[6.4 Morning Meeting Minutes] As major nickel ore mining regions, the supply situation in Sulawesi and Halmahera remained disrupted during the week due to frequent precipitation, which hindered the mining and transportation processes at some mines. In addition, the slow progress of RKAB approvals continued to affect supply. It is understood that the subsequent supplementary quota approval process for RKAB is expected to commence in June and July of H2. However, the market remains concerned about the speed of approval for the subsequent supplementary RKAB quotas. Recently, rumors have circulated in the market that a large number of RKAB quotas were approved in the past few weeks. However, after verification with the Indonesian Ministry of Energy and Mineral Resources (ESDM), it is likely that these rumors are untrue, and the supply of nickel ore remains tight.

SMM Nickel News on June 3: Macro News: (1) Tariffs - ① European and US trade officials will meet on Wednesday, with the EU reiterating warnings of tariff retaliation. ② Foreign media: Seeking to accelerate negotiations, Trump demands countries submit their "best offers" by Wednesday. ③ The Trump administration appeals the order from the Federal District Court for the District of Columbia ruling its tariff policy "unlawful." ④ Japanese Prime Minister: No intention to make concessions on US tariff issues. (2) On May 31, the China Federation of Logistics and Purchasing (CFLP) and the Service Industry Survey Center of the National Bureau of Statistics (NBS) announced China's PMI for May. The manufacturing PMI for May was 49.5%, up 0.5 percentage points MoM. Spot Market: Today, the SMM 1# refined nickel price is 121,400-124,300 yuan/mt, with an average price of 122,850 yuan/mt, up 525 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel is 2,500-2,600 yuan/mt, with an average premium of 2,550 yuan/mt, down 50 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-500 yuan/mt, with an average premium of 300 yuan/mt, up 50 yuan/mt from the previous trading day. Futures Market: The most-traded SHFE nickel contract (NI2507) opened higher this morning, regaining the 122,000 yuan/mt level during the session, mainly exhibiting a fluctuating trend. As of 11:30, the closing price was 121,380 yuan/mt, up 0.25%. In the medium and long term, the global nickel overcapacity issue remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funding." In the short term, the bottom of the fluctuating range is seen at 118,000 yuan/mt, with the top under pressure at 123,000 yuan/mt.

[China's manufacturing PMI stood at 49.5% in May] On May 31, the China Federation of Logistics & Purchasing and the Service Industry Survey Center of the National Bureau of Statistics (NBS) released China's PMI for May. China's manufacturing PMI in May was 49.5%, up 0.5 percentage points MoM.

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)

The National Bureau of Statistics (NBS) released the operating conditions of China's Purchasing Managers' Index (PMI) in May, with the manufacturing PMI at 49.5%, up 0.5 percentage points from the previous month, indicating an improvement in the manufacturing sector's prosperity level. I. Operating Conditions of China's Manufacturing Purchasing Managers' Index In May, the manufacturing PMI stood at 49.5%, up 0.5 percentage points from the previous month, reflecting an improvement in the manufacturing sector's prosperity level. By enterprise size, the PMI for large enterprises was 50.7%, up 1.5 percentage points from the previous month and above the threshold; for medium-sized enterprises, it was 47.5%, down 1.3 percentage points from the previous month and below the threshold; for small enterprises, it was 49.3%, up 0.6 percentage points from the previous month but still below the threshold. Looking at the sub-indices, among the five sub-indices that constitute the manufacturing PMI, the production index was above the threshold, the supplier delivery time index was at the threshold, while the new orders index, raw material inventory index, and employment index were all below the threshold. The production index was 50.7%, up 0.9 percentage points from the previous month, rising above the threshold, indicating an acceleration in production activities of manufacturing enterprises. The new orders index was 49.8%, up 0.6 percentage points from the previous month, indicating a rebound in market demand prosperity in the manufacturing sector. The raw material inventory index was 47.4%, up 0.4 percentage points from the previous month but still below the threshold, indicating a narrowing decline in the inventory of major raw materials in the manufacturing sector. The employment index was 48.1%, up 0.2 percentage points from the previous month, indicating an improvement in the employment prosperity of manufacturing enterprises. The supplier delivery time index was 50.0%, down 0.2 percentage points from the previous month and at the threshold, indicating that the delivery time of raw material suppliers in the manufacturing sector was basically flat compared to the previous month. II. Operating Conditions of China's Non-Manufacturing Purchasing Managers' Index In May, the non-manufacturing business activity index was 50.3%, down 0.1 percentage points from the previous month but still above the threshold, indicating a continued expansion in the non-manufacturing sector overall. By industry, the business activity index for the construction industry was 51.0%, down 0.9 percentage points from the previous month; for the service industry, it was 50.2%, up 0.1 percentage point from the previous month. By industry, the business activity indices for railway transportation, air transportation, postal services, telecommunications, radio, television, and satellite transmission services, internet software, and information technology services were all above 55.0%, indicating a relatively high prosperity level; while the business activity indices for the capital market services and real estate industries were all below the threshold. The new orders index was 46.1%, up 1.2 percentage points from the previous month, indicating a rebound in market demand sentiment in the non-manufacturing sector. By industry, the new orders index for the construction industry was 43.3%, up 3.7 percentage points from the previous month; the new orders index for the service sector was 46.6%, up 0.7 percentage points from the previous month. The input prices index was 48.2%, up 0.4 percentage points from the previous month, remaining below the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises in their business activities was lower than that of the previous month. By industry, the input prices index for the construction industry was 48.0%, up 0.5 percentage points from the previous month; the input prices index for the service sector was 48.2%, up 0.3 percentage points from the previous month. The selling prices index was 47.3%, up 0.7 percentage points from the previous month, remaining below the threshold, indicating that the overall decline in selling prices in the non-manufacturing sector narrowed. By industry, the selling prices index for the construction industry was 47.5%, up 0.3 percentage points from the previous month; the selling prices index for the service sector was 47.3%, up 0.8 percentage points from the previous month. The employment index was 45.5%, unchanged from the previous month, indicating that the employment sentiment in non-manufacturing enterprises was basically stable. By industry, the employment index for the construction industry was 39.5%, up 1.7 percentage points from the previous month; the employment index for the service sector was 46.6%, down 0.2 percentage points from the previous month. The business activity expectations index was 55.9%, down 0.1 percentage point from the previous month, still within a relatively high sentiment range, indicating that most non-manufacturing enterprises remained optimistic about market development. By industry, the business activity expectations index for the construction industry was 52.4%, down 1.4 percentage points from the previous month; the business activity expectations index for the service sector was 56.5%, up 0.1 percentage point from the previous month. III. Performance of China's Composite PMI Output Index In May, the composite PMI output index was 50.4%, up 0.2 percentage points from the previous month, indicating that the production and business activities of Chinese enterprises continued to expand overall. Interpretation of China's PMI in May 2025 by Zhao Qinghe, Senior Statistician at the Service Industry Survey Center of the National Bureau of Statistics: Manufacturing PMI Rebounds, Non-Manufacturing Business Activity Index Continues to Expand in May On May 31, 2025, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released China's PMI. Zhao Qinghe, Senior Statistician at the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation. In May, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non-manufacturing business activity index was 50.3%, down 0.1 percentage point from the previous month; the composite PMI output index was 50.4%, up 0.2 percentage points from the previous month, indicating that China's overall economic output continued to expand. I. Rebound in Manufacturing PMI In May, the manufacturing PMI stood at 49.5%, indicating an improvement in the prosperity level compared to the previous month. (1) Accelerated production by enterprises. The production index was 50.7%, up 0.9 percentage points from the previous month, rising above the threshold, indicating an acceleration in manufacturing production activities. The new orders index was 49.8%, up 0.6 percentage points from the previous month. By industry, the production and new orders indices for agricultural and sideline food processing, special equipment, railway, shipbuilding, aerospace equipment, and other industries were all above 54.0%, showing rapid growth in both supply and demand. However, for industries such as textiles, chemical fibers, rubber and plastic products, ferrous metal smelting and rolling processing, and non-ferrous metal smelting and rolling processing, both indices were below the threshold, indicating insufficient release of production and demand. (2) PMI for large enterprises rose above the threshold. The PMI for large enterprises was 50.7%, up 1.5 percentage points from the previous month, returning to the expansion territory. Their production and new orders indices were 51.5% and 52.5%, respectively, up 1.7 and 3.0 percentage points from the previous month. The PMI for medium-sized enterprises was 47.5%, down 1.3 percentage points from the previous month, with the prosperity level pulling back. The PMI for small enterprises was 49.3%, up 0.6 percentage points from the previous month, showing some improvement in the prosperity level. (3) Continued expansion in high-tech manufacturing. By key industry, the PMI for high-tech manufacturing was 50.9%, remaining in the expansion territory for four consecutive months and continuing a good development trend. The PMIs for the equipment manufacturing and consumer goods industries were 51.2% and 50.2%, respectively, up 1.6 and 0.8 percentage points from the previous month, with both showing a rebound in prosperity levels. The PMI for high energy-consuming industries was 47.0%, down 0.7 percentage points from the previous month, indicating low market activity. (4) Rebound in both import and export indices. The new export orders index and the import index were 47.5% and 47.1%, respectively, up 2.8 and 3.7 percentage points from the previous month. Some enterprises involved in trade with the US reported in the survey that foreign trade orders were accelerating their restart, and the import and export situation had improved. (5) Improved market expectations. The expected index of production and business activities was 52.5%, up 0.4 percentage points from the previous month, indicating that manufacturing enterprises' confidence in the recent market development remained generally stable. Among them, the expected indices of production and business activities for industries such as agricultural and sideline food processing, food, beverage, and refined tea, automobiles, railway, shipbuilding, and aerospace equipment all remained above the relatively high prosperity threshold of 56.0%, with related enterprises being more optimistic about industry development. II. Continued Expansion in Non-Manufacturing Business Activity Index In May, the non-manufacturing business activity index was 50.3%, slightly down 0.1 percentage point from the previous month but still above the threshold, indicating that the non-manufacturing sector generally continued to expand. (I) The service sector's business climate improved slightly. The business activity index for the service sector was 50.2%, up 0.1 percentage point from the previous month. By industry, driven by the "Labour Day holiday" effect, residents' travel and dining consumption were relatively active. The business activity indices for industries such as railway transportation, air transportation, accommodation, and catering rebounded significantly, all entering expansion territory, indicating increased market activity. Meanwhile, the business activity indices for industries such as postal services, telecommunications, radio, television, and satellite transmission services, as well as internet software and information technology services, remained above 55.0%, indicating a relatively high-growth business climate and maintaining a good growth momentum. From the perspective of market expectations, the business activity expectations index was 56.5%, up 0.1 percentage point from the previous month. It has consistently remained above 56.0% since the beginning of the year, indicating that most service sector enterprises remain optimistic about market development. (II) The construction sector continued to expand. The business activity index for the construction sector was 51.0%, down 0.9 percentage point from the previous month, with expansion slowing down somewhat. Among them, the business activity index for civil engineering construction was 62.3%, up 1.4 percentage points from the previous month, rebounding for two consecutive months, indicating that construction projects across regions continued to accelerate. From the perspective of market expectations, the business activity expectations index was 52.4%, indicating that construction enterprises were relatively optimistic about market development expectations. III. The composite PMI output index rebounded slightly In May, the composite PMI output index was 50.4%, up 0.2 percentage point from the previous month, indicating that the production and operation activities of China's enterprises generally continued to expand. The manufacturing production index and the non-manufacturing business activity index, which constitute the composite PMI output index, were 50.7% and 50.3%, respectively.

SMM April 30 News: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE copper and SHFE zinc dropping 0.26% and 0.47%, respectively. SHFE tin fell 0.13%, and SHFE nickel fell 0.59%. SHFE aluminum rose 0.23%, while SHFE lead fell 0.38%. In addition, alumina fell 3.1%. Lithium carbonate fell 0.21%, silicon metal fell 1.1%, and polysilicon fell 0.43%. The ferrous metals series all fell, with iron ore dropping 0.85%, rebar falling 0.61%, HRC declining 0.74%, and stainless steel decreasing 0.24%. For coking coal and coke: coking coal fell 0.91%, and coke fell 0.87%. In the overseas metal market, as of 11:42 a.m., overseas base metals were nearly universally down. LME tin and LME zinc fell slightly. LME lead rose 0.1%, LME copper fell 0.55%, and LME aluminum fell 0.28%. LME nickel rose 0.29%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.46%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 0.57%, and SHFE silver fell 0.21%. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose 0.77% to 1,290.4 points. As of 11:42 a.m. on April 30, some midday futures market movements: 》SMM Metal Spot Prices on April 30 Spot and Fundamentals Copper: As of Thursday, April 30, SMM copper inventories in major domestic regions fell 25,500 mt from Monday to 129,600 mt, a decrease of 52,100 mt from last Thursday, achieving destocking for nine consecutive weeks, with the destocking speed accelerating... 》Click for details Macro Front Domestically: 【NBS: April PMI at 49%, Manufacturing Enterprises Focused on Domestic Sales Generally Stable】 The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics (NBS) released China's PMI for April today (30th). Affected by factors such as the rapid changes in the external environment, the manufacturing PMI for April fell from the previous month, but high-tech manufacturing and other related industries continued to expand, and the production and operation of manufacturing enterprises focused on domestic sales remained generally stable. China's manufacturing PMI for April was 49%, a decrease of 1.5 percentage points from the previous month. From the perspective of key industries, the overall market demand for new growth drivers maintained a steady and increasing trend, with domestic market demand showing good growth. The PMI for high-tech manufacturing in April was 51.5%, significantly higher than the overall manufacturing level, continuing a good development trend. The new orders index for consumer goods manufacturing was also at the critical point of 50%, indicating a good release of domestic market demand for consumer goods manufacturing. From the perspective of enterprise expectations, the expected index for production and operation activities in April was 52.1%, continuing to be in expansion territory. From the perspective of non-manufacturing, non-manufacturing as a whole continued to expand, with positive performances in investment, consumption, and new growth driver-related activities. The business activity index for the service sector in April was 50.1%, a decrease of 0.2 percentage points from the previous month, still above the critical point. Among them, activities related to residents' tourism and leisure performed well, and industries related to the information service sector remained active. 》Click for details The People's Bank of China (PBOC) conducted 530.8 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.50%, unchanged from before. As 108 billion yuan in 7-day reverse repos matured today, a net injection of 422.8 billion yuan was realized on the day. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 30 was 7.2014 yuan per US dollar. US Dollar: As of 11:42 a.m., the US dollar index rose 0.12% to 99.34. US data showed that US consumer confidence in April slipped to a nearly five-year low as growing concerns about tariffs weighed on the economic outlook. Market participants will focus on US economic data, including the US Personal Consumption Expenditures (PCE) Price Index released later today and the non-farm payrolls report due on Friday, to further assess the impact of US trade policy on the outlook for US interest rates. Market participants currently believe that the US Fed will cut interest rates by about 97 basis points by the end of 2025. Other Currencies: Australia's Consumer Price Index (CPI) for Q1 rose 0.9%, slightly higher than expected, but the annual rate of core inflation slowed to 2.9%, the lowest level in three years, pulling back into the Reserve Bank of Australia's (RBA) target range. Despite the CPI slightly exceeding expectations, the market still widely expects the RBA to cut interest rates on May 20 to address uncertainties in the global economic outlook. Data showed that rising electricity prices were the main driver of the CPI rebound, while service sector inflation pulled back, supporting expectations for policy easing. (Huitong Finance) Data: Today, the US April ADP employment change, the preliminary Q1 real GDP annualized quarter-on-quarter rate, the preliminary Q1 GDP price index quarter-on-quarter rate, the preliminary Q1 core PCE price index annualized quarter-on-quarter rate, the preliminary Q1 consumer spending annualized quarter-on-quarter rate, the preliminary Q1 GDP implicit deflator quarter-on-quarter rate - seasonally adjusted, the US April Chicago PMI, the US March personal spending month-on-month rate, the US March core PCE price index annual rate, the US March seasonally adjusted pending home sales index month-on-month rate, the Australia Q1 CPI quarter-on-quarter rate, the Australia Q1 CPI annual rate, the preliminary France Q1 GDP annual rate, the Germany March actual retail sales month-on-month rate, the Germany March actual retail sales annual rate, the Germany April seasonally adjusted unemployment rate, the Germany April seasonally adjusted change in the number of unemployed persons, the preliminary Germany Q1 unadjusted quarterly GDP annual rate, the preliminary Germany April CPI annual rate, the Switzerland April Credit Suisse/CFA Economic Expectations Index, the preliminary eurozone Q1 seasonally adjusted GDP quarter-on-quarter rate, the preliminary eurozone Q1 seasonally adjusted GDP annual rate, the Canada February seasonally adjusted GDP annual rate, and other data will be released. It should be noted that on April 30, there will be no night session trading at the Shanghai Gold Exchange (SGE), SHFE, Zhengzhou Commodity Exchange (ZCE), and Dalian Commodity Exchange (DCE) in China due to the Labor Day holiday. Crude Oil: As of 11:42 a.m., crude oil futures fell, with US crude falling 1.21% and Brent crude falling 1.09%. This was due to concerns about weak global economic growth and fuel demand triggered by the US's erratic tariff policies. Daniel Hynes, a senior commodity strategist at ANZ Bank, said that concerns about demand amid trade disputes weighed on investor confidence. He added, "The market is also worried that the recent strength in US economic data is only temporary, driven by stockpiling ahead of tariffs taking effect, and that this effect is now fading." Data released by the American Petroleum Institute (API) showed that US crude oil inventories rose last week, while gasoline and distillate inventories fell. As of the week ending April 25, US crude oil inventories rose by 3.8 million barrels, gasoline inventories fell by 3.1 million barrels, and distillate inventories fell by 2.5 million barrels. Previously, surveyed analysts had expected, on average, an increase of about 400,000 barrels in US crude oil inventories, a decrease of about 1 million barrels in gasoline inventories, and a decrease of about 1.6 million barrels in distillate inventories last week. The US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 on Wednesday. The possibility that OPEC, composed of the Organization of the Petroleum Exporting Countries and its allies, may increase production also weighed on oil prices, especially as trade disputes put pressure on demand. Industry insiders said that several OPEC member countries may propose accelerating the increase in oil production for the second consecutive month in June. (Webstock Inc.) ► Spot Market Overview: ► Copper inventories in major domestic regions fell by 25,500 mt this week [SMM Weekly Data] ► Downstream manufacturers have basically completed pre-holiday stockpiling, with spot premiums under pressure and declining [SMM South China Copper Spot] ► On the last trading day before the holiday, market stockpiling demand cooled [SMM North China Copper Spot] Other metal spot midday reviews will be updated later. Please refresh to view~

The National Bureau of Statistics (NBS) released data showing that in March, China's manufacturing PMI, non-manufacturing PMI, and composite PMI were 50.5%, 50.8%, and 51.4%, respectively, up 0.3, 0.4, and 0.3 percentage points MoM, marking the second consecutive month of increase. Among them, the construction PMI rose MoM for the second consecutive month, reaching a new high since June 2024.

LME copper futures closed lower on Monday, hitting the weakest level in more than two weeks, as US tariff policies weighed on the copper market. At 17:00 London time on March 31 (00:00 Beijing time on April 1), LME three-month copper fell by $84.5, or 0.86%, to $9,710 per mt, after earlier touching $9,679.5, the lowest since March 12. However, LME copper rose 3.76% in March and 10.74% in Q1. According to CCTV News, on March 31 local time, US stocks opened sharply lower as the market grew increasingly concerned that the Trump administration's upcoming large-scale tariff plan could harm the global economy. On March 31, the China Federation of Logistics and Purchasing and the National Bureau of Statistics (NBS) Service Industry Survey Center released China's PMI for March. The manufacturing PMI continued to rise, with market demand accelerating and new momentum developing rapidly. China's manufacturing PMI for March was 50.5%, up 0.3 percentage points MoM, marking the second consecutive month in the expansion territory. COMEX copper recently fell 1.81% to $5.0370 per pound, reducing the premium of COMEX copper over LME copper from $1,565 per mt last Friday to around $1,395 per mt. COMEX copper has climbed more than 23% year-to-date. Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said traders had shipped copper to the US in anticipation of tariffs taking effect, but these tariffs are expected to be implemented in the coming weeks, leaving no time for such actions. "I think the arbitrage window has closed, or is closing, which could lead to a sharp and significant drop in COMEX copper." Tin prices bucked the trend and rose due to concerns that an earthquake in Myanmar, a major tin-producing country, last Friday could disrupt supply. LME three-month tin jumped $425, or 1.17%, to $36,645 per mt, after earlier reaching $37,105, the highest since June 2022.

【China's PMI Performance in March 2025】 In March, the manufacturing PMI stood at 50.5%, up by 0.3 percentage points from the previous month, indicating a continued rebound in the manufacturing sector's prosperity level.

The National Bureau of Statistics (NBS) reported that the manufacturing PMI for March was 50.5%, up 0.3 percentage points MoM, indicating a continued rebound in the manufacturing sector's prosperity level. The non-manufacturing business activity index for March was 50.8%, up 0.4 percentage points MoM, showing an accelerated pace of expansion in the non-manufacturing sector. The composite PMI output index for March was 51.4%, up 0.3 percentage points MoM, reflecting an overall acceleration in the production and business activities of enterprises in China.