend to believe the Fed will stay on hold in the coming months. (Wall Street Insights) According to CME "FedWatch": The probability of the Fed keeping rates unchanged in June is 98.4%, with a 1.6% chance of a cumulative 25 basis point rate cut. The probability for the Fed to keep rates unchanged through July is 89.1%, with a 9.5% chance of a cumulative 25 basis point rate hike and a 1.5% chance of a cumulative 25 basis point rate cut. (Jin10 Data APP) Other currencies: The Bank of Japan (BOJ) stated on Wednesday that BOJ Governor Kazuo Ueda has been hospitalized and is expected to remain in hospital for about two weeks, therefore he will miss the monetary policy meeting on June 15-16 but is expected to attend the meeting on July 30-31. BOJ Deputy Governor Ryozo Himino will chair the June 15-16 monetary policy meeting, and Deputy Governor Shinichi Uchida will hold a press conference after the June meeting. (Jin10 Data APP) Data: Today's releases include the Eurozone ECB Deposit Facility Rate up to June 11, the Eurozone ECB Main Refinancing Rate up to June 11, the US Initial Jobless Claims for the week ending June 6, and the US May PPI YoY and MoM rates. Also, focus on: the Ministry of Commerce holds its second routine press conference of June; the ECB announces its interest rate decision; ECB President Christine Lagarde holds a monetary policy press conference. Crude oil: Overnight, both oil futures rose, with US crude up 4.14% and Brent crude up 3.88%. The Iran situation escalated abruptly, causing crude oil prices to surge. Additionally, a sharp decline in Cushing crude oil inventories and significant withdrawals from the Strategic Petroleum Reserve (SPR) once fueled an acceleration in the rise of oil prices. Trump subsequently stated on social media that over 100 million barrels of crude oil are currently transiting the Strait of Hormuz, which slightly capped the gains. (Wall Street Insights) The US Department of Energy (DOE) stated on Wednesday local time that the US is seeking to lend up to 40 million barrels from the Strategic Petroleum Reserve (SPR) to energy companies to help lower fuel prices. This plan is part of the previous agreement to release 172 million barrels from the SPR. To date, the US has lent approximately 133 million barrels of crude oil under this agreement. In March, after the US and Israel launched the war on Iran on February 28, the US reached an agreement with about 30 member countries of the International Energy Agency to jointly release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, the US SPR inventory stands at 349.2 million barrels, the lowest level since August 2023. Enterprises borrowing crude oil must return an equivalent amount of crude oil plus pay a premium of up to 24% in extra crude oil. (Jin10 Data APP)

On June 9, customs data showed that China exported 10.341 million mt of steel in May 2026, an increase of 844,000 mt MoM, up 8.9% MoM. Cumulative exports from January to May reached 44.554 million mt, down 8.1% YoY. China imported 451,000 mt of steel in May 2026, a decrease of 14,000 mt MoM, down 3.1% MoM. Cumulative imports from January to May totaled 2.255 million mt, declining 12.2% YoY. Table1 – Steel Import and Export Data Overview, January-May Source: SMM Steel Exports in May Crossed 10 Million mt MoM According to SMM's export schedule survey for May, planned HRC exports that month stood at 1.1435 million mt, up 213,500 mt from actual April exports, a 23% MoM increase. Meanwhile, SMM export order data showed that from March to April, domestic export prices held a strong advantage in international markets, and overseas demand for semi-finished products remained present. Export orders reached a periodical high in mid-April, providing some support for May exports exceeding 10 million mt. Table 2– China Total Steel Exports Source: SMM Steel Imports in May Declined MoM On the import side, steel imports stood at 451,000 mt in May, edging down MoM. From January to May, China imported a total of 2.255 million mt of steel, down 12.2% YoY; net steel exports reached 42.299 million mt. Short-Term Steel Export Outlook 1. Global manufacturing diverges notably; US accelerates sharply while domestic new export orders slide from highs Global manufacturing activity showed marked divergence in May 2026. The latest PMI data indicates the US accelerated strongly, rising to 54% from 52.7% in April, though cost surges driven by inflation posed significant headwinds. The Eurozone PMI dropped to 47.5% from 48.8%. India continued to demonstrate resilience: its May manufacturing PMI reached 55%, a three-month high, fueled by robust domestic demand, infrastructure spending, and new business growth. China's new export orders index came in at 48.6% in May, down 1.7 percentage points MoM, reflecting some weakening in export demand. 2. Overseas supply continues to decline, particularly evident in the Middle East World Steel Association data shows global crude steel production fell 1.9% YoY to 153.4 million mt in April 2026. Excluding China, output in the rest of the world slid 4.25% MoM, with production schedule paces diverging significantly across regions. Among markets outside China, India and Vietnam maintained high production levels, mainly benefiting from the structural ramp-up dividends brought by new capacity commissioning. Meanwhile, the US and Germany also stood out in April: the US was directly boosted by seasonal Q2 production schedule expansions in high-end manufacturing sectors such as automobiles, while Germany's four consecutive months of production rebound essentially reflected a strategic inventory build by steel mills in response to raw material price fluctuations. In contrast, Middle East production continued its steep YoY plunge during the month, mainly attributable to wartime energy controls and systemic logistical paralysis triggered by the US-Iran conflict and the full closure of the Strait of Hormuz. Overall, Middle East output remains in contraction. As original recipient countries face a lack of stable supply sources, coupled with the digestion of previous low-priced resources, China's steel export orders may encounter structural opportunities. Figure 1 – Global Crude Steel Production by Region Source: SMM 3. Price advantage remains notable, but Southeast Asian markets show price-cutting behavior to seize market share As of June 5, 2026, HRC export quotations (FOB) from India, Turkey, and the CIS stood at $550/mt, $645/mt, and $535/mt, respectively, while China's HRC export quotation (FOB) was $501/mt. China's HRC export quotations currently stand at discounts of -$49/mt, -$144/mt, and -$34/mt against these countries, keeping its steel export price advantage distinct. Recently, however, Southeast Asia entered its off-season; with domestic demand unable to support elevated prices, there are signs of price reductions to capture orders from the international market and disperse domestic pressures. The price spread between China and Southeast Asia has narrowed somewhat. Figure 2 – HRC Quotations in Key Global Markets Source: SMM 4. Export orders dropped notably in May, with a related slowdown after concentrated procurement According to SMM's latest survey of steel mill export schedules, planned HRC exports this month stand at 1.03 million mt, roughly steady compared with actual exports last month. SMM steel export order data indicates that, affected by holidays, export orders in May declined noticeably from April on a MoM basis. Orders for both flat products and long products slipped, signaling that overseas buyers have slowed their procurement pace after the earlier round of concentrated procurement. Figure 3 – SMM Steel Export Order Volumes Source: SMM 5. HRC faced the most cases entering the enforcement stage in May After the concentrated final rulings of anti-dumping cases in April, anti-dumping cases decreased somewhat in May, involving products including HRC, coiled rebar, section steel, and steel pipes. Specific cases and their affected volumes are shown in the table below: Table – New Anti-Dumping Cases in May Source: SMM Taking all factors into consideration, as the new export orders index narrows somewhat, Southeast Asian markets cut prices to compete for orders, and the significant contraction in export order volumes over the previous two months gradually feeds through to the shipment stage, the cushioning effect from earlier orders will weaken considerably. SMM expects that actual total steel exports in June will face some downward pressure. At the same time, as overseas supply of previously low-priced materials is absorbed and Chinese prices remain competitive, domestic export orders may show a bottoming-out recovery trend. Recent feedback from the Southeast Asian market also indicates new procurement demand for semi-finished products. Figure 4 – Steel Exports and Forecast, 2024-2026 Source: SMM Disclaimer on Data Sources: Except for publicly available information, all other data herein are processed and derived by SMM based on publicly available information, market communication, and SMM's internal database models. The content is for reference only and does not constitute decision-making advice. Note: This article is an original work published on this official account. For requests regarding reproduction, whitelist access, cooperation, or other matters, please contact us. Without permission, the content shall not be reproduced, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to third parties or licensed for third-party use. Upon discovery of any violation, Shanghai Metals Market will pursue infringement liability through legal means, including but not limited to demanding contractual breach of contract liability, return of unjust enrichment, and compensation for direct and indirect economic losses. Scan to Get Free Information

SMM June 8 News: Metal Markets: As of the midday close, base metals on the domestic market mostly declined. SHFE copper fell 1.5%, SHFE aluminum and SHFE zinc both dropped 0.74%, SHFE lead edged down 0.21%, and SHFE tin slumped 5.97%. SHFE nickel rose 0.79%. In addition, the most-traded cast aluminum contract futures fell 0.39%, while the most-traded alumina contract rose 0.8%. The most-traded lithium carbonate contract edged up 0.38%. The most-traded silicon metal contract rose 1.27%. The most-traded polysilicon futures contract gained 0.1%. Ferrous metals mostly rose, with iron ore down 0.92%, rebar edging up, and HRC on par with 3,378 yuan/mt. Stainless steel increased by 0.44%. For coking coal and coke: the most-traded coking coal contract rose 1.21%, while the most-traded coke contract edged down 0.02%. Overseas Market Base Metals: As of 11:46, LME metals showed mixed performance. LME copper rose 0.34%, LME aluminum fell 0.11%, and LME lead lost 0.15%. LME zinc declined 0.18%, LME tin edged up, and LME nickel gained 0.38%. Precious Metals: As of 11:46, COMEX gold fell 0.78%, and COMEX silver dropped 2.23%. Domestic precious metals: the most-traded SHFE gold contract declined 3.55%, and the most-traded SHFE silver contract slumped 8.46%. Additionally, as of the midday close, the most-traded platinum futures contract fell 5.43%, and the most-traded palladium futures contract dropped 4.24%. As of the midday close, the most-traded containerized freight index (Europe) futures contract rose 4.78% to 3,837 points. As of 11:46 on June 8, some futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 60 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 10 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,945 yuan/mt, down 1,390 yuan/mt from the previous trading day, while the average price for SX-EW copper was 103,860 yuan/mt, down 1,390 yuan/mt from the previous trading day... Macro Front Domestic: [Ministry of Housing and Urban-Rural Development: Fully Leverage Market Mechanisms to Encourage Private Enterprise Participation in Urban Infrastructure Construction and Operation] Qin Haixiang, Vice Minister of Housing and Urban-Rural Development, stated at a State Council policy routine briefing that localities should make good use of central fiscal funds, local government special bonds, and credit funds. They should fully leverage market mechanisms, actively attract social capital participation, and encourage private enterprises to take part in urban infrastructure construction and operation, so as to build a sustainable investment and financing system for urban construction and operation. [Ministry of Natural Resources: Adhere to the Supply Orientation of Prioritizing Existing Land, Operating Projects to Prioritize the Use of Existing Land] Xie Haixia, Director of the Territorial Spatial Planning Bureau of the Ministry of Natural Resources, stated at a regular policy briefing of the State Council that innovative land use support policies will be introduced. The ministry will adhere to the supply orientation of prioritizing existing land, with operating projects prioritizing the use of existing land, while newly added land will primarily ensure the needs of municipal infrastructure. In response to strong pressure to revitalize existing funds reported by operating entities, the Ministry of Natural Resources has launched a transitional period policy. [PBOC Open Market Operations Achieve a Net Injection of 207.5 Billion Yuan for the Day] The PBOC conducted 218.5 billion yuan in 7-day reverse repo operations today. With 11 billion yuan in 7-day reverse repos maturing today, the operation resulted in a net injection of 207.5 billion yuan for the day. On the US dollar front: As of 11:46, the US dollar index fell 0.03% to 100.04. US President Trump stated that it would be a mistake if Fed policymakers chose to raise interest rates after US jobs data significantly beat expectations. He also insisted he does not want to influence Kevin Warsh ahead of his first Fed meeting. In an interview with NBC, Trump said, "Nowadays, whenever economic data comes in well, the market falls because people think the Fed will raise interest rates. But there’s no reason to raise rates at all." Trump's remarks further increased the economic and political pressure facing Warsh. Trump said, "Raising the benchmark rate is the wrong thing to do. Actually, we should be cutting rates." Trump stated, "I’m working with Kevin now. I have great respect for him, but my view is that when a country is doing well economically, you shouldn’t immediately punish it by raising rates." He added, "We have a debt problem and many other things to deal with, and many plans to move forward. I want to further expand defense spending." (Jin10 Data APP) According to the CME "FedWatch" tool: The probability of the Fed keeping rates unchanged through June is 97%, while the probability of a cumulative 25-basis-point rate cut is 3%. The probability of the Fed keeping rates unchanged through July is 81.9%, the probability of a cumulative 25-basis-point rate hike is 15.5%, and the probability of a cumulative 25-basis-point rate cut is 2.5%. Goldman Sachs economists said they no longer expect the Fed to cut interest rates this year, as the labour market was stronger than expected. The bank postponed the expected timing of the Fed's final two rate cuts from December 2026 and March 2027 to June and December 2027. However, Goldman Sachs' chief US economist Merrick pointed out that as inflation "seems unlikely to become self-sustaining," the likelihood of US Fed interest rate hikes remains relatively low. US job growth in May surpassed all expectations, demonstrating the resilience of the labour market and intensifying market bets that the central bank will raise interest rates. Goldman Sachs continues to view the likelihood of rate hikes as low, but raised the probability of a small rate hike from 10% to 20%. The bank’s baseline forecast still expects two 25-basis-point interest rate cuts next year, but lowered the probability from 40% to 30%. Goldman Sachs also lowered its forecast for the US unemployment rate this year to 4.4% from the previous 4.6%. On the data front: today will see the release of Switzerland's May consumer confidence index, the Eurozone's June Sentix investor confidence index, and the US May New York Fed 1-year inflation expectations, among others. In addition, attention should be paid to: the State Council's regular policy briefing on the "15th Five-Year Plan for Urban Renewal." On the crude oil front: as of 11:46 AM, both benchmark crudes rose, with US crude up 3.25% and Brent crude up 3.44%. The ongoing Middle East conflict continues to stoke supply disruption concerns, supporting oil prices. According to the communiqué released after OPEC's Sunday meeting, seven countries within the OPEC+ framework (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria, and Oman) decided to raise their daily crude oil production ceiling by 188,000 barrels starting in July. The communiqué stated that the countries reaffirmed the importance of a cautious approach and will retain full flexibility to increase, pause, or reverse the process of voluntary production adjustments. (Jin10 Data APP) Saudi Arabia cut the official selling price of its main crude oil for Asia for the second consecutive month, though its crude premium in its largest market remains near multi-decade highs. Saudi Aramco lowered the official selling price of its Arab Light crude for next month’s shipments to Asia by $6 per barrel, bringing the premium over the Oman/Dubai average to $9.50 per barrel. The cut was larger than the $5 per barrel reduction expected by refiners and traders. As negotiations between the US and Iran over an extended ceasefire remain deadlocked, the global oil market continues to be disrupted by the ongoing closure of the Strait of Hormuz. With tankers trapped inside the Persian Gulf and empty vessels unable to enter to load new cargoes, the Middle East has significantly reduced production, shut down fields, and slowed or halted refinery operations. Additionally, the pricing documents show that Saudi Arabia set the official selling price of Arab Light crude to Northwest Europe for July at a premium of $15.85 per barrel over ICE Brent settlement, and set the official selling price to the US at a premium of $12.60 per barrel over Argus Sour Crude. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

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

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

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