On March 31, SHFE issued a notice on the relevant work arrangements during the 2026 Qingming Festival holiday. The original text was as follows: Notice on the Relevant Work Arrangements During the 2026 Qingming Festival Holiday To all relevant parties: According to the Announcement of the Shanghai Futures Exchange on the 2026 Holiday Schedule (SHFE Announcement [2025] No. 157), the relevant work arrangements during the Qingming Festival holiday are hereby notified as follows: There will be no night session trading on the evening of April 3, 2026 (Friday). The market will be closed from April 4, 2026 (Saturday) to April 6 (Monday). From 08:55 to 09:00 on April 7, 2026 (Tuesday), all futures and options contracts will conduct call auction trading, and the night session will resume that evening. Please make proper risk prevention arrangements to ensure market stability and smooth delivery. Hereby notified. Shanghai Futures Exchange Mar 2026

According to an announcement by the Shanghai International Energy Exchange, with the approval of the China Securities Regulatory Commission, effective April 22, 2026 (from the night continuous trading session on April 21), the Shanghai International Energy Exchange (hereinafter referred to as INE) will further expand the range of tradable products available to Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (collectively, Qualified Foreign Investors), with the newly added commodity options contracts open for trading as follows: TSR 20 rubber and international copper options contracts.

[SHFE: Announcement on Further Expanding the Scope of Commodity Futures and Options Trading for Qualified Foreign Investors] With the approval of the China Securities Regulatory Commission (CSRC), effective from the trading session on June 20, 2025 (i.e., the night session on June 19), the Shanghai Futures Exchange (hereinafter referred to as SHFE) will further expand the range of tradable products for Qualified Foreign Institutional Investors (QFIIs) and RMB Qualified Foreign Institutional Investors (RQFIIs) (hereinafter collectively referred to as Qualified Foreign Investors). The following commodity futures and options contracts will be newly opened for trading: 1. Natural rubber, lead, and tin futures contracts. 2. Natural rubber, lead, and tin options contracts. This announcement is hereby made. (Shanghai Futures Exchange)

SMM News on June 3: Metal Market: As of the daytime close, domestic base metals generally declined, with only SHFE nickel rising, up 0.14%. SHFE aluminum and SHFE tin both fell by over 1%, with SHFE aluminum down 1.12% and SHFE tin down 1.23%. The declines of other metals were all within 1%. The main alumina contract rose by 1.39%. In addition, the main lithium carbonate contract rose by 0.33%, the main polysilicon contract fell by 2.65%, and the main silicon metal contract fell by 1.39%. The main European container shipping contract rose by 0.76%. In the ferrous metals series, prices fell collectively, with declines exceeding 1% for all except stainless steel. Stainless steel fell by 0.59%, iron ore fell by 1.14%, rebar fell by 1.18%, and HRC fell by 1.04%. In the coking coal and coke sector, coking coal fell by 3.03%, and coke fell by 1.1%. In the overseas market, as of 15:02, overseas base metals collectively declined, with LME aluminum, LME zinc, and LME nickel all falling by over 1%. LME aluminum fell by 1.05%, LME zinc fell by 1.3%, and LME nickel fell by 1.01%. The declines of other metals were all within 1%. In precious metals, as of 15:02, COMEX gold fell by 0.52%, and COMEX silver fell by 0.98%. Domestically, SHFE gold rose by 1.4%, and SHFE silver rose by 2.85%. Geopolitical tensions are high, and tariff policies have fluctuated repeatedly. The US manufacturing sector continues to be weak. Market uncertainty remains elevated, and risk-averse sentiment has intensified, driving gold and silver prices higher, with SHFE silver outperforming SHFE gold. 》Precious metals sector surges, Western Mining hits daily limit! After silver prices soar, wait-and-see sentiment prevails in spot market [SMM Flash News] Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Stable demand growth: Total social logistics in China increased by 5.6% YoY from January to April this year] The China Federation of Logistics and Purchasing (CFLP) released logistics operation data for the first four months of this year today (June 3). In April, China's logistics sector withstood external shocks and pressures, demonstrating strong resilience and development potential, maintaining an overall stable and improving development trend. From January to April this year, the total social logistics in China reached 115.3 trillion yuan, up 5.6% YoY. [National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce proposes: Resolutely resist "cut-throat competition" primarily in the form of "price wars"] The National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce announced that, under the influence of the current industry market conditions, the automobile dealership sector has been severely affected and impacted, facing a series of issues such as increased operating pressures, reduced profitability, high vehicle inventory, and tight working capital, which have had a serious impact on the sustained and healthy development of the industry. Particularly since Q2 this year, amid the impact of a new round of "price wars," the situation faced by automotive dealers across the board has become more severe. To maintain a good, healthy, and fair market competition order and promote the high-quality development of the automotive industry, including the automotive dealership sector, the National Federation of Industry and Commerce Automotive Dealers Chamber of Commerce proposes the following initiatives: 1. The entire industry should prioritize the overall goal of achieving high-quality development in China's automotive industry, strictly adhere to the principle of fair competition, and resolutely resist cut-throat competition behaviors primarily in the form of "price wars." 2. Focus on brand image. Prevent frequent adjustments to sales policies and product selling prices from increasing the difficulty of sales for dealers and affecting the brand's image among consumers. 3. Improve the living conditions of automotive dealers. Adhere to the principle of producing based on sales, reasonably set annual production targets for enterprises and sales targets for dealers, refrain from shifting inventory burdens onto dealers or forcing them to purchase vehicles, effectively reduce dealers' inventory levels; rectify the issue of inverted purchase-sale prices, promptly provide rebates to dealers, shorten the payment collection cycle for dealers, reasonably determine the number of test-drive vehicles, and alleviate the pressure on dealers' working capital. 4. Optimize business policies. Reasonably set performance evaluation indicators for dealers, exercise caution in using fines, and avoid coercing dealers to meet corresponding targets through performance evaluations. 5. Improve the network exit mechanism. Do not coerce dealers to exit the network or close stores under the pretext of optimizing network channels, and provide appropriate compensation to dealers who genuinely need to exit the network or close stores. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 3 was 7.1869 RMB per US dollar. US dollar updates: As of 15:02, the US dollar index rose by 0.14% to 98.83. The US core PCE price index for April increased by 2.5% YoY, in line with expectations, and decreased by 0.2 percentage points from the revised prior value of 2.7%, representing the smallest increase in over four years. The US ISM manufacturing PMI for May was 48.5, the lowest since November 2024, marking the third consecutive month of contraction, with the imports sub-index hitting a 16-year low. Lorie Logan, President of the Federal Reserve Bank of Dallas, stated that due to a stable labor market, inflation slightly above target, and an uncertain outlook, the US Fed is closely monitoring a range of data to determine what response measures may be needed. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, expressed that he still believes that after the "dust" of uncertainty brought about by tariff policies settles, the US Fed will be able to reduce short-term borrowing costs. (Wenhua Comprehensive) Macro updates: Today, data such as the year-on-year rate of Switzerland's CPI for May, the year-on-year rate of the eurozone's harmonized CPI for May (unadjusted initial value), the eurozone's unemployment rate for April, the month-on-month revised value of the US's durable goods orders for April, the month-on-month value of the US's factory orders for April, and the US's JOLTs job openings for April will be released. Additionally, South Korea held its presidential election on June 3, with the stock market closed for the day. The Zhengzhou Commodity Exchange designated 8:55-9:00 on June 3 as the call auction period for all futures and options contracts, with night session trading resuming that evening. Goolsbee, a 2025 FOMC voting member and President of the Federal Reserve Bank of Chicago, participated in a Q&A session. Fed Chairman Powell delivered opening remarks at an event. South Korea tentatively scheduled its presidential election for June 3. The Reserve Bank of Australia released the minutes of its June monetary policy meeting. Bank of Japan Governor Kazuo Ueda delivered a speech. South Korea held its presidential election. Crude Oil: As of 15:02, oil prices in both markets rose simultaneously, with US crude up 0.46% and Brent crude up 0.29%, primarily due to investor concerns about supply and support from a weaker US dollar. ING analysts stated in a report that the oil market surged on Monday amid escalating geopolitical risks and OPEC's production increase falling short of expectations, providing support for oil prices. ING said on Tuesday, "The momentum carried over into the early morning trading today." Both WTI crude oil and Brent crude oil futures rose nearly 3% the previous day, after OPEC maintained its July production increase at 411,000 barrels per day, the same as the previous two months and below market expectations. Priyanka Sachdeva, a senior market analyst at Phillip Nova, said, "Supported by a weaker US dollar, crude oil prices continue to rise." A wildfire in Alberta, Canada, temporarily halted some oil and natural gas production, potentially reducing supply and exacerbating supply concerns. It is estimated that the Canadian wildfire affected over 344,000 barrels per day of oil sands production, accounting for approximately 7% of the country's total crude oil production. In addition, preliminary survey results released on Monday indicated that US crude oil inventories may have declined last week, while distillate and gasoline inventories likely rose. Before the weekly inventory report was released, the average forecast of four surveyed analyst firms was that US crude oil inventories fell by approximately 900,000 barrels in the week ending May 30. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 Beijing time on Wednesday. (Wenhua Comprehensive) SMM Daily Review ► [SMM MHP Daily Review] June 3: Indonesian MHP prices decline ► [SMM Nickel Sulphate Daily Review] June 3: Nickel salt prices remain stable ► Stainless steel and raw material prices diverge; short-term high-grade NPI prices may come under pressure [NPI Daily Review] ► Silver prices open higher with a gap after the Dragon Boat Festival; downstream sentiment remains cautious [SMM Daily Review]

SMM June 3 News: Metal Market: As of the midday close, domestic base metals were mostly down, with SHFE copper slightly up. SHFE aluminum, SHFE zinc, and SHFE lead all fell less than 1%, SHFE tin dropped 1.01%, and SHFE nickel rose 0.25%. In addition, alumina rose 2.33%, lithium carbonate increased 0.57%, silicon metal fell 1.12%, and polysilicon declined 0.81%. The ferrous metals series all fell, with iron ore down 0.92%, rebar down 0.88%, HRC down 0.55%, and stainless steel down 0.39%. In the coking coal and coke sector, coking coal fell 2.97%, and coke dropped 0.91%. In the overseas metal market, as of 11:46 a.m., LME metals were all down, with LME zinc and LME nickel both falling 0.91%, LME copper down 0.43%, LME aluminum down 0.87%, and LME lead down 0.76%. LME tin fell 0.32%. In the precious metals market, as of 11:46 a.m., COMEX gold fell 0.22%, and COMEX silver dropped 1.29%. Domestically, SHFE gold rose 1.62%, and SHFE silver increased 2.32%. As of the midday close, the most-traded contract for the European Containerized Freight Index fell 0.9%, closing at 2065.6 points. As of 11:46 a.m. on June 3, some midday futures market movements: 》June 3 SMM Metal Spot Prices Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 120 yuan/mt to a premium of 0 yuan/mt against the front-month contract, with an average discount of 60 yuan/mt, down 75 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 180 yuan/mt to a discount of 160 yuan/mt, with an average discount of 170 yuan/mt, down 100 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,180 yuan/mt, up 70 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,070 yuan/mt, up 45 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory increased significantly after the Dragon Boat Festival holiday, mainly due to increased arrivals and decreased outflows from warehouses... 》Click for details Macro Front Domestic: [Stable Demand Growth: Total Social Logistics Volume in China Increased 5.6% YoY from January to April] The China Federation of Logistics and Purchasing (CFLP) released logistics operation data for the first four months of this year today (June 3). In April, China's logistics operations withstood external shocks and pressures, demonstrating strong resilience and development potential, maintaining an overall stable and improving development trend. From January to April, the total social logistics volume in China reached 115.3 trillion yuan, up 5.6% YoY. [China Federation of Industry and Commerce Automobile Dealers Chamber of Commerce Proposes: Resolutely Resist "Cut-throat Competition" Primarily in the Form of "Price Wars"] The China Federation of Industry and Commerce Automobile Dealers Chamber of Commerce announced that, under the influence of the current industry market situation, the automobile dealership sector has been severely affected and impacted, facing a series of issues such as increased operating pressures, reduced profitability, high vehicle inventory, and tight working capital, which have had a serious impact on the sustainable and healthy development of the industry. Particularly since the second quarter of this year, amid the impact of a new round of "price wars," the situation faced by automotive dealers has become increasingly severe. To maintain a good, healthy, and fair market competition order and promote the high-quality development of the automotive industry, including the automotive dealership sector, the National Federation of Industry and Commerce Automotive Dealers Chamber of Commerce proposes the following initiatives: 1. The entire industry should prioritize the overall goal of achieving high-quality development in China's automotive industry, strictly adhere to the principle of fair competition, and resolutely resist cut-throat competition behaviors primarily in the form of "price wars." 2. Focus on brand image. Prevent frequent adjustments to sales policies and product selling prices from increasing the difficulty of sales for dealers and affecting the brand's image among consumers. 3. Improve the living conditions of automotive dealers. Adhere to the principle of producing based on sales, reasonably set annual production targets for enterprises and sales targets for dealers, refrain from shifting inventory burdens onto dealers or forcing them to purchase vehicles, and effectively reduce dealers' inventory levels. Address the issue of inverted purchase-sale prices, promptly provide rebates to dealers, shorten their payment collection cycles, reasonably determine the number of test-drive vehicles, and alleviate dealers' liquidity pressures. 4. Optimize business policies. Reasonably set evaluation indicators for dealers, exercise caution in using fines, and avoid coercing dealers to meet corresponding targets through evaluations. 5. Improve the network exit mechanism. Do not coerce dealers to exit the network or close stores under the pretext of optimizing network channels. Provide appropriate compensation to dealers who genuinely need to exit the network or close stores. [PBOC's Open Market Operations Net Withdraw 375.5 Billion Yuan Today] The People's Bank of China (PBOC) conducted 454.5 billion yuan in 7-day reverse repo operations today. As 830 billion yuan in 7-day reverse repos matured today, the net withdrawal for the day amounted to 375.5 billion yuan. [Over 1.6 Trillion Yuan in Reverse Repos Mature in the Open Market This Week] Over 1.6 trillion yuan in reverse repos will mature in the open market this week. Specifically, the maturity scales for reverse repos from Tuesday to Friday are 830 billion yuan, 215.5 billion yuan, 266 billion yuan, and 291.1 billion yuan, respectively, all with a 7-day tenor. [SZSE: Adjusts Constituent Stocks of Shenzhen Component Index, ChiNext Index, Shenzhen 100 Index, and Other Indices] The Shenzhen Stock Exchange (SZSE) announced that, in accordance with index compilation rules, the Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. have decided to implement regular adjustments to the constituent stocks of indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index on June 16, 2025. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 3 was 7.1869 RMB per US dollar. US dollar updates: As of 11:46, the US dollar index rose by 0.24%, trading at 98.93. Uncertainty in the global trade situation has risen, with the US dollar index still hovering below 99. In terms of data, the US ISM manufacturing PMI for May fell to 48.5, remaining below the 50 mark for the third consecutive month, limiting the room for the US dollar to rebound. Currently, the market expects that there is about a 70% probability that the US Fed will implement at least two 25-basis-point interest rate cuts within the year. Chicago Fed Chairman Austan Goolsbee also stated that once the uncertainty surrounding tariff policies is eliminated, the Fed will begin the process of cutting interest rates. Regarding other currencies: According to CCTV News, on June 2 local time, a spokesperson for the European Commission expressed deep regret over the US announcement to increase steel and aluminum tariffs from 25% to 50%, a decision that further exacerbates economic uncertainty on both sides of the Atlantic. EU Trade Commissioner Maroš Šefčovič will meet with US Trade Representative Katherine Tai in Paris, France, on June 4. Bank of Japan Governor Kazuo Ueda stated in parliament that uncertainty surrounding trade policies is extremely high. The Japanese economy is experiencing a mild recovery, despite some signs of weakness. If economic and price trends align with expectations, interest rates will continue to be raised. Ueda noted that US tariffs may impact the Japanese economy through various channels, but the first impact is likely to be felt by export enterprises. (Financial Associated Press) In terms of data: Today, data such as Switzerland's May CPI year-on-year rate, the eurozone's May harmonized CPI year-on-year rate - unadjusted preliminary value, the eurozone's April unemployment rate, the revised month-on-month rate of US April durable goods orders, the month-on-month rate of US April factory orders, and the US April JOLTs job openings will be released. Additionally, South Korea held its presidential election on June 3, with the stock market closed for the day. The Zhengzhou Commodity Exchange's call auction period for all futures and options contracts was from 8:55 to 9:00 on June 3, with night session trading resuming that evening. Austan Goolsbee, a 2025 FOMC voting member and Chicago Fed Chairman, participated in a Q&A session. Fed Chairman Jerome Powell delivered opening remarks at an event. South Korea initially scheduled its presidential election for June 3. The Reserve Bank of Australia released the minutes of its June monetary policy meeting. Bank of Japan Governor Kazuo Ueda delivered a speech. South Korea held its general election. In terms of crude oil: As of 11:46, crude oil futures were all down, with US crude oil up 0.7% and Brent crude oil up 0.59%. The market is concerned about supply issues, which are supporting oil prices. Iran will reject the US nuclear agreement proposal, which is crucial for easing sanctions on Iran, thereby limiting Iran's supply and providing support for oil prices. Meanwhile, Canadian production has been affected by wildfires. In addition, the ongoing conflict between Russia and Ukraine continues to exacerbate supply concerns and regional risk premiums. Wildfires in Alberta, Canada, have led to the temporary shutdown of some oil and natural gas production, which may reduce supply and exacerbate supply concerns. The wildfires have affected over 344,000 barrels per day of oil sands production, accounting for approximately 7% of Canada's total crude oil production. (Webstock Inc.) Spot Market Overview: ► Post-holiday inventory increased significantly, with suppliers actively reducing prices to sell off goods. [SMM South China Spot Copper] ► No significant restocking activities were observed downstream post-holiday, with mediocre trading performance in the market. [SMM North China Spot Copper] ► [SMM Analysis] Demand growth remains stable, with an increase in manganese dioxide production in May. ► [SMM Analysis] Downstream demand remains robust, with an increase in production schedules for LMO enterprises in May. The noon review of spot prices for other metals will be updated later. Please refresh to view.

SMM, June 3: ※Financial Market Performance During the Holiday Metal Market: Domestic Metal Market: The domestic metal market was closed during the Dragon Boat Festival holiday. A review of the market performance of domestic base metals on May 30 shows that most domestic metals fell: Domestic base metals generally declined, with SHFE nickel rising 1.14%, SHFE tin falling 2.87%, and SHFE copper, SHFE aluminum, SHFE lead, and SHFE zinc all falling less than 1%. The main alumina contract rose 0.27%. Most ferrous metals series declined on May 30: Iron ore fell 0.43%, rebar fell 0.34%, stainless steel rose 0.12%, and HRC fell 0.81%. In terms of coking coal and coke, coking coal fell 5.28%, and coke fell 2.13%. Overseas Metal Market: The London Metal Exchange (LME) mostly fell on May 30 and rose across the board on June 2. During the Dragon Boat Festival holiday, LME metals rose across the board, with LME zinc leading the gains with a 2.41% increase, LME copper rising 1.24%, LME aluminum rising 1%, LME tin and LME nickel both rising over 1%, and LME lead rising 0.87%. Precious Metals: During the Dragon Boat Festival holiday, COMEX precious metals all rose sharply. COMEX gold rose 2.82%, touching its highest level in over three weeks, as a weaker US dollar and economic uncertainty drove demand for safe-haven assets. COMEX silver rose 5.61%. Hong Kong Stocks: During the Dragon Boat Festival holiday, Hong Kong stocks weakened on June 2 as tariff issues once again drew market attention. As of the close on June 2, the Hang Seng Index fell 0.57%, the Hang Seng Tech Index fell 0.7%, and the Hang Seng China Enterprises Index fell 0.86%. US Stocks: During the Dragon Boat Festival holiday, the three major US stock indices closed mixed last Friday, with the Dow rising 0.12% and gaining 3.94% in May; the Nasdaq falling 0.32% but rising 9.56% in May; and the S&P 500 falling 0.01% but rising 6.15% in May. As of the close on June 2, the three major US stock indices all rose slightly, with the Dow Jones Industrial Average rising 0.08% to 42,305.48 points, the S&P 500 rising 0.41% to 5,935.94 points, and the Nasdaq rising 0.67% to 19,242.61 points. Metal and Crude Oil Contract Quotes as of 8:20 on June 3 》SMM Metal Spot Prices on May 30 Macro Aspects Domestic Aspects: [National Bureau of Statistics (NBS): PMI for May was 49.5%, up 0.5 percentage points MoM, indicating improved manufacturing sentiment] On May 31, the China Federation of Logistics and Purchasing and the Service Industry Survey Center of the NBS announced China's PMI for May. Among them, the manufacturing PMI rebounded MoM, indicating an improvement in the manufacturing sector's prosperity level and a stabilization in economic operations. In May, China's manufacturing PMI stood at 49.5%, up 0.5 percentage points MoM. Looking at the sub-indices, the production index was 50.7%, up 0.9 percentage points MoM, rising above the critical point, suggesting an acceleration in manufacturing production activities. On the demand side, the new orders index in May was 49.8%, up 0.6 percentage points MoM. 》Click to view details [This year's sales of consumer goods through trade-in policies have exceeded 1 trillion yuan] According to CCTV News reporters who learned from the Ministry of Commerce, as of now, this year's sales of consumer goods through trade-in policies have exceeded 1 trillion yuan. Since the beginning of this year, the trade-in policies for consumer goods have effectively driven a sustained rebound and improvement in consumption. Ministry of Commerce data shows that as of May 31, the five major categories of consumer goods under the trade-in policies have collectively driven sales of 1.1 trillion yuan, with approximately 175 million subsidies directly issued to consumers. Among them, there were 4.12 million applications for trade-in subsidies for automobiles; 49.863 million consumers purchased 77.618 million units of 12 major categories of home appliances; 53.529 million consumers purchased 56.629 million units of digital products such as mobile phones; 6.5 million e-bikes were traded in; and 57.626 million orders were placed for home renovation and kitchen and bathroom "upgrades". (CCTV News) [Various regions take multiple measures to strictly prevent the illegal outflow of strategic minerals] Multiple regions across the country have taken various measures and strengthened controls to strictly prevent the illegal outflow of strategic minerals. Among them, the "Overall Deployment for Strengthening the Full-Chain Management and Control of Strategic Mineral Exports" by the National Office for Coordination of Export Control Work was issued and implemented after approval in accordance with procedures. Guizhou will strictly adhere to the division of responsibilities outlined in the "Overall Deployment" to carry out relevant work. The relevant competent authorities in Hunan Province have stated that they will earnestly fulfill their local regulatory responsibilities, systematically investigate and establish ledgers for strategic mineral export enterprises in Hunan, guide enterprises in strengthening the construction of compliance systems, enhance enterprises' awareness and capabilities of compliance, and ensure the effective implementation of control measures. Guangxi, on the other hand, will continue to effectively supervise and manage the exploration and mining of national strategic minerals, increase efforts to investigate and punish illegal mining activities such as mining without licenses, mining beyond boundaries, and mining under the guise of exploration, and resolutely prevent the illegal outflow of strategically important minerals through illegal mining. Among them, Wuzhou City in Guangxi and Yunfu City in Guangdong have established a cross-regional cooperation mechanism to combat and rectify illegal activities related to mineral resources. In addition, relevant departments in Jiangxi and Yunnan have also stated that they will unwaveringly implement all tasks in accordance with their respective responsibilities. [MIIT: Intensify Efforts to Rectify "Cut-throat Competition" in the Automotive Industry] In response to the "Initiative on Maintaining Fair Competition Order and Promoting Healthy Industry Development" issued by the China Automobile Manufacturers Association (CAAM) on May 31, relevant officials from the Ministry of Industry and Information Technology (MIIT) stated that they would intensify efforts to rectify "cut-throat competition" in the automotive industry and resolutely maintain a fair and orderly market environment. [Opposing "Cut-throat Competition" CAAM Issues Important Initiative] CAAM issued the "Initiative on Maintaining Fair Competition Order and Promoting Healthy Industry Development." In recent years, China's new energy vehicle (NEV) industry has developed rapidly, with the proportion of new NEV sales exceeding 40%. Currently, the overall operation of the industry is showing a steady and improving trend, with market vitality continuing to be released. However, we have also observed that for some time, the industry's profitability has declined. "Cut-throat competition," primarily manifested as disorderly "price wars," is a significant factor contributing to the decline in industry benefits. Continuous investment is needed in product after-sales service guarantees and enterprise innovation and development, while "price wars" seriously affect the normal operations of enterprises, impact the security of the industry chain and supply chain, and drive the industry into a vicious cycle. US Dollar Aspect: During the Dragon Boat Festival holiday, the US dollar index fell by 0.75%, closing at 98.69 as of June 2. New US tariff threats have sparked market concerns about economic uncertainty, putting pressure on the US dollar. According to CCTV News, on May 30 local time, US President Trump stated at a rally in Pennsylvania that he would raise tariffs on imported steel from 25% to 50%. Subsequently, Trump posted on social media platforms that the decision would take effect from June 4. The latest data released by the US shows: The US core PCE price index in April rose 2.5% YoY, the lowest since March 2021, in line with market expectations of 2.5% and down from the previous value of 2.6%. The US core PCE price index in April rose 0.1% MoM, in line with the estimated increase of 0.1% and up from the previous value of 0%. The final S&P Global US Manufacturing PMI for May was 52, below the expected 52.3 and unchanged from the previous value of 52.3. The market is also closely monitoring the speeches of Fed Chairman Powell and other policymakers this week, seeking clues about the path of US interest rates. Other Currency Aspects: The European Central Bank's (ECB) 25 basis point interest rate cut has been fully priced in by the market and widely anticipated. The final manufacturing Purchasing Managers' Index (PMI) for the Eurozone was in line with expectations at 49.4, slightly below expectations in Germany at 48.3, and slightly above expectations in France at 49.8. This week, the focus of eurozone data will be on the preliminary Consumer Price Index (CPI) released on Tuesday, with overall and core inflation rates expected to fall to 2.0% and 2.4%, respectively. Thursday's European Central Bank (ECB) meeting is crucial as policymakers will release new forecasts and provide some insights into interest rate expectations. The market has fully priced in a 25-basis-point interest rate cut and expects at least another 25-basis-point cut by December. The risk lies in that a neutral or hawkish interest rate cut may signal the end of the current easing cycle. (Huitong Finance) Macro Aspects: This week will also see the release of data including Malaysia's manufacturing PMI for May, Australia's current account for Q1, China's Caixin manufacturing PMI for May, Switzerland's annual CPI rate for May, the eurozone's preliminary unadjusted annual harmonized CPI for May, the eurozone's unemployment rate for April, the revised monthly rate of US durable goods orders for April, the monthly rate of US factory orders for April, US JOLTs job openings for April, Australia's AIG manufacturing performance index for May, Australia's seasonally adjusted quarterly GDP growth rate for Q1, Australia's annual GDP growth rate for Q1, Russia's SPGI services PMI for May, the final UK SPGI services PMI for May, the change in US ADP employment for May, Canada's total reserve assets for May, Brazil's seasonally adjusted SPGI services PMI for May, the Bank of Canada's overnight lending rate on June 5, the US ISM non-manufacturing PMI for May, a Q&A session involving 2025 FOMC voter and Chicago Fed President Austan Goolsbee, 2027 FOMC voter and Atlanta Fed President Raphael Bostic, and Fed Governor Lisa Cook attending the "Fed Listens" event, the Bank of Canada's interest rate decision, the global annual ANZ commodity price index for May, Australia's goods and services trade balance for April, Australia's monthly export growth rate for April, Australia's monthly import growth rate for April, China's Caixin services PMI for May, Switzerland's unadjusted unemployment rate for May, the global leading indicator for turning points in the industrial production cycle for May (irregular), the number of job cuts announced by US Challenger companies for May, the ECB's main refinancing rate for June, the ECB's deposit facility rate for June, the ECB's marginal lending facility rate for June, the US trade balance for April, the number of initial jobless claims in the US for the week ending May 31, the number of continuing jobless claims in the US for the week ending May 31, Canada's trade balance for April, Canada's seasonally adjusted IVEY PMI for May, the global supply chain pressure index for May, Germany's seasonally adjusted monthly industrial output growth rate for April, France's trade balance for April, the final seasonally adjusted quarterly GDP growth rate for the eurozone in Q1, the monthly retail sales growth rate for the eurozone in April, the monthly leading indicator growth rate for Canada in May, the seasonally adjusted change in US non-farm payrolls for May, the annual growth rate of US average hourly earnings for May, the change in US non-farm payrolls in the private sector for May, the US labor force participation rate for May, the seasonally adjusted change in US manufacturing employment for May, the US unemployment rate for May, the change in Canadian employment for May, the Canadian unemployment rate for May, and China's foreign exchange reserves for May. Notably: South Korea held its presidential election on June 3, with the stock market closed for the day. The Zhengzhou Commodity Exchange designated 8:55-9:00 on June 3 as the call auction period for all futures and options contracts, with night session trading to resume that evening. Goolsbee, the 2025 FOMC voter and Chicago Fed Chairman, participated in a Q&A session. Fed Chairman Powell delivered opening remarks at an event. South Korea tentatively scheduled its presidential election for June 3. The Reserve Bank of Australia released the minutes of its June monetary policy meeting. Bank of Japan Governor Kazuo Ueda delivered a speech. South Korea held its general election. The Fed released the Beige Book on economic conditions. The European Central Bank (ECB) announced its interest rate decision. ECB President Christine Lagarde held a monetary policy press conference. Fed Governor Adriana Kugler delivered a speech at the Economic Club of New York. Harker, the 2026 FOMC voter and Philadelphia Fed Chairman, delivered a speech on the economic outlook. ECB President Christine Lagarde delivered a speech. In terms of crude oil: During the Dragon Boat Festival holiday, both WTI and Brent crude oil futures rose. WTI crude oil increased by 3.7%, while Brent crude oil rose by 4.01%. Despite the OPEC+ group's adherence to its plan to increase production, wildfires raging in oil-producing provinces in Canada threatened supplies, and new US tariff threats put pressure on the US dollar, both of which supported oil prices. As of Monday, wildfires in Alberta, a major oil-producing province in Canada, had affected approximately 7% of the country's total crude oil production. At least two thermal oil sands operators south of the industrial hub of Fort McMurray evacuated workers and halted production over the weekend. OPEC member countries agreed on Saturday to increase oil production by 411,000 barrels per day (bpd) in July, marking the third consecutive month of the same increase. The alliance aims to regain market share and penalize overproducing countries. Goldman Sachs analysts expect OPEC to implement a final 410,000 bpd increase in August. In a report, the bank stated, "Relatively tight spot oil market fundamentals, strong global manufacturing data, and seasonal support for oil demand during the summer suggest that the expected slowdown in demand is unlikely to be severe enough to prevent production increases when the August production level is decided on July 6." (Wenhua Comprehensive)