Platinum prices stopped falling and rebounded intraday. On the geopolitical front, the US announced the cancellation of military operations, and as the US and Iran sent signals of easing tensions, precious metals, which had been under pressure and plummeted recently, rebounded collectively. In morning trading, the most-traded GFEX platinum futures contract PT2608 settled at 433 yuan/g, up 3.99%. The inverted spread between the SGE Pt9995 ask price and GFEX PT2608 held near 3 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 3 yuan/g to parity against the PT2608 contract, and as futures rebounded, the discount in mainstream quotations widened slightly from the previous day. According to SMM, most suppliers offered at a discount of 2 yuan/g to parity against the GFEX 2608 contract, but downstream enterprises showed strong bargaining sentiment, making transactions difficult. Some traders reported that with platinum prices rebounding and downstream enterprises having sufficient stockpiles, trading was poor today. Overall, spot platinum market trading was sluggish today.

[SMM Daily Review: Futures Rebound Lifts Sentiment; Local NPI Trading Volume Picks Up] Jun 12 (SMM) — The SMM high-grade NPI upstream sentiment factor was 2.73, up 0.01 MoM, while the downstream sentiment factor was 1.82, also up 0.01 MoM.

SMM Nickel, June 12: Macro and Market News: (1) Hours after Trump announced he would bomb Iran again, Trump stated that, given the consultation results with Iran have been approved by Iran’s top leadership, the strike on Iran tonight is canceled. The US-Iran agreement has entered the finalization stage and is expected to be signed in Europe this weekend. (2) The European Central Bank raised its three key interest rates by 25 basis points as expected, marking the first hike in nearly three years. ECB President Lagarde stated that today’s decision is not an aggressive move, and the 25-basis-point hike serves as a signal. Spot Market: On June 12, SMM #1 refined nickel price rose by 900 yuan/mt from the previous trading day. Regarding spot premiums, Jinchuan #1 refined nickel averaged 1,750 yuan/mt, up 400 yuan/mt from the previous trading day, while domestic mainstream brand electrodeposited nickel premiums ranged from -500 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel 2607 contract rebounded in early trading, closing the morning session at 135,370 yuan/mt, up 0.94%. US CPI exceeded expectations, fueling rate hike expectations, and the world entered a monetary tightening window. On the Indonesia side, the premium accumulated earlier due to ore scarcity is being corrected. China’s refined nickel inventory has reached a historic high, and domestic inventory continues to increase. Visible inventory pressure has not been fundamentally alleviated, and nickel prices are under pressure in the short term.

SMM, June 12: Base metals market: As of the midday close, base metals on the domestic market nearly all rose. SHFE copper gained 1.51%, SHFE tin jumped 2.97%, SHFE nickel edged up 0.94%, SHFE aluminum added 1.06%, SHFE zinc rose 0.43%, and SHFE lead lost 0.31%. Meanwhile, the most-traded foundry alloy futures rose 0.45%, alumina added 1.45%, lithium carbonate surged 3.85%, silicon metal gained 0.63%, and polysilicon futures jumped 5.91%. Ferrous metals all rose, with iron ore up 0.13%, rebar up 0.66%, HRC up 0.74%, and stainless steel up 2.15%. Coking coal and coke: the most-traded coking coal contract rose 3.02%, and the most-traded coke contract surged 5.63%. Overseas base metals: as of 11:38, LME metals all rose. LME copper added 1.01%, LME aluminum gained 0.54%, LME lead edged up, LME zinc rose 0.26%, LME tin added 0.25%, and LME nickel gained 0.67%. Precious metals: as of 11:38, COMEX gold surged 2.63%, and COMEX silver soared 5.36%. Domestic precious metals: the most-traded SHFE gold contract rose 1.89%, and the most-traded SHFE silver contract surged 4.36%. Additionally, as of the midday break, the most-traded platinum futures jumped 3.99%, and the most-traded palladium futures surged 5.69%. As of the midday close, the most-traded containerized freight index (Europe) contract fell 1.16% to 3,929.5 points. Selected futures midday quotes as of 11:38, June 12: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was reported at 270 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was at a premium of 210 yuan/mt, up 30 yuan/mt; SX-EW copper was at a premium of 150 yuan/mt, up 30 yuan/mt. The average price of Guangdong #1 copper cathode was 104,715 yuan/mt, up 1,090 yuan/mt from the previous trading day, and the average price for SX-EW copper was 104,625 yuan/mt, up 1,075 yuan/mt. Spot market: Guangdong inventory has fallen for 9 consecutive days, hitting a new low for the year... Macro Front China: [PBOC's open market operations saw a net injection of 178 billion yuan today and a net injection of 885.8 billion yuan this week] The PBOC conducted 393 billion yuan in 7-day reverse repos today. With 215 billion yuan in 7-day reverse repos maturing today, the net injection for the day reached 178 billion yuan. This week, the PBOC conducted 1,112 billion yuan in 7-day reverse repos, and with 226.2 billion yuan in 7-day reverse repos maturing, the net injection for the week was 885.8 billion yuan. (Jinshi Data APP) [Guangzhou: Fully promote the implementation of major projects such as intelligent connected NEVs, AI, semiconductors and integrated circuits, and the low-altitude economy] The "Guangzhou Commerce Development 15th Five-Year Plan (Public Consultation Draft)" is open for public comment. It states that implementation of major projects for intelligent connected NEVs, ultra-high-definition video and new-type displays, green petrochemicals and new materials, intelligent equipment and robotics, AI, semiconductors and integrated circuits, and the low-altitude economy will be fully promoted. The aim is to cultivate a group of leading intermediate product enterprises that are high-tech, manufacturing single champions, or specialized and sophisticated. It will push foreign trade transformation and upgrading bases to accelerate the development of intermediate product trade and cultivate well-known brands and "chain owner" enterprises. Support will be given for enterprises to undergo digital transformation using industrial internet, big data, and AI to improve production efficiency and product quality, driving the intermediate product trade towards high-end, digital, and intelligent development. (Jinshi Data APP) US dollar: As of 11:38, the US dollar index rose 0.06% to 99.75. According to the CME "FedWatch Tool": the probability of the US Fed holding interest rates steady in June is 98.5%, and the probability of a cumulative 25bp rate cut is 1.5%. For July, the probability of rates staying unchanged is 91.3%, the probability of a cumulative 25bp hike is 7.4%, and the probability of a cumulative 25bp cut is 1.4%. The market has pushed back expectations for a US Fed rate hike from December this year to January next year and is no longer fully pricing in a hike this year. (Jinshi Data APP) Influenced by the ongoing war in Iran pushing up inflationary pressures, US producer prices rose at their fastest pace in over three years in May. Data released by the US Bureau of Labor Statistics on Thursday showed that the US PPI rose 6.5% YoY in May, the largest increase since November 2022, and was up 1.1% MoM. Core PPI, which excludes food and energy, rose 4.9% YoY. The report highlighted the growing damage to the US economy from the energy price shock triggered by the closure of the Strait of Hormuz. With the conflict unlikely to be resolved soon, businesses are passing on higher energy and transportation costs, and other goods and services are also becoming more expensive. Combined with data earlier this week showing consumer prices rose at their fastest pace in three years in May, Thursday's PPI report is likely to further strengthen market expectations for a US Fed interest rate hike in 2026. With the labour market seemingly regaining growth momentum, the Fed is shifting its focus back to curbing inflation. Data: Today will see the release of Germany's final May CPI MoM, UK's three-month rolling GDP MoM for April, UK manufacturing production MoM for April, UK seasonally adjusted goods trade balance for April, UK industrial production MoM for April, France's final May CPI MoM, the preliminary US one-year inflation expectations for June, and the preliminary US University of Michigan Consumer Sentiment Index for June. Also in focus: the Huawei Developer Conference will be held from June 12-14; Elon Musk's commercial aerospace company SpaceX plans to list on Nasdaq on June 12, 2026. Crude oil: As of 11:38, oil prices fell in both markets. US crude oil lost 1.12%, and Brent crude oil lost 1.15%. Oil prices pulled back slightly amid a potential initial agreement between the US and Iran on a memorandum of understanding. According to CCTV, on June 11 local time, US President Trump posted on the social platform "Truth Social" that, given consultations with Iran have been submitted to and approved by the Iranian Supreme Leader, he has canceled the planned strikes and bombing operations against Iran originally scheduled for that evening. According to the latest OPEC data, Iran's crude oil production fell by 19% last month as the US blockaded the nation's ports during the ongoing conflict. Data from the monthly report released on Thursday showed output fell by 546,000 barrels per day to 2.33 million barrels per day. OPEC's latest monthly report showed the organization cut its 2026 global oil demand growth forecast to 970,000 barrels per day on Thursday, marking the second consecutive downward revision. Since the onset of the Iran war, the producer group has consistently viewed the conflict's impact on consumption as smaller than other forecasters like the US EIA and IEA, both of which predict demand will decline in 2026. The report also noted the organization raised its forecast for oil demand growth in 2027. (Jinshi Data APP) Spot Market Overview: ► ► ► Midday commentaries for other metal spots will be updated shortly, please refresh to view~

[SMM Brass Billet Flash] Looking ahead to next week (6.12-6.18), most brass billet enterprises will continue production based on prior orders. Currently, the industry fundamentals—tight raw material supply, elevated costs, and sluggish end-use demand—have yet to show meaningful improvement. SMM expects the industry operating rate to pull back slightly by 0.32 percentage points WoW to 52.27% next week, with operating rates remaining under pressure in the near term.

During the week (6.05-6.11), the operating rate of the brass billet industry in China was 52.59%, up 0.74 percentage points WoW and up 0.58 percentage points YoY. Copper prices pulled back sharply this week, stimulating a moderate release of downstream rigid demand orders. Producers' enthusiasm for starting production increased, leading the industry operating rate to edge up. The decline in copper prices prompted enterprises to proactively stockpile at low prices. However, secondary brass supply remained tight and prices stayed high, constraining enterprises’ restocking room. As a result, raw material inventory only edged up to 3.57 days. On the demand side, the traditional off-season impact continued. Rigid demand from end-use industries such as home appliances, sanitary ware, and hardware was insufficient. Downstream cargo pick-up pace was slow, and overall market trading sentiment was mediocre. Currently, the industry's finished product inventory days remained high at 5.31 days, and destocking was under pressure. Most brass billet enterprises still needed to destock. Looking ahead to next week (6.12-6.18), most copper billet enterprises are expected to continue production based on previous orders. At present, with tight raw material supply, high costs, and weak end-use demand, the industry fundamentals have not improved significantly. SMM expects the industry operating rate next week to pull back slightly by 0.32 percentage points WoW to 52.27%, and up 1.0 percentage points YoY. The industry operating rate will remain under pressure in the short term.

Following Trump’s post suspending airstrikes recently, platinum group metals (PGMs), which had been under severe downward pressure, staged a sharp rebound. Rhodium halted its streak of consecutive declines and edged higher, with prices hovering around RMB 1,970 per gram. Market participants note that PGMs are currently at a double low in technical indicators and market sentiment, endowing them with upward rebound momentum.

Spot circulation was limited this week, with MHP and high-grade nickel matte payables fluctuating at highs.

Aldoro Resources reported that hydrometallurgical testing of the Kameelburg niobium and rare earth deposit in Namibia yielded encouraging results, with a simple process but relatively high recoveries of rare earths and strontium, while drilling also intersected high-grade niobium ore. Tests commissioned by the company and conducted by ALS Metallurgy Services in Western Australia showed that Kameelburg can be treated using a direct acid leaching method, eliminating the need for flotation or magnetic separation processes used at MP Materials' Mountain Pass operation in the US and Lynas Rare Earth's Mt Weld rare earth mine in Western Australia. The hydrochloric acid leaching process can be carried out at ambient temperature and pressure, and if scaled up, is expected to significantly reduce development costs.

[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.