[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market remained in a bargaining stalemate, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations surrounding supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slight increases; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions in the market were difficult to conclude.

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

Southern Nonferrous Metals Successfully Concludes Large-Scale Metal Tenders Amid Strong Market Demand

SMM, March 9: According to multiple sources from the market, South China Nonferrous recently conducted large-scale tenders for several of its metal products, including substantial volumes of bismuth ingots, cadmium ingots, and indium ingots. The information indicated that the final results were all successfully concluded. At present, according to official information, these metal tenders have indeed smoothly entered the delivery stage, but the authorities are currently unwilling to disclose the specific transaction prices. However, many market participants said that the transaction prices of these metals were close to the market spot prices. Considering such large volumes, this outcome indeed indicates robust trading interest in these metal markets. After the Chinese New Year, end-use demand has also begun to enter an active stockpiling phase. In addition to end-users, market forces including trade and speculation have also been actively taking action; therefore, the market’s recent price trend has been relatively firm.

[SMM Tin Midday Review: AI Macro Sentiment Recedes Again, Triggering Market Downward Pressure, the Most-Traded SHFE Tin Contract Falls Over 5%]

Cobalt Metal: This week, the domestic cobalt metal market saw limited overall changes, with spot prices rebounding slightly within a low range. Both supply and demand remained mediocre: mainstream smelters’ ex-works quotations were largely stable; approaching year-end, logistics gradually halted, and inquiries and quotations from traders and downstream enterprises essentially ceased, resulting in sluggish market activity. Fundamentally, cobalt intermediate products as raw materials have yet to arrive at ports in large volumes, and the structurally tight supply pattern upstream has not fundamentally shifted, continuing to provide some support for cobalt prices. Looking ahead, as market operations gradually resume after the Chinese New Year, restocking demand from downstream sectors is expected to be released, and refined cobalt prices are anticipated to retain upside room. Cobalt Hydroxide: This week, the cobalt intermediate products market continued to exhibit a “price without market” pattern. Supply side, most intermediate products from miners are still awaiting shipment locally in the DRC, with external quotations yet to resume, keeping spot supply tight. Demand side, as year-end approaches, some smelters have entered production line clearing and maintenance shutdowns, leading to a noticeable weakening in raw material purchase willingness and maintaining sluggish actual transactions. Overall, against the backdrop of an unclear timeline for large-scale arrivals of cobalt intermediate products at ports and escalating geopolitical risks, the structurally tight supply of cobalt raw materials in China may further intensify. Intermediate product prices are expected to retain upward momentum in the short term, with subsequent focus needed on logistics recovery pace and miners’ export progress. Cobalt Sulphate: This week, the cobalt sulphate market maintained generally sluggish operations, with spot prices largely stable. Supply side, approaching the Chinese New Year holiday, most smelters have successively scheduled maintenance shutdowns, reducing spot offers. Meanwhile, boosted by recent positive news from the cobalt ore sector, enterprises’ bullish expectations for the future have strengthened, leading producers to suspend quotations and tightening spot supply. Demand side, due to concerns over post-holiday cobalt sulphate price increases, downstream enterprises’ purchase willingness has recovered compared to the previous period, with some small and medium-sized ternary cathode precursor makers actively inquiring. However, with pre-holiday logistics halts imminent, actual transactions remained relatively limited, and overall market activity was subdued. Looking ahead, as logistics resume after the holiday and downstream enterprises gradually restart production and restock, demand is expected to be released progressively. Against the backdrop of phased supply tightening and sustained raw material cost support, cobalt sulphate prices are projected to regain an upward trend.

SMM, June 10: Metal Market: As of the midday close, domestic base metals showed mixed performance. SHFE copper rose by 0.57%, SHFE zinc fell by 1.22%, SHFE aluminum dropped by 0.12%, SHFE lead increased by 0.87%, SHFE tin gained 0.44%, and SHFE nickel declined by 0.89%. In addition, the main continuous futures contract for foundry aluminum surged on its first trading day, closing up 4.63% by midday. Alumina rose by 0.38%. Lithium carbonate increased by 0.53%, silicon metal rose by 1.16%, and polysilicon fell by 0.22%. The ferrous metals series mostly rose, with iron ore down by 0.21%, rebar up by 0.13%, and HRC up by 0.19%. Stainless steel fell by 0.99%. For coking coal and coke: coking coal rose by 0.7%, and coke increased by 0.52%. In overseas metal markets, as of 11:46, LME metals were mostly down, with LME zinc falling by 0.3%, LME copper down by 0.37%, LME aluminum dropping by 0.36%, LME lead on par with $1,986.5/mt, LME tin declining by 0.23%, and LME nickel falling by 0.23%. In precious metals, as of 11:46, COMEX gold fell by 0.78%, and COMEX silver dropped by 0.4%. Domestically, SHFE gold fell by 0.55%, SHFE silver rose by 0.89%, and SHFE silver hit a new high since listing in the night session, reaching 9,020 yuan/kg. As of the midday close, the most-traded contract for the Europe Containerized Freight Index was on par with 2,061.8. As of 11:46 on June 10, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 10 Spot and Fundamentals Aluminum: This morning, the center of SHFE aluminum prices dropped to around 20,500 yuan/mt before reversing in a V-shaped trend, rising again above 20,100 yuan/mt. In east China, after the futures market fell, purchasing sentiment improved, and major players purchased in the market. The market traded at parity to a premium of 10 yuan/mt against SMM transactions, with premiums and discounts firming. Today, SMM A00 aluminum was reported at 20,160 yuan/mt, down 50 yuan/mt from the previous trading day, with a premium of 70 yuan/mt against the June contract, unchanged from the previous trading day... 》Click for details Macro Front Domestic: [National Development and Reform Commission (NDRC): Will propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood] The State Council Information Office held a press conference at 10 a.m. today. Xiao Weiming, Deputy Secretary General of the National Development and Reform Commission, and relevant officials from the Ministry of Education, Ministry of Civil Affairs, Ministry of Finance, Ministry of Human Resources and Social Security, and National Health Commission introduced policies to further safeguard and improve people's livelihood and answered questions from reporters. Xiao Weiming, Deputy Secretary General of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will implement the decisions and arrangements of the CPC Central Committee. Based on thorough surveys, it will collaborate with various parties to formulate the "15th Five-Year Plan," proposing major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood, and integrating the construction of people's livelihood into the national development blueprint for the "15th Five-Year Plan." 》Click for details [PBOC's Open Market Operations Net Withdraw 255.9 Billion Yuan Today] The PBOC conducted 198.6 billion yuan in 7-day reverse repo operations today. As 454.5 billion yuan in 7-day reverse repos matured today, a net withdrawal of 255.9 billion yuan was realized on the day. ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 10 was 7.1840 RMB per US dollar. US dollar: As of 11:46, the US dollar index rose by 0.13%, reporting at 99.15. A report released by the Federal Reserve Bank of New York on Monday showed that US citizens' anxiety about the future inflation path eased in May, and their outlook on personal financial conditions became more optimistic. The market is awaiting the US inflation data to be released on Wednesday, which may adjust expectations regarding the timing of the US Fed's interest rate cut. Meanwhile, the market is also focusing on the ongoing China-US trade talks in London. Other currencies: Kazuo Ueda, Governor of the Bank of Japan, stated that if the economy and prices face strong downward pressure, the Bank of Japan has limited room to support the economy through interest rate cuts, with the short-term interest rate currently maintained at 0.5%. "If we have sufficient confidence that the underlying inflation rate is close to or fluctuating around 2%, we will raise interest rates." (Caijing) Data: Today, data such as China's M2 money supply annual growth rate for May, China's total social financing for the year to date in May, China's new RMB loans for the year to date in May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (annual growth rate), Australia's ANZ consumer confidence index for the week ending June 8, Switzerland's consumer confidence index for May (seasonally adjusted), and the Eurozone's Sentix investor confidence index for June will be released. In addition, the deadline for the EU's public consultation is June 10, 2025. This date marks the final window of peace before the EU considers imposing retaliatory tariffs on US goods worth up to 95 billion euros. He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US economic and trade consultation mechanism. Crude oil: As of 11:46, crude oil futures fluctuated rangebound, with US oil up by 0.11% and Brent oil up by 0.18%. The market is awaiting the outcome of Sino-US negotiations, which may help ease trade tensions and improve fuel demand. Additionally, a survey found that OPEC's oil production growth in May was lower than planned, as Iraq further cut production to compensate for earlier overproduction, while Saudi Arabia and the UAE also increased production by less than their quotas. (Webstock Inc.) Spot Market Overview: ► Copper prices rise, but downstream players are reluctant to rush to buy amid continuous price rise and restock; overall trading activity is weaker than yesterday. [SMM South China Spot Copper] ► Operating rates of processing enterprises recover, and market trading activity improves. [SMM North China Spot Copper] ► The center of gravity pulls back in the morning session, and just-in-time procurement in the market improves. [SMM Aluminum Spot Midday Review] ► Shanghai zinc: futures market declines significantly, and premiums struggle to rise. [SMM Midday Review] ► The pace of production resumptions in Myanmar's Wa region is slow; SHFE tin prices may fluctuate rangebound in the afternoon session. [SMM Tin Midday Review] ► [SMM Nickel Midday Review] On June 10, nickel prices fell by over 1,000 yuan, and China's CPI index declined by 0.2% MoM. Midday reviews of other metal spot prices will be updated later. Please refresh to view.

6 Days to the Conference Conference Name: 2025 SMM 2nd Global Secondary Metals Industry Summit Date: 2025.06.12-13 Venue: Hyatt Regency Bangkok Suvarnabhumi, Thailand Industry leaders including Japan Kosei Industries, SVOLT Energy Technology, Thailand Ministry of Industry, MNMA, Material Recycling Association of India, JCC International, Ruiyi Resources & Environment, and Yixin International will gather to explore new trends, technologies, and policies in the secondary metals industry! Against the backdrop of global cooperation to address climate change, green and low-carbon collaboration has become an inevitable choice for the international community. In recent years, China has introduced policies encouraging secondary metals enterprises to "go global," with an increasingly improved market environment accelerating domestic companies' global expansion and active exploration of overseas markets. The "go global era" has become an indispensable force in promoting the green, low-carbon, and international development of China's nonferrous metals industry. With the introduction of favorable policies such as the Carbon Peaking Implementation Plan for the Nonferrous Metals Industry, the 14th Five-Year Plan for the Raw Materials Industry, the Carbon Peaking Implementation Plan for the Industrial Sector, and the Measures to Promote Stable Growth of Foreign Trade, secondary metals enterprises have emerged under a model involving overseas resource recycling, processing into standardized secondary metal raw materials for import to China, and direct service to local downstream users, achieving continuous breakthroughs. Chinese secondary metals enterprises, riding the policy momentum, are accelerating overseas expansion, bringing new capacity, employment, and tax revenue to host countries. Hundreds of companies have acquired scrap yards or established sorting bases in Southeast Asia, Europe, and Japan and South Korea. Due to their wide application in automotive, home appliance, telecommunications, construction, and aerospace sectors, these enterprises are becoming practitioners of the dual-circulation development path integrating domestic and overseas markets. Industry sources revealed that China's secondary nonferrous metals production reached 19.15 million mt in 2024, ranking first globally for 15 consecutive years. The physical content of imported secondary copper and aluminum raw materials exceeded 4 million mt, accounting for 23% of total raw material supply, down 1.7 percentage points from 2023. A supply structure has largely formed, dominated by domestic recycling with imports as a key supplement. For instance, the number of countries and regions exporting secondary aluminum raw materials to China increased to 95 (up by 6 from 2023), with 22 (up by 4) exceeding 10,000 mt. According to industry forecasts, China's recycled metal industry is expected to exceed 500 billion yuan by 2025 and reach a trillion-yuan market by 2030, with an annual compound growth rate exceeding 15%. Meanwhile, with the recovery of the global economy and the rise of emerging markets, regional recycled metal markets exhibit unique development trends. India , leveraging its vast population and rapid industrialization, demonstrates strong market demand, yet faces constraints in sustainable development due to an incomplete recycling system, lack of quality control, and high energy costs. The Middle East , benefiting from its strategic location and abundant resources, has become a key hub for global recycled metal trade. However, challenges such as heavy reliance on external demand, geopolitical tensions, and lagging local recycling technologies significantly hinder innovation and competitiveness. Europe , with its robust environmental regulations and advanced technology, leads in high-quality recycled metal development. Nevertheless, it struggles with high recycling costs, raw material shortages, import dependence, and inconsistent recycling standards among member states. Southeast Asia , driven by manufacturing growth and favorable policies, continues to unlock market potential but faces obstacles like insufficient capacity, compliance risks, and regional trade barriers. Thus, a thorough analysis of these regional markets' strengths and challenges not only helps industry players grasp global dynamics but also provides strategic insights for business planning. In this context, SMM will host the 2025 SMM 2nd Global Recycled Metal Industry Chain Summit in Thailand on June 12-13, 2025. The summit will convene associations, top-tier enterprises, research institutions, experts, and policymakers through three forums , focusing on key topics such as global recycled metal industry trends and challenges, interviews with top-tier recycled metal entrepreneurs, and changes in the global recycled metal supply-demand pattern . Discussions will include interpretations of global recycled metal trade policies , exploring new trends, technologies, and policies in the industry. A dedicated 1-on-1 meeting system will facilitate business negotiations, creating an international platform for collaboration, resource sharing, and innovation. The event will also feature high-quality scrap yard resource matchmaking, an industry awards banquet, and face-to-face exchanges with industry leaders , contributing to the development of a global resource recycling system and advancing the transition to a green economy. List of Participating Enterprises (Continuously Updated...) For the complete list, please contact the editor. Confirmed Guest Speakers (Continuously Updated...) Conference Agenda Overview June 12th - Main Agenda 01 9:00-12:00 Enterprise Visits 02 10:00-12:00 Registration 03 10:00-12:00 Free Networking 04 12:00-13:00 Buffet Lunch 05 13:30-13:45 Opening Remarks Guest Speaker: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 06 13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Guest Speaker: Dr. Somthai Wongcharoen Secretary General of ASEAN Institution of Recycling (AIR) 07 14:00-14:20 Strengthening International Exchanges to Promote Green Development of China's Non-Ferrous Recycled Metal Industry Guest Speaker: Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 08 14:20-15:10 Roundtable Discussion: Interviews with Top Entrepreneurs in the Recycled Metal Industry 1. Future Trends in Recycled Raw Material Supply Based on Thailand's Industry Chain Development 2. Investment Risks in Southeast Asia's Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Qin Xinghong, Chairman of P.C. WOOD PRODUCTS CO., LTD. Zhang Junbing, Global Sourcing Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Non-Ferrous Metals International Co., Ltd. 09 15:10-15:25 Tea Break 10 15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by the ESG Background Guest Speaker: Xie Xiaoying, Director of Sustainability Business at Shanghai Lvran Environmental Information Technology Co., Ltd. 11 15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Cui Suoye, Non-Ferrous Consulting Director of SMM Information & Technology Co., Ltd. 12 16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member of the Middle East Recycling Bureau 13 16:20-17:10 Roundtable Discussion: Exploring the Global Recycled Metal Market: In-Depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Guest Speaker: Kittipot Thanalertlap, Metalcom Ltd. General Manager Sanjeev Phadke, Middle East Recycling Bureau, Head of Finance and Member of the Executive Committee WENCESLAO MANZ, DIMEXA HOLDINGS PTE. LTD., Director Tan Tian, Doctor Scrap, General Manager 14 18:30-20:00 Award Banquet - Awards for High-Quality Material Yards, Trustworthy Traders, and Outstanding Equipment Enterprises June 13 Sub-forum ·Battery Forum· 01 09:00-09:25 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the EV Industry in the Next Five Years Guest Speaker: Dusit, Chairman Advisor, Ministry of Industry, Thailand 02 09:25-10:15 Roundtable Discussion: Southeast Asia's Battery Resource Market: Supply Chain Dynamics Moderator: Cui Suoye, Director of Non-Ferrous Consulting, SMM Information & Technology Co., Ltd. Guest Speakers: Chen Wenkai, Chairman, Malaysian Non-Ferrous Metals Association Sujin Kim, Global Business Development Director, BatX Energies Zhao Bin, President, Thai-Chinese Rayong Industrial Zone Wu Xiaoyun, Chairman, Japan Gaoxing Industrial Co., Ltd. Shen Juan, Purchasing Director, Jingjiu Group 03 10:15-10:40 Current Status and Path to Transformation of Southeast Asia's Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman, Japan Gaoxing Industrial Co., Ltd. 04 10:40-11:00 Tea Break 05 12:00-13:00 Improving the Battery Recycling System Driven by the Market Growth of EVs in Southeast Asia Guest Speaker: Luo Tieying, President, Jinchi Industrial Park 06 11:25-11:50 Exploring Africa: Sustainable Expansion and Opportunities for Raw Material Investment Guest Speaker: Yousef Al Sharif, Manager, Sharif Metals Group 07 12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum· 01 14:00-14:20 New Dynamics in Global Supply and Demand of Recycled Copper and Aluminum from a North American Perspective Guest Speaker: Robin Wiener, President, Recycled Materials Association 02 14:20-14:40 SMM Serving the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of the Recycling Association, SMM Information & Technology Co., Ltd. 03 14:40-15:00 Global Supply-Demand Pattern of Recycled Metals from an Indian Perspective Guest Speaker: Amar Singh, Secretary General, Indian Recycling Bureau 04 15:00-15:20 Building a New Cambodia-China Metal Hub - Inviting You to Co-Establish an Overseas Demonstration Industrial Park for Recycled Non-Ferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business for the Americas, Cambodia-China Metal Materials Industrial Park 05 15:00-15:20 Tea Break 06 15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green and Low-Carbon Industry Development Moderator: Zhou Bo, Executive Vice President, SMM Information & Technology Co., Ltd. Guest Speakers: Liang Jiali, Deputy General Manager, Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager, Henan Recycling Technology Co., Ltd. Ye Hangyu, Director of Foreign Trade Department, Hefei Anjinglong Electronics Co., Ltd.

[SMM Rare Earth Daily Review: Rare Earth Market Remains Calm with Stable Prices] Currently, the prices in the rare earth market have largely remained stable. After the Dragon Boat Festival, the overall market sentiment for trading has been relatively weak. Prices in the oxide market are supported by costs, maintaining high levels. The metal market has seen a slight increase in trading activity due to restocking by a small number of magnetic material enterprises. However, as end-use demand has not shown improvement, the order-taking situation for magnetic materials has been average, with restocking mainly consisting of small, on-demand purchases, and the market sentiment remains cautious.

SMM May 29 Report: Metal Market: As of the midday close, domestic base metals all fell, with SHFE copper, SHFE aluminum, and SHFE zinc posting slight declines, all within 0.1%. SHFE lead fell by 0.18%, SHFE tin by 1.59%, and SHFE nickel by 0.74%. In addition, alumina fell by 2.06%, lithium carbonate by 2.82%, silicon metal by 1.43%, and polysilicon by 2.73%. Most ferrous metals series also fell, with iron ore rising by 0.64%, rebar posting a slight decline, and HRC falling by 0.29%. Stainless steel fell by 0.35%. For coking coal and coke: coking coal continued its downward trend from the previous nine trading days, falling by 3.8%, while coke fell by 1.48%. In overseas metal markets, as of 11:41, LME metals generally rose, with LME copper up by 0.23%, LME aluminum down by 0.1%, LME lead posting a slight decline, LME zinc up by 0.52%, LME tin up by 0.27%, and LME nickel up by 0.93%. In precious metals, as of 11:41, COMEX gold fell by 0.73%, while COMEX silver rose by 0.44%. Domestically, SHFE gold fell by 0.78%, and SHFE silver posted a slight increase. As of the midday close, the most-traded contract for the European container shipping index rose by 0.41%, closing at 2012.1 points. As of 11:41 on May 29, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 29 Spot and Fundamentals Copper: Today in Guangdong, spot #1 copper cathode was quoted at a premium of 30 yuan/mt to 100 yuan/mt against the front-month contract, with an average premium of 65 yuan/mt, down 55 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 30 yuan/mt to 10 yuan/mt, with an average discount of 20 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,365 yuan/mt, down 150 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,280 yuan/mt, down 145 yuan/mt from the previous trading day. Spot Market: Today, inventory in Guangdong ended a two-day decline and increased significantly, mainly due to increased arrivals and reduced outflows from warehouses. Downstream replenishment demand was not high ahead of the Dragon Boat Festival, so suppliers had to continuously lower prices to facilitate sales, causing premiums to continue to decline... 》Click for details Macro Front Domestic: [Announcement: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00-11:00 AM on May 30] The CCPIT will organize its regular May press conference at the CCPIT Auditorium from 10:00-11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will release the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data for the national trade promotion system in April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of events for the Osaka Expo, among others. [MIIT Releases 2025 Work Plan for Formulating Regulations] The Ministry of Industry and Information Technology (MIIT) has released its 2025 work plan for formulating regulations. Among the projects to be submitted to the ministerial meeting for deliberation this year are the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Administrative Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Domestic Entities Leasing Overseas Satellite Resources. The People's Bank of China conducted 266 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 154.5 billion yuan of 7-day reverse repos matured today, a net injection of 111.5 billion yuan was achieved. ► On May 29, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1907 RMB per US dollar. US Dollar: As of 11:41, the US dollar index rose by 0.36% to 100.25. After the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2), the US dollar rebounded, and market risk appetite improved. According to CCTV News, the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2) and ruled that Trump had overstepped his authority by imposing across-the-board tariffs on countries that export more to the US than they import. It is understood that the Trump administration filed a notice of appeal within minutes of the ruling. White House spokesperson Kush Desai strongly condemned the ruling, stating that unelected judges have no authority to decide how to properly respond to a national emergency, and that the Trump administration will use all executive powers to address the crisis. The market is focusing on the release of US GDP data later in the day, as well as Friday's personal consumption expenditures (PCE) data and comments from Federal Reserve officials, in search of more clues about interest rates. The Federal Reserve maintained interest rates unchanged at its May meeting. Federal funds rate futures traders believe that the Federal Reserve is most likely to resume interest rate cuts in September. Data: Today, data such as the number of initial jobless claims in the US for the week ending May 24, the revised annualised quarter-on-quarter rate of real GDP for the US in Q1, the revised quarter-on-quarter rate of the GDP price index for the US in Q1, the revised annualised quarter-on-quarter rate of the core PCE price index for the US in Q1, the revised annualised quarter-on-quarter rate of consumer spending for the US in Q1, the revised quarter-on-quarter rate of the implicit GDP deflator for the US in Q1 (seasonally adjusted), and the month-on-month rate of the US seasonally adjusted pending home sales index for April will be released. In addition, Bank of England Governor Bailey will deliver a speech at the annual dinner of the Irish Association of Investment Managers. Crude Oil: As of 11:41, crude oil futures have all risen, with US oil up 1.25% and Brent oil up 1.13%. The rebound in market risk appetite, coupled with ongoing market attention to potential new measures by the US to curb Russian crude oil supplies and OPEC's decision to increase production in July, has supported oil prices. OPEC did not make any adjustments to its production policy at its Wednesday meeting but agreed to establish a mechanism to set a benchmark for its oil production in 2027. OPEC sources said that the eight-nation meeting to be held on Saturday may agree to further accelerate the pace of production increases in July. Chevron Corporation has terminated its oil production and some other activities in Venezuela, thereby increasing supply risks. Later on Thursday, the market will focus on the EIA Weekly Petroleum Status Report. A survey of industry analysts released on Wednesday showed that US crude oil inventories increased by approximately 100,000 barrels last week, distillate inventories increased by approximately 500,000 barrels, and gasoline inventories decreased by approximately 500,000 barrels. Data released by the American Petroleum Institute (API) on Wednesday showed that US crude oil inventories decreased by 4.24 million barrels, gasoline inventories decreased by 528,000 barrels, and distillate inventories increased by 1.3 million barrels in the week ending May 23. (Webstock Inc.) Spot Market Overview: ► Downstream restocking intentions were low before the holiday, and suppliers continuously lowered prices to facilitate sales [SMM South China Spot Copper] ► [SMM Nickel Midday Review] On May 29, nickel prices fell sharply, breaking through the 120,000 support level, with active trading and rising premiums in the spot market Midday reviews of other metal spot prices will be updated later. Please refresh to view~