Delaware Depository, a COMEX/NYMEX Depository for the storage and delivery of gold, gold (enhanced delivery), silver, platinum, and palladium deliverable against the Exchange’s respective futures contracts, will implement new rates in connection with Storage of Gold, Gold (Enhanced Delivery), and Silver at its facilities located in Delaware. The new rates reflect the maximum amounts of fees that can be charged and will be effective July 1, 2026.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

Since Israel launched attacks on Iran late last week, both WTI crude oil, the US benchmark, and Brent crude oil, the global benchmark, have experienced significant volatility. One indicator might help illustrate just how serious investors' concerns are about the potential scope of this conflict... Rebecca Babin, Senior Energy Trader and Managing Director at CIBC Private Wealth, said that the CBOE Crude Oil ETF Volatility Index hit its highest closing level in over three years on Tuesday, indicating that "the market is pricing in multiple tail risks." "This is a clear signal that traders are increasingly concerned about how the situation might evolve—not just short-term supply disruptions, but broader regional instability," Babin noted. According to Dow Jones Market Data, the index surged by 26% on Tuesday, closing at $71.56, its highest closing level since March 2022. Described as an estimate of the 30-day expected volatility of crude oil priced by the United States Oil Fund (USO), the index has "doubled" in the past five trading days, rising by 104%. It's worth noting that the index has also surged after key geopolitical events in the past, but none have been as dramatic as this one. For example, after Hamas attacked Israel on October 7, 2023, the index rose by 11.7% the following Monday, closing at $39.85, its highest closing level since June of that year. On the day after Trump's April 2 "Liberation Day" tariff announcement, the index rose by 18%, closing at $35.45. Fawad Razaqzada, Market Analyst at GAIN Capital, said that the situation between Israel and Iran this time is "quite different." "US President Trump stated in a social media post that 'we now have complete control of Iranian airspace,' indicating that the US is engaging in the conflict," he said. According to multiple media reports, US President Trump is considering a range of options, including joining Israel in air strikes against Iran. He also posted on social media on Tuesday demanding Iran's "unconditional surrender." This has raised questions about whether the US might take action to deepen its involvement in the conflict. Market data shows that the price of the most-traded July WTI crude oil futures contract in the US rose by $3.07, or 4.3%, on Tuesday, closing at $74.84 per barrel, its highest closing level for the most-traded contract since January this year. The most-traded August Brent crude oil futures contract, the global benchmark, also rose by $3.22, or 4.4%, closing at $76.45 per barrel, its highest closing level since February. Matt Polyak, managing partner at Hummingbird Capital, said that a key factor driving market volatility is the potential impact on global supply from Iran's export of approximately 1.5 million barrels of oil per day. According to data from the US Energy Information Administration (EIA), around 20 million barrels of crude oil and condensate were transported through the Strait of Hormuz to global markets each day in 2024, accounting for roughly one-third of global oil trade. From the perspective of market positioning, Polyak of Hummingbird noted that CFTC data showed that the net managed money position in crude oil on the New York Mercantile Exchange (NYMEX) was in line with the average over the past three years but below the five-year average, suggesting there is still room for long positions to increase. Meanwhile, Denton Cinquegrana, chief oil analyst at Oil Price Information Service, pointed out that the open interest in WTI contracts is in "free fall, so short positions are undoubtedly being covered." Short positions refer to bets on falling oil prices, and covering refers to investors buying back the oil they previously sold short. For example, FactSet data showed that the open interest in the most-traded July WTI crude oil futures contract was around 81,660 lots in Tuesday's trading, down from 144,493 lots on Friday. Regarding how high oil prices could rise from current levels, CIBC's Babin said that if the situation is limited to Iran-Israel tensions, "some of the gains may already be priced in by the market—especially since the spare capacity of Saudi Arabia and the UAE provides some cushion." However, she stated, "if there are signs that the situation is escalating into a full-blown regional conflict with direct strikes on infrastructure, then there is still significant upside risk for oil prices."

Metals generally rose, with LME zinc and coking coal up over 1%, while crude oil, NYMEX gold, and SHFE gold fell [Overnight Market]

SMM June 17 news: Metal market: Domestic base metals showed mixed performance overnight, with SHFE tin slightly down. SHFE copper rose 0.45%. SHFE nickel fell 0.48%. SHFE lead gained 0.35%. SHFE aluminum edged down 0.02%, while SHFE zinc advanced 0.62%. Additionally, the most-traded alumina futures contract increased 0.18%, and the most-traded cast aluminum contract climbed 0.64%. Overnight ferrous metals series mostly rose, with iron ore up 0.07%, stainless steel down 0.2%, rebar gaining 0.17%, and HRC slightly higher. For coking coal and coke: coking coal rose 1.08%, coke increased 0.85%. Overnight overseas market metals saw LME base metals generally rise, with LME copper up 0.52%, LME aluminum gaining 0.56%, LME lead rising 0.8%, LME zinc jumping 1.41%, while LME tin fell 0.44% and LME nickel declined 0.42%. Overnight precious metals: COMEX gold dropped 1.4%; COMEX silver edged up 0.04%. SHFE gold fell 1.37%, SHFE silver decreased 0.08%. As of 8:15 am June 17, overnight closing quotes 》Click to view SMM futures data dashboard Macro front Domestic: [Notice: MOFCOM to hold press conference on 19th regarding key work in commerce sector] The Ministry of Commerce will hold a press conference at 3 pm on Thursday, June 19, 2025, where its spokesperson will introduce recent key work in the commerce sector and take questions from reporters. [NAFMII convenes symposium on supporting high-quality development of automakers in China's interbank market] NAFMII held a symposium on June 16, 2025, discussing interbank market support for high-quality development of automakers. Representatives from automakers and lead underwriters attended, with the meeting chaired by NAFMII Vice President Zhong Xu. The association presented interbank market support for the automotive industry. Representatives from 9 companies - FAW, SAIC, BAIC Group, BYD, Geely Holding, Great Wall Motor, NIO Group, XPeng Motors, and Xiaomi Group - described challenges faced amid cut-throat competition and proposed suggestions for optimizing financing environment. Lead underwriters conducted on-site matchmaking for automakers' financing needs. Next, NAFMII will implement the Party Central Committee and State Council's strategic deployment on developing new quality productive forces through technological innovation, strengthen bond market system building and product innovation, optimize financial services tailored for the automotive sector, encourage automakers to increase bond financing while maintaining healthy development and avoiding disorderly competition, and actively promote intelligent, high-end, green transformation to advance China's automotive industry toward high-quality development. Cailian Press) [CPCA: 52,000 Pickup Trucks Sold in May, Up 13.6% YoY] According to data from the China Passenger Car Association (CPCA), in May 2025, 51,700 pickup trucks were produced nationwide, up 20.8% compared to May 2024. From January to May 2025, 255,000 pickup trucks were produced, up 23.4% YoY. In May 2025, 52,000 pickup trucks were sold in the market, up 13.6% compared to May 2024, and down 8.1% MoM from the previous month, remaining at a high level in the past five years. From January to May 2025, 258,000 pickup trucks were sold, up 18.2% YoY compared to January-May 2024. [Goldman Sachs Bullish Again: Global Capital Returns to China, Optimistic About China's "Top 10" Stocks] Kinger Lau, Chief China Equity Strategist at Goldman Sachs, recently released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment prospects for China's private enterprises are improving. Goldman Sachs has listed China's "Top 10," namely the ten Chinese private publicly listed firms that Goldman Sachs is particularly bullish on. They are: Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta. 》Click for details US Dollar: The US dollar index rose 0.03% overnight, closing at 98.15. The market is focused on the tense situation between Israel and Iran, as well as the US Fed's policy meeting this week. The Fed meeting will conclude on Wednesday. The market generally expects the Fed to keep interest rates unchanged. However, the market will be watching how the Fed views recent data, which generally indicate softening economic activity, but the risk of rising price pressures remains high. Other Currencies: Leaders of the Group of Seven (G7) began their annual summit in Canada. With about three weeks left until Trump's deadline for trade agreements, the market remains nervous as agreements with major trading partners such as the EU and Japan have not yet been signed. They will be looking for any progress made in any bilateral talks with the US on the sidelines of the G7 leaders' summit. (Webstock Inc.) Data: Today, data such as the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Index for the Eurozone in June, the ZEW Economic Sentiment Index for Germany in June, the US monthly import price index for May, the US annual import price index for May, the US monthly retail sales for May, the US monthly core retail sales for May, the US annual retail sales for May, the US monthly retail sales control group associated with GDP for May - seasonally adjusted, the US monthly industrial output for May, the US capacity utilization rate for May, the US monthly manufacturing output for May, the US manufacturing capacity utilization rate for May, and the US annual industrial output for May - seasonally adjusted, will be released. In addition, it is worth noting that: Today, 182 billion yuan of one-year medium-term lending facility (MLF) matured; Bank of Japan Governor Kazuo Ueda held a monetary policy press conference; the Bank of Japan announced its interest rate decision; US President Trump visited Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures fell, with WTI down 2.06% and Brent down 2.33%. Market concerns about disruptions to crude oil supplies in the Middle East eased, leading to a decline in oil prices. The US Navy said on Monday that electronic interference with commercial shipping navigation systems around the Strait of Hormuz had surged in recent days, affecting vessels passing through the area. Approximately one-fifth of global oil consumption, or about 18-19 million barrels per day (bpd) of oil, condensate, and fuels, passes through the Strait. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million bpd of oil and fuels and exports more than 2 million bpd. Analysts and OPEC observers said that the spare capacity of OPEC oil-producing countries to increase production to offset any disruptions is roughly equivalent to Iran's production. A preliminary survey showed that US crude oil and distillate inventories likely fell last week, while gasoline inventories may have increased. Before the weekly inventory report was released, the average forecast of four surveyed analysts was that US crude oil inventories increased by about 600,000 barrels in the week ending June 13. US distillate inventories, including diesel and heating oil, were expected to decrease by about 100,000 barrels, while gasoline inventories were expected to increase by 200,000 barrels. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 AM Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 10:30 PM Beijing time on Wednesday. (Webstock Inc.)

SMM, June 13: Metal Market: As of the overnight close, domestic market base metals generally declined, with only SHFE aluminum and SHFE lead rising together. SHFE aluminum increased by 0.39%, and SHFE lead rose by 0.15%. SHFE nickel led the declines with a 0.58% drop, while the declines in other metals fluctuated slightly. In the overseas market, base metals showed mixed performance, with LME copper, LME aluminum, and LME lead rising together, but the fluctuations in the percentage changes of these metals were relatively small. LME nickel recorded five consecutive days of declines, with the main alumina contract falling by 1.9% and the main aluminum casting contract dropping by 0.28%. In the ferrous metals series, prices fell collectively. HRC declined by 0.74%, rebar fell by 0.81%, and iron ore dropped by 0.21%. In the coking coal and coke sector, coking coal fell by 1.16%, and coke declined by 1.38%. In the overnight precious metals market, COMEX gold rose by 1.88%, recording two consecutive days of gains. After opening on the morning of June 13, it surged again, touching a new high since May 7 during the session, driven by escalating regional tensions and cooling US economic data fueling a new round of bets on a US Fed interest rate cut. COMEX silver rose by 0.41%. Domestically, SHFE gold increased by 0.65%, while SHFE silver fell by 0.53%. As of 8:23 a.m. on June 13, the overnight market close on Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic: [PBOC and SAFE: Further Strengthen Financial Support for Cross-Strait Integration and Development] The "Measures" include optimizing the financial ecosystem for the shared "living circle" across the Taiwan Strait, serving Taiwan compatriots and Taiwan-funded enterprises in building the first home for landing, supporting high-level opening-up pilot programs for cross-border trade in Fuzhou, Xiamen, and Quanzhou, and facilitating cross-border investment and financing under the capital account. The PBOC and SAFE will promote the detailed implementation of various policy measures outlined in the "Measures." On the afternoon of June 12, the Ministry of Commerce held a regular press conference, where a reporter asked about the first meeting of the China-US economic and trade consultation mechanism. He Yadong, spokesperson for the Ministry of Commerce, stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the China-US economic and trade consultation mechanism in London, UK. The two sides reached a consensus in principle on measures to implement the important consensus reached during the phone call between the two heads of state on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding rare earths, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has already approved a certain number of compliant applications in accordance with the law and will continue to strengthen the approval process for compliant applications. US dollar: As of overnight close, the US dollar index fell by 0.78%, hitting a low of 97.6 during the session, the lowest since March 2022. US inflation data for May came in below expectations, suggesting that the US Fed may resume interest rate cuts as soon as possible. Data showed that the month-on-month (MoM) increase in the US Producer Price Index (PPI) for May was lower than expected, suppressed by a decline in service prices such as airfares, which weighed on the US dollar. Wednesday's data also showed cooling inflation, with the US Consumer Price Index (CPI) rising less than expected. The futures market tracking the US Fed's policy rate increased its bets on two consecutive interest rate cuts starting in September. Before the data release, the market was betting on an interest rate cut in September and another in December. Other currencies: The safe-haven Japanese yen and Swiss franc were boosted by escalating tensions in the Middle East. The euro rose to its highest level against the US dollar in nearly four years. The US dollar fell to a two-month low against the Swiss franc and to about a one-week low against the yen. In afternoon trading, the US dollar fell more than 1% against the Swiss franc to 0.8114 Swiss francs, after earlier hitting a low of 0.8104, the lowest since April 22. The US dollar fell 0.7% against the yen to 143.59 yen, after earlier touching a one-week low. The euro against the US dollar once touched $1.1632, the highest since October 2021, and ended the New York session up 0.8% at $1.1576. Data: Today, the preliminary US University of Michigan Consumer Sentiment Index for June, the eurozone's seasonally adjusted trade balance for April, the eurozone's total reserve assets for May, the final annual rate of Germany's CPI for May, the monthly rate of Canada's manufacturing sales for April, and the monthly rate of Canada's manufacturing new orders for April will be released. In addition, the US Fed released the "Quarterly Financial Accounts Report for the United States," and He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US Economic and Trade Consultation Mechanism. Crude oil: As of overnight close, oil prices in both markets rose together, with US crude oil up 1.04% and Brent crude oil up 0.82%. This was due to traders choosing to take profits after the previous trading day's surge of over 4%. The reason for Wednesday's oil price increase was concerns about disruptions to Middle Eastern oil supplies. The US decision to withdraw personnel from the Middle East led to both benchmark crude oils rising over 4% on Wednesday, reaching their highest levels since early April. StoneX Energy analyst Alex Hodes said that from multiple technical indicators, this surge pushed the market into overbought territory, so a short-term correction may be needed.

SMM, June 7: Metal Market: As of the overnight close, domestic market base metals showed mixed performance. SHFE lead led the gains with a 0.15% increase, SHFE nickel rose by 0.11%, and SHFE tin closed flat at 262,930 yuan/mt. SHFE zinc fell by 0.38%, and alumina dropped by 1.26%. Overseas market base metals collectively declined, with LME aluminum leading the losses with a 1.07% drop. LME tin fell by 0.94%, LME zinc by 0.87%, and LME copper by 0.71%, with the remaining metals experiencing minor fluctuations in their declines. In the ferrous metals series, prices collectively fell overnight. Stainless steel dropped by 0.67%, HRC by 0.68%, rebar and iron ore by over 0.5% (rebar fell by 0.57%, iron ore by 0.56%). In the coking coal and coke sector, coking coal fell by 0.13%, and coke by 1.44%. In the precious metals sector overnight, COMEX gold fell by 1.31% but gained 0.47% on a weekly basis. COMEX silver rose by 0.91%, reaching a high of $36.51/oz during the session, a new high since 2012, and surged 9.39% on a weekly basis. SHFE gold fell by 1.09% but gained 1.42% on a weekly basis. SHFE silver rose by 0.62%, hitting a record high of 8,867 yuan/mt during the session since its listing, and gained 7.64% on a weekly basis. Overnight closing prices as of 7:58 a.m. on June 7 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: On the morning of June 6, Premier Li Qiang of the State Council had a scheduled phone call with Canadian Prime Minister Justin Trudeau. Li Qiang pointed out that China-Canada development represents opportunities, not threats, for each other. There are no fundamental conflicts of interest between the two countries; instead, there is a history of traditional friendship and mutual benefit. He hoped that Canada would work with China in the same direction, view China's development objectively and rationally, achieve mutual success, and jointly promote prosperity. China is willing to work with Canada to jointly uphold multilateralism and free trade, and promote the correct development of economic globalization and the multilateral trading system, injecting more stability into world peace and development. Trudeau stated that Canada-China relations have experienced setbacks in the past few years, and Canada is willing to restart the relationship. He looks forward to resuming high-level exchanges and dialogue mechanisms with China in areas such as diplomacy, economy, and trade, and strengthening practical cooperation in trade, agriculture, energy, and environmental protection. The China National Coal Association and the China Coal Transportation and Distribution Association are scheduled to hold the "2025 Summer National Coal Trading Conference" from July 10 to 11. The theme of the conference is "Promoting Efficient Allocation of Resource Elements and Facilitating Dynamic Balance in Coal Supply and Demand." The conference aims to earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, continuously enhance the viability, competitiveness, development capacity, and sustainability of the coal industry chain and supply chain, and maintain stable and healthy economic development and overall social stability. The China Automobile Dealers Association and Jingzhengu jointly released the "Research Report on China's Used Car Price Retention Rate in May 2025." The report points out that the duration of the recent surge in the used car market, driven by trade-in subsidies, is difficult to predict. When considering prices, the price war for new cars in May and June continues, and price reductions may dampen the activity in the used car market. US dollar: The US dollar index rose 0.48% overnight to close at 99.22, while it fell 0.22% on a weekly basis. This is because data showed that US employment growth in May was better than expected, although the growth rate slowed compared to the previous month, suggesting that the US Fed may wait longer before cutting interest rates. Data from the US Department of Labor showed that employers added 139,000 jobs in May, down from 147,000 in April but exceeding the 130,000 increase forecasted in a survey of economists. Following the data release, financial markets bet that the US Fed would wait until September to cut interest rates, with a total of two rate cuts expected in 2025, reducing the likelihood of a third rate cut. Other currencies: The US dollar rose 0.95% against the Japanese yen to 144.87 yen and 0.26% against the Swiss franc to 0.822. After the data release, the US dollar's gains against these two safe-haven currencies widened. The US dollar rose against the yen and the Swiss franc for the second consecutive week but was still down about 8% and about 9% year-to-date, respectively. Immediately after the employment data release, the euro fell further against the US dollar, closing down 0.43% at 1.1395 US dollars in New York. Year-to-date, the euro has still risen about 10% against the US dollar. After European Central Bank President Lagarde's comments that the ECB was approaching the end of its monetary policy easing cycle, the euro briefly touched a six-week high of 1.14950 US dollars against the US dollar on Thursday and is set to post a weekly gain. Data: Next week, global leading indicators for the turning point of the industrial production cycle in May will be released. In China, data such as the year-on-year PPI for May, the year-on-year CPI for May, the trade balance in yuan for May, the year-on-year import and export growth rate for May, the year-on-year M2 money supply growth rate for May, the year-to-date social financing scale for May, and the year-to-date new yuan-denominated loans for May will be released. In the US, data such as the final value of the wholesale inventory monthly growth rate for April, the 1-year inflation expectations of the New York Fed for May, the 3-year inflation expectations of the New York Fed for May, the 1-year gold price increase expectations of the New York Fed for May, the unadjusted year-on-year CPI for May, the unadjusted year-on-year core CPI for May, the unadjusted year-on-year energy CPI for May, the IPSOS Primary Consumer Sentiment Index (PCSI) for the US as of June 7, the initial jobless claims for the week ending June 7, the year-on-year PPI for May, the year-on-year core PPI for May, and the preliminary value of the University of Michigan Consumer Sentiment Index for June will be released. In Japan, data such as the revised quarter-on-quarter growth rate of seasonally adjusted real GDP for Q1, the revised annualized quarter-on-quarter growth rate of seasonally adjusted real GDP for Q1, the revised quarter-on-quarter growth rate of seasonally adjusted nominal GDP for Q1, and the BSI Large Manufacturing Confidence Index for Q2 will be released. In the UK, data such as the ILO unemployment rate for April, the average weekly earnings including bonuses for the three months to April, the month-on-month GDP growth rate for April, the month-on-month industrial output growth rate for April, the year-on-year industrial output growth rate for April, the seasonally adjusted goods trade balance for April, and the seasonally adjusted trade balance for April will be released. In the Eurozone, data such as the Sentix Investor Confidence Index for June, the seasonally adjusted trade balance for April, and the total reserve assets for May will be released. Additionally, data such as the month-on-month growth rate of manufacturing sales for April in Canada, the month-on-month growth rate of new manufacturing orders for April in Canada, the seasonally adjusted consumer confidence index for May in Switzerland, the ANZ consumer confidence index for the week ending June 8 in Australia, and the final value of the year-on-year CPI for May in Germany will also be released. Additionally, on June 12, US President Trump will raise tariffs on imported steel from 25% to 50%. Furthermore, the US Fed released the "Quarterly Report on US Financial Accounts." Crude oil: Oil prices in both markets rose overnight, with US crude oil up 2.21% and posting a weekly gain of 6.55%, while Brent crude oil rose 2% and recorded a weekly increase of 6.16%, both achieving their first weekly gains in three weeks, supported by a positive US employment report and optimistic expectations for the US-China trade outlook. Analysts believe that the US employment report has appropriately increased the likelihood of an interest rate cut by the US Fed, which could stimulate economic growth and oil demand. As news of tariff negotiations emerged, along with data showing how trade uncertainties and US tariff policies are affecting the global economy, the oil market continued to fluctuate. On Saturday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to increase production by 411,000 barrels per day in July. This is part of a broader strategy by OPEC to regain market share. The organization rejected Saudi Arabia's proposal for a larger production increase. HSBC said in a report, "Based on our estimates, with oil demand rising in the summer and peaking in July-August, matching the growth in OPEC supply, the market appears balanced in Q2/Q3." US energy services company Baker Hughes stated in its closely watched report that the number of oil and natural gas rigs operated by US energy firms fell for the sixth consecutive week this week, the first such six-week decline since September 2023. (Wenhua Comprehensive)

SMM June 6 news: Metal market: Domestic base metals generally rose overnight, with SHFE tin up 1.66%, SHFE copper up 0.58%, SHFE nickel up 0.28%, SHFE lead down 0.36%, SHFE aluminum up 0.1%, and SHFE zinc down 0.27%. Additionally, the most-traded alumina futures contract fell 1.17%. Ferrous metals series all rose overnight, with iron ore up 1%, stainless steel slightly up, rebar up 1.15%, HRC up 1.01%. For coking coal and coke, coking coal surged 4.64% while coke gained 1.64%. LME base metals showed mixed performance overnight, with LME copper up 0.89%, LME aluminum down 0.32%, LME lead down 0.48%, LME zinc down 0.5%, LME tin up 1.07%, and LME nickel up 0.32%. Precious metals: COMEX gold fell 0.68% while COMEX silver rose 3.31%. SHFE gold dropped 0.46% and SHFE silver climbed 2.89%. As of 8:25 am June 6, overnight closing quotes 》Click to view SMM futures data dashboard Macro front 》Xi Jinping held phone talks with US President Trump Domestic news: [Commerce Ministry responds to auto industry's cut-throat competition: Strengthens comprehensive rectification and compliance guidance] A reporter raised questions about the automotive industry. Commerce Ministry spokesperson Yongqian He stated that the auto sector is a pillar and strategic industry of the national economy, playing a vital role in stabilizing growth and expanding consumption. In recent years, the Ministry has implemented car trade-in policies and auto circulation reform pilots to continuously unleash consumption potential and cultivate new growth points. Recently, relevant departments organized symposiums with industry associations, research institutions and enterprises to gather opinions for improving auto circulation. Next, the Ministry will collaborate with other departments to enhance market tracking, research and policy guidance, remove circulation bottlenecks, and better meet diverse consumer needs. Regarding current cut-throat competition in the industry, the Ministry will coordinate with relevant authorities to strengthen comprehensive governance and compliance guidance, maintain fair competition, and promote healthy industry development. 》Click for details [Commerce Ministry responds to US steel/aluminum tariff hike: Urges US to stop overstretching national security concept] This afternoon, the Commerce Ministry held a regular press conference where the spokesperson introduced recent key work in commerce. A reporter asked, "The US has increased tariffs on imported steel, aluminum, and their derivatives from 25% to 50%, and the policy officially took effect on the 4th. What comments does the Ministry of Commerce have on this?" Spokesperson He Yongqian of the Ministry of Commerce stated that China has repeatedly emphasized that the Section 232 tariffs are a typical act of unilateralism and protectionism, which have long been ruled by the WTO's dispute settlement mechanism as violating WTO rules. This time, the US has once again raised tariffs on steel, aluminum, and their derivative products, which not only harms others and itself, does not help maintain industrial security, but will also seriously disrupt the stability of the global industry chain and supply chain. The US approach has been opposed by multiple countries. China urges the US to respect economic laws, abandon the zero-sum mentality, stop overgeneralizing and abusing the concept of national security, work with all parties to maintain a rules-based multilateral trading system, resolve respective concerns through equal dialogue, and jointly maintain the stability of the global industry chain and supply chain. 》Click to view details [Ministry of Commerce: China will approve rare earth export license applications that meet regulations] The Ministry of Commerce held a regular press conference. A media outlet asked that some foreign enterprises believe that the process for obtaining rare earth export licenses in China is slow, and their enterprises may face production shutdowns. How does China respond to this? In response, Spokesperson He Yongqian of the Ministry of Commerce stated that rare earths and related items have obvious dual-use attributes for both military and civilian purposes, and implementing export controls on them is an international common practice. The Chinese government reviews export license applications for dual-use items in accordance with laws and regulations. For applications that meet the regulations, China will approve them to promote and facilitate compliant trade. 》Click to view details [Breaking with convention! The central bank will conduct a 1 trillion yuan outright reverse repo operation. What signals does the first "advance notice" release?] The central bank announced that to maintain ample liquidity in the banking system, on June 6, 2025, the People's Bank of China will conduct a 1,000 billion yuan outright reverse repo operation through fixed-quantity, interest-rate tendering, and multiple-price bidding methods, with a term of 3 months (91 days). 》Click to view details [Latest statement from the CSRC! Relating to strengthening the protection of small and medium-sized investors and supporting the listing of high-quality unprofitable technology enterprises] ① Cheng Hehong, the chief lawyer of the CSRC, stated at the 2025 Tianjin Wudadao Financial Forum that the CSRC will expedite the research and formulation of "Several Opinions on Further Strengthening the Protection of Small and Medium-Sized Investors in the Capital Market" to enhance the level of investor protection; ② Cheng Hehong also proposed that science and technology innovation bonds of high-quality enterprises should be included in benchmark market-making varieties, and support the issuance of REITs for new-type infrastructure projects such as artificial intelligence and data centers. 》Click to view details US dollar: The US dollar index fell by 0.04% overnight, closing at 98.75. According to a report by Xinhua News Agency in Beijing on June 5, on the evening of June 5, Chinese President Xi Jinping had a scheduled phone call with US President Donald Trump. The two heads of state agreed that their respective teams should continue to implement the Geneva consensus and hold a new round of talks as soon as possible. The number of Americans filing initial claims for unemployment benefits rose to its highest level in seven months last week, suggesting that the labour market is softening amid intensifying economic headwinds caused by tariffs. Giovanni Staunovo, an analyst at UBS, said that the US non-farm payrolls report for May, due to be released on Friday, could influence the US Fed's interest rate policy, while market focus will also be on geopolitical tensions in the Middle East. (Webstock Inc.) In other currency news: The Bank of England announced on Thursday that it had allocated a record 68.106 billion pounds (approximately $92.39 billion) in seven-day funds through its weekly short-term repo operations. This figure surpassed the previous record of 64 billion pounds set in April. The Bank of England provides reserves to banks through short-term repo operations while gradually selling government bonds purchased under its quantitative easing programme. (Huitong Finance) In terms of data: Today, data to be released includes Germany's seasonally adjusted monthly industrial output rate for April, Germany's working-day adjusted annual industrial output rate for April, Germany's seasonally adjusted monthly export rate for April, France's trade balance for April, the final seasonally adjusted quarterly GDP rate for the eurozone in Q1, the final seasonally adjusted annual GDP rate for the eurozone in Q1, the monthly retail sales rate for the eurozone in April, the annual retail sales rate for the eurozone in April, the monthly leading indicator rate for Canada in May, the seasonally adjusted change in US non-farm payrolls for May, the annual average hourly wage rate for the US in May, the change in US private non-farm payrolls for May, the US labour 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 other data. In addition, it is worth noting that Federal Reserve Governor Adriana Kugler will speak at the Economic Club of New York, and Patrick Harker, the 2026 FOMC voter and president of the Federal Reserve Bank of Philadelphia, will speak about the economic outlook. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.64% and Brent up 0.66%. Improved trade relations are expected to boost oil demand, supporting oil prices. On Wednesday, data showed that US gasoline and distillate inventories rose more than expected, reflecting weak demand in the world's largest economy, and oil prices fell by 1%. On Thursday, Saudi Arabia, the world's largest oil exporter, cut the price of its crude oil for Asian buyers in July to its lowest level in nearly two months, curbing the rise in crude oil prices. (Webstock Inc.)

SMM, May 28: Metal Market: Overnight, metals in both domestic and overseas markets showed mixed performance. LME aluminum led the gains with a 0.79% increase, while SHFE aluminum rose by 0.6%. LME zinc increased by 0.28%, and SHFE copper rose by 0.14%. The remaining metals all declined, with LME tin and LME nickel falling together. LME tin dropped by 1.25%, and LME nickel fell by 1.37%. SHFE zinc temporarily closed flat at 22,410 yuan/mt. The fluctuations in the decline of other metals were relatively small. The main alumina futures contract closed at 3,013 yuan/mt. Most ferrous metals series declined. Stainless steel fell by 0.86%, rebar by 0.57%, and HRC and iron ore both fell by more than 0.4%, with HRC dropping by 0.42% and iron ore by 0.43%. In the coking coal and coke sector, coking coal rose by 0.19%, while coke fell by 0.22%. In the precious metals sector, as of the overnight close, COMEX gold fell by 1.98%, and COMEX silver dropped by 0.67%. Domestically, SHFE gold fell by 0.79%, and SHFE silver declined by 0.07%. Overnight closing prices as of 8:14 a.m. on May 28 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [The Expert Advisory Group of the Anti-Monopoly and Anti-Unfair Competition Committee of the State Council convenes a meeting: Comprehensively addressing "cut-throat competition"] ① The meeting emphasized that the Expert Advisory Group should focus on new issues in fair competition governance, conduct forward-looking research, and provide support for building a unified national market and promoting high-quality development. ② The Expert Advisory Group should align with the committee's work plans, closely follow key tasks, take proactive responsibilities, and contribute wisdom to enhancing fair competition governance capabilities and maintaining market order. US Dollar Aspects: As of the overnight close, the US dollar index rose by 0.64% to 99.61%, mainly driven by improved US consumer confidence. Data showed that US consumer confidence in May was significantly better than economists' expectations, leading to further gains in the US dollar. Data released this week will include the April Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, to be announced on Friday. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, called on Tuesday for keeping interest rates unchanged until it becomes clearer how tariff increases will affect inflation, and warned against "ignoring" the impact of such supply-side price shocks. Investors are also monitoring a spending and tax bill passed by the US Congress, which is expected to increase US government debt by several trillion dollars. Other Currencies: The euro fell by 0.46% to 1.1335 US dollars. Meanwhile, data showed that France's inflation rate fell to its lowest level since December 2020 in May, weighing on the euro. US President Trump abandoned his threat to impose 50% tariffs on EU imports starting next month on Sunday, boosting risk appetite on Tuesday. European Central Bank President Christine Lagarde said on Monday that if member governments could strengthen the eurozone's financial and security architecture, the euro could become a viable substitute for the US dollar. The US dollar rose 0.77% against the Swiss franc to 0.827 Swiss francs. Swiss National Bank President Martin Schlegel said on Tuesday that Swiss inflation could enter negative territory in the coming months, but this would not necessarily trigger a response from the SNB. Data: Today, data such as the eurozone's 1-year and 3-year ECB CPI expectations for April, Germany's seasonally adjusted unemployment rate and change in seasonally adjusted unemployment for May, Australia's ABS CPI annual rate (seasonally adjusted) for April, New Zealand's official cash rate decision for May 28, France's final Q1 GDP annual rate, and Switzerland's Credit Suisse/CFA Economic Expectations Index for May will be released. In addition, FOMC permanent voter and New York Fed President John Williams will participate in a panel discussion at the Bank of Japan's Institute for Monetary and Economic Studies conference. The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, and RBNZ Governor Adrian Orr will hold a monetary policy press conference. Crude oil: Oil prices in both markets fell overnight, with US crude down 0.75% and Brent crude down 0.59%. Investors are focused on US-Iran negotiations and expect OPEC+ to decide to increase production at its meeting this week, which could lead to a supply surplus. OPEC+, comprising the Organization of the Petroleum Exporting Countries and its allies, is not expected to change its policy at its meeting later this week. However, three OPEC+ delegates said that OPEC+ may agree to further increase production in July this week, the latest stage in a plan to meet growing demand and increase market share. Meanwhile, Iranian and US delegations concluded their fifth round of talks in Rome last week. Dennis Kissler, vice president of BOK Financial, said, "OPEC is likely to agree on further production increases. If that happens, it will be a major bearish factor for crude oil in the near term, especially if Iran increases production under a potential (US) agreement." If nuclear negotiations between the US and Iran fail, it could mean that Iran will continue to face sanctions, which would limit Iran's oil supply, while any resolution could increase Iran's market supply. Additionally, still in terms of supply, preliminary surveys on Tuesday showed that US crude oil inventories likely increased by about 500,000 barrels last week. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 a.m. Beijing time on Thursday, while the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at midnight Beijing time on Friday. Both reports were postponed due to the US Memorial Day holiday on Monday. (Culture Comprehensive)

SMM, May 21: Metal Market: Overnight, domestic base metals futures closed higher across the board. SHFE tin rose by 1.16%, SHFE copper by 0.36%, SHFE lead by 0.57%, SHFE aluminum by 0.62%, and SHFE zinc by 0.76%, while SHFE nickel fell by 0.31%. Additionally, the most-traded alumina futures contract dropped by 1.18%. Overnight, the ferrous metals series showed mixed performance. Iron ore rose by 0.21%, stainless steel edged up slightly, rebar fell by 0.07%, and HRC closed flat at 3,206 yuan/mt. In the coking coal and coke sector, coking coal fell by 0.06%, while coke rose by 0.28%. Overnight, overseas base metals futures closed mostly higher. LME copper rose by 0.33%, LME aluminum by 1.27%, LME lead by 1.27%, LME zinc by 1.79%, LME tin by 0.19%, while LME nickel fell by 0.21%. Overnight, precious metals futures closed higher. COMEX gold rose by 1.83%, COMEX silver by 2.32%. SHFE gold rose by 2.11%, and SHFE silver by 1.68%. As of 8:10 a.m. on May 21, overnight closing prices 》Click to view SMM Futures Data Dashboard Macro Front Domestic: [Xi Jinping: Strengthen Confidence to Promote High-Quality Development and Efficient Governance, Strive to Write a New Chapter in Advancing Chinese-Style Modernization in Central China] Xi Jinping, General Secretary of the CPC Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, recently emphasized during a field trip to Henan that in the new era and on the new journey, Henan should earnestly implement the strategic plans of the CPC Central Committee on accelerating the rise of the central region, ecological protection and high-quality development of the Yellow River basin, adhere to the general principle of pursuing progress while ensuring stability, comprehensively deepen reform and opening up, focus on building a modern industrial system and a strong agricultural province, improve people's livelihoods, strengthen social governance, enhance ecological and environmental protection, and promote cultural prosperity, striving to write a new chapter in advancing Chinese-style modernization in central China with high-quality development and efficient governance. (Xinhua News Agency) [Financial Support for the Real Economy! PBOC Governor Pan Gongsheng Presides Over High-Profile Symposium] To implement the decisions and arrangements of the CPC Central Committee and the State Council, promote the effective implementation of a package of monetary and financial policies, and support sustained economic recovery and improvement, Pan Gongsheng, Governor of the People's Bank of China (PBOC), presided over and delivered a speech at a symposium on financial support for the real economy on May 19. Zhou Liang, Deputy Governor of the National Financial Regulatory Administration, attended and delivered a speech. Xuan Changneng and Zou Lan, Deputy Governors of the PBOC, also attended the meeting. The meeting emphasized the need to implement a moderately accommodative monetary policy to meet the effective financing needs of the real economy and maintain reasonable growth in the total amount of finance. We will intensify support for key areas such as scientific and technological innovation, boosting consumption, private and micro enterprises, and stabilizing foreign trade. We will make full use of existing and incremental policies, enhance the quality and efficiency of financial support for the real economy, and support economic restructuring, transformation and upgrading, and the replacement of old growth drivers with new ones. We will strengthen the implementation and transmission of monetary policies, safeguard fair market competition, and promote the organic unity of financial services for the real economy and the sustainable development of banks themselves. We will advance the international use of the RMB in an orderly manner and improve the convenience of trade, investment, and financing. We will coordinate development and security and resolutely safeguard national financial security. 》Click for details [China's National Energy Administration: Total electricity consumption in society increased by 4.7% YoY in April] The National Energy Administration released data on total electricity consumption in society for April. In April, total electricity consumption in society reached 772.1 billion kWh, up 4.7% YoY. In terms of electricity consumption by sector, the primary sector consumed 11 billion kWh, up 13.8% YoY; the secondary sector consumed 528.5 billion kWh, up 3.0% YoY; the tertiary sector consumed 139 billion kWh, up 9.0% YoY; and urban and rural residents consumed 93.6 billion kWh, up 7.0% YoY. From January to April, cumulative electricity consumption in society reached 3,156.6 billion kWh, up 3.1% YoY, with power generation by industrial enterprises above designated size totaling 2,984 billion kWh. 》Click for details [National Development and Reform Commission: Further improve institutional mechanisms for promoting the development of the private economy, and conduct a review of local regulations, rules, normative documents, and other policy documents] The General Office of the National Development and Reform Commission issued a notice on learning about, publicizing, and implementing the Law of the People's Republic of China on Promoting the Private Economy. Taking the implementation of the Law on Promoting the Private Economy as an opportunity, we will further improve our work standards, strengthen work measures, and ensure the promotion and growth of the private economy within the framework of the rule of law. First, we will establish and improve working mechanisms. We will implement relevant legal provisions, establish and improve coordination mechanisms for promoting the development of the private economy, and comprehensively promote the implementation of work. Second, we will accelerate the improvement of supporting systems. In line with legal provisions, we will do a good job in "establishing, amending, abolishing, and interpreting" (laws and regulations). On the one hand, we will further improve institutional mechanisms for promoting the development of the private economy in light of our own actual conditions. On the other hand, we will conduct a review of local regulations, rules, normative documents, and other policy documents, and promptly amend or abolish those that are inconsistent with legal provisions. Third, we will fully implement legal provisions. We will enhance our awareness of the rule of law, fulfill our statutory duties, and carry out our work in strict accordance with statutory authorities and procedures. We will ensure that all forms of ownership can use production factors equally under the law, participate in market competition fairly, and enjoy equal legal protection. We will actively coordinate and resolve major issues in the development of the private economy, safeguard the legitimate rights and interests of private enterprises and entrepreneurs in accordance with the law, and ensure that all institutional provisions of the Law on Promoting the Private Economy are effectively implemented. Regarding the US dollar: The US dollar fell again on Tuesday, dragged down by the US Fed's cautious stance on the economy. Overnight, the US dollar index continued its decline from the previous trading day, dropping 0.35% to 100.01. The US dollar was sold off on Monday after rating agency Moody's downgraded the US sovereign rating from "Aaa" to "Aa1" last Friday. US Fed officials doubled down on their concerns about the impact of the US government's trade policies on the economy on Tuesday. St. Louis Fed President Alberto Musalem said that although recent US-China trade tensions have eased, the labour market appears likely to weaken and prices may rise. Cleveland Fed President Beth Hammack told Axios that current trade developments could lead to stagflation, although other US government policies might offset this effect. Regarding other currencies: The yen is expected to remain strong as the Bank of Japan's policy stance remains biased towards further rate hikes, while other G10 central banks are cutting interest rates, noted Derek Halpenny of MUFG Bank in a report. Even if the Bank of Japan eventually stops raising rates, it is unlikely to return to monetary easing, which will continue to support the yen. (Huitong Finance) On the macro front: Today, the UK's April CPI year-on-year rate, core CPI year-on-year rate, and retail price index year-on-year rate will be released. Additionally, it is worth noting that 2025 FOMC voter and St. Louis Fed President Alberto Musalem will speak on the economic outlook and monetary policy; 2027 FOMC voter Bostic will chair a meeting, and 2026 FOMC voter Hammack and 2027 FOMC voter Daly will deliver keynote speeches. Regarding crude oil: Both oil futures rose slightly, with US crude up 0.18% and Brent crude up 0.09%. Oil prices fluctuated rangebound due to uncertainties in US-Iran negotiations and Russia-Ukraine peace talks. An agreement to end the Russia-Ukraine conflict could allow Russia to export more oil globally. An industry insider said on Tuesday that Kazakhstan's May oil production increased by 2%, a rise that defied OPEC's pressure on the country to cut production. Kazakhstan has repeatedly violated its OPEC production quota, citing the difficulty of telling Western oil giants like Chevron and ExxonMobil to cut their plans. On Tuesday, Qatari Energy Minister Saad al-Kaabi said at an economic forum in Doha that if crude oil prices fall below $60 per barrel, investment will decrease and electricity demand will not be met. Saudi Arabia's Minister of Economy Faisal Alibrahim stated at the Qatar Economic Forum that the Saudi economy is always prepared for various oil price scenarios. He said, "Our budget is no longer driven by oil, but by our priorities." The American Petroleum Institute (API) released data on Tuesday indicating that US crude oil inventories increased last week, while gasoline and distillate inventories declined. According to the API report, US crude oil inventories rose by 2.499 million barrels in the week ending May 16. Gasoline inventories fell by 3.238 million barrels, and distillate inventories dropped by 1.401 million barrels. Previous surveys had shown that analysts expected US crude oil inventories to decrease by approximately 1.3 million barrels, gasoline inventories by around 500,000 barrels, and distillate inventories by about 1.4 million barrels last week. Additionally, the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 on Wednesday. Furthermore, due to the impact of contract rollover, the last in-house trading for June NYMEX New York crude oil futures will be completed at 2:30 on May 21, and the last electronic trading will be completed at 5:00 AM. Please pay attention to the contract rollover announcements from trading venues to manage risks. Moreover, the expiration time for US crude oil contracts on some trading platforms is usually one day earlier than the official NYMEX schedule. Please take extra caution. (Webstock Inc.)