[SMM Tin Midday Review: Both Macro and Fundamental Performances Stabilized, Tin Prices Continued Wild Swings Fluctuating Trend in the Morning]

New Zealand’s Electricity Authority has introduced new rules to relax grid connection limits for solar and storage systems. Starting in late April 2026, residential solar and battery setups will receive a default export limit of at least 10 kW, with options for dynamic, flexible limits in some areas. This initiative aims to reduce network costs by maximizing the use of distributed energy and paving the way for technologies like vehicle-to-grid charging. Additionally, the industry is tasked with developing standardized assessment tools to streamline connections for larger projects and provide clearer investment transparency.

【SMM Steel】New Zealand is fast-tracking a 200,000 t/y EAF structural steel plant in Waikato by National Green Steel Ltd. to cut import reliance. The proposal includes a scrap shredder, EAF, and dedicated solar farm as part of the country's steel decarbonization plan. NZ Steel expects to start a new EAF at Glenbrook in Q2 2026. Australia's Sims Ltd. will supply scrap.

Rio Tinto May Restart the Fourth Production Line at New Zealand Aluminium Smelters As aluminum prices neared record highs, Rio Tinto considered restarting the fourth production line at Tiwai Point Rio Tinto was actively considering restarting the idle fourth production line at the Tiwai Point aluminum smelter near Bluff on New Zealand’s South Island. As global aluminum prices surged above $3,000/mt and hovered near a record high of around $3,148/mt—up 24% since month-end March 2025—the likelihood of reopening the smelter’s idle capacity continued to increase.

New Zealand recycling technology company Mint Innovation has partnered with electronics manufacturers to recover copper from electronic waste and reuse it in the production of specific electronic components. The initiative demonstrates the potential of closed-loop recycling within the electronics industry while reducing reliance on primary copper mining. Industry observers believe similar models could gradually expand across global electronics supply chains in the coming years.

Australia's large-scale solar and wind assets generated 5.0 TWh of clean energy in February 2026, an 11% year-on-year increase. New South Wales led total output, while Western Australia hosted the 'top-performing' individual assets by capacity factor, including the 100 MW Merredin Solar Farm (41.2%) and Warradarge wind farm (60.5%). Crucially, battery energy storage systems are rapidly scaling. Monthly grid discharges jumped 266% to 245 GWh, supported by an 8.2 GW utility battery pipeline. Meanwhile, New Zealand's utility solar and wind output grew 28% to 294 GWh.

On June 12, the 2025 International Automotive & Supply Chain Expo opened in Hong Kong, with SAIC Motor making a strong impression by presenting a lineup of smart electric vehicles from its five major ...

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

SMM News on June 14: Metal Market: As of the overnight close, base metals in both domestic and overseas markets generally declined, with only LME tin, SHFE aluminum, and SHFE tin rising. LME tin rose 0.42%, SHFE aluminum rose 0.2%, and SHFE tin rose 0.51%. The rest of the metals fell, with LME copper down 0.56%, LME aluminum down 0.58%, and LME zinc down 0.61%. The declines in other metals were relatively minor. The main alumina contract fell 0.73%, while the main aluminum casting contract rose 0.31%. The ferrous metals series generally rose, with rebar up 0.64% and HRC up 0.81%. In the coking coal and coke sector, coking coal rose 1.81% and coke rose 0.52%. In precious metals, as of the overnight close, COMEX gold rose 1.48%, recording a three-day winning streak and hitting a new high since April 22, with a weekly gain of 3.17%. COMEX silver rose 0.21%, with a weekly gain of 0.64%. Domestically, SHFE gold rose 0.64%, with a weekly gain of 1.72%, and SHFE silver rose 0.24%, with a weekly gain of 0.42%. As of 9:13 a.m. on June 14, Friday's overnight market close 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [PBOC: Social financing increased by 18.63 trillion yuan, new loans increased by 10.68 trillion yuan from January to May, M2 grew 7.9% YoY in May] According to preliminary statistics from the People's Bank of China (PBOC), China's social financing scale increased by 18.63 trillion yuan from January to May, compared to 16.3429 trillion yuan from January to April. New RMB loans increased by 10.68 trillion yuan from January to May, compared to 10.0597 trillion yuan from January to April. At the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. 》Click to view details The PBOC announced that to maintain ample liquidity in the banking system, on June 16, 2025, the People's Bank of China will conduct 400 billion yuan of outright reverse repo operations through fixed-quantity, interest-rate tenders with multiple-price awards, with a term of six months (182 days). US Dollar Aspects: The overnight US dollar index rose 0.27% to 98.12, with a weekly decline of 1.11%. Investors largely ignored data showing that US consumer confidence rebounded in June for the first time in six months. Data released by the University of Michigan's consumer survey on Friday showed that the consumer sentiment index jumped to 60.5 this month, higher than market expectations. Next week, the US Fed's FOMC will announce its interest rate decision and Summary of Economic Projections. Other currencies: In afternoon trading, the US dollar rose 0.3% against the Japanese yen to 143.88 yen and 0.1% against the Swiss franc to 0.8110 francs. The US dollar fell against the Swiss franc for the second consecutive week. The euro fell 0.4% against the US dollar to $1.1539. Data releases: Next week, China will release data including the operation scale of the medium-term lending facility (MLF) on June 16, the winning bid rate of the MLF on June 16, the year-to-date annual rate of urban fixed asset investment in May, the year-to-date annual rate of industrial added value above designated size in May, the monthly annual rate of industrial added value above designated size in May, the annual rate of total retail sales of consumer goods in May, the year-to-date annual rate of total retail sales of consumer goods in May, the monthly rate of total retail sales of consumer goods in May, the monthly annual rate of total electricity consumption in May, the monthly total electricity consumption in May (irregularly from the 15th to the 20th), the one-year loan prime rate (LPR) in June, the five-year loan prime rate (LPR) in June, etc. The US will release data including the upper and lower limits of the target federal funds rate in June, the New York Fed manufacturing index in June, the New York Fed manufacturing index for the next six months' expectations in June, the monthly import price index in May, the annual rate of the import price index in May, the monthly rate of retail sales in May, the monthly rate of core retail sales in May, the annual rate of retail sales in May, the monthly rate of the retail sales control group associated with GDP in May (seasonally adjusted), the monthly rate of industrial output in May, the capacity utilisation rate in May, the monthly rate of manufacturing output in May, the manufacturing capacity utilisation rate in May, the annual rate of industrial output in May (seasonally adjusted), the initial annualized total of building permits in May, the initial jobless claims for the week ending June 14, the Philadelphia Fed manufacturing index in June, etc. The eurozone will release data including the total reserve assets in May, the ZEW economic sentiment index in June, the final unadjusted annual rate of core harmonized CPI in May, and the initial consumer confidence index in June. Japan will release data including the Bank of Japan's policy benchmark interest rate on June 17 (%)(irregularly on June 17), the unadjusted merchandise trade balance in May, the seasonally adjusted merchandise trade balance in May, the unadjusted merchandise exports in May, and the annual rate of the nationwide core CPI in May. The UK will release data including the annual rate of core CPI in May, the annual rate of the retail price index in May, the Bank of England's benchmark interest rate in June, the Gfk consumer confidence index in June, and the seasonally adjusted monthly rate of core retail sales in May. Australia will release data including the ANZ consumer confidence index for the week ending June 15, the seasonally adjusted unemployment rate in May, and the change in employed population in May. Data such as the quarterly rate of GDP in Q1 for New Zealand (production method, seasonally adjusted), the annual rate of GDP in Q1 for New Zealand (production method, seasonally adjusted), the monthly rate of core retail sales in April for Canada, the ZEW economic sentiment index in June for Germany, and the Bank of Switzerland's policy interest rate in June will also be released. Additionally, the National Bureau of Statistics (NBS) will release the monthly report on residential sales prices in 70 large and medium-sized cities, and the State Council Information Office will hold a press conference on the national economic performance. On June 17, China has 182 billion yuan of 1-year medium-term lending facility (MLF) maturing. The Federal Open Market Committee (FOMC) of the US Fed will announce the interest rate decision and the Summary of Economic Projections, and Fed Chairman Powell will hold a press conference on monetary policy. US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. The Swiss National Bank will announce its interest rate decision, and the Bank of England will also announce its interest rate decision. Kazuo Ueda, Governor of the Bank of Japan, will hold a press conference on monetary policy, and the Bank of Japan will announce its interest rate decision. The Bank of Canada will release the minutes of its monetary policy meeting, and Kazuo Ueda, Governor of the Bank of Japan, will deliver a speech. Crude oil market: Oil prices in both markets surged overnight, with US crude oil rising 7.55%, hitting a high of $77.62 per barrel during the session, a new high since January 20, and Brent crude oil rising 8.39%, reaching a high of $78.5 per barrel during the session, a new high since January 23. The escalation of regional tensions has sparked investor concerns about potential widespread disruptions to oil exports in the Middle East. Both benchmark crude oils recorded their largest intraday fluctuations since the energy price surge triggered by the Russia-Ukraine conflict in 2022. The Iraqi National News Agency stated that Iraq has sufficient strategic reserves of key materials to prepare for the escalation of the situation in the region. The National Iranian Oil Refining and Distribution Company said that oil refining and storage facilities were undamaged and continued to operate. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently has a daily production of about 3.3 million barrels, with oil and fuel exports exceeding 2 million barrels per day. According to analysts and OPEC observers, the spare capacity of OPEC and its allies (including Russia) to produce more oil to offset any disruptions is roughly equivalent to Iran's production. Analysts and OPEC observers said that the rapid surge in oil prices is partly due to the fact that the spare capacity of OPEC and its allies to increase production to offset supply disruptions is roughly equivalent to Iran's production. In other market news, 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 companies fell for the seventh consecutive week this week to the lowest level since November 2021. Data showed that as of the week ending June 13, the total number of US oil and natural gas rigs, a leading indicator of future production, decreased by 4 to 555, down 35 or 6% from the same period last year. (Wenhua Comprehensive)

SMM News on June 10: Metal Market: As of the daytime close, base metals in both domestic and overseas markets showed mixed performance. In the overseas market, only LME zinc rose, up 0.17%. In the domestic market, SHFE copper and SHFE lead both rose by over 0.8%, with SHFE copper up 0.84% and SHFE lead up 0.81%, while SHFE zinc fell 0.9%. The % changes in other metals were relatively small. The main alumina futures contract fell 0.41%. In the ferrous metals series, prices fell collectively. Iron ore fell 0.71%, stainless steel fell 0.51%. In the coking coal and coke sector, coking coal fell 2.43% and coke fell 1.15%. In the overnight precious metals market, COMEX gold fell 0.24%, while COMEX silver rose 0.42%, reaching a high of $37.03/oz during the session, a new high since March 2012. Domestically, SHFE gold rose 0.18%, and SHFE silver rose 2.07%, reaching a high of 9,020 yuan/kg during the session, hitting a new record high. As of 8:04 on June 10, the overnight closing market on Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: The first meeting of the China-US economic and trade consultation mechanism was held in London, UK, on the afternoon of June 9 (local time). CCTV News reporter learned that the meeting would continue on June 10 (local time). Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked whether China would open more "green channels" for rare earth export approvals. Lin Jian said that China's Ministry of Commerce had already responded to China's rare earth export control measures, and further information could be consulted. [General Administration of Customs: China's Foreign Trade in Goods Grew 2.5% in the First Five Months, with Exports Up 6.3% YoY in May] The General Administration of Customs announced today (the 9th) that in the first five months of this year, China's total foreign trade in goods reached 17.94 trillion yuan, up 2.5% YoY, continuing the growth trend. In May, imports and exports totaled 3.81 trillion yuan, up 2.7%. In May alone, China's exports reached 2.28 trillion yuan, up 6.3%. Among them, exports to ASEAN, the EU, Africa, and the five Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8%, respectively. In the first five months of this year, China's exports of equipment manufacturing products reached 6.22 trillion yuan, up 9.2%, accounting for 58.3% of China's total exports. Among them, exports of EVs increased by 19%, construction machinery by 10.7%, ships by 18.9%, and industrial robots by 55.4%. In the first five months, China's equipment manufacturing products contributed 73% to the overall export growth, with the contribution rate reaching as high as 76.9% in May, providing strong support for the stable growth of foreign trade. 》Click to view details SMM has compiled data on the import and export of some products in the metal industry based on data released by the General Administration of Customs, as detailed below: 》Click to view detailed data [National Bureau of Statistics (NBS): CPI declined slightly in May, while the YoY increase in core CPI widened, and PPI fell 0.4% MoM] In May, the Consumer Price Index (CPI) fell 0.2% MoM and 0.1% YoY. The core CPI, excluding food and energy prices, rose 0.6% YoY, with the increase widening by 0.1 percentage points from the previous month. The Producer Price Index (PPI) for industrial products fell 0.4% MoM, with the decline remaining the same as the previous month, and decreased 3.3% YoY, with the decline widening by 0.6 percentage points from the previous month. China is boosting consumption with greater intensity and more targeted measures, fostering the growth of new quality productive forces. The supply-demand relationship in some sectors has improved, and prices have shown positive changes. 》Click to view details US dollar: The US dollar fell 0.2% overnight to close at 99.02, as market participants consolidated gains following the better-than-expected US jobs report released last Friday and shifted their focus to trade prospects. Later this week, the US inflation report for May will come into focus, with investors and US Fed policymakers paying attention to the impact of trade restriction policies on the economy. US Fed officials have already indicated that they are not in a hurry to cut interest rates, and signs of economic recovery may solidify their stance. According to data from the London Stock Exchange Group (LSEG), interest rate futures prices suggest that investors expect the US Fed to cut borrowing costs by 25 basis points later this year, possibly as early as October. Interest rate futures are pricing in only 47 basis points of rate cuts for 2025. Other currencies: In late New York trading, the US dollar fell about 0.2% against the Japanese yen to close at 144.55 yen, after rising for two consecutive weeks. The euro rose 0.3% against the US dollar to 1.1427 US dollars, as the market continued to digest the European Central Bank's (ECB) monetary policy outlook released last week, which suggested that the ECB may be nearing the end of its easing cycle. The British pound also rose against the US dollar, gaining 0.3% to 1.362 US dollars. The US dollar index, which measures the value of the US dollar against six major currencies, fell 0.2% to 98.942. The New Zealand dollar rose 0.6% to 0.6054 US dollars, and the Australian dollar rose 0.4% to 0.6522 US dollars, with trading remaining sluggish. Data: Data to be released today include China's M2 money supply YoY rate for May, China's total social financing for the year to date in May, China's new yuan loans for the year to date in May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (YoY rate), Australia's ANZ-Roy Morgan consumer confidence index for the week ending June 8, Switzerland's seasonally adjusted consumer confidence index for May, and the Eurozone's Sentix investor confidence index for June. Additionally, the deadline for the EU's public consultation is June 10, 2025. This date marks the EU's final window of peace before considering retaliatory tariffs on US goods worth up to €95 billion. 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 the overnight close, oil prices in both markets rose together, with US crude up 1.24% and Brent crude up 0.99%, both recording three consecutive days of gains. US crude touched a multi-week high, boosted by a weaker US dollar, while investors awaited news from the China-US trade talks, hoping that a deal would boost the global economic outlook and, in turn, stimulate demand. The weaker US dollar provided some support to oil prices. The US dollar index fell 0.3%, making oil cheaper for investors holding other currencies. Analysts from energy consulting firm Ritterbusch and Associates said in a report, "This rally appears to be largely technically driven and could easily fade without fresh bullish news. There will be significant attention on the ongoing China-US trade talks." Reaching a trade deal could support the global economic outlook and, in turn, boost demand for commodities, including oil. CCTV News reported that the first meeting of the China-US economic and trade consultation mechanism was held in London, UK. Reporters learned that the first meeting of the China-US economic and trade consultation mechanism would continue on June 10 local time. Data released by the General Administration of Customs showed that China's crude oil imports in May were 46.6 million mt, with cumulative imports from January to May reaching 229.615 million mt, up 0.3% YoY. A survey showed that OPEC's crude oil production increase in May was below the target, as Iraq further cut production to make up for previous overproduction, while Saudi Arabia and the UAE also increased production by less than the allowed range. The survey showed that OPEC's oil production last month was 26.75 million barrels per day (bpd), an increase of 150,000 bpd from the total production in April, with Saudi Arabia contributing the largest increase. Morgan Stanley's team of commodity analysts said that OPEC's commitment to increase production by 411,000 bpd in May had not yet been fulfilled. The analyst team led by Martijn Rats said in a report, "Despite an increase in production quotas of about 1 million bpd from March to June, it has been difficult to detect any actual increase in production." (Wenhua Comprehensive)