[SMM Analysis]Secondary Aluminum Market Remains Strong in Short Term Focus on Demand Recovery and Policy Implementation

SMM News on June 11: Metal Market: As of the daytime close, domestic market base metals generally rose, with only SHFE lead declining, by 0.06%. SHFE aluminum and SHFE zinc both rose by over 1%, with SHFE aluminum up 1.25% and SHFE zinc up 1.23%. SHFE tin rose by 0.69%, while the fluctuations in the gains of other metals were relatively small. The main alumina contract closed flat at 2,895 yuan/mt, and the main aluminum casting contract rose by 0.91%. In addition, the main lithium carbonate contract rose by 1.68%, polysilicon rose by 0.72%, and silicon metal rose by 2.23%. The main European container shipping contract fell by 2.1%. In the ferrous metals series, prices rose collectively, with iron ore up 1%, rebar up 0.67%, and HRC up 0.78%. In the coking coal and coke sector, coking coal rose by 1.1%, and coke rose by 1.31%. In the overseas market, as of 15:06, only LME tin declined, by 0.08%, while other metals rose. LME aluminum and LME zinc both rose by over 1%, with LME aluminum up 1.26% and LME zinc up 1.19%. The fluctuations in the gains of other metals were relatively small. In precious metals, as of 15:06, COMEX gold rose by 0.44%, and COMEX silver rose by 0.14%. Domestically, SHFE gold rose by 0.56%, and SHFE silver fell by 0.28%. Market conditions as of 15:06 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Announcement] The State Council Information Office will hold a press conference at 10:00 a.m. on Friday, June 13, 2025. Li Yongxia, Deputy Representative for International Trade Negotiations of the Ministry of Commerce, and Song Junji, Vice Governor of Shandong Province, will introduce the relevant situation of the 2025 Qingdao Summit for Leaders of Multinational Corporations and answer questions from reporters. [Average Annual Growth Rate of 14.2% Over 25 Years, China-Africa Trade Volume Exceeds 2 Trillion Yuan] On the occasion of the upcoming Fourth China-Africa Economic and Trade Expo in Changsha, Hunan Province, data released by the General Administration of Customs on June 11 showed that since the establishment of the Forum on China-Africa Cooperation in 2000, the total value of China's imports and exports with Africa has increased from less than 100 billion yuan that year to 2.1 trillion yuan in 2024, representing a cumulative growth of over 20 times and an average annual growth rate of 14.2%, fully demonstrating the strong vitality of China-Africa economic and trade cooperation. On the same day, the General Administration of Customs also released the 2024 China-Africa Trade Index, which rapidly climbed from a base value of 100 points in 2000 to a new high of 1,056.53 points in 2024. (Xinhua News Agency) The People's Bank of China conducted 164 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 214.9 billion yuan of 7-day reverse repos matured today, a net withdrawal of 50.9 billion yuan was achieved. ► On June 11, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was set at 7.1815 yuan per US dollar. US dollar: As of 15:06, the US dollar index rose by 0.12% to 99.17. Most economists believe that the US Federal Reserve will remain on hold for at least a few months, as the tariff policies of US President Trump may pose a lingering risk of reigniting inflation. The market will closely monitor the US inflation data to be released later on Wednesday. This report may reflect the economic impact of tariffs on price pressures and could potentially determine the trajectory of the US Fed's monetary policy for the remainder of the year. Macro: The World Bank's "Global Economic Prospects" report, released on Tuesday (June 10), clearly stated that global economic growth in 2025 will be only 2.3%, significantly lower than the pre-COVID-19 average and the lowest non-recessionary growth since the 2008 financial crisis. More concerningly, the average annual growth rate of global GDP is projected to be just 2.5% by 2027, marking the slowest pace since the 1960s. The report attributes this bleak outlook to rising trade barriers and "record-high uncertainty." Nearly 70% of economies worldwide are facing downward revisions to their growth forecasts, including the US, Europe, and several emerging market regions. Ayhan Kose, the World Bank's Deputy Chief Economist, vividly compared the situation in an interview, saying, "Uncertainty is like fog on the runway, hindering investment and dimming the economic outlook." This uncertainty not only weighs on global trade but also exerts significant pressure on consumption, investment, and financial market stability. (Huitong Finance) Today, data to be released include China's year-on-year growth rate of M2 money supply for May (time uncertain between June 11-17), China's year-to-date social financing scale for May (time uncertain between June 11-17), China's year-to-date new RMB loans for May (time uncertain between June 11-17), the US's year-on-year CPI growth rate for May (not seasonally adjusted), the US's year-on-year core CPI growth rate for May (not seasonally adjusted), the US's year-on-year energy CPI growth rate for May (not seasonally adjusted), the US's June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ consumer confidence index for the week ending June 8. Additionally, 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 15:06, oil prices in both markets fell simultaneously, with US crude oil down by 0.11% and Brent crude oil down by 0.18%. According to CCTV News, on the 10th local time, Russian President Putin signed a decree extending countermeasures against the price cap imposed on Russian oil and oil products until December 31, 2025. Earlier, on December 27, 2022, Putin signed a presidential decree prohibiting the supply of Russian oil and oil products to foreign legal entities and individuals that directly or indirectly use a price cap mechanism in their contracts. This decree took effect on February 1, 2023, and its validity has been extended multiple times. As a major oil-producing country in the world, if Russia significantly reduces its oil exports in the future due to Western price caps, it could lead to an increase in energy prices in some EU countries. For some European countries, such sanctions only harm both sides equally; while others believe that the current price cap is not low enough and does not meet their expectations. For example, countries like Greece, Cyprus, and Malta, which rely heavily on the shipping industry, hope to raise the price cap to around $70 per barrel to alleviate the pressure on local enterprises. However, this is completely opposite to the views of Poland and the Baltic states, where some officials have even proposed setting the cap at $20 per barrel. Ukrainian President Zelenskyy, on the other hand, has called for a price cap of no more than $30 per barrel. The EIA released its monthly Short-Term Energy Outlook report, significantly raising its forecast for the crude oil market surplus in 2025. Its data shows that global oil inventories increased in the first five months of this year and will continue to grow significantly during the forecast period. The EIA expects global oil inventories to increase by an average of 8,000 barrels per day in 2025, which is 4,000 barrels per day higher than last month's forecast. The reason for the upward revision in the supply surplus forecast is the decline in oil demand from OECD countries in 2025, as well as the increase in supply growth from OPEC countries and non-OPEC countries. Additionally, the EIA emphasized that while no major supply disruptions are expected, oil supply risks still exist. From the inventory perspective, API data released early in the morning showed that US crude oil inventories decreased by 370,000 barrels in the week ending June 6. Although crude oil inventories have declined, the 370,000-barrel drop is far below analysts' expectations of 2 million barrels. More concerning is the continuous increase in refined product inventories, with gasoline inventories rising by 3 million barrels and distillate inventories increasing by 3.7 million barrels in the same week. Analysts had previously forecast that distillate inventories would increase by about 800,000 barrels and gasoline inventories by 900,000 barrels last week. The continued significant inventory buildup of gasoline and diesel in the US, exceeding expectations, has exerted downward pressure on oil prices. (Wenhua Comprehensive) SMM Daily Review ► Rare Earth Prices Decline Slightly, Transactions Remain Stagnant [SMM Rare Earth Daily Review] ► As Delivery Approaches, Spot-Futures Price Spread Narrows, Spot Market Transactions Remain Sluggish [SMM Daily Review]

SMM June 11 News: Metal Market: As of the midday close, domestic market base metals were mostly up, with SHFE copper rising 0.11%, SHFE zinc up 0.89%, SHFE aluminum up 1.18%, SHFE lead down 0.03%, SHFE tin up 0.81%, and SHFE nickel slightly up. In addition, the main continuous futures contract for foundry aluminum rose 0.78%, and alumina rose 0.21%. Lithium carbonate rose 0.73%, silicon metal rose 1.62%, and polysilicon fell 0.13%. The ferrous metals series all rose, with iron ore up 1.07%, rebar up 0.71%, and HRC up 0.81%. Stainless steel rose 0.16%. For coking coal and coke: coking coal rose 1.29%, and coke rose 1.12%. In the overseas metal market, as of 11:43, LME metals were all up, with LME zinc rising 0.56%, LME copper rising 0.17%, LME aluminum rising 0.9%, LME lead rising 0.33%, LME tin not yet opened, and LME nickel rising 0.27%. In precious metals, as of 11:43, COMEX gold rose 0.57%, and COMEX silver rose 0.32%; domestically, SHFE gold rose 0.65%, and SHFE silver fell 0.15%. As of the midday close, the most-traded contract for the Europe Containerized Freight Index fell 1.03%, closing at 2023.4. As of 11:43 on June 11, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 11 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 30 yuan/mt to a premium of 150 yuan/mt against the front-month contract, with an average premium of 90 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 40 yuan/mt to a discount of 20 yuan/mt, with an average discount of 30 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,305 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 79,185 yuan/mt, up 85 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory continued to decline, now for five consecutive days. It is reported that nearby smelters have exports, reducing supply... 》Click for details Macro Front Domestic: [Announcement] The State Council Information Office will hold a press conference at 10 a.m. on June 13, 2025 (Friday). Li Yongxia, Deputy Representative for International Trade Negotiations of the Ministry of Commerce, and Song Junji, Vice Governor of Shandong Province, will introduce the 2025 Qingdao Summit for Leaders of Multinational Corporations and answer questions from reporters. [Average Annual Growth Rate of 14.2% Over 25 Years, Sino-African Trade Volume Exceeds 2 Trillion Yuan] On the occasion of the upcoming Fourth China-Africa Economic and Trade Expo in Changsha, Hunan Province, data released by the General Administration of Customs on June 11 showed that since the establishment of the Forum on China-Africa Cooperation in 2000, China's total import and export value with Africa has increased from less than 100 billion yuan that year to 2.1 trillion yuan in 2024, a cumulative increase of over 20 times, with an average annual growth rate of 14.2%, fully demonstrating the strong vitality of Sino-African economic and trade cooperation. On the same day, the General Administration of Customs also released the China-Africa Trade Index for 2024. This index rapidly climbed from its base value of 100 points in 2000, reaching a new high of 1,056.53 points in 2024. (Xinhua News Agency) The People's Bank of China conducted reverse repo operations worth 164 billion yuan for 7 days today, with an operating interest rate of 1.40%, unchanged from the previous rate. As reverse repo operations worth 214.9 billion yuan for 7 days matured today, a net withdrawal of 50.9 billion yuan was realized. ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 11 was 7.1815 yuan per US dollar. US dollar: As of 11:43, the US dollar index rose by 0.07% to 99.12. Most economists believe that the US Federal Reserve will remain on hold for at least a few months, as the tariff policies of US President Trump may pose a lingering risk of reigniting inflation. The market will closely monitor the US inflation data to be released later on Wednesday. This report may reflect the economic impact of tariffs on price pressures and could determine the trajectory of the Fed's monetary policy for the remainder of the year. Data: The World Bank's "Global Economic Prospects" report, released on Tuesday (June 10), clearly stated that global economic growth in 2025 will be only 2.3%, significantly lower than the pre-pandemic average and the lowest non-recessionary growth rate since the 2008 financial crisis. More concerningly, the average annual growth rate of global GDP is expected to be only 2.5% by 2027, marking the slowest pace since the 1960s. The report attributed this bleak outlook to rising trade barriers and "record-high uncertainty." Nearly 70% of economies worldwide are facing downward revisions to their growth forecasts, including the US, Europe, and several emerging market regions. Ayhan Kose, the World Bank's Deputy Chief Economist, vividly compared the situation in an interview: "Uncertainty is like fog on the runway, hindering investment and dimming the economic outlook." This uncertainty not only weighs on global trade but also exerts significant pressure on consumption, investment, and financial market stability. (Huitong Finance) Data to be released today include China's M2 money supply annual growth rate for May (time uncertain between June 11-17), China's total social financing for the year to date as of May (time uncertain between June 11-17), China's new RMB loans for the year to date as of May (time uncertain between June 11-17), the US's unadjusted annual CPI rate for May, the US's unadjusted annual core CPI rate for May, the US's unadjusted annual energy CPI rate for May, the US's June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ Consumer Confidence Index for the week ending June 8. In addition, 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 11:43, crude oil futures fluctuated rangebound, with US crude oil down 0.06% and Brent crude oil down 0.13%. Weak global oil demand and increased production by OPEC have put pressure on the market, weighing on oil prices. On Wednesday evening, the market will focus on the weekly US oil inventory report released by the US Energy Information Administration (EIA). Analysts expect that US crude oil inventories are likely to decrease by 2 million barrels in the week ending June 6, while distillate and gasoline inventories may increase. Data released by the American Petroleum Institute (API) showed that US crude oil inventories fell last week, while gasoline and distillate inventories rose. The API report indicated that US crude oil inventories decreased by 370,000 barrels, gasoline inventories increased by 3 million barrels, and distillate inventories increased by 3.7 million barrels in the week ending June 6. (Webstock Inc.) Spot market overview: ► Inventories fell for five consecutive weeks; suppliers refused to budge on prices, but actual transactions were average. [SMM South China spot copper] ► Shanghai zinc: Futures market rebounded MoM, downstream purchases weakened. [SMM midday review] ► As delivery approaches, spot-futures price spread narrows, and transactions in the spot market are sluggish. [SMM daily review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

SMM News on June 10: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE zinc and SHFE nickel both fell by over 1%, with SHFE zinc down 1.27% and SHFE nickel down 1.06%. SHFE copper, SHFE lead, and SHFE tin all rose, with SHFE lead leading the gains with a 0.9% increase, SHFE copper up 0.27%, and SHFE tin up 0.21%. The main alumina contract fell by 0.31%, while the main cast aluminum alloy contract surged over 5% on its debut trading day, closing at 19,190 yuan/mt with a 4.49% increase as of the daytime close. 》Surged over 5% on debut! Cast aluminum alloy makes a "strong start" - can it sustain the momentum? [SMM Flash News] In addition, the main lithium carbonate contract rose by 0.16%, the main polysilicon contract fell by 0.83%, and the main silicon metal contract rose by 0.82%. The main European container shipping contract fell by 0.95%. The ferrous metals series showed mixed performance. Stainless steel fell by 1.46%, iron ore fell by 0.85%, and HRC closed flat at 3,089 yuan/mt. In the coking coal and coke segment, coking coal rose by 0.51% and coke rose by 0.48%. In the overseas market, as of 15:09, overseas market metals showed mixed performance. LME lead rose by 0.38%, LME copper fell by 0.44%, and LME tin fell by 0.42%. LME lead led the gains with a 0.38% increase, while the price fluctuations of other metals were relatively small. In the precious metals segment, as of 15:09, COMEX gold fell by 0.26% and COMEX silver fell by 0.6%. Domestically, SHFE gold fell by 0.03% and SHFE silver rose by 0.62%. Market movements as of 15:09 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [NDRC: Will propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood] The State Council Information Office held a press conference at 10 a.m. today, inviting Xiao Weiming, Deputy Secretary-General of the National Development and Reform Commission (NDRC), and relevant officials from the Ministry of Education, Ministry of Civil Affairs, Ministry of Finance, Ministry of Human Resources and Social Security, and National Health Commission to introduce policies on further safeguarding and improving people's livelihood and answer questions from reporters. Xiao Weiming, Deputy Secretary-General of the NDRC, stated at the press conference that the NDRC will implement the decisions and arrangements of the CPC Central Committee, work with all parties to prepare the "15th Five-Year Plan" based on thorough surveys, and propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood to incorporate people's livelihood construction into the national "15th Five-Year Plan" development blueprint. 》Click to view details [PBOC's Open Market Operations Net Withdraw 255.9 Billion Yuan Today] The PBOC conducted 198.6 billion yuan of 7-day reverse repo operations today. As 454.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 255.9 billion yuan was realized on the day. ► On June 10, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1840 yuan per US dollar. US dollar side: As of 15:09, the US dollar index rose by 0.3% to 99.32. In the US, inflation expectations among the public pulled back in May, and the market held certain expectations for the US Fed to cut interest rates in H2. This week, US inflation data will be released, which is expected to provide more guidance on the direction of the US Fed's policy. A report released by the Federal Reserve Bank of New York on Monday showed that in May, US citizens' anxiety about the future inflation path eased somewhat, and their views on their personal financial situations became more optimistic. The New York Fed pointed out in its May Survey of Consumer Expectations report that inflation expectations across all timeframes it measures had pulled back. Respondents' one-year inflation expectation was 3.2%, compared to 3.6% in April; the three-year inflation expectation was 3%, compared to 3.2% in April; and the five-year inflation expectation was 2.6%, compared to 2.7% in April. Macro side: Today, data such as China's M2 money supply annual growth rate for May, China's total social financing for the year to date as of May, China's new RMB loans for the year to date as of May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (annual growth rate), Australia's ANZ consumer confidence index for the week ending June 8, Switzerland's consumer confidence index for May (seasonally adjusted), and the Eurozone's Sentix investor confidence index for June will be released. In addition, the deadline for the EU's public consultation is June 10, 2025. This date marks the final window of peace before the EU considers imposing retaliatory tariffs on US goods worth up to 95 billion euros. 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 side: As of 15:09, oil prices in both markets rose together, with US crude oil up by 0.05% and Brent crude oil up by 0.13%. The market is looking forward to the results of the new round of China-US economic and trade talks. The overall macro atmosphere is optimistic, and oil prices continue to rebound towards the previous high resistance area. The progress of negotiations between the US and Iran on the nuclear agreement remains unclear, with significant differences between the two sides on key terms. US sanctions have caused buyers to waver in their procurement positions, and Iran's crude oil exports have been hindered. OPEC+ ended its voluntary production cut policy that had lasted for two and a half years in April this year, clearly formulating a production increase plan for May-July, and beginning a new round of production increase cycle. It may continue to maintain a daily production increase of 411,000 barrels in August-September. However, from the perspective of actual implementation, this production increase process has not been smooth. According to Bloomberg, the actual crude oil production of eight OPEC countries that planned to increase production in May only increased by 140,000 barrels per day (bpd) compared to April, far below the original target of 410,000 bpd. Among them, Saudi Arabia actually increased production by 110,000 bpd, while countries like Iraq, the UAE, and Kazakhstan, which often exceeded production quotas in the past, maintained relatively stable production levels this time, without further violations of the production agreement. Taking a comprehensive view of the data from April to May, the total actual production increase of OPEC+ over these two months was only 100,000 bpd, far from the planned target of 550,000 bpd. The implementation of OPEC's subsequent production increase plans may face significant challenges, and there is considerable uncertainty about whether the expected production increase targets can be achieved as scheduled. This also implies that the degree of supply surplus in the crude oil market may not be as severe as previously estimated by the market. (Wenhua Comprehensive) SMM Daily Review ► Stainless steel in the doldrums, raw materials under pressure, short-term nickel iron prices may be in the doldrums [NPI Daily Review] ► [SMM Nickel Sulphate Daily Review] On June 10, nickel salt prices remained stable. ► [SMM MHP Daily Review] On June 10, Indonesian MHP prices rose slightly.

SMM, June 10: Metal Market: As of the midday close, domestic base metals showed mixed performance. SHFE copper rose by 0.57%, SHFE zinc fell by 1.22%, SHFE aluminum dropped by 0.12%, SHFE lead increased by 0.87%, SHFE tin gained 0.44%, and SHFE nickel declined by 0.89%. In addition, the main continuous futures contract for foundry aluminum surged on its first trading day, closing up 4.63% by midday. Alumina rose by 0.38%. Lithium carbonate increased by 0.53%, silicon metal rose by 1.16%, and polysilicon fell by 0.22%. The ferrous metals series mostly rose, with iron ore down by 0.21%, rebar up by 0.13%, and HRC up by 0.19%. Stainless steel fell by 0.99%. For coking coal and coke: coking coal rose by 0.7%, and coke increased by 0.52%. In overseas metal markets, as of 11:46, LME metals were mostly down, with LME zinc falling by 0.3%, LME copper down by 0.37%, LME aluminum dropping by 0.36%, LME lead on par with $1,986.5/mt, LME tin declining by 0.23%, and LME nickel falling by 0.23%. In precious metals, as of 11:46, COMEX gold fell by 0.78%, and COMEX silver dropped by 0.4%. Domestically, SHFE gold fell by 0.55%, SHFE silver rose by 0.89%, and SHFE silver hit a new high since listing in the night session, reaching 9,020 yuan/kg. As of the midday close, the most-traded contract for the Europe Containerized Freight Index was on par with 2,061.8. As of 11:46 on June 10, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 10 Spot and Fundamentals Aluminum: This morning, the center of SHFE aluminum prices dropped to around 20,500 yuan/mt before reversing in a V-shaped trend, rising again above 20,100 yuan/mt. In east China, after the futures market fell, purchasing sentiment improved, and major players purchased in the market. The market traded at parity to a premium of 10 yuan/mt against SMM transactions, with premiums and discounts firming. Today, SMM A00 aluminum was reported at 20,160 yuan/mt, down 50 yuan/mt from the previous trading day, with a premium of 70 yuan/mt against the June contract, unchanged from the previous trading day... 》Click for details Macro Front Domestic: [National Development and Reform Commission (NDRC): Will propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood] The State Council Information Office held a press conference at 10 a.m. today. Xiao Weiming, Deputy Secretary General of the National Development and Reform Commission, and relevant officials from the Ministry of Education, Ministry of Civil Affairs, Ministry of Finance, Ministry of Human Resources and Social Security, and National Health Commission introduced policies to further safeguard and improve people's livelihood and answered questions from reporters. Xiao Weiming, Deputy Secretary General of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will implement the decisions and arrangements of the CPC Central Committee. Based on thorough surveys, it will collaborate with various parties to formulate the "15th Five-Year Plan," proposing major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood, and integrating the construction of people's livelihood into the national development blueprint for the "15th Five-Year Plan." 》Click for details [PBOC's Open Market Operations Net Withdraw 255.9 Billion Yuan Today] The PBOC conducted 198.6 billion yuan in 7-day reverse repo operations today. As 454.5 billion yuan in 7-day reverse repos matured today, a net withdrawal of 255.9 billion yuan was realized on the day. ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 10 was 7.1840 RMB per US dollar. US dollar: As of 11:46, the US dollar index rose by 0.13%, reporting at 99.15. A report released by the Federal Reserve Bank of New York on Monday showed that US citizens' anxiety about the future inflation path eased in May, and their outlook on personal financial conditions became more optimistic. The market is awaiting the US inflation data to be released on Wednesday, which may adjust expectations regarding the timing of the US Fed's interest rate cut. Meanwhile, the market is also focusing on the ongoing China-US trade talks in London. Other currencies: Kazuo Ueda, Governor of the Bank of Japan, stated that if the economy and prices face strong downward pressure, the Bank of Japan has limited room to support the economy through interest rate cuts, with the short-term interest rate currently maintained at 0.5%. "If we have sufficient confidence that the underlying inflation rate is close to or fluctuating around 2%, we will raise interest rates." (Caijing) Data: Today, data such as China's M2 money supply annual growth rate for May, China's total social financing for the year to date in May, China's new RMB 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 (annual growth rate), Australia's ANZ consumer confidence index for the week ending June 8, Switzerland's consumer confidence index for May (seasonally adjusted), and the Eurozone's Sentix investor confidence index for June will be released. In addition, the deadline for the EU's public consultation is June 10, 2025. This date marks the final window of peace before the EU considers imposing retaliatory tariffs on US goods worth up to 95 billion euros. 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 11:46, crude oil futures fluctuated rangebound, with US oil up by 0.11% and Brent oil up by 0.18%. The market is awaiting the outcome of Sino-US negotiations, which may help ease trade tensions and improve fuel demand. Additionally, a survey found that OPEC's oil production growth in May was lower than planned, as Iraq further cut production to compensate for earlier overproduction, while Saudi Arabia and the UAE also increased production by less than their quotas. (Webstock Inc.) Spot Market Overview: ► Copper prices rise, but downstream players are reluctant to rush to buy amid continuous price rise and restock; overall trading activity is weaker than yesterday. [SMM South China Spot Copper] ► Operating rates of processing enterprises recover, and market trading activity improves. [SMM North China Spot Copper] ► The center of gravity pulls back in the morning session, and just-in-time procurement in the market improves. [SMM Aluminum Spot Midday Review] ► Shanghai zinc: futures market declines significantly, and premiums struggle to rise. [SMM Midday Review] ► The pace of production resumptions in Myanmar's Wa region is slow; SHFE tin prices may fluctuate rangebound in the afternoon session. [SMM Tin Midday Review] ► [SMM Nickel Midday Review] On June 10, nickel prices fell by over 1,000 yuan, and China's CPI index declined by 0.2% MoM. Midday reviews of other metal spot prices will be updated later. Please refresh to view.

SMM News on June 9: Metal Market: As of the daytime close, domestic market base metals generally rose, with SHFE zinc leading the declines with a 1.79% drop. The % changes of the remaining metals were all within 1%. SHFE lead and SHFE nickel both rose by over 0.4%, with SHFE lead up 0.48% and SHFE nickel up 0.47%. The main alumina contract fell by 1.47%. In addition, the main lithium carbonate contract fell by 0.16%, the main silicon metal contract rose by 2.33%, and the main polysilicon contract fell by 2.24%. The main European container shipping contract fell by 2.55%. In the ferrous metals series, most prices fell, with iron ore down 0.71% and stainless steel down 0.47%. HRC and rebar both fluctuated slightly. In the coking coal and coke sector, coking coal rose by 0.13% and coke fell by 1.22%. In the overseas market, as of 15:05, overseas market base metals collectively rose except for LME zinc, which fell by 0.26%. LME copper, LME aluminum, and LME tin all rose by over 0.4%, with LME copper up 0.44%, LME aluminum up 0.43%, and LME tin up 0.44%. In the precious metals sector, as of 15:05, COMEX gold fell by 0.14%, while COMEX silver rose by 0.75%, hitting a high of $36.525 per ounce during the session, a new high since March 2012, and recording four consecutive days of gains. Domestically, SHFE gold fell by 1.02%, while SHFE silver rose by 1.77%, hitting a high of 8,912 yuan/kg during the session, a new all-time high since its listing. Market conditions as of 15:05 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspects: [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. Excluding food and energy prices, core CPI 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, improving the supply-demand relationship in some areas, and witnessing positive changes in prices. 》Click to view details ► On June 9, the central parity rate of the RMB exchange rate in the inter-bank foreign exchange market was 7.1855 RMB per US dollar. US dollar: As of 15:05, the US dollar index fell 0.28% to 98.94. The US added 139,000 non-farm payroll jobs in May, higher than the expected 126,000 but significantly lower than the previous 177,000, marking the lowest level since February this year. The US unemployment rate in May was 4.2%, in line with expectations and the previous reading. The year-on-year growth rate of average hourly earnings in the US in May was 3.9%, higher than the expected 3.7%, with the previous reading revised up to 3.9%. The market has scaled back its bets on interest rate cuts and now expects one in October. Meanwhile, US President Trump stated that he would soon announce his decision on the next Fed Chairman, adding that a "good Fed Chairman" would lower interest rates. The market expects the US Fed to keep interest rates unchanged at its June 17-18 meeting, with policymakers assessing how tariffs will impact the economy. According to the CME Group's FedWatch tool, federal funds rate futures traders currently expect a 61% probability of an interest rate cut by the Fed in September or earlier, compared to 74% on Thursday. Macro: Today, data such as the global leading indicator for the turning point of the industrial production cycle in May, the final value of the US wholesale inventory monthly rate in April, the 1-year inflation expectations of the New York Fed in the US in May, and the 3-year inflation expectations of the New York Fed in the US in May will be released. In addition, it is worth noting that, at the invitation of the UK government, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13. During this period, the first meeting of the China-US economic and trade consultation mechanism will be held with the US side. Crude oil: As of 15:05, oil prices in both markets fell simultaneously, with US oil down 0.2% and Brent oil down 0.26%. Oil prices fell on Monday, but the decline was limited, and most of the gains from last week were retained. The prospect of a China-US trade agreement boosted the risk appetite of some investors and supported oil prices. Tim Evans of Evans Energy said in a report, "Over the past week, Brent crude oil rose to near the top of its recent trading range as equity market risk appetite increased amid easing tariff concerns, encouraging buying." The US non-farm payrolls report showed that the unemployment rate held steady in May, which seemed to increase the likelihood of a US Fed interest rate cut, further supporting the oil price rally last week. Data released on the website of the General Administration of Customs on June 9 showed that China's crude oil imports in May were 46.6 million mt, and cumulative imports from January to May were 229.615 million mt, up 0.3% YoY. After OPEC announced a significant production increase again in July on May 31, the prospect that the China-US trade agreement could support economic growth and increase oil demand outweighed concerns about increased OPEC supply. A research report released by HSBC on Friday stated that it is expected that OPEC+ will accelerate supply increases in August and September, which may increase the downside risk to the bank's forecast of a Brent crude oil price of $65 per barrel in Q4 2025. A research report by Capital Economics stated that it believes that this new accelerated production increase by OPEC+ will continue. ING analysts led by Warren Patterson said in a report that the WTI discount to Brent crude oil continued to narrow due to increased OPEC production, mild growth in US crude oil supply, and the possibility of decreased production next year. US energy services company Baker Hughes said in its closely watched report that the number of oil and natural gas rigs operated by US energy companies fell for the sixth consecutive week this week, the first time since September 2023 that the number of rigs has declined for six consecutive weeks. Data showed that as of the week ending June 6, the number of active US oil rigs fell by 9 to 442, while the number of natural gas rigs increased by 5 to 114. (Webstock Inc.) SMM Daily Review ► The market remained relatively stable at the beginning of the week, with spot prices temporarily steady [SMM EMM Daily Review] ► [SMM Hydrogen Cost Daily Review] 20250606

SMM News on June 6: Metal Market: As of the daytime close, domestic market base metals collectively rose. SHFE copper and SHFE tin both surged over 1%, with SHFE copper up 1.04% and SHFE tin up 1.79%. The remaining metals all rose less than 1%, while the main alumina contract fell 2.91%, recording two consecutive days of decline. In addition, the main lithium carbonate contract rose 0.23%, the main silicon metal contract rose 2.1%, and the main polysilicon contract rose 0.35%. The main European container shipping contract fell 4.35%. The ferrous metals series generally rose, with only stainless steel declining by 0.16%. Iron ore rose 0.86%, rebar rose 0.57%, and HRC rose 0.55%. In the coking coal and coke sector, coking coal rose 3.18%, and coke rose 0.67%. In the overseas market, as of 15:08, overseas market base metals showed mixed performance. LME copper rose 0.09%, LME lead rose 0.58%, and LME zinc rose 0.54%. The remaining metals all dropped slightly. In the precious metals sector, as of 15:08, COMEX gold rose 0.26%, and COMEX silver rose 1.38%. Domestically, SHFE gold fell 0.15%, and SHFE silver rose 4.49%. The SHFE silver price surged to a record high of 8,855 yuan/kg during the session, marking a new all-time high since its listing. 》8,834! SHFE silver hits new high since listing! Precious metals sector rises over 3%, with Hunan Silver hitting daily limit [SMM Flash News] Market conditions as of 15:08 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [China's Warehousing Index for May was 50.5%, Operating in Expansion Territory for 7 Consecutive Months] The China Federation of Logistics and Purchasing (CFLP) released China's warehousing index for May today (the 6th). The data changes indicated that warehousing business activities were active, demand maintained growth, and the warehousing industry maintained a stable and improving operational trend. China's warehousing index for May was 50.5%, pulling back 0.2 percentage points MoM, and operating in expansion territory for seven consecutive months. [Cailian Press C50 Wind Vane Index Survey: New Social Financing in May May Increase YoY, M2 YoY Growth Rate Expected to Continue Rebounding] The latest results of Cailian Press's "C50 Wind Vane Index" showed that the median forecast of market institutions for new RMB loans in May was 600 billion yuan, a decrease of 350 billion yuan YoY. The median forecast for new social financing in May was 2.32 trillion yuan, an increase of 260 billion yuan YoY. Meanwhile, the market expects that with improved liquidity and a low base effect, the M2 YoY growth rate in May may continue to rebound. In terms of prices, the CPI in May may remain relatively stable, while the decline in PPI may continue to widen. On a YoY basis, the median forecast for CPI YoY growth rate in May by market institutions was -0.2%, and the median forecast for PPI YoY growth rate in May was -3.3%. (Cailian Press) ► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 6 was 7.1845 yuan per US dollar. US dollar: As of 15:08, the US dollar index rose 0.14% to 98.89. US economic data has repeatedly fallen short of expectations, leading to increased expectations for US Fed interest rate cuts in H2. The number of initial jobless claims in the US, seasonally adjusted, for the week ending May 31 was 247,000, significantly higher than the expected 235,000, reaching the highest level since the week ending October 5 last year. The number of continuing jobless claims in the US for the week ending May 24 was 1.904 million, slightly lower than the previous week, remaining above 1.9 million for the second consecutive week. Federal Reserve Governor Cook said on Thursday that she supports maintaining US short-term borrowing costs at the current "moderately restrictive" level as long as the threat of tariffs driving up inflation persists. Kansas City Fed President Schmid said that while the extent to which tariffs will drag on economic growth and employment remains unclear, he is more concerned about the short-term impact of tariffs on inflation. Macro side: [Global manufacturing PMI below 50% for three consecutive months, global economy hovering at low levels] The China Federation of Logistics and Purchasing released the global manufacturing PMI for May today (6th). The global manufacturing PMI for May was 49.2%, up 0.1 percentage point MoM, remaining below 50% for three consecutive months. By region, the manufacturing PMI for the Americas in May was 48.4%, unchanged from the previous month and below 49% for three consecutive months, indicating that the manufacturing sector in the Americas continues to be in contraction territory. From the data of major countries, the manufacturing PMI for the US in May was 48.5%, down 0.2 percentage point MoM, declining MoM for four consecutive months. The data changes indicate that under the influence of US tariff hikes, the US manufacturing sector continues to weaken. Today, data such as Germany's seasonally adjusted industrial production MoM for April, Germany's working-day adjusted industrial production YoY for April, Germany's seasonally adjusted exports MoM for April, France's trade balance for April, the final value of the eurozone's seasonally adjusted QoQ GDP growth rate for Q1, the final value of the eurozone's seasonally adjusted YoY GDP growth rate for Q1, the eurozone's retail sales MoM for April, the eurozone's retail sales YoY for April, Canada's leading indicators MoM for May, the seasonally adjusted change in US non-farm payrolls for May, the US average hourly earnings YoY for May, the change in US private non-farm payrolls for May, the US labor 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, and the Canadian unemployment rate for May will be released. In addition, it is noteworthy that Federal Reserve Governor Adriana Kugler delivered a speech at the Economic Club of New York, and Patrick Harker, the 2026 FOMC voter and President of the Federal Reserve Bank of Philadelphia, spoke about the economic outlook. Crude oil: As of 15:08, oil prices in both markets fell simultaneously, with WTI crude down 0.24% and Brent crude down 0.18%. After two consecutive weeks of decline, both benchmark crude oils are expected to record weekly gains this week. According to a report by Xinhua News Agency, 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. This has deepened the market's optimistic expectations for economic growth and increased oil demand. Canadian Minister of Industry Mélanie Joly stated that Prime Minister Mark Carney and US President Donald Trump are in direct communication. News related to tariff negotiations, as well as data showing the impact of trade uncertainties and US tariffs on the global economy, continue to influence oil price trends. Analysts from BMI, a research arm of Fitch, said in a report on Friday, "The US may increase sanctions on Venezuela to limit its crude oil exports, and the Israel-Palestine situation also poses an upside risk to oil prices. However, weakening oil demand and increased supply from OPEC and non-OPEC producers will deepen the downward pressure on oil prices in the coming quarters." Saudi Arabia, the world's largest oil exporter, has cut the price of its crude oil for Asian buyers in July to the lowest level in nearly two months, but the reduction was smaller than expected. This follows an agreement by eight OPEC+ oil-producing countries to increase July production by 411,000 barrels per day. Saudi Arabia has been pushing for a larger production increase as part of a broader strategy to regain market share and discipline OPEC+ members whose production exceeds their quotas. (Webstock Inc.) SMM Daily Review ► The off-season in June starts with sluggish demand and high stainless steel inventory, with weak trading activity. [SMM Stainless Steel Daily Review] ► The eurozone's interest rate cut has driven a new upward trend in silver prices, but downstream demand for spot silver remains weak, with limited just-in-time procurement and sluggish trading in the spot market. [SMM Daily Review] SMM Weekly Review ► As the contract rollover approaches, Shanghai spot copper prices are stuck at parity, with caution advised against a further widening of the price spread between futures contracts. [SMM Shanghai Spot Copper Weekly Review] ► Post-holiday, downstream procurement enthusiasm remains weak, and spot prices are in the doldrums. [SMM SiMn Weekly Review] ► The operating rate of copper wire and cable enterprises continues to decline, with gradually weakening downstream demand. [SMM Wire and Cable Market Weekly Review]

SMM, June 5: Metal Market: As of the daytime close, domestic market base metals generally declined, with only SHFE lead and SHFE tin rising together. SHFE lead increased by 0.36%, and SHFE tin rose by 1.47%. The rest of the metals fell, with the main alumina contract dropping by 2.9%. In addition, the main lithium carbonate contract fell by 0.43%, the main silicon metal contract declined by 0.56%, and the main polysilicon contract dropped by 0.27%. The main European container shipping contract fell by 0.11%. The ferrous metals series showed mixed performance. Stainless steel rose by 0.2%, iron ore fell by 0.14%, rebar increased by 0.14%, and HRC declined by 0.19%. In the coking coal and coke sector, coking coal rose by 1.68%, and coke increased by 0.56%. In the overseas market, as of 15:03, overseas market base metals generally declined, with only LME copper and LME nickel rising together. LME copper increased by 0.29%, and LME nickel rose by 0.1%. LME lead led the declines with a drop of 0.5%. The fluctuations in the declines of the remaining metals were relatively small. In precious metals, as of 15:03, COMEX gold fell by 0.26%, and COMEX silver rose by 0.03%. Domestically, SHFE gold increased by 0.23%, and SHFE silver fell by 0.01%. Market conditions as of 15:03 today 》Click to view SMM market dashboard Macro Front Domestic Aspects: [National Energy Administration: National power supply is generally expected to be secured during the peak summer period this year] Hao Ruifeng, Director of the Market Supervision Department of the National Energy Administration, stated at a State Council Information Office press conference that, based on the current situation, it is expected that the national power supply will be generally secured during the peak summer period this year, although there may be power supply tightness in some local areas during peak periods. Hao Ruifeng pointed out that the National Energy Administration will aim to ensure flexible regular supply, implement measures for localized short-term tightness, and achieve effective responses to extreme situations, pressing all parties to fulfill their responsibilities. Through measures such as strengthening energy and power monitoring and early warning, fully leveraging power supply potential during peak periods, accelerating the construction and commissioning of supportive power sources, optimizing cross-provincial power exchanges, and enhancing demand-side response, the National Energy Administration will strive to ensure the safe and stable supply of power during the peak summer period. [Song Hongkun, Deputy Director of the National Energy Administration: As of the end of April, installed capacity of wind, PV, and nuclear power historically exceeded that of thermal power] Song Hongkun, Deputy Director of the National Energy Administration, stated at a State Council Information Office press conference today that as of the end of April this year, China's installed capacity of renewable energy power generation reached 2.017 billion kW, up 58% YoY. The installed capacity of wind, PV, and nuclear power reached 1.53 billion kW, historically exceeding that of thermal power. [Ministry of Ecology and Environment: Coal consumption accounted for 53.2% of total energy consumption in 2024] The Ministry of Ecology and Environment officially released the "2024 Report on the State of China's Ecology and Environment."The proportion of coal consumption in total energy consumption was 53.2%, a decrease of 1.6 percentage points from 2023. The proportion of clean energy consumption, including natural gas, hydropower, nuclear power, wind power, and solar power, in total energy consumption was 28.6%, an increase of 2.2 percentage points from 2023. As of the end of 2024, the cumulative trading volume of quotas in the national carbon emissions trading market reached 630 million mt, with a cumulative turnover of 43.033 billion yuan. [Caixin China General Services PMI rose to 51.1 in May] The Caixin China General Services Business Activity Index (Services PMI) for May, released today, recorded 51.1, up 0.4 percentage points from April, indicating an acceleration in the expansion of services sector operations. ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on June 5 was 7.1865 RMB per US dollar. US dollar: As of 15:03, the US dollar index rose by 0.12% to 98.91. On June 4 local time, the latest Beige Book, a national economic conditions survey report released by the US Fed, showed that economic activity in the US had declined slightly since the last report. Businesses and consumers faced increased policy uncertainty and mounting price pressures, with the overall economic outlook remaining pessimistic. US ADP employment increased by 37,000 in May, against an expected increase of 110,000 and a prior increase of 62,000. Following the release of the US May ADP employment data, US President Trump stated that Powell must now cut interest rates. Data released by ISM showed that the US May ISM Services PMI Index was reported at 49.9, significantly below the expected 52, marking the first contraction in nearly a year. The new orders index fell sharply by 5.9 points, the largest decline since June 2024, to 46.4. The prices paid index jumped to 68.7, the highest since November 2022. Currently, the market is focusing on the non-farm payrolls report to be released this Friday, seeking clearer guidance. Macro: Today, data such as the year-on-year rate of the ANZ commodity price index for May globally, Australia's goods and services trade balance for April, Australia's monthly export rate for April, Australia's monthly import rate for April, China's Caixin Services PMI for May, Switzerland's unadjusted unemployment rate for May, Switzerland's seasonally adjusted unemployment rate for May, the leading indicator for turning points in the global industrial production cycle for May, the number of job cuts announced by US companies in May (Challenger report), the European Central Bank's (ECB) main refinancing rate for June in the Eurozone, the ECB's deposit facility rate for June in the Eurozone, the ECB's marginal lending facility rate for June in the Eurozone, the US trade balance for April, the number of initial jobless claims in the US for the week ending May 31, the number of continuing jobless claims in the US for the week ending May 31, Canada's trade balance for April, Canada's seasonally adjusted IVEY PMI for May, Canada's unadjusted IVEY PMI for May, and the global supply chain pressure index for May will be released. In addition, it is worth noting that the US Fed released the Beige Book on economic conditions; the European Central Bank (ECB) announced its interest rate decision; and ECB President Christine Lagarde held a press conference on monetary policy. Crude oil: As of 15:03, oil prices in the two markets showed mixed performance, with US crude oil down 0.06% and Brent crude oil up 0.05%. Earlier industry reports indicated an increase in US gasoline and diesel inventories last week. Additionally, Saudi Arabia lowered its official selling prices (OSPs) for Asian crude oil buyers in July, while uncertainties surrounding the global economy also weighed on oil prices. The US Energy Information Administration (EIA) released its inventory report on Wednesday, showing a decline in US crude oil inventories last week as refineries ramped up production with the start of the summer driving season, while fuel inventories rose due to weak demand. The EIA reported that US gasoline inventories increased by 5.2 million barrels to 228.3 million barrels in the week ending May 30, compared to market expectations of a 600,000-barrel increase. US commercial crude oil inventories fell by 4.3 million barrels to 436.06 million barrels in the same week, against market expectations of a 1 million-barrel decrease. Distillate inventories, including heating oil and diesel, rose by 4.2 million barrels to 107.6 million barrels in the week, compared to market expectations of a 1 million-barrel increase. Saudi Arabia, the world's largest oil exporter, lowered its prices for Asian crude oil buyers to a two-month low, which the market views as an attempt by Saudi Arabia to regain market share. Saudi Aramco reduced the OSP for its flagship Arab Light crude oil sold to Asia in July to a premium of $1.20 per barrel over the Oman/Dubai average. The OSP premium was $1.40 per barrel in June and $1.20 per barrel in May. A previously released survey indicated that the price cut for Arab Light crude oil in July would be in the range of 40-50¢. Analysts from ANZ Bank said in a report, "Although the price cut by Saudi Arabia was smaller than expected, it indicates that demand remains weak despite entering the peak demand period." (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices fluctuate rangebound, aluminum scrap prices remain unchanged [Daily Review of Aluminum Scrap] ► June 5: SHFE aluminum holds up well, with no sign of inventory buildup yet; processing fees struggle to maintain [Daily Review of Spot Aluminum Billet] ► [SMM MHP Daily Review] June 5: Indonesian MHP prices decline ► [SMM Nickel Sulphate Daily Review] June 5: Nickel salt prices decline ► Rare earth miners withhold sales and refuse to budge on prices, leading to a slight price increase [SMM Rare Earth Daily Review] ► Tungsten market fluctuates at highs, with APT and tungsten powder prices rising again [SMM Tungsten Daily Review] ► Silver prices continue to consolidate, with sluggish market trading remaining unchanged [SMM Daily Review]

SMM News on June 4: Metal Market: As of the daytime close, domestic market base metals collectively rose, with SHFE tin leading the gains with a 3.14% increase, while the gains of other metals were all within 1%. The main alumina contract rose by 2.17%. In addition, the main lithium carbonate contract rose by 2.55%, the main silicon metal contract rose by 2.9%, and the main polysilicon contract rose by 0.44%. The main European container shipping contract rose by 6.86%. On the ferrous metals series front, prices collectively rose, with stainless steel up by 0.59%, and the gains of other metals all exceeding 1%. Iron ore, rebar, and HRC all rose by more than 1%, with iron ore up by 1.37%, rebar up by 1.57%, and HRC up by 1.61%. Coking coal and coke surged significantly, with coking coal up by 7.19% and coke up by 5.72%. In the overseas market, as of 15:08, overseas market base metals all rose except for LME copper, which fell by 0.05%. LME tin led the gains with a 1.17% increase, while the gains of other metals were all within 1%. In the precious metals sector, as of 15:08, COMEX gold rose by 0.06%, and COMEX silver fell by 0.17%. Domestically, SHFE gold fell by 0.41%, and SHFE silver rose by 0.05%. Market movements as of 15:08 today 》Click to view SMM Market Dashboard Macro Front Domestic Developments: [Announcement: The State Council Information Office will hold a press conference at 10 a.m. on June 6 regarding economic and trade cooperation between China and South Asia, as well as the 9th China-South Asia Expo] The State Council Information Office will hold a press conference at 10 a.m. on June 6, 2025 (Friday). Yan Dong, Vice Minister of Commerce, and Liu Yong, Vice Governor of Yunnan Province, will introduce the economic and trade cooperation between China and South Asia, as well as the 9th China-South Asia Expo, and answer questions from reporters. [PBOC's Open Market Operations Net Withdraw 600 Million Yuan Today] The PBOC conducted 214.9 billion yuan of 7-day reverse repo operations today. As 215.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 600 million yuan was realized on the day. [PBOC's Stimulus Policy Package Ensures Overall Controllable Market Liquidity in June] Against the backdrop of continued monetary policy efforts, the funding market remained loose, achieving a smooth transition across the month-end. As of the close on June 3, funding rates across all tenors declined. The DR007 weighted average rate, an indicator reflecting liquidity conditions, fell sharply by 11.49 basis points to 1.5496%. Analysts believe that overall market liquidity is controllable. It is expected that with the combined effects of precise reverse repo operations and fiscal expenditures in early June, funding rates are likely to remain low, and sentiment in the bond market may stabilize and rebound. (Cailian Press) ► On June 4, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was set at 7.1886 RMB per US dollar. US dollar: As of 15:08, the US dollar index fell by 0.12% to 99.15. According to CCTV News, on June 3 local time, the US White House issued a statement saying that US President Trump announced an increase in tariffs on imported steel, aluminum, and their derivative products from 25% to 50%, effective from 00:01 AM EST on June 4, 2025. Atlanta Fed President Bostic said on Tuesday that the strong economy gives the US Fed time to assess how tariffs will affect inflation and growth, and he remains open to the possibility of an interest rate cut later this year. Chicago Fed President Goolsbee said on Tuesday that inflation resulting from US import tariffs may soon become apparent, but he noted that it will take longer to see the economic slowdown caused by tariffs. (Wenhua Comprehensive) Macro: Today, data including Australia's Q1 seasonally adjusted GDP quarter-on-quarter rate, Australia's Q1 GDP year-on-year rate, Russia's May SPGI Services PMI, the final value of the UK's May SPGI Services PMI, the change in the US's May ADP employment, Canada's total reserve assets in May, Brazil's May seasonally adjusted SPGI Services PMI, the Bank of Canada's overnight lending rate on June 5, and the US's May ISM Non-Manufacturing PMI will be released. In addition, it is worth noting that: 2025 FOMC voter and Chicago Fed President Goolsbee will participate in a Q&A session; 2027 FOMC voter, Atlanta Fed President Bostic, and Fed Governor Lisa Cook will attend the "Fed Listens" event; the Bank of Canada will announce its interest rate decision. Crude oil: As of 15:08, oil prices in both markets fell simultaneously, with US crude oil down 0.39% and Brent crude oil down 0.35%. Pressured by the increase in OPEC+ production and concerns about the global economic outlook overshadowed by tariff tensions, but supported to some extent by concerns about Canadian supply. Analysts are weighing the impact of OPEC+'s production increase and the wildfire situation in Canada on oil market supply. The market still expects the wildfires that have swept across Canada since May to curb supply, despite temporary relief from wet weather. However, analysts at ING said in a client note: "This relief may be short-lived, as the weather is expected to become drier and warmer by the end of the week." Some analysts expect that the reduction in Canadian supply will offset more than half of the production increase planned by OPEC next month. Commenting on the impact of the wildfires, SEB analyst Ole Hvalbye said, "It is estimated that around 350,000 barrels per day of oil have been affected and shut down." "Against this backdrop, the scale of this supply disruption exceeds three-quarters of the production increase that OPEC+ agreed to add to the market in July." (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices rebound, aluminum scrap market adjusts prices differently [Aluminum Scrap Daily Review] ► [SMM Nickel Sulphate Daily Review] June 4: Nickel salt prices remain stable ► Rare earths remain at a stalemate upstream and downstream, prices continue to run smoothly [SMM Rare Earths Daily Review] ► Cost-driven, tungsten products such as ammonium paratungstate and tungsten powder continue to rise [SMM Tungsten Daily Review] ► Silver prices fluctuate at highs, downstream cautiously purchases and waits on the sidelines amidst rigid demand [SMM Daily Review]

SMM News on May 27: Metal Market: As of the daytime close, among domestic market base metals, only SHFE zinc and SHFE tin rose together, with SHFE zinc up 0.61% and SHFE tin up 0.09%. The rest of the metals declined, with SHFE aluminum down 0.57% and SHFE nickel down 0.55%. The fluctuations in the decline of the remaining metals were relatively small. The main alumina contract fell 2.71%, recording a four-day losing streak. In addition, the main lithium carbonate contract rose 0.86%, the main polysilicon contract fell 1.16%, and the main silicon metal contract fell 3.63%, hitting a record low of 7,440 yuan/mt during the session. The European Containerized Freight Index fell 3.67%. The ferrous metals series collectively declined, with most drops around 1%. Iron ore fell 1.76%, rebar fell 1.23%, and HRC fell 1.33%. In the coking coal and coke segment, coking coal fell 0.12% and coke fell 0.94%. In the overseas market, as of 15:05, base metals in the overseas market collectively declined, with LME nickel leading the decline at 0.51%. LME aluminum fell 0.49%, and LME lead fell 0.43%. The declines in the remaining metals fluctuated slightly. In the precious metals segment, as of 15:05, COMEX gold fell 1.76%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 1.27%, and SHFE silver fell 0.64%. Market conditions as of 15:05 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial profits of enterprises above designated size nationwide increased by 1.4% from January to April, with new momentum industries showing rapid profit growth ] According to NBS data, from January to April, industrial enterprises above designated size nationwide achieved a total profit of 2,117.02 billion yuan, up 1.4% YoY. Among industrial enterprises above designated size during this period, state-controlled enterprises achieved a total profit of 702.28 billion yuan, down 4.4% YoY; joint-stock enterprises achieved a total profit of 1,559.64 billion yuan, up 1.1% YoY; foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan achieved a total profit of 542.92 billion yuan, up 2.5% YoY; and private enterprises achieved a total profit of 570.68 billion yuan, up 4.3% YoY. Yu Weining, a statistician from the NBS Department of Industry, interpreted the industrial profit data for January to April 2025: Industrial profits of enterprises above designated size accelerated their recovery from January to April, with new momentum industries showing rapid profit growth. 》Click to view details ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 27 was 7.1876 yuan per US dollar. US Dollar Aspect: As of 15:05, the US dollar index rose 0.19% to 99.17. Neel Kashkari, the 2026 FOMC voter and president of the Federal Reserve Bank of Minneapolis, stated that as the US government continues to engage in tariff negotiations with multiple governments, significant shifts in US trade and immigration policies have introduced uncertainties for Federal Reserve officials in taking interest rate actions before September. According to CCTV News, European Central Bank President Christine Lagarde delivered a speech at a forum in Berlin. Lagarde expressed that the current international monetary system, based on the US dollar, is becoming uncertain, and Europe needs to implement reforms in multiple areas to mitigate the impact of changes in the international order. According to CCTV News, on the 26th local time, German Chancellor Merz stated that Germany and other EU countries do not wish to escalate tariff disputes, as tariff hikes would harm German interests. If negotiations between the US and Europe fail to reach a consensus, Germany will have no choice but to retaliate against the US tariff policies. This week, focus on the statements and meeting minutes of Federal Reserve officials, paying attention to the policy signals they release. (Wenhua Comprehensive) Macro Aspects: Today, initial values for the monthly change in US durable goods orders for April, the US Conference Board Consumer Confidence Index for May, the Eurozone Economic Sentiment Index for May, the Eurozone Industrial Sentiment Index for May, the final value of the Eurozone Consumer Confidence Index for May, the German June Gfk Consumer Confidence Index, the UK May CBI Retail Sales Balance, and the Australia ANZ Consumer Confidence Index for the week ending May 25 will be released. Crude Oil Aspects: As of 15:05, oil prices in both markets showed mixed performance, with US oil down 0.02% and Brent oil up 0.08%. This is due to rising expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will decide to increase production at a meeting later this week. Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ), said in a report, "Crude oil prices are falling as the market considers the prospect of increased OPEC supply." OPEC+ may finalise July's production at the meeting, with production potentially increasing by 411,000 barrels per day. According to RIA Novosti, Russian Deputy Prime Minister Alexander Novak stated on Monday that the OPEC+ alliance of oil-producing countries had not yet discussed increasing production by an additional 411,000 barrels per day ahead of the meeting. The organization may finalise production quotas at the ministerial online meeting on May 28. OPEC+ member countries have already agreed to accelerate production increases for the second consecutive month in June. However, US President Trump's decision to extend trade negotiations with the EU until July 9 has alleviated concerns that tariffs might suppress fuel demand, thereby curbing the decline in oil prices. The National Iranian Oil Company (NIOC) stated that Iran has set the official selling price for June light crude oil for Asian buyers at a premium of $1.80 per barrel over the average of Oman/Dubai prices. The company set the price for May at a premium of $1.65 per barrel. According to Iranian state media, Iranian President Masoud Pezeshkian stated on Monday that Iran could survive even without negotiations with the US and despite facing more sanctions. If nuclear negotiations between the US and Iran fail, it could mean that Iran will continue to face sanctions, which will limit Iran's supply and support oil prices. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices fall, aluminum scrap prices follow suit [Daily Review of Aluminum Scrap] ► Aluminum price decline widens, secondary aluminum prices face synchronous pressure [Daily Review of ADC12 Prices] ► Silver prices consolidate, market sentiment remains cautious [SMM Daily Review]