[CCL Customs Data] According to data from the General Administration of Customs, China's CCL (HS code: 74102110) imports in June 2026 were 3,246.46 mt, down 1.33% YoY and up 4.85% MoM; cumulative CCL imports from January to June 2026 were 20,516.02 mt, up 3.67% YoY. China's CCL exports in June 2026 were 9,321.46 mt, up 13.20% YoY and up 12.59% MoM; cumulative CCL exports from January to June 2026 were 49,085.46 mt, up 10.85% YoY.

SMM, July 9: In the metals market: As of the midday close, base metals on the domestic market moved broadly lower. SHFE copper and SHFE aluminum fell 0.68% and 0.65%, respectively. SHFE zinc dropped 0.77%, SHFE lead lost 0.19%, SHFE tin tumbled 1.69%, and SHFE nickel declined 0.63%. In addition, the most-traded foundry aluminum futures contract fell 0.78%, while the most-traded alumina contract edged up 0.11%. The most-traded lithium carbonate contract slumped 5.32%. The most-traded silicon metal contract lost 0.72%. The most-traded polysilicon futures contract dropped 2.63%. Ferrous metals mostly fell. Iron ore edged lower, rebar lost 0.16%, and HRC closed flat at 3,294 yuan/mt. Stainless steel tumbled 2.09%. In terms of coking coal and coke: the most-traded coking coal contract dipped 0.12%, while the most-traded coke contract rose 0.23%. On the overseas base metals market, as of 11:41 AM, LME metals showed mixed performance. LME copper edged higher, LME aluminum fell 0.18%, and LME lead lost 0.16%. LME zinc rose 0.43%, LME tin gained 0.12%, and LME nickel declined 0.49%. In the precious metals sector, as of 11:41 AM, COMEX gold fell 0.38% and COMEX silver dropped 0.8%. On the domestic precious metals market: SHFE gold fell 1.87%, and the most-traded SHFE silver contract tumbled 4.81%. Additionally, as of the midday close, the most-traded platinum futures contract dropped 2.46%, and the most-traded palladium futures contract slumped 3.35%. As of the midday close, the most-traded container freight index futures contract dropped 7.38% to 2,358 points. Selected futures midday market data as of 11:41 AM, July 9: Spot Market and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was reported at 100 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was reported at a premium of 40 yuan/mt, up 20 yuan/mt from the previous trading day; and SX-EW copper was reported at a discount of 30 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,475 yuan/mt, down 430 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,375 yuan/mt, down 425 yuan/mt from the previous trading day. Spot market: Guangdong inventory fell for the sixth consecutive day, primarily due to persistently low arrivals... Macro Front China: [National Bureau of Statistics: June CPI Rose 1% YoY, PPI Rose 4.1% YoY, PPI YoY Growth Slightly Widened] NBS data showed that in June 2026, the national consumer price index rose 1.0% YoY. Specifically, the index rose 1.0% in urban areas and 0.8% in rural areas; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and service prices rose 0.8%. In H1, the national Consumer Price Index (CPI) rose 1.0% YoY. In June, national CPI fell 0.3% MoM, with urban areas down 0.4%, rural areas down 0.3%; food prices down 0.4%, non-food prices down 0.3%; consumer goods prices down 0.6%, and service prices flat. Data from the National Bureau of Statistics (NBS) showed that in June 2026, the national Producer Price Index (PPI) rose 4.1% YoY but fell 0.3% MoM. The purchasing price index for industrial producers rose 6.4% YoY and fell 0.2% MoM. In the first half of the year, the PPI rose 1.5% YoY, and the purchasing price index rose 2.4% YoY. Dong Lijuan, Chief Statistician of the Urban Department of the NBS, interprets the CPI and PPI data for June 2026. [PBOC reverse repo operation resulted in a net withdrawal of 278.5 billion yuan today)] The PBOC conducted 10 billion yuan of 7-day reverse repo operations today, while 288.5 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 278.5 billion yuan. (Jin10 Data APP) US dollar: As of 11:41, the US dollar index fell 0.12% to 100.95. The minutes of the Fed's June meeting showed that officials are increasingly concerned about high inflation. Although officials worried that broadening price increases might warrant rate hikes, they followed Fed Chairman Warsh's lead and released a more streamlined policy statement. At the June 16-17 meeting, a few participants saw a case for hiking rates immediately. But the broader discussion appeared evenly split: "most participants" saw scenarios where inflation would pull back toward the Fed's 2% target on its own, while also seeing scenarios where inflation would remain persistently elevated. "Almost all" of those holding the latter view believed rate hikes would be necessary in such a scenario. The minutes said, "Participants generally judged that information received during the intermeeting period indicated that upside risks to price stability remained elevated, while downside risks to achieving maximum employment had diminished." In the end, "all participants" supported keeping rates unchanged. (Jin10 Data APP) According to CME FedWatch: The probability of the Fed keeping rates unchanged in July is 69.0%, and a cumulative 25-bp hike is 31.0%. By September, the probability of keeping rates unchanged is 31.1%, a cumulative 25-bp hike is 51.9%, and a cumulative 50-bp hike is 17.0%. (Jinshi Data APP) 》Wall Street's Take on the Fed's June Meeting Minutes: Focus on Inflation, No Urgency for Near-Term Rate Hikes Fed Chairman Warsh Kevin will attend hearings before the House Financial Services Committee and the Senate Banking Committee on July 14 and 15, respectively, to testify on the semi-annual monetary policy report to Congress. According to an announcement on the Senate Banking Committee's official website, Warsh will appear before the committee at 10:00 a.m. US Eastern Time on July 15 for a hearing centered on the US Fed's semi-annual monetary policy report to Congress, which will be webcast live. Previously, the House Financial Services Committee had issued a notice on June 22 confirming that Warsh would testify at the same topic hearing before the House at 10:00 a.m. Eastern Time on July 14. This hearing holds significant reference value for the market. As the Fed Chairman makes his first public testimony on monetary policy to Congress, Warsh's language and stance will provide crucial clues for the outside world to assess the US Fed's policy trajectory. (Wallstreetcn) Data: Today will see the release of data including Germany's seasonally adjusted trade balance for May, US initial jobless claims for the week ending July 4, and US existing home sales annualized for June. Additionally, attention should be paid to: the US Fed releasing its monetary policy meeting minutes; the European Central Bank releasing its June monetary policy meeting minutes; and a speech by FOMC permanent voting member and New York Fed President Williams. Crude Oil: As of 11:41, oil prices in both markets continued to rise, extending gains from the previous two trading sessions, with US crude up 1.18% and Brent crude up 1.13%. Concerns over supply disruptions stemming from escalating Middle East tensions underpinned oil prices. The US launched strikes against Iran for a second consecutive day, as the fragile ceasefire between the two countries grew increasingly unstable, bringing traffic through the Strait of Hormuz to a near standstill on Thursday. Ship-tracking data showed that observable traffic on this world's most critical energy chokepoint was concentrated mainly along routes near the northern part of the waterway, approved by Iran, while the US-backed Oman corridor remained sluggish. Among large vessels, only one US-sanctioned very large crude carrier (VLCC) sailed out of the Persian Gulf, while an Iranian-flagged container ship was spotted in the strait. However, it cannot be ruled out that some vessels may have transited the strait with their transponders turned off. This was in sharp contrast to the recent daily activity in the Strait of Hormuz. Data from Kpler showed that in the three weeks since the US and Iran reached a temporary agreement to reopen the Strait of Hormuz, the daily average commodity vessel crossings stood at 34, peaking at 59 on June 24, compared with fewer than 20 on most days during the war. (Jin10 Data APP) Goldman Sachs expects that if the 60-day negotiations continue and the Iran oil exemption is restored, Persian Gulf oil flows will recover by the end of July, at which point the Strait of Hormuz would need an additional 6.6 million barrels per day of throughput. If talks break down and tanker attacks escalate, along with a possible US blockade of Iranian oil, Persian Gulf flows could decline further. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

UK battery recycling company Altilium has secured funding under the UK government's Battery Innovation Programme to lead the REMADE project alongside Nyobolt, Talga Group and a leading automotive OEM. The project aims to establish a domestic closed-loop supply chain for low-carbon battery anode materials by recycling graphite and niobium tungsten oxide (NWO) from end-of-life batteries and manufacturing scrap. The initiative is expected to support sustainable battery production, strengthen the UK's battery supply chain and reduce reliance on imported critical materials.

The northern region serves as the core hub of China’s wire and cable industry. Building on its industrial heritage, full-chain supporting capabilities, and favorable policies under the Beijing-Tianjin-Hebei coordinated development initiative, it has established a complete industrial cluster that integrates raw material processing, wire and cable production, new material R&D, and intelligent equipment manufacturing. The region’s annual output value of the wire and cable sector exceeds 100 billion yuan, supported by a solid industrial foundation and broad market potential. However, compared with the established industrial clusters in the Yangtze River Delta and Pearl River Delta, the northern wire and cable industry still faces shortcomings such as fragmented industrial resources, weak industry-academia-research collaboration, and insufficient risk resilience across the industry chain. Breaking down collaboration barriers has thus become key to upgrading industry quality. will be held on July 23-24, 2026, at the Crowne Plaza Qingdao Jinshui, Shandong . The conference will focus on three major themes: industrial collaboration, green intelligence, and globalization. Shanghai Metals Market (SMM) , in partnership with Jiangsu Guoja Conductor Technology Co., Ltd., invites clients from across the entire industry chain to gather, explore industry opportunities, and promote quality upgrades in the northern wire and cable industry. Click to attend. We look forward to meeting you at the conference. Founded in 1999, Jiangsu Guoja Conductor Technology Co., Ltd. is an enterprise integrating the R&D, design, manufacturing, and sales of five types of flexible aluminum alloy conductors. Driven by market demand and years of product development, the company has formed a distinctive product portfolio. Its main products include flexible aluminum alloy conductors for PV power generation, flexible aluminum alloy conductors for wind turbine twist cables, flexible aluminum alloy conductors for NEV wiring harnesses, and flexible aluminum alloy conductors for aerospace applications. Aluminum Alloy PV Cable — DC Side Copper-Aluminum Transition Connection Solution The company has successively obtained IATF 16949 certification, ISO 9001 quality management system certification, ISO 14001 environmental management system certification, OHSAS 18001 occupational health and safety management system certification, TÜV certification, PCCC certification, and other product certifications, and has been awarded an AAA enterprise credit rating certificate. It also holds 6 invention patents and 42 utility model patents, successfully resolving the copper-aluminum transition issues between aluminum alloy cables on the DC side of PV power stations and PV modules, or between DC-side aluminum alloy cables and inverters, thereby ensuring safe and reliable connections. The company is equipped with over 20 sets of advanced testing equipment and employs several professional testing personnel. Its advanced detection instruments ensure that products comply with IEC international standards, GB national standards, ASTM US standards, JIS Japanese standards, and customer-specific requirements. The company currently maintains cooperation with renowned enterprises from multiple countries such as Australia, South Korea, France, and Denmark, and has deep collaboration with leading players in China’s wire and cable industry. The company always regards quality and service as the foundation of its survival. It conducts strict quality inspections from raw material intake to finished product delivery, and organizes a professional technical team to provide clients with a one-stop service covering pre-sale, in-sale, and after-sale support, earning widespread trust and acclaim from users. Contact Zhang Ting 188 6147 6777 SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

[SMM Analysis] SHFE copper cathode spot premiums experienced notable volatility in H1 2026, marked by deep discounts in phases, a recovery in Q2, and a return to positive territory by mid-year. In Q1, seasonal inventory buildup after the Chinese New Year, slow downstream recovery, and disruptions from contract rollovers repeatedly put spot premiums under pressure. Entering Q2, consumption improved QoQ, and concentrated smelter maintenance drove continuous destocking of domestic social inventory. In particular, the rapid decline in Guangdong inventory lifted spot premiums in South China, opened arbitrage opportunities for shipping inventory from East China to South China, and provided support to premiums in Shanghai and other regions. From May to June, although high copper prices and off-season expectations suppressed downstream purchases, the widening LME-COMEX spread diverted overseas supply to the US market, constraining the pace of imported copper replenishment in China, with low inventory levels still underpinning spot market resilience. Looking ahead to H2, SHFE copper premiums will be shaped by the interplay of inventory, consumption, imports, and supply additions. The Q3 off-season may limit the upside for premiums, but low inventories, uncertainty over import replenishment, and tight regional supply will continue to support spot premiums. In Q4, attention should be focused on the capacity ramp-up of new expansion projects such as Humon Phase 2, Chifeng Jintong Phase 2, and Shenghai Phase 2. If new supply is released smoothly, the import window opens, and consumption recovery remains weak, spot premiums may gradually come under pressure. However, if inventories stay low and import replenishment remains limited, premiums could still see intermittent strengthening opportunities.

[SMM Morning Meeting Summary: Pullback in Rate Hike Expectations Supports LME Zinc Center Uptick] Last Friday, LME zinc opened at $3,471/mt, which marked the intraday low. Subsequently, bulls added to positions, and LME zinc climbed steadily, hitting a high of $3,549/mt near the end of the session. It finally closed up at $3,548/mt, up $75.5/mt, a gain of 2.17%. Trading volume dipped to 9,993 lots, while open interest increased by 2,517 lots to 271,000 lots.

SMM July 4 news: Metal market: Last Friday night, domestic base metals nearly all rose. SHFE copper gained 0.14%, SHFE aluminum rose 0.6%, SHFE lead added 0.38%, SHFE zinc increased 0.87%, and SHFE tin jumped 3.8%. SHFE nickel edged down 0.02%. In addition, the most-traded alumina futures contract fell 0.07%, and the most-traded cast aluminum contract rose 0.24%. Last Friday night, ferrous metals mostly closed higher. Stainless steel dropped 1.85%, iron ore rose 0.27%, rebar gained 0.39%, and hot-rolled coil added 0.4%. Coking coal and coke: the most-traded coking coal contract rose 1.21%, and the most-traded coke contract rose 1.6%. Last Friday night, in the overseas market, LME base metals rose across the board. LME copper gained 0.54%, LME aluminum added 0.23%, LME lead rose 1.04%, LME zinc climbed 2.17%, LME tin surged 4.99%, and LME nickel rose 0.4%. Last Friday night, precious metals : COMEX gold rose 1.49%, posting a weekly gain of 2.22%; COMEX silver gained 2.87%, closing the week higher with a 5.26% increase. Last Friday night, the most-traded SHFE gold contract rose 0.81%, ending the week up 3.5%; the most-traded SHFE silver contract gained 1.61%, posting a weekly rise of 8.82%. JPMorgan said that in the short term, gold prices may be capped by weakening demand and are likely to remain moving sideways overall. The main reasons are weaker purchasing power in key demand areas and renewed sensitivity of gold to changes in real interest rates, which may limit further price gains. However, the bank maintains a medium- to long-term bullish outlook. It expects gold to gradually rebound in H2 2026, with an average price of around $4,300 per ounce in Q3, rising to about $4,500 in Q4. Looking ahead to 2027, JPMorgan believes the rally may continue, driven mainly by continued central bank buying, stronger physical demand, and persistent long-term structural allocation needs. These factors will support gold's long-term appeal as a safe-haven and reserve asset. As of 7:41 a.m. on July 4, last Friday night's closing quotations: Macro front China: [Li Qiang: Take more forceful measures and actions in building a modern industrial system, accelerating high-level self-reliance in science and technology, building a strong domestic market, and deepening reforms and expanding opening up] On July 1, Premier Li Qiang, also secretary of the CPC Leadership Group of the State Council, presided over a meeting of the group to study and implement the spirit of General Secretary Xi Jinping's important speech at the celebration of the 105th anniversary of the founding of the Communist Party of China and Xi Jinping Thought on Party Building. The meeting emphasized the need to strive for new achievements in high-quality development, strengthen initiative and a sense of urgency in work, and take more robust measures and actions in building a modern industrial system, accelerating self-reliance in high-level science and technology, developing a strong domestic market, and deepening reform and expanding opening up. It called for taking solid action, shouldering responsibilities, and striving to carry forward the baton of history, so as to make greater contributions to building a strong country and achieving national rejuvenation. (Xinhua News Agency) [The State Council: Increasing Efforts in Energy Conservation and Carbon Reduction Transformation in Key Industries such as Steel and Non-Ferrous Metals to Achieve Energy Savings of More Than 150 Million mt of Standard Coal] Recently, the State Council issued the “15th Five-Year Plan for Building a Beautiful China,” clarifying the overall requirements, targets and indicators, key tasks, and major projects for comprehensively advancing the building of a Beautiful China during the 15th Five-Year Plan period. The Plan proposes that by 2030, the quality of the ecological environment will be comprehensively improved, and new significant progress will be made in building a Beautiful China. Green production and lifestyles will be essentially in place, the carbon peak target will be met as scheduled, total emissions of major pollutants will continue to decline, comprehensive solid waste management capacity and level will be significantly enhanced, urban and rural living environments will be notably improved, the diversity, stability, and sustainability of ecosystems will be continuously strengthened, nuclear and radiation safety levels will keep rising, national ecological security will be effectively guaranteed, an ecological and environmental governance system adapted to the requirements of building a Beautiful China will be steadily refined, a number of demonstration models for building a Beautiful China will be established, and the people’s sense of gain, happiness, and security from the ecological environment will be continuously enhanced. It also makes an outlook on the 2035 targets and proposes accelerating the formation of the overall layout for building a Beautiful China. (Xinhua News Agency) The Plan mentions increasing efforts in energy conservation and carbon reduction transformation in key industries such as thermal power, steel, non-ferrous metals, petrochemicals, chemicals, and building materials, promoting and popularizing energy-saving and low-carbon technologies, and achieving energy savings of more than 150 million mt of standard coal. With the Beijing-Tianjin-Hebei region and surrounding areas as the focus, industrial coal-fired boilers with a capacity of 65 steam tonnes per hour or below will be gradually phased out. The substitution of clean energy for coal-fired boilers and industrial kilns in industries such as food, textiles, and papermaking will be advanced. [Ministry of Finance and Two Other Departments: Adjusting Vehicle and Vessel Tax Preferential Policies for Energy-Saving Vehicles and NEVs] On July 2, the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology issued an announcement on adjusting vehicle and vessel tax preferential policies for energy-saving vehicles and new energy vehicles. It states that from January 1, 2027, the policy of halving vehicle and vessel tax for energy-saving vehicles will be abolished, and the exemption from vehicle and vessel tax for pure electric commercial vehicles, plug-in hybrid (including extended-range) vehicles, and fuel cell commercial vehicles will be abolished. Vehicles of the above types newly acquired by taxpayers or acquired before the implementation of this announcement shall be subject to vehicle and vessel tax in accordance with the Vehicle and Vessel Tax Law of the People’s Republic of China, its implementation regulations, and other relevant provisions. [PBOC: To conduct 1,000 billion yuan outright reverse repo operation on July 6, with 3-month tenor] To keep banking system liquidity ample, on July 6, 2026, the People's Bank of China will conduct a 1,000 billion yuan outright reverse repo operation via a fixed-quantity, interest rate tender with multiple-price winning bids, with a tenor of 3 months (91 days), maturing on October 5, 2026 (adjusted for holidays if it falls on a holiday). (Jinshi Data APP) On the dollar front: Overnight last Friday, the US dollar index rose 0.03% to 100.91. On the weekly chart: The dollar index fell on a weekly basis, down 0.44% for the week, its biggest weekly decline since mid-April. The decline occurred as US June employment data cooled noticeably, leading the market to lower expectations for near-term Fed rate hikes, and the dollar index fell this week. Against a weaker dollar backdrop, the euro rose to $1.1440, up about 0.5% for the week; sterling rose to $1.3352, up about 1.1% for the week, its best performance in nearly three months. The yen rebounded from near a 40-year low, with USD/JPY once pulling back to around 161, though still at elevated levels. Japan continued to release signals of forex intervention, with finance and cabinet officials stating they are closely monitoring markets and remain prepared to intervene. Analysts pointed out that the dollar's movement has clearly been influenced by employment data and interest rate expectations, and if subsequent economic data continue to weaken, the dollar could still face further pressure. However, whether the yen can sustain its rebound still depends on the US-Japan interest rate differential and Japan's policy actions. (Jinshi Data APP) "Fed mouthpiece" Nick Timiraos said: Trump stated that he considers Fed Chairman Warsh to be on the dovish side within the Federal Open Market Committee (FOMC). A day earlier, White House National Economic Council Director Hassett made similar remarks; a week earlier, US Treasury Secretary Bessent said he hoped the Fed would remain "open-minded" on inflation and expects the Fed to ease policy this year. A new era of "forward guidance"... (Jinshi Data APP) BNP Paribas Chief Economist Isabel Mateos y Lago said: "If July's nonfarm payrolls are very strong, close to or exceeding 130,000, then I think the July meeting will be full of suspense. The uncertainty may not be as high now, but in my view, the case for a Fed rate hike remains valid." Ahead of the July 4 holiday, short-term interest rate futures markets expected a roughly 20% probability of a Fed rate hike at the July 29 rate decision, down from 33% before the release of the payrolls report. Markets still expect the US Fed to raise rates by 25 basis points this year, but not until December at the earliest. For the ECB, Lagarde said, "The baseline expectation remains another rate hike in September. But it is worth noting that Governing Council members speaking at the Sintra meeting did not rule out skipping this additional hike." She warned that the normalization of energy supply could take six months or longer to take effect, and eurozone inflation could accelerate again. Even so, she also believes that consumer prices outside energy-affected areas will not face pressure. Allianz Chief Economist Ludovic Subran said, "The US non-farm payrolls data was actually weak, but I still think inflation will peak above 3.7%, and AI, fiscal stimulus and the energy sector are still supporting economic growth. The US Fed may have to raise rates in September. I think this is where the real divergence between Europe and the US lies." Subran believes that after last month's hike, the ECB will not act again. "That was an insurance hike, but judging from the current data, it seems that moment has passed," he said. "The trauma effect of the war (with Iran) takes time to manifest. The economy is still bearing the costs of war, but the situation is much better than a few weeks ago."(Jin10 Data APP) Other currencies: ECB Governing Council member Mullan said that as falling oil prices ease price pressures in the eurozone, the ECB is in a favorable position after last month's rate hike. Mullan said that while it is too early to predict the next two meetings in July and September, officials have made clear that "we will not enter a new rate-hiking cycle." Mullan said, "For now, we are in a favorable position. The balance of risks is also at a reasonable level." Mullan added, "Falling oil prices will ease inflation pressure in the services sector," and "we have not yet seen second-round effects."(Jin10 Data APP) On the macro front: This week will see the release of Switzerland June seasonally adjusted unemployment rate, Eurozone July Sentix Investor Confidence Index, Eurozone May PPI m/m, Eurozone May retail sales m/m, US June S&P Global Services PMI Final, US June ISM Non-Manufacturing PMI, US June Global Supply Chain Pressure Index, Germany May seasonally adjusted industrial output m/m, UK June Halifax seasonally adjusted house price index m/m, France May trade balance, US ADP employment change for the week ended June 20, US May trade balance, China June foreign exchange reserves, Japan May trade balance, New Zealand interest rate decision for July 8, US May wholesale sales m/m, China June CPI y/y, China June PPI y/y, Germany May seasonally adjusted trade balance, US initial jobless claims for the week ending July 4, US June existing home sales annualized, Germany June CPI m/m final, France June CPI m/m final, Switzerland June consumer confidence index, Canada June employment change, China June M2 money supply y/y, and other data. Additionally, events to watch this week include: a 900 billion yuan outright reverse repo maturing today; speeches from Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Wunsch, and Deputy Governor of Sveriges Riksbank Seim; Turkey hosts the NATO summit through July 8; the Reserve Bank of New Zealand announces its interest rate decision; RBNZ Governor Bremman holds a monetary policy press conference; the Fed releases minutes of its monetary policy meeting; the ECB releases minutes of its June monetary policy meeting; FOMC permanent voter and New York Fed President Williams delivers a speech; and 2026 FOMC voter and Dallas Fed President Logan delivers a speech. Crude Oil: In overnight trading last Friday, both oil futures edged up slightly, with WTI up 0.13% and Brent up 0.19%. On the weekly chart: WTI futures fell for a fourth consecutive week, down 0.65% for the week; Brent futures also declined for a fourth straight week, down 0.91% for the week. The crude oil market is relatively stable, with Brent stabilizing near $72 per barrel as the market weighs the supply outlook around the Strait of Hormuz and the progress of US-Iran negotiations. (Wall Street News) Data from Intercontinental Exchange (ICE) show: In the week ending June 30, Brent crude futures speculators cut their net long positions by 34,704 contracts to 55,634 contracts. Gasoil futures speculators cut their net long positions by 2,664 contracts to 57,852 contracts. (Jin10 Data APP) Data show that oil exports from the Gulf region in June increased by more than 3 million barrels per day (bpd) from May, exceeding 10 million bpd, but still 40% below pre-war levels. The UAE led the recovery in oil markets, enabling millions of barrels of crude stranded in the Gulf region to enter international markets, allowing producers to raise output and push oil prices down to pre-war levels. Kpler data show that combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million bpd from May to 10.07 million bpd. Vortexa, another cargo analytics firm, estimated June shipments at 10.2 million bpd, up from 7 million bpd in May, but still well below the 16.5 million bpd recorded a year earlier. According to data from Kpler, Vortexa and LSEG, the UAE’s crude exports reached a record 3.7 million to 3.8 million bpd in June, more than 1 million bpd above May’s level. (Jin10 Data APP) Additionally, three sources said that Venezuela’s largest refinery, the 645,000-bpd Amuay refinery, has resumed operations after a power outage on Friday and is currently processing about 140,000 bpd of crude, with the fluid catalytic cracking (FCC) unit also back online. Following two earthquakes last week that caused heavy casualties, multiple refineries in Venezuela were affected by power outages. Sources also said that the El Palito refinery, with a daily processing capacity of 146,000 barrels, has had power restored, but staff have not yet been able to restart the production units. (Jinshi Data APP) A Reuters survey showed that OPEC’s crude oil production rebounded sharply in June, up about 3.3 million barrels per day MoM to 19.43 million barrels per day, a clear rebound from May’s more-than-two-decade low, but still well below quota levels. The recovery in output mainly came from Gulf countries restoring supply, with Kuwait posting the largest increase; Iran, Saudi Arabia, and Iraq also raised output in tandem. Nigeria and Libya likewise made small increases. The UAE exited OPEC on May 1 and is no longer included in the statistics. The report noted that the earlier Iran war and the effective blockade of the Strait of Hormuz had disrupted supply; the US subsequently lifted restrictions on vessels at Iranian ports, helping some output recover. Although OPEC+ had planned to increase production in June, the plan was not fully implemented due to the war. Overall, global crude oil supply was being repaired, but had not yet returned to normal levels. (Jinshi Data APP) Recommended Reading:

According to SMM, the 4090 market shows significant divergence: a toC platform acquired a long-term contract at 5,800/month last October and is now renting at 6,800/month; the platform expects to purchase at 6,000 or even lower, but a certain XX company clearly states that it is currently a seller's market, with the 4090 market price around 7,000/month, and it is impossible to find resources below 6,000. Large clusters of 4090 are out of stock. Last October, the 4090 was basically above 6,000. A distinction must be made between idle resources (leftover stock from data centers) and market rates.

Guangdong is a core hub of China’s wire and cable industry cluster, with a well-established industry chain, distinct locational advantages, and market reach extending across South China, Hong Kong, Macau, and Southeast Asia. The sector currently faces both opportunities and challenges: new energy and infrastructure markets outside China are expanding the space for going global, yet fluctuations in copper and aluminum raw materials, capacity homogenization, and low-price involution are squeezing corporate profits. Digital and intelligent upgrading has thus become the key to breaking through. will be held from July 14 to 15, 2026 at the Wyndham Hotel in the Guangzhou Design Capital, Guangdong . SMM , in partnership with Luoyang Sanwu Cable Group Co., Ltd. , invites you to attend. Leveraging entire industry chain data and in and outside China resources, the summit will focus on market analysis, transformation and upgrading, supply-demand matchmaking, and empowerment for going global, helping local enterprises enhance quality and expand markets while driving high-quality, internationalized development in the regional wire and cable industry. Click to . We look forward to meeting you at the summit. Sanwu Cables Reach Across the Seas Conductors and Wires Connect the Continents Luoyang Sanwu Cable Group Co., Ltd. (“Sanwu Group” for short, formerly Luoyang Sanwu Cable Co., Ltd.) was established in 2016 and now has over 600 employees. It is a mixed-ownership group enterprise integrating science, industry, and trade, headquartered in the Guobao Building in Luoyang, with three manufacturing entities and one trading company under its umbrella. Its production site is in the East Park of the Yichuan Advanced Manufacturing Development Zone, covering over 300 mu of land, with workshop space exceeding 150,000 m² and total annual capacity of more than 700 kt. Sanwu Group pursues a diversified development strategy rooted in specialization. Its main products include electrical round aluminum rod series, overhead conductor series, cable series, and deoxidized aluminum products series. These four product lines are mutually reinforcing, forming a solid business ecosystem. Sanwu products are widely used in electric power, transportation, new energy, metallurgy, petrochemicals, national defense, and urban construction. Its domestic clients include over 30 state-owned enterprises, central state-owned enterprises, and publicly listed firms, while its export markets have expanded to 37 countries and regions, 15 of which—including the Philippines, Singapore, Australia, Chile, and Kazakhstan—lie along the Belt and Road route. Sanwu Group’s subsidiaries have successively passed the “three-system” certification. All product series comply with IEC, ASTM, BS, and other international electrotechnical standards and authoritative detection requirements. The group has been recognized as a National High-Tech Enterprise, a Green Factory, a technology-based small and medium-sized enterprise, a provincial-level specialized and sophisticated small and medium-sized enterprise, and a Gazelle Enterprise. Its detection center collaborates deeply with Longmen Laboratory and has been accredited as a provincial engineering technology center and enterprise technology center. The group currently holds 10 inventions, 39 utility model patents, and 12 software copyrights, has contributed to the formulation of national standards, and has received a scientific and technological achievement evaluation report rating as domestically leading. It serves as the honorary chair organization of the Henan Electrical Industry Association and is an industry-academia-research base for Henan University of Science and Technology, Henan Institute of Technology, and Luoyang Institute of Science and Technology. Since 2023, it has been consistently listed among the top 100 enterprises in Luoyang, and in 2025, it was listed among the top 100 enterprises in Henan. Contact Information SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

||||Tip: This article is lengthy. You may directly refer to the final section: Core Questions & Answers|||| What is the annual export capacity of Canadian sulfur? Canada’s sulfur export tonnage has followed a trend of decline bottoming out explosive growth. The export volume stood at 3.35 million tons in 2022, 3.12 million tons in 2023, 3.02 million tons in 2024, and surged to a historical peak of 4.25 million tons in 2025. The annualized export tonnage is estimated at 5.22 million tons in 2026.