SMM, August 13: Metals Market: As of midday close, base metals in the domestic market mostly moved lower. SHFE copper fell 0.5%, SHFE aluminum fell 0.9%. SHFE lead rose 0.63%. SHFE zinc fell 0.27%. SHFE tin fell 0.86%. SHFE nickel fell 0.16%. In addition, the most-traded cast aluminum futures contract fell 1.33%, and the most-traded alumina contract fell 1.62%. The most-traded lithium carbonate contract was flat at 148,840 yuan/mt. The most-traded silicon metal contract fell 0.64%. The most-traded polysilicon futures contract rose 0.75%. Ferrous metals all fell. Iron ore fell 0.14%, rebar fell 0.5%, and hot-rolled coil fell 0.37%. Stainless steel fell 0.93%. For coking coal and coke: the most-traded coking coal contract fell 1.27%, and the most-traded coke contract fell 0.73%. In overseas base metals, as of 11:45, LME metals were nearly all down. LME copper fell 0.2%, LME aluminum fell 0.89%, and LME zinc fell 0.4%. LME tin fell 0.18%. LME nickel fell 0.59%. LME lead rose 0.21%. In precious metals, as of 11:45, COMEX gold rose 0.02%, and COMEX silver fell 0.08%. In domestic precious metals: SHFE gold rose 0.34%, and the most-traded SHFE silver contract rose 0.28%. In addition, as of midday close, the most-traded platinum futures contract fell 0.52%, and the most-traded palladium futures contract fell 0.57%. As of midday close, the most-traded European container freight futures contract rose 1.75% to 1,630 points. As of 11:45 on August 13, midday quotes for some futures: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a discount of 20 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 120 yuan/mt, down 40 yuan/mt from the previous trading day; and SX-EW copper was quoted at a discount of 200 yuan/mt, down 60 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,250 yuan/mt, down 160 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,100 yuan/mt, down 200 yuan/mt from the previous trading day. Spot market: Guangdong inventories fell for two consecutive days, with fewer arrivals and slightly higher warehouse withdrawals... Macro Front Domestic Side: [China is formulating a new round of action plans for continuous improvement of air quality] The State Council Information Office held a themed press conference today (13th) under the series "A Good Start to the 15th Five-Year Plan." At the conference, it was introduced that China has achieved encouraging results in air pollution control, but there is still no room for the idea of relaxing or taking a break, and patience and resolve must be maintained. Currently, a new round of action plans for continuous improvement of air quality is being stepped up, and the battle for blue skies will focus on "higher, more precise, and more scientific" efforts. (CCTV News) [National carbon emissions trading market's cumulative trading volume exceeded 900 million mt] Huang Runqiu, Minister of Ecology and Environment, said at the themed press conference held by the State Council Information Office on Aug 13 under the series "A Good Start to the 15th Five-Year Plan" that as of end-July, the cumulative trading volume of the national carbon emissions trading market exceeded 930 million mt, which not only promoted low-cost carbon reduction in industries but also strongly advanced the green and low-carbon transition. (Xinhua News Agency) [Shanghai: promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital factors such as public data, computing power, models, and corpus] Shanghai issued the "Action Plan for Shanghai to Implement the Several Measures on Further Promoting Private Investment Development." It mentioned that computing power subsidies will be provided in accordance with laws and regulations, support private enterprises in renting intelligent computing resources for large model R&D training and application, and encourage universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various business entities including private enterprises. Publish a list of open public data and dynamically update it, support private enterprises in deep development and scenario-based utilization of specific public data, promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers," and reduce the cost of using digital factors such as public data, computing power, models, and corpus. Cultivate benchmark enterprises and platform enterprises for urban digital transformation, and guide private enterprises to participate in digital transformation project construction and scenario operation in fields such as transportation, logistics, and public services. Encourage private enterprises to build demonstration projects of new-type infrastructure such as blockchain applications and large-scale robot applications. (Jin10 Data APP) [PBOC reverse repo operation achieved a net withdrawal of 1 billion yuan on the day] The PBOC did not conduct reverse repo operations today. As 1 billion yuan of 7-day reverse repos matured today, a net withdrawal of 1 billion yuan was achieved on the day. US Dollar: As of 11:45, the US dollar index rose 0.01% to 100. US core inflation was mild in July, which likely reduced pressure on the Fed to raise interest rates. Data released by the US Bureau of Labor Statistics on Wednesday showed that, excluding volatile food and energy categories, core CPI rose 0.2% MoM in July. The YoY increase was 2.5%, matching the lowest pace since March 2021. Overall, CPI rose 0.1% MoM and 3.4% YoY in July. This report suggests that the energy price shock from the Iran war continued to fade in July. As the Fed discusses whether to raise rates at its September meeting, these data may give the Fed more room to balance inflation pressures against the recent hiring slowdown. Before the September meeting, policymakers will also see more reports on employment and inflation, while investors will closely watch the speech by Fed Chairman Warsh expected at the annual Jackson Hole symposium later this month. US stock index futures rose, and US Treasury yields were basically flat. Investors reduced bets on a September rate hike. According to CME "FedWatch": the probability that the Fed keeps rates unchanged through September is 59.9%, and the probability of a cumulative 25bp hike is 40.1%. The probability that the Fed keeps rates unchanged through October is 45.3%, the probability of cumulative 25bp hikes is 44.9%, and the probability of cumulative 50bp hikes is 9.8%. (Jin10 Data APP) CITIC Securities research report said that US July CPI was fully in line with expectations, core inflation continued to be mild, and second-round inflation effects were weak, which helped further ease market concerns about inflation risks. We still believe US inflation is not sticky and expect overall CPI YoY to generally continue a mild slowing trend in Q3 and hit bottom in September, then rebound slightly in Q4 this year and decline rapidly in March next year. We still expect the Fed to stay on hold all year this year, and there is room for further downward revision in market-implied rate hike expectations in derivatives. CICC research report said that US seasonally adjusted CPI rose 0.1% MoM in July, 3.4% YoY, and core inflation rose 0.2% MoM and 2.5% YoY, all in line with market expectations. Energy prices continued to fall, but international oil prices have risen again since August, increasing uncertainty over future energy prices. In core inflation, goods were stronger and services weaker, especially prices of IT products such as computers and software kept rising, reflecting that the supply-demand mismatch brought by expansion in AI capex is gradually transmitting to the consumer side. We believe US inflation may have entered a new phase, with its drivers gradually shifting from supply shocks such as tariffs and oil prices to demand expansion brought by AI investment, and the duration of inflation may be extended accordingly. For the Fed, this data eased pressure for near-term rate hikes, but compared with supply-driven inflation, demand-pull inflation warrants more attention from policymakers. Other Currencies: RBA Assistant Governor Kent said Australia's monetary policy is currently restrictive, and the three consecutive rate hikes earlier this year are now exerting a dampening effect on the economy, while the stronger Australian dollar has further reinforced this impact. He said: "Evidence suggests that Australia's monetary policy is somewhat restrictive, and the tightening earlier this year is taking effect. Borrowing costs have risen, mortgage repayments have increased, conditions in the established housing market have weakened, and the Australian dollar has also appreciated year-to-date." He said growth in aggregate demand appears to be slowing, adding that this is what policymakers want to see and what is needed to bring inflation back to target. (Jin10 Data APP) Data: Today will bring data including the awarded yield of the US 10-year Treasury auction for Aug 12, the bid-to-cover ratio of the US 10-year Treasury auction for Aug 12, US initial jobless claims for the week ended Aug 8, US July PPI YoY, US July PPI MoM, UK preliminary Q2 GDP YoY, UK monthly GDP for the three months to June, UK June manufacturing production MoM, UK June seasonally adjusted goods trade balance, UK June industrial production MoM, and Eurozone June industrial production MoM. In addition, JD.com will hold its Q2 earnings call; 2026 FOMC voter and Cleveland Fed President Hammack will speak; and 2027 FOMC voter and Richmond Fed President Barkin will speak on the economic outlook. Crude Oil: As of 11:45, oil prices in both markets fell, with WTI crude down 0.96% and Brent crude down 0.82%. Oil prices edged lower as traders awaited signs of progress on the reopening of the Strait of Hormuz. On the Middle East situation, there was almost no sign of progress on reopening the Strait of Hormuz, and US President Trump said the US has "full control" over the waterway. The International Energy Agency (IEA) said that as the US-Iran war continues, the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than double its previous forecast; the oil supply gap in 2026 may be the largest in five years. According to AAA, in the US, gasoline and diesel prices have never been as high as this time of year. (Jin10 Data APP) Spot Market Overview: ► ► Midday reviews for other metals will be updated later, please refresh to view~

SMM Nickel, Aug 13: Macro and Market News: (1) Data released by the US Department of Labor showed that the US July unadjusted CPI rose 3.4% YoY and core CPI rose 2.5% YoY, both in line with market expectations, dampening investor expectations for a rate hike by the US Fed in September. (2) The People's Bank of China released its Q2 2026 China Monetary Policy Implementation Report, saying it will continue to implement an appropriately accommodative monetary policy. The report proposed comprehensively using and adjusting monetary policy tools in a timely manner to keep liquidity ample and social financing conditions relatively loose. It also called for promptly planning and introducing pragmatic and effective incremental policies, stepping up countercyclical adjustment, expanding and enriching the central bank's macroprudential and financial stability functions, innovating financial instruments, and keeping financial markets operating smoothly. Spot Market: On Aug 13, the average price of SMM #1 refined nickel was 128,750 yuan/mt, down 450 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 1,250 yuan/mt, down 50 yuan/mt from the previous trading day, while premiums for mainstream domestic brands of electrodeposited nickel ranged from -100 to 500 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2609) continued to trend lower during the morning session, and as of the morning close it stood at 128,330 yuan/mt, down 0.16%. Nickel prices are currently in a highly uncertain state, with policy expectations swinging sharply and macro headwinds intertwined with geopolitical risks, and are expected to remain subject to wild swings in the short term, with the most-traded SHFE nickel contract trading in a range of 125,000-133,000 yuan/mt.

[SMM Daily Review: Cooling CPI, Slight Correction in Silver Prices, Spot Deals Probe Deeper into Discount Territory] SMM, August 13 – The US July CPI was in line with expectations, and the signal of an inflation slowdown strengthened; rate-hike bets were trimmed slightly, and silver futures prices pulled back. Spot market demand was weak, with transactions probing further into discount territory.

[CPI in Line with Expectations Eases Macro Anxiety; Sustained Destocking Provides Price Support] Based on a comprehensive assessment, on the macro front, US July CPI and core CPI YoY growth rates slowed to 3.4% and 2.5%, respectively, both in line with market expectations. The mild inflation pullback eased market concerns about further aggressive rate hikes by the US Fed; short-term upward momentum in US Treasury yields weakened, and macro liquidity pressure eased somewhat, providing support for aluminum prices at this stage. The fundamental supply gap persisted, and aluminum ingot inventories continued destocking. On the supply side outside China, UAE's EGA disclosed the progress of production resumption at the AlTaweelah aluminum smelter. Currently, 18% of the plant's 1,262 pots have been restarted, and the pace of production resumption has been faster than earlier market expectations. The supply-tightness premium priced in earlier now faces retracement pressure. In the near term, aluminum prices are expected to consolidate on a strong note, but upside room will be somewhat capped by production resumption expectations.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,230/mt, drifted higher early in the session to touch a high of $14,262/mt, then the copper price center shifted straight down, dipping to $14,096.5/mt near the end of the session, and finally closed at $14,109.5/mt, down 0.31%. Trading volume reached 16,900 lots, while open interest reached 263,000 lots, up 1,892 lots from the previous trading day, reflecting an increase in short positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,610 yuan/mt, immediately touched a high of 109,730 yuan/mt early in the session, then the copper price center drifted lower, dipping to 107,730 yuan/mt near the end of the session, and finally closed at 107,780 yuan/mt, down 0.36%. Trading volume reached 34,000 lots, while open interest reached 212,000 lots, down 2,364 lots from the previous trading day, reflecting a decrease in long positions.

SMM, August 13: Overnight, LME copper opened at $14,230/mt. In early trading, it drifted higher to touch a high of $14,262/mt, then fell in a straight line, dipping to $14,096.5/mt near the end of trading before eventually closing at $14,109.5/mt, down 0.31%. Trading volume reached 16,900 lots, while open interest reached 263,000 lots, up 1,892 lots from the previous trading day, as bears added to positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,610 yuan/mt and immediately touched a high of 109,730 yuan/mt. It then drifted lower, dipping to 107,730 yuan/mt near the end of trading and eventually closing at 107,780 yuan/mt, down 0.36%. Trading volume reached 34,000 lots, while open interest reached 212,000 lots, down 2,364 lots from the previous trading day, as bulls reduced positions. On the macro front, US July CPI data was mild, and market expectations for the probability of a September rate hike fell to around 40%. In the Middle East, Iran said the ceasefire did not need to be extended, Pakistan said the memorandum of understanding deadline could be extended, Kuwait foiled an attack plot, and Trump claimed that the US fully controls the Strait of Hormuz. With Middle East uncertainty persisting and inflation data in line with expectations, overnight copper prices shot up and then pulled back. Fundamentals side, supply-side shipments increased near delivery, and available supply became marginally looser. However, high-quality copper remained tight, while non-registered copper supply was ample, creating overall structural divergence. Demand side, high copper prices and the off-season constrained demand, leaving it persistently weak with little improvement. Overall, copper prices are expected to move sideways with a firmer bias today.

[SMM Lead Morning Meeting Minutes: Macro Tailwinds Boost Lead Prices; Watch for Risks of a Retreat After Rapid Rise Amid Tug-of-War between Sellers and Buyers] The macro front saw mixed signals. A weaker US dollar lifted base metals broadly, and lead prices may continue to consolidate at highs. Fundamentals side, supply-side expectations for production cuts remain...

[SMM Zinc Morning Comment: Inventory Pressure Remains Significant; SHFE Zinc Price Center Shifts Lower] Overnight, the most-traded SHFE zinc 2609 contract opened at 25,935 yuan/mt, its intraday high. Then bulls reduced positions, and SHFE zinc fell all the way, dipping to 25,695 yuan/mt near the close, before finally closing down at 25,720 yuan/mt, down 110 yuan/mt, or 0.43%. Trading volume fell to 53,350 lots, and open interest declined by 2,944 lots to 111,000 lots.

[SMM Tin Morning Brief: US July CPI Came in Mild, SHFE Tin 2609 Night Session Spiked to 433,700 Then Gave Back Gains]

[SMM Zinc Morning Meeting Minutes: LME Inventory Continues Destocking, LME Zinc Center Moves Higher]: Overnight, LME zinc opened at $3,727.5/mt. It drifted lower in early trading, dipping to a low of $3,726/mt, then stopped falling and rebounded, touching a high of $3,786/mt during the night session. Gains narrowed in late trading, and it eventually closed higher at $3,745/mt, up $10.5/mt, or 0.28%. Trading volume fell to 10,364 lots, and open interest increased by 145 lots to 250,000 lots.