Futures: Overnight, LME lead opened at $1,905/mt. During the Asian session, LME lead consolidated around the daily average line. Entering the European session, LME lead dipped slightly to $1,883/mt, then fluctuated upward. Around midnight, after moving sideways, LME lead futures were dominated by bulls, with the center gradually moving higher to a peak of $1,926/mt, and finally closed at $1,925/mt, up $22/mt, or 1.16%. Overnight, the most-traded SHFE lead contract opened higher with a gap at 16,450 yuan/mt. In early trading, SHFE lead prices plunged rapidly, hitting a low of 16,320 yuan/mt before a slight correction. Thereafter, bulls and bears competed, and SHFE lead prices saw wide swings within the 16,355-16,405 yuan/mt range. At the end of the night session, SHFE lead prices fluctuated upward, but due to strong bearish momentum, turned to fluctuate downward and closed at the low of 16,405 yuan/mt. It posted a long upper-shadow bearish candle, up 90 yuan/mt, or 0.55%. On the macro front: 1. Trump: Once the Iran war ends, oil prices will fall rapidly like a rock. 2. Iran's foreign minister denied recent contact with the US special envoy, saying such reports appeared to be only intended to mislead oil traders. 3. Foreign media: The Saudi crown prince suggested Trump continue striking Iran. 4. US Treasury Secretary: There was no intervention in the oil futures market, and oil prices may be "well below" $80 within months. 5. Iranian Foreign Ministry: Ships from parties not involved in the war have already passed through the Strait of Hormuz. 6. Trading in key London Metal Exchange contracts was once suspended for several hours. 7. Li Chenggang: The Chinese and US teams reached preliminary consensus on certain issues. 8. China and the US agreed to study the establishment of a cooperation mechanism to promote bilateral trade and investment. 9. National Bureau of Statistics (NBS): From January to February, the national economy got off to a strong start and began well Spot fundamentals: Yesterday morning, SHFE lead fell sharply, once dropping below 16,200 yuan/mt in early trading, before recovering part of the losses. Suppliers shipped in line with the market, while some suppliers were reluctant to sell at low prices. Discounts narrowed significantly from last Friday, especially for primary lead smelter cargoes self-picked up from production site, with quotations in major producing areas quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price, ex-works. In addition, as losses widened at secondary lead smelters, some enterprises suspended shipments or offered quotes at high premiums. Secondary refined lead was quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises actively inquired and purchased, with more purchases in major producing areas. However, as market discounts narrowed or turned into premiums, procurement decreased accordingly, and spot market trading was relatively active. Inventory: As of March 16, LME lead inventory increased by 75 mt, or 0.03%, to 284,575 mt; SMM social inventory of lead ingot across five regions increased slightly again. Lead Price Forecast for Today: After plunging sharply yesterday, SHFE lead recovered some of its losses, while discounts for primary lead spot cargo against last Friday narrowed. As losses widened, secondary lead enterprises quoted at premiums, with some choosing not to make shipments; secondary lead prices inverted against primary lead prices, prompting downstream buyers to favor purchases of primary lead. Overall, support from the spot market and cautious downstream sentiment are in a tug-of-war, making it difficult for lead prices to stage a strong reversal for now, with weak consolidation and sideways movement likely to dominate.

According to foreign media reports, as the ongoing escalation of geopolitical conflict in the Middle East disrupted navigation through the Strait of Hormuz, shipments of aluminum products in the region had “stalled.” Mercuria Energy Group, the world’s largest independent integrated energy and commodities trading house, was expected to urgently withdraw nearly 100,000 mt of aluminum from London Metal Exchange (LME) warehousing facilities to ease the supply gap in European and US markets. Three sources familiar with the matter revealed that Switzerland-based Mercuria had on Monday canceled warrants for, or earmarked for delivery, nearly 100,000 mt of aluminum stored in LME-approved warehouses at Port Klang. Mercuria has so far declined to comment on the move.

Kaiser Aluminum shipped 274 million pound (124,284 tonnes) of aluminium in Q4 2025, down by 6 per cent from 292 million pound (132,449 tonnes) in Q4 2024. Consequently, the company’s full-year shipments slipped 5 per cent Y-o-Y from 1,172 million pound (531,610 tonnes) to 1,108 million pound (502,580 tonnes). While volumes faltered, pricing dynamics worked decisively in Kaiser’s favour. At the end of December 2025, the global aluminium prices on London Metal Exchange reached USD 2,968 per tonne, potentially up by 13.6 per cent than the early September level. This strong aluminium prices translated into Kaiser’s positive net sales of USD 929 million in Q4, up from USD 765 million Y-o-Y.

CME plans to approve the establishment of aluminum warehouses in Taiwan and Hong Kong, as this US commodity exchange intensifies efforts to compete with the London Metal Exchange (LME) in the Asian market. These new warehouse locations signify a major expansion of the exchange in Asia, where two-thirds of the world's aluminum was produced last year. Currently, the exchange's base metal warehouses in Asia are limited to Malaysia, Singapore, and South Korea.

Copper prices on the London Metal Exchange rebounded about 3.6% to around USD 13,360/t after dipping to a three-week low, supported by news that China may boost copper stockpiles and improved risk sentiment among global investors.

SMM Morning Meeting Minutes: LME copper opened at $13,025/mt overnight, initially dipped to $12,975/mt, then fluctuated upward and touched a high of $13,228/mt near the close, finally settling at $13,185/mt, up 0.96%, with trading volume reaching 15,200 lots and open interest at 327,000 lots, an increase of 2,466 lots from the previous session, overall showing a pattern of bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 101,740 yuan/mt overnight, touched a low of 101,280 yuan/mt at the beginning, then the center of copper prices gradually shifted upward and tested 102,500 yuan/mt, finally settling at 102,450 yuan/mt, up 0.93%, with trading volume reaching 41,800 lots and open interest at 165,000 lots, a decrease of 4,251 lots from the previous session, overall showing a pattern of bears reducing positions.

Data released by the London Metal Exchange (LME) showed that LME tin inventory continued its downward trend last week, with the latest inventory level at 2,155 mt, hitting a new two-year low. Data released by the Shanghai Futures Exchange (SHFE) indicated that during the week ending June 13, SHFE tin inventory pulled back, with weekly inventory decreasing by 3.59% to 7,107 mt, reaching a new four-month low. Note: Generally, a continuous decline in inventory at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices. Comparison of LME and SHFE tin inventory since 2023 The following are the tin inventory data for LME and SHFE since June 2025: (Unit: mt)

On June 17, the share price of China Nonferrous Mining Corporation Limited (CNMC) rose. As of 14:29 on June 17, CNMC's shares increased by 2.03%, closing at HK$7.03 per share. On June 16, CNMC (01258) announced that its subsidiary, CNMC (Hong Kong) Holdings Limited, had signed the 2025 Gecamines Copper Cathode Purchase Agreement with Gecamines on June 16, 2025. The total contract value was approximately $67.03 million, involving the purchase of 7,000 metric tons of high-grade copper cathode processed by CNMC Huaxin Hydrometallurgy. CNMC (Hong Kong) Holdings Limited is a subsidiary of the company. Gecamines holds a 40% stake in the company's subsidiary, Kambove Mining, and is considered a connected person at the subsidiary level under the Listing Rules. Therefore, the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement constitute connected transactions of the company under Chapter 14A of the Listing Rules. According to CNMC's announcement, as one or more of the applicable percentage ratios in relation to the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement, when considered on a standalone basis, exceed 0.1% but are all below 5%, these transactions are subject to the reporting, annual review, and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. Under Rule 14A.81 of the Listing Rules, if a series of connected transactions are all conducted within the same 12-month period or are interrelated, these transactions must be aggregated and treated as a single transaction. The transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement are similar in nature to previous transactions and must be aggregated. When aggregated with previous transactions, all applicable percentage ratios for the transactions proposed under this agreement exceed 0.1% but are below 5%. Therefore, these transactions are subject to the reporting and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. The key terms of the agreement include the agreement period from June 16, 2025, to December 31, 2025. Pricing: The price per metric ton for the copper cathode sold under the 2025 Gecamines Copper Cathode Purchase Agreement shall be determined by reference to the average price during the agreed quotation period (i.e., the month following the delivery month, hereinafter referred to as the "Quotation Period"). This price is calculated by deducting a discount of $425 per metric ton from the daily cash seller's quotation for Grade A copper on the London Metal Exchange during the Quotation Period, after fair negotiations between the contracting parties. Therefore, the total market value of the copper cathode is approximately $70,000,000 (before deducting the discount). Payment: The payment for the 2025 Gecamines Copper Cathode Purchase Agreement shall be made by CNMC (Hong Kong) Holdings Limited to Gecamines' designated account via telegraphic transfer within five (5) working days after the delivery of the copper cathode. Delivery Period: CNMC Hong Kong Holdings Limited is required to appoint a carrier to dispatch trucks to Gécamines' plant for cargo loading within ten (10) days from the date Gécamines provides the goods. Regarding the reasons for this transaction, the announcement by China Nonferrous Mining Corporation Limited (CNMC) indicates that the copper cathode purchased under the 2025 agreement will meet the demand for copper cathode from CNMC Hong Kong Holdings Limited and its customers. The Board believes that entering into this agreement is beneficial to the Group and aligns with the Group's business and commercial objectives. The agreement was negotiated on a one-off basis, taking into account the recent demand for copper cathode and the market supply and demand conditions at the time of signing. As of the announcement date, the Group has no plans to purchase copper cathode from Gécamines on an annual basis. If the Company plans to engage in continuous daily transactions with Gécamines in the future, it will comply with all applicable provisions of the Listing Rules. When commenting on CNMC's 2024 annual report and 2025 Q1 results, Minsheng Securities stated: "Historical best annual net profit attributable to shareholders, with expectations for sustained growth in self-produced copper." On April 25, 2025, the Company released its 2024 annual report and 2025 Q1 results. In 2024, the Company achieved revenue of $3.817 billion, up 5.8% YoY, and a net profit attributable to shareholders of $399 million, up 43.6% YoY. On a quarterly basis, the Company achieved a net profit attributable to shareholders of $85 million in 2024Q4, up 273.9% YoY and down 11.1% MoM; in 2025Q1, the Company achieved a net profit attributable to shareholders of $123 million, up 46% YoY and up 46% QoQ. The 2025Q1 results exceeded market expectations. The record-high net profit attributable to shareholders in 2024 was mainly due to the rise in copper prices. ① Production: Affected by the change of service providers and tight power supply in the DRC, the self-produced copper output declined slightly YoY. In 2024, the Company's production of blister copper and copper anode/copper cathode/sulphuric acid was 28.6/12.6/1.056 million mt, with YoY changes of +0.1%, -11.4%, and +10.5%, respectively. Among them, self-produced blister copper and copper anode/copper cathode were 7.77/81,500 mt, down 11.4% and 0.2% YoY, respectively. The total self-produced copper ore was 159,000 mt, down 6% YoY. The decrease in self-produced blister copper and copper anode output was mainly due to a 10.9% YoY decline in CNMC Nonferrous Mining's copper output to 68,000 mt, as the change of underground mining service providers in H1 affected the production of sulphide ore. From a quarterly production perspective, Q2-Q4 had recovered to a level of 17,000-18,000 mt per quarter. In addition, although self-produced copper cathode production remained basically flat, the production of copper cathode from externally purchased oxide ore decreased, leading to a YoY decline in total copper cathode output, mainly due to production losses at Huaxin Hydrometallurgy and Huaxin Mabende caused by power shortages in the DRC. ② Sales: Production and sales were basically balanced. It is worth noting that cobalt production was only 633 mt, down 49.6% YoY, possibly due to the prolonged downturn in cobalt prices. ③ Unit Price: Rising copper prices contributed to profit growth. ④ Cost: Cost control was strong, with overall costs remaining stable. ⑤ Lightly Equipped with Excellent Asset Quality. In Q1 2025, the company's net profit attributable to shareholders increased significantly both YoY and QoQ, mainly due to the rise in copper prices and the normalization of copper production. ① Production: In Q1 2025, the company's production of blister copper and copper anode/copper cathode/sulphuric acid was 10.97/3.50/271,400 mt respectively. Among them, the production of blister copper and copper anode, and sulphuric acid was basically flat YoY, while the production of copper cathode increased by 8% YoY. This was mainly because the production of copper cathode at Huaxin Mabende and Huaxin Hydrometallurgy, two hydrometallurgical smelters in the DRC, increased by 49% and 20% YoY respectively. The increase in production was due to the company's efforts to ensure power supply through multiple measures such as constructing PV power generation and diesel power generation facilities. The self-produced blister copper and copper anode (CNMC Luanshya + CNMC Nonferrous Mine + Chambishi Hydrometallurgy)/copper cathode (CNMC Luanshya + Chambishi Hydrometallurgy + Gambowe Mining) were 21,400/21,700 mt respectively, increasing by 22.4% and decreasing by 3.7% YoY respectively. The total self-produced copper ore was 43,000 mt, up 7.7% YoY. The increase in self-produced blister copper and copper anode production was mainly due to the 26.7% YoY increase in copper production at Chambishi Copper Mine of CNMC Nonferrous Mine, as the low base caused by the replacement of mine service providers in the same period last year affected production, which has now returned to normal this year. ② Unit Price: In Q1 2025, the prices of copper and cobalt were 77,300 yuan/mt and 170,000 yuan/mt respectively, changing by +11.3% and -17.1% YoY, and increasing by 2.4% and 4.6% QoQ respectively. The long-term contract TC for 2025 was $21.25/mt. The vast majority of the company's smelter raw materials come from copper concentrates locked in through long-term contracts. However, due to successful negotiations on freight sharing, the decline in some of the TC was offset, so the impact of the decline in smelting processing fees on the company was less than that on domestic companies. Core Highlights: ① Endogenous Growth: CNMC Africa Mining, CNMC Luanshya, and Chambishi Hydrometallurgy, subsidiaries of the company, will research and promote the following projects in the next 3-5 years: the expansion of the Chambishi Southeast Orebody, the new mine of CNMC Luanshya, the mining and beneficiation project of the Samba Mine, and the production resumptions of the Gambowe West Orebody and MSESA Orebody, indicating significant endogenous growth potential. ② Outward Mergers and Acquisitions: At the group level, to address horizontal competition issues, the DRC company and Deziwa Copper Mine are expected to be injected into the publicly listed firm. ③ Scarcity of High-Dividend Copper Targets. Risk Warnings: Continuous decline in smelting processing fees, decline in copper prices, and geopolitical risks. Guosen Securities commented on CNMC Mining in its research report, stating: Core Mines: In 2024, CNMC Africa Mining produced approximately 68,200 mt of copper anode, down about 11% YoY; CNMC Luanshya produced approximately 44,400 mt of copper cathode, up about 2% YoY, and 4,159 mt of copper anode, down about 47% YoY; Gambowe Mining produced approximately 34,400 mt of copper cathode, up about 4% YoY. High Dividend Payout Ratio: The company plans to distribute a dividend of 4.2893¢ per share, with a total dividend amount of approximately $167 million, accounting for 42% of the company's net profit attributable to shareholders in 2024. The company has maintained a dividend payout ratio of over 40% for four consecutive years since 2020, with its dividend payout ratio and dividend yield ranking among the leading levels in the industry. The company's captive mine is expected to gradually increase its annual copper production to approximately 300,000 mt in the medium and long term. Risk Warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, and risk of changes in policies related to mineral resources in overseas countries.

Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to decline last week, with the latest inventory level reaching 114,475 mt, the lowest in over a year. The latest data released by the Shanghai Futures Exchange indicated that during the week of June 13, SHFE copper inventories dropped back slightly, with weekly inventories increasing by 5.08% to 101,943 mt. International copper inventories increased by 299 mt to 11,373 mt. Last week, COMEX copper inventories continued to increase, with the latest inventory level reaching 196,046 mt, hitting a nearly seven-year high. Note: Generally speaking, a continuous decline in inventories at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices. Comparison of Copper Inventories at the Three Major Exchanges Since 2023 The following are the copper inventory data at the three major exchanges since June 2025: (Unit: mt)

On June 4, Meidy Katrin Lengkey, Secretary General of the Indonesia Nickel Miners Association (APNI), stated that APNI had proposed the establishment of an Indonesian metal exchange, which had already received approval from the Indonesian government.