[SMM Shanghai spot copper] Looking ahead to tomorrow, today was the last trading day of the month, and downstream procurement sentiment continued to pull back. End-user demand was weak, and transactions remained sluggish even after suppliers modestly lowered their offer prices, leaving the overall market quiet on both the buying and selling sides. However, some cargoes with invoices dated this month still managed to transact due to invoice-related demand, indicating structural support. As a new monthly procurement cycle begins and copper prices hover at relatively low levels, downstream restocking demand is expected to be released, and consumption is likely to recover marginally. When that happens, buying and selling sentiment may be boosted, and spot discounts are likely to gradually narrow.

According to SMM data, on June 30, the SMM battery-grade nickel sulphate average price fell by 160 yuan/mt from the previous day.

According to SMM data, on June 30, the FOB price of Indonesian MHP nickel fell by $221/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $31/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $222/mt Ni.

On June 30, the SMM battery-grade nickel sulphate average price edged lower.

SMM June 30 news: The futures market plummeted again today, and the spot market in South China improved slightly. The absolute price hit a new recent low, making cargo holders more determined to hold back from selling. Sellers' room for selling was significantly limited, with almost no discounts. However, hedged positions continued to push for timely monetization amid falling prices while the spot-futures price spread remained high. Mainstream quotations were at a premium of 0 to +10 yuan/mt, neither high nor low, and availability tightened somewhat compared with earlier. Demand side, downstream dip-buying demand increased somewhat, but some bearish wait-and-see sentiment limited the scale of increase, and the buying strength was mild. Traders remained reluctant to enter the market, only purchasing on an as-needed basis to fulfill orders. There was almost no replenishment by intermediaries. Overall transactions were lukewarm. Spot transaction prices were concentrated at a discount of 20 yuan/mt to a premium of 20 yuan/mt against the SHFE aluminum 2607 contract.

Platinum prices drifted lower today. With ongoing uncertainties surrounding the U.S.-Iran situation and repeated swings in market rate hike expectations, precious metals futures are likely to continue swinging wildly, limiting upside room. In early trading, the most-traded GFEX platinum contract PT2608 closed at 388.9 yuan/g, down 3.29%. The inverted spread between the SGE Pt9995 best ask price and GFEX PT2608 narrowed to around 4 yuan/g. In the spot market, mainstream quotations for platinum ranged from a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. Mainstream quotations against the contract were basically flat compared to the previous trading day, with most traders quoting at parity with the most-traded contract but seeing difficulty in closing deals. A small portion of spot platinum with current-month invoices was quoted at a modest premium. Most upstream enterprises showed limited willingness to sell due to low absolute prices, while downstream demand was limited and the wait-and-see sentiment was strong. Overall, platinum trading was relatively sluggish today.

SMM, June 30: On the metals market front: As of the midday close, base metals in the domestic market generally fell, with SHFE copper edging down, SHFE aluminum dropping 2.13%, SHFE lead losing 1.02%, SHFE zinc down 0.16%, SHFE tin edging up, and SHFE nickel falling 1.8%. In addition, the most-traded cast aluminum futures contract fell 1.41%, and the most-traded alumina contract dropped 1.56%. Lithium carbonate’s most-traded contract rose 4.82%. Silicon metal’s most-traded contract edged up 0.24%. The most-traded polysilicon futures contract gained 0.8%. Ferrous metals showed mixed performance. Iron ore rose 0.2%, and HRC edged up. Rebar fell 0.13%, and stainless steel dropped 0.34%. In coking coal and coke: the most-traded coking coal contract rose 0.55%, while the most-traded coke contract fell 0.18%. For base metals in the overseas market, as of 11:36, LME metals showed mixed performance. LME copper fell 0.24%, LME aluminum edged up, LME lead lost 0.18%, LME zinc dropped 0.19%, LME tin rose 0.44%, and LME nickel gained 0.34%. In precious metals, as of 11:36, COMEX gold fell 1.48%, and COMEX silver dropped 1.19%. In the domestic precious metals market: SHFE gold fell 2.67%; the most-traded SHFE silver contract dropped 2.16%. Additionally, as of the midday close, the most-traded platinum futures contract fell 3.29%, and the most-traded palladium futures contract was flat at 290.65 yuan/g. As of the midday close, the most-traded containerized freight index (Europe) futures contract fell 1.7% to 3,662.5 points. As of 11:36 on June 30, some futures midday quotes: Spot Market and Fundamentals Zinc: In the Tianjin market, #0 zinc ingot was mainly traded at 24,030–24,250 yuan/mt, Zijin was traded at 24,220–24,530 yuan/mt, #1 zinc ingot was traded near 24,100–242,400 yuan/mt. Zijin was quoted at a discount of 30–40 yuan/mt against the 2608 contract, Huxin was quoted at 25,090 yuan/mt, #0 zinc ingot was quoted at a discount of 50–100 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of about 40 yuan/mt against the Shanghai market. Contract rollover quotes were used today... Macro Front China: [National Bureau of Statistics: Manufacturing PMI at 50.3% in June, China’s economic climate improved] Data from the National Bureau of Statistics showed that the manufacturing Purchasing Managers' Index (PMI) was 50.3% in June, up 0.3 percentage point from the previous month, returning to expansion territory. By enterprise size, the PMI for large enterprises was 50.7%, down 0.4 percentage point from the previous month but still above the threshold; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points from the previous month, above the threshold; and the PMI for small enterprises was 48.2%, down 0.3 percentage point from the previous month, below the threshold. Among the five sub-indices composing the manufacturing PMI, the production index and new orders index were above the threshold, while the raw material inventory index, employment index, and supplier delivery time index were all below the threshold. Huo Lihui, chief statistician at the NBS Service Survey Center, interpreted China’s June 2026 PMI data: The non-manufacturing business activity index was 50.2% in June, up 0.1 percentage point from the previous month, indicating a pickup in non-manufacturing sentiment. The services sector expansion accelerated, with the services business activity index at 50.4%, up 0.1 percentage point from the previous month, reflecting improved sentiment. By industry, business activity indices for sectors such as telecommunications, broadcasting and satellite transmission services, internet software and IT services, monetary and financial services, and insurance were all in the high-prosperity zone above 55.0%, with relatively rapid growth in total business volume; air transport and real estate sectors, however, continued to have business activity indices below the threshold. The services business activity expectations index was 56.0%, up 0.6 percentage point from the previous month, suggesting that enterprises are optimistic about the market outlook. Construction sector sentiment improved, with the construction business activity index at 49.0%, up 0.2 percentage point from the previous month, showing a modest recovery. The construction business activity expectations index was 51.1%, continuing to stay in expansion territory. [PBOC Conducts 669.5 Billion Yuan in Open Market Reverse Repos, Single-Day Net Withdrawal of 155 Billion Yuan] The PBOC conducted 69.5 billion yuan in 7-day reverse repo operations today, with an operation rate of 1.4%, unchanged from before. Today, 524.5 billion yuan in 7-day reverse repos matured. Meanwhile, the PBOC conducted 600 billion yuan in overnight reverse repo operations, with 300 billion yuan in overnight reverse repos maturing today. US Dollar: As of 11:36, the US dollar index rose 0.19% to 101.31. Data: Today, data to be released include the US April FHFA House Price Index month-over-month, the US April S&P/CS 20-City Composite Home Price Index year-over-year (seasonally unadjusted), the US June Chicago PMI, the US May JOLTS job openings, the US June Conference Board Consumer Confidence Index, the UK Q1 GDP year-over-year final reading, the UK Q1 current account, Germany’s June seasonally adjusted unemployment change and unemployment rate, Germany’s June CPI month-over-month preliminary reading, France’s June CPI month-over-month preliminary reading, Switzerland’s June KOF Economic Barometer, Canada’s April GDP month-over-month, and Japan’s May unemployment rate. Also watch: ECB President Lagarde’s opening remarks at the ECB Forum on Central Banking in Sintra, the Reserve Bank of Australia’s release of the June monetary policy meeting minutes, and US-Iran technical negotiations. Notably, on July 1, the Hong Kong Exchanges and Clearing market will be closed for Hong Kong Special Administrative Region Establishment Day, with both Southbound and Northbound trading shut. The Toronto Stock Exchange market will be closed for Canada Day. Other Currencies: RBA Meeting Minutes: Policy needs to remain restrictive to eliminate excess demand in the economy. The Committee saw value in assessing economic conditions given the space created by prior rate hikes. Keeping rates unchanged would best balance inflation and employment goals. There is still excess demand in the economy, and inflationary pressures remain broad-based. The Board will do what is necessary to achieve price stability, including hiking rates further if needed. The Middle East conflict continues to pose material upside risks to inflation and downside risks to growth. The Committee unanimously agreed that current financial conditions have likely become somewhat restrictive. Persistently high oil prices could feed into price- and wage-setting behavior. (From the Wall Street See app) Crude Oil: As of 11:36, oil prices on both sides of the Atlantic fell slightly, with WTI oil down 0.27% and Brent oil down 0.15%. Spot Market Overview: ► ► ► ► ► Midday commentary for other metals will be updated shortly, please refresh to view~

On June 30, the SMM #1 refined nickel price fell 4,100 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,800 yuan/mt, up 200 yuan/mt from the previous trading day; the premium for mainstream domestic electrodeposited nickel ranged from -400 to 400 yuan/mt.

Data from the National Bureau of Statistics (NBS) show that in June, the manufacturing PMI was 50.3%, up 0.3 percentage points from the previous month, returning to expansion territory; the non-manufacturing business activity index and the composite PMI output index were 50.2% and 50.6% respectively, both up 0.1 percentage points from the previous month, indicating a certain rebound in China's economic climate.

SMM Nickel, June 30 News: Macro and Market News: (1) Data from the National Bureau of Statistics (NBS) showed that in June, the manufacturing PMI was 50.3%, up 0.3 percentage points from the previous month, returning to expansion territory; the non-manufacturing business activity index and the composite PMI output index stood at 50.2% and 50.6%, respectively, both up 0.1 percentage point from the previous month, indicating a rebound in China's economic prosperity. (2) Despite US President Trump insisting that a new round of talks between the US and Iran would be held in Doha, Qatar on Tuesday following recent hostilities, Iran denied, stating that there were no plans for any negotiations with the US in the coming days. Meanwhile, Iran again emphasized its control over the Strait of Hormuz on Monday. Spot Market: On June 30, the price of SMM #1 refined nickel fell by 4,100 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,800 yuan/mt, up 200 yuan/mt from the previous trading day, while the range for mainstream domestic brands of electrodeposited nickel was -400 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2609) plunged sharply in the night session, further approached the 124,000 yuan level in the morning session before rebounding, and closed the morning session at 126,800 yuan/mt, down 1.80%. July is about to enter a key period for quota supplement and revision applications, with inventory pressure remaining the core contradiction. The supply of refined nickel is ample and inventories are difficult to digest, with domestic and international refined nickel stocks still at high levels and a slow destocking speed. In the short term, nickel prices are expected to trade in a range of 125,000-135,000 yuan/mt, remaining in the doldrums.