For almost four weeks, the war against Iran has kept the world on edge – a conflict that leaves deep marks not only geopolitically but also economically. Volatility and uncertainty in global markets are increasing daily.

The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.

Concluding our series, we shift focus to 2026's emerging NdFeB growth drivers: robotics, low-altitude economy, and electric two-wheelers. While viewed as the "second growth curve," we analyze their actual demand support amidst current macro and industry cycles to determine if they can offset traditional sector slowdowns.

We all know the relationship between Gold and US Dollars in the financial markets. When the USD rises, gold tends to fall and vice versa. It sounds simple to you, right? But understanding why this happens, and how to actually trade it like a pro trader, takes more than knowing that the pattern exists.

(Kitco Commentary) - Gold slipped on Thursday as a record coordinated oil reserve release from the International Energy Agency introduced a note of policy resolve into markets that had been pricing in unmitigated supply chaos.

Tensions in the Middle East have escalated again recently, as the conflict between Israel and Iran continues to intensify, drawing renewed global attention to energy transportation security in the Gulf region.Given the high level of uncertainty surrounding the development of the situation, market risks are clearly skewed to the upside. This article provides a brief analysis of how the current conflict may affect the copper market going forward.

As the conflict between Israel and Iran continues to escalate, oil industry executives from companies such as ExxonMobil, TotalEnergies, and Shell issued warnings on Tuesday. They stated that further attacks on critical energy infrastructure could have severe consequences for global energy supply and prices.

Li-ION BATTERY China 2025 Officially Announced and Scheduled

SMM, June 17: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE nickel down 0.96%. SHFE copper rose 0.24%, and SHFE aluminum edged up. SHFE zinc slightly declined, while SHFE lead and SHFE tin fell 0.18% and 0.39%, respectively. In addition, the main continuous futures contract for foundry aluminum rose 0.62%, and the main continuous contract for alumina increased 0.28%. Lithium carbonate rose 0.67%, silicon metal rose 1.1%, and polysilicon rose 0.24%. The ferrous metals series showed mixed performance, with iron ore down 0.21%, rebar edging up, and HRC slightly declining. Stainless steel fell 0.36%. In terms of coking coal and coke: coking coal rose 1.02%, and coke rose 0.92%. In the overseas metal market, as of 11:42 a.m., LME metals all fell, with LME copper, LME tin, LME aluminum, and LME nickel all declining within 0.5%. LME aluminum fell 0.6%, and LME zinc fell 0.7%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.42%, and COMEX silver fell 0.3%. Domestically, SHFE gold fell 1.54%, and SHFE silver edged up. Citi predicts that gold prices will fall due to weak demand and a US Fed interest rate cut. Citi said that gold prices will pull back to below $3,000 per ounce in the coming quarters. As of the midday close, the most-traded contract for the European container shipping index fell 1.71%, closing at 2031.5. As of 11:42 a.m. on June 17, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on June 17 Spot and Fundamentals Zinc: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 21,940-22,105 yuan/mt, with Shuangyan zinc trading at 22,060-22,235 yuan/mt, and 1# zinc mainly trading at 21,870-22,035 yuan/mt. In the morning session, the market offered premiums of 0-20 yuan/mt against the average price, with no quotes against the contract price... 》Click for details Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% from the previous edition] The 3rd China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Connecting the World, Creating a Shared Future". This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the 3rd Expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the 3rd Expo increased by 15% from the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council expressed that China is a very important market, and US companies are willing to continue investing in China, participating in China's economic growth and innovation, and making progress together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win outcomes. Advancing mutually beneficial cooperation between China and the US aligns with the common interests of the business communities in both countries. (Cailian Press) [The PBOC Conducts RMB197.3 Billion in 7-Day Reverse Repo Operations Today] The People's Bank of China (PBOC) conducted RMB197.3 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. RMB198.6 billion in reverse repos matured today. ► On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.1746 RMB per US dollar. US dollar: As of 11:42, the US dollar index fell by 0.01% to 98.14. The market is looking forward to a series of monetary policy decisions from multiple central banks this week, with a primary focus on the US Fed. It is widely expected that the Fed will maintain interest rates unchanged at the conclusion of its policy meeting on Wednesday. Comments from Fed Chairman Jerome Powell following the Fed's interest rate decision will be closely monitored for clues regarding the path of interest rate cuts. Other currencies: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining its policy interest rate unchanged at 0.5% and slowing the pace of reducing its bond purchases. Starting from April 2026, the BOJ will reduce its bond purchases by JPY200 billion each quarter. The BOJ stated that the Japanese economy is experiencing a mild recovery, although there are still signs of weakness. (Cailian Press) Data: Today, data including the BOJ's policy benchmark interest rate for June 17, the ZEW Economic Sentiment Index for the Eurozone and Germany in June, the monthly and annual rates of the US import price index for May, the monthly rates of US retail sales and core retail sales for May, the annual rate of US retail sales for May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, for May, the monthly rate of US industrial production for May, the capacity utilisation rate of the US for May, the monthly rate of US manufacturing output for May, the manufacturing capacity utilisation rate of the US for May, and the annual rate of US industrial production, seasonally adjusted, for May, will be released. Additionally, it is noteworthy that RMB182 billion in 1-year medium-term lending facility (MLF) loans mature today; BOJ Governor Kazuo Ueda will hold a monetary policy press conference; the BOJ will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures rose. As of 11:42, WTI crude oil increased by 0.47%, and Brent crude oil increased by 0.44%. Heightened tensions in the Middle East have increased the likelihood of deeper instability and disruptions to oil supplies in the region, supporting oil prices. OPEC and its allies, including Russia (OPEC+), stated on Monday that the global economy is expected to remain resilient in the second half of this year. OPEC also revised down its forecast for the growth in oil supply from the US and other non-OPEC countries in 2026. (Webstock Inc.) Spot Market Overview: ► Spot premiums surged significantly after contract rollover, but downstream procurement remained moderate. [SMM South China Spot Copper] ► Trading performance in the spot market was sluggish, with downstream players focusing on executing long-term contracts. [SMM North China Spot Copper] ► Shanghai Zinc: Futures market edged higher, with downstream players resuming wait-and-see stance. [SMM Midday Review] ► Ningbo Zinc: Imports at low prices exert pressure, with premiums continuing to decline. [SMM Midday Review] Midday reviews for other metal spot markets will be updated later. Please refresh to view.

From Washington to London, more than a dozen central banks will hold policy meetings this week, with the economies they represent accounting for two-fifths of the global economy. Among them, in addition to the highly anticipated US Fed, another G10 central bank's policy meeting this week will also attract widespread attention: the Swiss National Bank (SNB), which has been continuously pushing global interest rates to new lows. According to industry surveys of economists, the SNB is likely to cut interest rates to zero this week and maintain them at this low level for some time. Nearly 80% of the surveyed economists expect that SNB policymakers will lower borrowing costs by 25 basis points to 0% this Thursday. This move will return the benchmark interest rate to a level not seen since September 2022, when the SNB just ended its seven-year negative interest rate policy. And this will also become the lowest interest rate among major economies globally at present. Among the 22 forecasting institutions surveyed, only three institutions—Pantheon Macroeconomics, Capital Economics, and Swiss Life Asset Managers—predict that the SNB will directly cut interest rates by 50 basis points to -0.25% this week. Another six institutions, including Goldman Sachs, Nomura, and Barclays, expect the SNB to enter "negative interest rate" territory in September, but most surveyed institutions believe the easing cycle will end in June. SNB officials can cite the country's extremely weak CPI growth as a reason for a sixth consecutive interest rate cut: Last month, Switzerland's inflation rate turned negative for the first time since early 2021. Meanwhile, economists surveyed by the industry predict that the average annual inflation rate will be only 0.3% this year and 0.6% in 2026. In addition, exchange rate fluctuations may also be one of the factors considered by the SNB this week. SNB policymakers are trying to take measures to curb capital inflows into the Swiss franc. Since US President Trump announced "Liberation Day" tariff measures in early April, the Swiss franc has appreciated more than 8% against the US dollar. Since then, the Swiss franc has also continued to appreciate against the euro, a currency pair of particular concern to the SNB. The strength of the Swiss franc has pushed down import costs and the consumer price index. It is worth mentioning that although SNB President Martin Schlegel stated in mid-May that officials had had productive discussions with Washington on central bank exchange rate intervention measures, the US Treasury still included Switzerland in its list of economies closely monitored for exchange rate policies in its semi-annual report on exchange rate policies last week.