According to a Nikkei report, as AI-driven demand increasingly extends from semiconductors to a broader range of electronic components, MinebeaMitsumi will invest ¥58 billion (approximately $360 million) to expand capacity for precision bearings used in cooling equipment and storage devices for AI data centers. The Japanese manufacturer plans to raise its total bearing capacity by about 30% to over 500 million units per month through investments at its Southeast Asian production sites. The company plans to introduce advanced equipment that can boost production efficiency by about 60%, with construction expected to begin this year and production potentially starting as early as fiscal 2028.

[Overseas Macro Bullishness Battles Supply Bearishness, China's Destocking Supports SHFE Aluminum Bottom] On the domestic front, bullish factors are prominent. The proportion of liquid aluminum has continued to rise. Over the past week, aluminum ingot warehouse withdrawals hit a four-year high, and the pace of inventory destocking has accelerated significantly, forming support for the bottom of SHFE aluminum. Amid the interplay of bullish and bearish factors, overseas, the bullish impact of the US dollar and the bearish forces from supply and geopolitics offset each other. After its earlier excessive decline, LME aluminum's downward momentum has slowed, and in the short term, it is mainly consolidating at lows for repair; domestically, supported by rapid destocking, the probability of underperforming LME aluminum is low. The SHFE and LME markets may show slight divergence, and a sustained unilateral weak trend is unlikely.

KGHM launched its “Strategy 2055+” plan, committing more than 32 billion zlotys, or about US$8.55 billion, in investment through 2030. The company targets average annual paid copper output of 730,000 tonnes between 2026 and 2030 and plans to build a new Polish mine called “KGHM 2.0.”

[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 Cast Aluminum Alloy Morning Comment: Aluminum Alloy Futures Rebound Continuously; Spot Cargo Transactions Dominated by Rigid Demand] Recently, ADC12 prices outside China continued to decline, with quotes today pulling further back to the $3,100-3,200/mt range. Meanwhile, China's ADC12 prices remained relatively firm, supported by aluminum scrap costs, driving a continuous recovery in the price spread between Chinese and overseas markets and further narrowing import losses. Currently, the import loss per mt of ADC12 is about 1,087 yuan, having pulled back to early-March levels.

SMM Morning Meeting Minutes: Last Friday night, LME copper opened at $13,354.5/mt, dipped to $13,343/mt shortly after the opening, then drifted slightly higher to a high of $13,392/mt before settling at $13,357.5/mt, up 0.54%. Trading volume reached 8,500 lots, and open interest stood at 250,000 lots, a decrease of 587 lots from the previous trading day, indicating bears reduced positions. Last Friday night, the most-traded SHFE copper 2608 contract opened at 102,710 yuan/mt. The price center dipped to 102,710 yuan/mt after the opening, then moved in a "W" shape. Near the close, it reached a high of 103,010 yuan/mt, and finally settled at 102,790 yuan/mt, up 0.14%. Trading volume was 16,300 lots, and open interest was 151,000 lots, a decrease of 811 lots from the previous trading day, indicating bulls reduced positions.

[SMM Tin Morning Update: Macro Tailwinds Keep Emerging, SHFE Tin Surges, Spot Tin Trading Recovers]

★ Macro ★ 01 ★★ [Central Bank Net Injection of 10 Billion Yuan via Open Market Government Bond Trading in June] The People's Bank of China (PBOC) recently released data on liquidity injections through various tools in June 2026, showing a net injection of 10 billion yuan through open market government bond trading during the month. According to statistics, net injections via open market government bond trading totaled 300 billion yuan in the first six months of this year. The PBOC’s Q1 2026 monetary policy implementation report stated that since the beginning of the year, the PBOC has conducted regular government bond trading operations, flexibly adjusting the scale of operations based on the need for base money injection and bond market conditions. The June injection data also showed a net injection of 200 billion yuan through the medium-term lending facility (MLF) and a net withdrawal of 137.2 billion yuan through other structural monetary policy tools. In addition, net injections through 7-day reverse repos amounted to 582.6 billion yuan, while other-maturity reverse repos saw a net injection of 300 billion yuan. 02 ★★ Oil Prices Post Biggest Single Drop of the Year Oil prices experienced a "three consecutive decline." According to the National Development and Reform Commission (NDRC), starting from 24:00 on July 3, the retail prices of gasoline and diesel (standard grade) will be cut by 950 yuan and 915 yuan per mt, respectively. This adjustment marks the largest single reduction this year. Based on calculations by institutions, the price cut is equivalent to a decrease of 0.73 yuan per liter for 92-octane gasoline, 0.77 yuan per liter for 95-octane gasoline, and 0.78 yuan per liter for 0# diesel. For a typical private car with a 50-liter fuel tank, filling up a full tank of 92-octane gasoline will save about 36.5 yuan. ★ Industry and Downstream ★ 01 ★★ [Chinese Passenger Vehicle Market Share in Europe Surpasses Japan for the First Time] According to the latest data from the European Automobile Manufacturers' Association (ACEA), China's passenger vehicle market share in Europe surpassed that of Japan for the first time in May. Data shows that in May, five Chinese automakers sold a total of 138,400 vehicles in 31 European countries, up 65% YoY, while six Japanese automakers sold 130,400 vehicles in the same 31 countries, down 3% YoY. 02 ★★ [All 200 Billion Yuan in Funding for the Program of Large-Scale Equipment Upgrades and Consumer Goods Trade-Ins Has Been Disbursed This Year] Recently, the National Development and Reform Commission (NDRC) has issued the third batch of equipment upgrade project lists and funding allocations this year, supporting equipment renewals in fields such as energy and power, logistics, education, elderly care institutions, offline consumer commercial facilities, old operating trucks, residential old elevators, and the installation of elevators in old residential communities. Since the beginning of this year, the NDRC, together with relevant departments, has optimized the scope of support, improved the application process, strengthened review and approval, accelerated the pace of work, and disbursed equipment upgrade funds in three batches. At present, the full-year 200 billion yuan equipment renewal funds have been fully allocated, supporting about 11,000 projects across 22 sectors, providing strong support for accelerating industrial upgrading, promoting green development, improving people’s well-being, and strengthening security safeguards. From January to May this year, investment in equipment and tool purchases increased by 9.3% YoY, accounting for 17.5% of total investment, up 2.2 percentage points from the same period last year. 03 ★★ [CISA: Monthly Report on Main Steel-Using Industries, January-May] From January to May, the construction sector among main steel-using industries remained sluggish, while manufacturing continued its overall growth. Specifically, the real estate market continued its adjustment, and infrastructure investment slowed compared with earlier periods. The value added of the machinery industry and export value of electromechanical products maintained growth, automobile production continued to edge down slightly, all three major shipbuilding indicators in the shipbuilding industry grew rapidly, production of the three major white goods in the home appliance industry all maintained growth, and container production continued to decline. 04 ★★ [June Heavy-Duty Truck Market Sales Up 18% YoY] According to statistics from cvworld.cn, China’s heavy-duty truck market sold about 115,000 units in June 2026, up about 5% MoM from May and up 18% from 98,000 units in the same period last year, while the YoY growth rate slowed somewhat compared with the March-May period. This was also a record high for June sales in the past five years. In January-June, cumulative heavy-duty truck sales in China reached about 660,000 units, up about 22% YoY. ★ Other Hot Topics ★ ⭕ [Shenzhen Property Market Continues Stable and Positive Momentum] According to the Shenzhen Housing and Construction Bureau, in June, the Shenzhen property market sustained the strong momentum following the April 29 new policy. Total online registrations for new commercial housing and second-hand residential properties in the city reached 8,878 units, up 14.2% YoY, and the real estate market continued its stable and positive trend. In the new home market, online registrations for new commercial residential properties in Shenzhen totaled 3,785 units in June, up 15.6% YoY, with the new home market continuing to improve. High-quality residential projects remained highly sought after. The commercial property market also performed well, with business apartments highlighting cost-effectiveness advantages. In H1, first-hand and second-hand office buildings and business apartments in the city recorded transactions of 6,567 and 6,238 units, respectively, soaring 103.0% and 70.2% YoY, respectively. ⭕ [Shenlong Group’s “Yunnan Strip New Material Base” Fully Put into Operation] On July 2, 2026, the galvanizing workshop of Yunnan Shenlong Tengda New Material Technology Co., Ltd. (hereinafter referred to as “Yunnan Shenlong”) reported another success—the continuous hot-dip galvanizing/aluminum-zinc line with an annual capacity of 250,000 mt, contracted by Huangshi Shanli Technology Co., Ltd. (hereinafter “Shanli Technology”), was successfully put into operation. This was the third line successfully commissioned within a month, following the startup of a continuous hot-dip galvanizing line with an annual capacity of 500,000 mt on June 1 and a continuous hot-dip galvanizing/Zn-Al-Mg line, also with an annual capacity of 500,000 mt, on June 16 of this year. It marks the full commissioning of the three continuous hot-dip galvanizing/aluminum-zinc/Zn-Al-Mg lines built by Shanli Technology for Yunnan Shenlong, injecting strong new momentum into the supply of high-end new coated sheet and strip materials for China’s southwestern region! *This report is an original work and/or a compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as “SMM”). SMM lawfully holds the copyright and is protected under the Copyright Law of the People’s Republic of China and other applicable laws, regulations, and international treaties. Without written permission, the content may not be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to any third party, nor may any third party be authorized to use it. 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Published: 5 days ago One builds MAS-backed vaulting for central banks, the other opens a pipeline to Shanghai. Singapore and Hong Kong are pursuing different strategies to bolster their positions as precious metals hubs , with Singapore expanding clearing and vaulting services for international investors and Hong Kong building on its ties to Mainland China's bullion market. Singapore is viewed as a neutral jurisdiction with established storage facilities and a strong wealth management sector, Dick Poon, general manager at Heraeus Precious Metals Hong Kong, said in an emailed reply to questions. He said Hong Kong's advantage lies in its connection with Mainland China's bullion market through its integration with the Shanghai Gold Exchange. Singapore's strategy gathered pace in June when Deputy Prime Minister and Monetary Authority of Singapore Chairman Gan Kim Yong announced at the Asia-Pacific Precious Metals Conference that Singapore Exchange Ltd. would launch an over-the-counter clearing system for Loco Singapore gold by the end of 2026. The system will clear physical gold stored and settled in Singapore and will be backed by DBS Bank Ltd., Deutsche Bank AG, ICBC Standard Bank Plc, JPMorgan Chase & Co., Oversea-Chinese Banking Corp. Ltd., and United Overseas Bank Ltd. Gan also said the Monetary Authority of Singapore would begin offering gold vaulting services to foreign central banks and sovereign entities from October 2026. Singapore will remove the 5% cap on physical investment precious metals under selected tax incentive schemes for eligible funds and single-family offices, whilst Singapore Exchange is studying a physically deliverable gold futures contract. Joshua Rotbart, founder of J. Rotbart & Co., said regulations are no longer the main factor separating Singapore and Hong Kong. "The regulations are almost the same," he told Singapore Business Review via Zoom. "It's more about the nature of the market and the perception of risk." He said investors typically choose Singapore for long-term gold storage and wealth preservation , whilst Hong Kong has developed into a trading centre serving Mainland China. Singapore's latest measures build on work launched in March, when the Monetary Authority of Singapore and the Singapore Bullion Market Association formed the Gold Market Development Working Group to review clearing, settlement, storage, logistics, custody, and investment products. Hong Kong has also stepped up efforts this year, but with a stronger focus on the mainland. The Financial Services and the Treasury Bureau (FSTB) signed a cooperation agreement with the Shanghai Gold Exchange in January to develop a gold central clearing system and deepen cooperation between the two markets. The government also plans to expand Hong Kong's gold storage capacity to more than 2,000 tonnes within three years. The state-owned Hong Kong Precious Metals Central Clearing Company Ltd. held its first board meeting in April. Financial Services and Treasury Secretary Christopher Hui said preparations for the clearing system were progressing, with trial operations scheduled to begin this year. The bureau also announced in June that the Shanghai Gold Exchange had opened its first International Board-certified offshore gold delivery vault in Hong Kong, letting international investors take delivery of eligible contracts outside Mainland China. Albert Cheng, CEO at the Singapore Bullion Market Association, said Project Lion 2 aims to strengthen Singapore's gold market through improvements to clearing, storage, custody, and investment products. "By strengthening clearing, custody, vaulting, and product development, we can complement existing centres and deepen institutional participation," he added. Source： https://sbr.com.sg/exclusive/singapore-hong-kong-take-rival-paths-capture-global-gold-trade

Published on June 30, 2026 According to a report published over the weekend, Chinese officials are considering an overhaul to the country’s gold import/export regulations to “ streamline administration, facilitate trade, and improve the management of gold carried across the border by individuals. ” Under the current import/export framework, officials from the General Administration of Customs and the People’s Bank of China “ jointly formulate rules for individuals carrying or mailing gold and gold products across the border. ” The new plan would apparently end the Chinese central bank’s involvement in gold import/export rulemaking while “ such cross-border movements will remain subject to customs supervision .” According to the report, the new import/export regime was “ jointly formulated with the General Administration of Customs to update the existing regulatory framework in line with evolving economic conditions, legal requirements and policy adjustments. ” The report didn’t detail the new regulations, but it appears the aim is to make gold imports and exports more streamlined and convenient for individuals and businesses. According to the report, “ The revisions also seek to improve convenience for businesses and the public by formalizing measures that have proven effective in practice. ” “In addition, the draft would strengthen ex-ante supervision by clarifying the scope of customs oversight, enhancing supervision of foreign trade companies acting as agents, and improving the penalty framework for violations, according to the central bank.” Generally speaking, fewer hands in the regulatory pie mean a lighter regulatory burden, and many observers believe the new framework will at least modestly streamline the gold import/export process. Chinese investment demand was a significant driver during the bull market last year, and gold continued to flow into the country through the early months of 2026. In May, Chinese gold imports hit a 2-year high . Of 163 tonnes. That pushed year-to-date gold imports to 692 tonnes, a 76 percent increase over the same period last year. World Gold Council Ray Jia said, “ The positive local gold price spread remained a key factor in encouraging imports. ” Chinese buying helped push gold bar and coin demand to a 12-year high of 1,374.1 tonnes last year. In value terms, global bar and coin demand was a record-breaking $154 billion. More than half of last year’s global coin and bar demand came from two countries – China and India. The surge in Asian investment demand helped drive prices to record levels in January. It has since cooled as inflation fears and higher interest rate expectations have created headwinds for the gold market . The Shanghai Gold Benchmark Price dropped 2.7 percent last month, as yuan strength exacerbated the general downward trend in gold prices. Chinese gold ETFs reported outflows of metal for the first time since August 2025 last month, but there still appears to be a strong appetite for physical gold. Guangzhou Southern Gold Market Academy research analyst Song Jiangzhen told Bloomberg that demand for physical bullion bars and inflows of metal into gold accumulation plans are supporting demand. Accumulation plans, such as Money Metals' monthly purchase plan , allow investors to buy gold incrementally through regular monthly payments. Looking ahead, Jia said that seasonal factors should continue to support the Chinese gold market as jewelers restock after the holiday season. “The lower gold price may help boost these re-stocking activities, although jewelers may sit on the sidelines if the price weakness accelerates.” However, Jia said bullion buying could slow if the price continues to slide. source： https://www.moneymetals.com/news/2026/06/30/chinese-officials-float-plan-to-streamline-gold-importexport-rules