The US Treasury (OFAC) has issued new licenses lifting major sanctions on Venezuela’s gold and mining industries, including state-owned miner Minerven. Following the 2026 political shift in Caracas, this move allows companies to resume investments, provide technical services, and sign contracts. The policy aims to secure global access to Venezuela's vast reserves of gold, bauxite, and rare minerals essential for high-tech supply chains.

On February 3, 2026, the United States and India formally signed a bilateral trade agreement, reaching a significant consensus on tariff arrangements for Indian goods exported to the US market. Under the terms of the agreement, the reciprocal tariff rate applicable to Indian goods (including solar modules and energy storage components) was reduced from 25% to 18%.

[SMM Aluminum Morning Meeting Minutes: Macro Tug-of-War Between Longs and Shorts, Aluminum Prices Fluctuate Considerably at High Levels] Overall, the current SHFE aluminum price has experienced a short-term sharp rise driven by events and capital, with market trading sentiment in a phase of excitement. Subsequently, caution is needed against the risk of sentiment cooling and market correction triggered by multiple factors.

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 May 29 report: Metals market: As of the daytime close, domestic market base metals generally rose, with only SHFE tin and SHFE nickel falling together. SHFE tin dropped by 1.48%, and SHFE nickel fell by 0.63%. The rest of the metals all rose. The main alumina contract fell by 1.36%. In addition, the main polysilicon contract rose by 0.92%. Lithium carbonate and silicon metal both hit new historical lows since their listings. The main lithium carbonate contract fell by 2.23%, reaching a low of 58,460 yuan/mt during the session, while the main silicon metal contract fell by 1.84%, hitting a low of 7,200 yuan/mt during the session. The main European container shipping contract surged by 6.34%. On the ferrous metals series front, most prices rose. Stainless steel fell by 0.39%, while iron ore led the gains with a 1.29% increase. Rebar rose by 0.47%. In the coking coal and coke segment, coking coal fell by 3.98%, and coke dropped by 1.62%. In the overseas market, as of 15:03, overseas market base metals collectively rose. LME zinc increased by 1%, and LME nickel rose by 1.29%, with the rest of the metals seeing gains within 1%. In the precious metals segment, as of 15:03, COMEX gold fell by 0.82%, while COMEX silver rose by 0.45%. Domestically, SHFE gold fell by 0.81%, and SHFE silver closed flat at 8,224 yuan/mt. As of 15:03 today's market situation 》Click to view SMM market dashboard Macro front Domestic front: [Announcement: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00-11:00 AM on May 30] The CCPIT will organize its regular May press conference at its auditorium from 10:00-11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will announce the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data for the national trade promotion system in April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of Expo 2025 Osaka activities. [MIIT releases 2025 regulatory development work plan] The Ministry of Industry and Information Technology (MIIT) has released its 2025 regulatory development work plan. Projects to be submitted to the ministerial meeting for review this year include the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Administrative Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Leasing Overseas Satellite Resources by Domestic Entities. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 29 was 7.1907 yuan per US dollar. US dollar front: As of 15:03, the US dollar index rose by 0.12% to 100.01, returning above 100. The minutes from the US Fed's May Federal Open Market Committee (FOMC) meeting revealed that, in the face of multiple challenges such as persistent inflation, slowing growth, and policy uncertainty, the US Fed opted to maintain interest rates unchanged, emphasizing the priority of inflation control while retaining the option to flexibly adjust policies based on economic data. Participants generally agreed that there was significant uncertainty in the current economic outlook, particularly with inflation and growth risks rising due to changes in trade policies. The market is focusing on the US Gross Domestic Product (GDP) data to be released later in the day, as well as Friday's Personal Consumption Expenditures (PCE) data and comments from Fed officials, in search of more clues about interest rates. The US Fed maintained interest rates unchanged at its May meeting. Federal funds rate futures traders believe that the US Fed is most likely to resume interest rate cuts in September. Macro Aspects: Today, data including the number of initial jobless claims in the US for the week ending May 24, the revised annualized quarterly rate of real GDP for Q1 in the US, the revised quarterly rate of the GDP price index for Q1 in the US, the revised annualized quarterly rate of the core PCE price index for Q1 in the US, the revised annualized quarterly rate of consumer spending for Q1 in the US, the revised quarterly rate of the implicit GDP deflator for Q1 in the US (seasonally adjusted), and the monthly rate of the seasonally adjusted US Pending Home Sales Index for April, will be released. Additionally, Bank of England Governor Bailey will deliver a speech at the annual dinner of the Irish Association of Investment Managers. Crude Oil Aspects: As of 15:03, oil prices in both markets rose simultaneously, with US crude oil up 1.78% and Brent crude oil up 1.63%. This follows a US court's move to block Trump's tariffs from taking effect. The market is also monitoring potential new measures by the US to curb Russian crude oil supplies, as well as OPEC+'s decision to increase production in July. In terms of supply, investors are concerned that the US may impose new restrictions on Russian crude oil. OPEC+ made no adjustments to its production policies at its Wednesday meeting but agreed to establish a mechanism to set benchmarks for its oil production in 2027. OPEC+ sources said that the eight-country meeting to be held on Saturday may agree to further accelerate production increases in July. Vivek Dhar, an analyst at the Commonwealth Bank of Australia (CBA), said in a report that given the resilience of Russian oil to sanctions so far, "it is hard to believe that any restrictions imposed by the US on Russia will substantially weaken Russian oil exports." Chevron Corporation has terminated its oil production and some other activities in Venezuela, thereby increasing supply risks. Later on Thursday, investors will focus on the EIA's weekly inventory report. A survey of industry analysts released on Wednesday showed that US crude oil inventories increased by approximately 100,000 barrels last week, distillate inventories increased by approximately 500,000 barrels, and gasoline inventories decreased by approximately 500,000 barrels. Data released by the American Petroleum Institute (API) on Wednesday showed that US crude oil inventories fell by 4.24 million barrels, gasoline inventories decreased by 528,000 barrels, and distillate inventories increased by 1.3 million barrels in the week ending May 23. (Wenhua Comprehensive) SMM Daily Review ► [SMM MHP Daily Review] May 29: MHP prices in Indonesia decline ► [SMM Nickel Sulphate Daily Review] May 29: Nickel salt prices weaken ► Inquiries for high-grade NPI were sluggish before the holiday, with short-term high-grade NPI prices remaining stable. [NPI Daily Review] ► Back-and-forth negotiations between upstream and downstream remain deadlocked, with market prices remaining relatively stable. [SMM Rare Earth Daily Review]

SMM May 29 Report: Metal Market: As of the midday close, domestic base metals all fell, with SHFE copper, SHFE aluminum, and SHFE zinc posting slight declines, all within 0.1%. SHFE lead fell by 0.18%, SHFE tin by 1.59%, and SHFE nickel by 0.74%. In addition, alumina fell by 2.06%, lithium carbonate by 2.82%, silicon metal by 1.43%, and polysilicon by 2.73%. Most ferrous metals series also fell, with iron ore rising by 0.64%, rebar posting a slight decline, and HRC falling by 0.29%. Stainless steel fell by 0.35%. For coking coal and coke: coking coal continued its downward trend from the previous nine trading days, falling by 3.8%, while coke fell by 1.48%. In overseas metal markets, as of 11:41, LME metals generally rose, with LME copper up by 0.23%, LME aluminum down by 0.1%, LME lead posting a slight decline, LME zinc up by 0.52%, LME tin up by 0.27%, and LME nickel up by 0.93%. In precious metals, as of 11:41, COMEX gold fell by 0.73%, while COMEX silver rose by 0.44%. Domestically, SHFE gold fell by 0.78%, and SHFE silver posted a slight increase. As of the midday close, the most-traded contract for the European container shipping index rose by 0.41%, closing at 2012.1 points. As of 11:41 on May 29, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 29 Spot and Fundamentals Copper: Today in Guangdong, spot #1 copper cathode was quoted at a premium of 30 yuan/mt to 100 yuan/mt against the front-month contract, with an average premium of 65 yuan/mt, down 55 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 30 yuan/mt to 10 yuan/mt, with an average discount of 20 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,365 yuan/mt, down 150 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,280 yuan/mt, down 145 yuan/mt from the previous trading day. Spot Market: Today, inventory in Guangdong ended a two-day decline and increased significantly, mainly due to increased arrivals and reduced outflows from warehouses. Downstream replenishment demand was not high ahead of the Dragon Boat Festival, so suppliers had to continuously lower prices to facilitate sales, causing premiums to continue to decline... 》Click for details Macro Front Domestic: [Announcement: The China Council for the Promotion of International Trade (CCPIT) will hold its regular May press conference from 10:00-11:00 AM on May 30] The CCPIT will organize its regular May press conference at the CCPIT Auditorium from 10:00-11:00 AM on May 30 (Friday). Zhao Ping, the CCPIT spokesperson, will release the following: the Global Economic and Trade Friction Index for March 2025, commercial certification data for the national trade promotion system in April 2025, the "Business Environment Report on Japan 2024" and the "Business Environment Report on South Korea 2024", outcomes of the 2025 Global Trade and Investment Promotion Summit, and a preview of events for the Osaka Expo, among others. [MIIT Releases 2025 Work Plan for Formulating Regulations] The Ministry of Industry and Information Technology (MIIT) has released its 2025 work plan for formulating regulations. Among the projects to be submitted to the ministerial meeting for deliberation this year are the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Administrative Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Domestic Entities Leasing Overseas Satellite Resources. The People's Bank of China conducted 266 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 154.5 billion yuan of 7-day reverse repos matured today, a net injection of 111.5 billion yuan was achieved. ► On May 29, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1907 RMB per US dollar. US Dollar: As of 11:41, the US dollar index rose by 0.36% to 100.25. After the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2), the US dollar rebounded, and market risk appetite improved. According to CCTV News, the US Federal Court blocked the implementation of the tariff policy announced by US President Trump on "Liberation Day" (April 2) and ruled that Trump had overstepped his authority by imposing across-the-board tariffs on countries that export more to the US than they import. It is understood that the Trump administration filed a notice of appeal within minutes of the ruling. White House spokesperson Kush Desai strongly condemned the ruling, stating that unelected judges have no authority to decide how to properly respond to a national emergency, and that the Trump administration will use all executive powers to address the crisis. The market is focusing on the release of US GDP data later in the day, as well as Friday's personal consumption expenditures (PCE) data and comments from Federal Reserve officials, in search of more clues about interest rates. The Federal Reserve maintained interest rates unchanged at its May meeting. Federal funds rate futures traders believe that the Federal Reserve is most likely to resume interest rate cuts in September. Data: Today, data such as the number of initial jobless claims in the US for the week ending May 24, the revised annualised quarter-on-quarter rate of real GDP for the US in Q1, the revised quarter-on-quarter rate of the GDP price index for the US in Q1, the revised annualised quarter-on-quarter rate of the core PCE price index for the US in Q1, the revised annualised quarter-on-quarter rate of consumer spending for the US in Q1, the revised quarter-on-quarter rate of the implicit GDP deflator for the US in Q1 (seasonally adjusted), and the month-on-month rate of the US seasonally adjusted pending home sales index for April will be released. In addition, Bank of England Governor Bailey will deliver a speech at the annual dinner of the Irish Association of Investment Managers. Crude Oil: As of 11:41, crude oil futures have all risen, with US oil up 1.25% and Brent oil up 1.13%. The rebound in market risk appetite, coupled with ongoing market attention to potential new measures by the US to curb Russian crude oil supplies and OPEC's decision to increase production in July, has supported oil prices. OPEC did not make any adjustments to its production policy at its Wednesday meeting but agreed to establish a mechanism to set a benchmark for its oil production in 2027. OPEC sources said that the eight-nation meeting to be held on Saturday may agree to further accelerate the pace of production increases in July. Chevron Corporation has terminated its oil production and some other activities in Venezuela, thereby increasing supply risks. Later on Thursday, the market will focus on the EIA Weekly Petroleum Status Report. A survey of industry analysts released on Wednesday showed that US crude oil inventories increased by approximately 100,000 barrels last week, distillate inventories increased by approximately 500,000 barrels, and gasoline inventories decreased by approximately 500,000 barrels. Data released by the American Petroleum Institute (API) on Wednesday showed that US crude oil inventories decreased by 4.24 million barrels, gasoline inventories decreased by 528,000 barrels, and distillate inventories increased by 1.3 million barrels in the week ending May 23. (Webstock Inc.) Spot Market Overview: ► Downstream restocking intentions were low before the holiday, and suppliers continuously lowered prices to facilitate sales [SMM South China Spot Copper] ► [SMM Nickel Midday Review] On May 29, nickel prices fell sharply, breaking through the 120,000 support level, with active trading and rising premiums in the spot market Midday reviews of other metal spot prices will be updated later. Please refresh to view~

SMM May 27 News: Metal Market: As of the midday close, domestic market base metals were mostly down, with SHFE copper seeing a slight decline. SHFE lead fell by 0.36%, SHFE tin by 0.38%, SHFE zinc by 0.31%, SHFE aluminum rose by 0.35%, and SHFE nickel by 0.37%. In addition, alumina rose by 0.1%. Lithium carbonate fell by 1.55%, silicon metal by 3.59%, and polysilicon rose by 0.39%. The ferrous metals series all fell, with iron ore down by 0.29%, rebar by 1.1%, HRC by 0.9%, and stainless steel by 0.78%. In the coking coal and coke sector, coking coal fell by 1.57%, and coke by 1.58%. In the overseas metal market, as of 11:46 a.m., most LME metals fell, with LME copper down by 0.13%, LME aluminum by 0.32%, LME lead by 0.33%, LME zinc by 0.35%, LME tin up by 0.13%, and LME nickel by 0.73%. In the precious metals sector, as of 11:46 a.m., COMEX gold fell by 0.26%, and COMEX silver rose by 0.07%. Domestically, SHFE gold fell by 0.99%, and SHFE silver by 0.18%. Data from Swiss Customs on Tuesday showed that after precious metals were excluded from US import tariffs, Switzerland's gold imports from the US in April surged to the highest monthly level since at least 2012. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose by 0.11%, closing at 2034.6 points. As of 11:46 a.m. on May 27, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 27 Spot and Fundamentals Zinc: The transaction price for mainstream brand 0# zinc in the Ningbo market was around 22,875-22,980 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 270 yuan/mt against the 2506 contract and at a premium of 90 yuan/mt against Shanghai spot. Mainstream quotes in the Ningbo region were against the 2506 contract... 》Click for details Macro Front Domestic: [China-EU Semiconductor Industry Symposium: Firmly Opposing Unilateralism and Bullying, Striving to Maintain Global Semiconductor Supply Chain Security and Stability] According to the Ministry of Commerce website, the China-EU Semiconductor Industry Symposium was held in Beijing on May 27. Relevant departments of the Ministry of Commerce, the China Semiconductor Industry Association, the European Union Chamber of Commerce in China, and representatives from over 40 Chinese and European semiconductor industry enterprises attended the meeting. The meeting focused on deepening economic and trade cooperation in the semiconductor sector between China and the EU. It was emphasized that both China and the EU hold significant positions in the global semiconductor supply chain, and strengthening cooperation aligns with the interests of both sides. Given the complex and severe international situation, with increasing uncertainties, China will continue to expand high-level opening-up, providing enterprises with a fair, stable, transparent, and predictable policy environment. It supports Chinese and European semiconductor enterprises in fully leveraging their complementary advantages, deepening economic and trade cooperation in compliance with laws and regulations, firmly opposing unilateralism and bullying, and striving to maintain the security and stability of the global semiconductor supply chain. Participants at the meeting unanimously agreed that currently, the security and stability of the global semiconductor production and supply chain are facing severe challenges. This symposium has provided a good platform for Chinese and European semiconductor upstream and downstream enterprises to enhance mutual understanding, boost trade confidence, and deepen exchanges and cooperation. Strengthening exchanges and cooperation in the semiconductor field between China and Europe will help inject new impetus into the global economic recovery and growth. (Caijing) [The Ministry of Finance will issue RMB 68 billion in government bonds in Hong Kong this year] With the approval of the State Council, the Ministry of Finance will issue RMB 68 billion in government bonds in the Hong Kong Special Administrative Region in six tranches in 2025. Among them, the first two tranches, totaling RMB 25 billion, have already been issued in February and April, respectively. The third tranche of RMB 12.5 billion in government bonds will be issued through tender on June 4, and the specific issuance arrangements will be announced on the Central Moneymarkets Unit (CMU) system of the Hong Kong Monetary Authority. [Jiangsu: Greater efforts to promote consumption upgrading, expand service consumption in key areas, and accelerate the development of new-type consumption] The Ninth Plenary Session of the 14th Jiangsu Provincial Committee of the Communist Party of China was held in Nanjing on May 27. The plenary session emphasized the need to strive for leadership in advancing deep-level reforms and high-level opening-up, accumulating greater impetus for forward development. Deepen the reform of market-oriented allocation of production factors and serve the construction of a unified national market. Further promote the construction of the "1+3" key functional areas and continuously optimize the provincial productivity layout. Make greater efforts to promote consumption upgrading, expand service consumption in key areas, explore new consumption scenarios, and accelerate the development of new-type consumption. Strengthen the protection of the legitimate rights and interests of various business entities, promote whole-chain approval optimization, whole-process fair supervision, and whole-cycle service optimization, and create a first-class business environment that is market-oriented, rule-of-law-based, and internationalized. Thoroughly implement the strategy of upgrading free trade pilot zones, promote the facilitation of cross-border trade, and steadily expand institutional opening-up. Continuously consolidate traditional markets, tap the potential of emerging markets, develop new forms and models of foreign trade, and actively expand international cooperation space. The People's Bank of China conducted RMB 215.5 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As RMB 157 billion in 7-day reverse repos matured today, a net injection of RMB 58.5 billion was achieved. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 28 was 7.1894 RMB per US dollar. US dollar: As of 11:46, the US dollar index rose by 0.12% to 99.73. Data released on Tuesday showed that US consumer confidence ended a five-month losing streak, with consumer confidence improving in May. Minneapolis Fed President Neel Kashkari called for maintaining interest rates unchanged on Tuesday until the impact of tariff hikes on inflation becomes clearer. Markets await the US core personal consumption expenditures (PCE) price index due later this week for interest rate clues. However, a May 27 opinion poll released by the Detroit Regional Chamber in Michigan showed about 54% of respondents believe the Trump administration's tariff policies will negatively impact the state's economy. Regarding economic expectations, 62% consider the US economy currently weak or heading toward recession. Chamber officials stated these figures indicate widespread pessimism among state residents about the current US economic situation. Additionally, 79% believe tariffs will directly cause US goods prices to rise, increasing living costs. Other currencies: The Reserve Bank of New Zealand cut its official cash rate by 25 basis points to 3.25% on Wednesday (May 28), marking the sixth consecutive interest rate cut, aligning with 23 out of 24 economists' expectations. The decision passed with a 5:1 vote, reflecting committee concerns about economic prospects. (FX678) Data watch: Today's releases include the Eurozone's April ECB 1-year CPI expectations, 3-year CPI expectations, Germany's May seasonally adjusted unemployment rate and unemployment change, Australia's April Bureau of Statistics CPI (seasonally adjusted), New Zealand's May 28 official cash rate decision, France's Q1 GDP (final), and Switzerland's May Credit Suisse/CFA economic expectations index. Additionally, FOMC permanent voter and New York Fed President Williams will participate in a Bank of Japan Institute panel discussion, while the RBNZ will release its rate decision and monetary policy statement, followed by Governor Orr's press conference. Crude oil: As of 11:46, oil futures rose slightly, with WTI up 0.41% and Brent up 0.41%. The US ban on Chevron's Venezuelan crude exports raised supply tightness concerns, supporting prices. Tuesday reports indicated the US government authorized Chevron to retain Venezuelan assets but prohibited oil exports or expanded operations. In recent years, Chevron and other foreign firms received production/export authorizations, helping Venezuela's output rebound to about 1 million barrels/day. The API will release weekly crude inventory data at 04:30 Beijing time Thursday, followed by the EIA's report at 00:00 Friday. The release of both reports was postponed due to the US Memorial Day holiday on Monday. OPEC is scheduled to hold a plenary session on Wednesday. Three OPEC delegates stated that in the latest phase of meeting growing demand and plans to increase market share, OPEC may agree to further accelerate the pace of oil production increases. (Webstock Inc.) Spot Market Overview: ► As month-end approaches, suppliers are proactively reducing prices to sell off inventory, and spot premiums have dropped significantly. [SMM South China Spot Copper] ► Spot premiums and discounts continue to decline, with sluggish market transactions. [SMM North China Spot Copper] ► Ningbo Zinc: Traders continue to refuse to budge on prices, with premiums holding steady. [SMM Midday Review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

On Thursday local time, the International Energy Agency (IEA) slightly raised its forecast for global oil demand growth this year, as the impact of US tariff policies on the global economy was not as severe as previously anticipated, and low oil prices also boosted demand. The IEA currently expects global oil demand to grow by 740,000 barrels per day (bpd) in 2025, with total demand averaging 104 million bpd, up from a previous forecast of 726,000 bpd growth. A report released by OPEC the day before showed that it expects global oil demand to increase by 1.3 million bpd in 2025. OPEC began gradually increasing production in April, and combined with Trump's tariff hikes, this led to a significant pullback in global oil prices. During European trading hours on Thursday, WTI crude oil futures prices plunged 3.6% to $60.58 per barrel, while Brent crude fell 3.7% to $63.66 per barrel. This was due to market optimism about the prospects of a potential nuclear deal between the US and Iran, as well as a recent increase in US crude oil inventories. Earlier this week, the world's two largest economies, China and the US, announced a trade agreement and agreed to mutually reduce tariffs, easing fears of an economic recession and driving oil prices to rebound from recent lows. However, lingering uncertainties surrounding future trade negotiations have limited further upside room. In its monthly report, the IEA reiterated its forecast of a significant global oil supply surplus next year, expecting global oil supply to increase by 1.6 million bpd in 2025 and 970,000 bpd in 2026. In its previous report last month, the agency had forecast global oil supply growth of 120 bpd and 960,000 bpd for this year and next, respectively. The IEA believes that supply growth from non-OPEC+ countries will be robust, with daily production expected to increase by 1.3 million bpd this year, though it is expected to rise by only 820,000 bpd next year, as US shale oil production will be impacted by low oil prices. "The decline in oil prices has prompted some shale oil producers to cut spending and activity levels, with more production cuts expected in the coming quarters," the IEA said. OPEC+ is expected to increase daily production by 310,000 bpd in 2025 and a further 150,000 bpd in 2026. The alliance has agreed to increase oil supply by 411,000 bpd in June, accelerating the pace of supply recovery for the second consecutive month, raising concerns about potential oversupply in the coming months. However, the IEA pointed out that only Saudi Arabia has the capacity to significantly increase production. Meanwhile, tighter US sanctions on Venezuela and Iran may reduce the scale of the supply surplus. IEA data shows that in April, despite increased sanctions pressure, Iran's production remained strong, while Venezuela's production was hit the hardest, with daily output falling by 130,000 bpd from the previous month.

SMM May 10 News: Metal Market: Overnight, metals in both domestic and overseas markets generally rose, with only LME tin experiencing a decline of 0.27%. LME lead, LME nickel, and SHFE nickel all surged by over 2%, with LME lead up 2.11%, LME nickel up 2.03%, and SHFE nickel up 2.05%. LME zinc rose by 1.39%, while the percentage changes of other metals fluctuated slightly. The main alumina contract fell by 0.5%. In the ferrous metals series, prices generally declined overnight, with only iron ore and stainless steel rising together. Iron ore increased by 0.07%, and stainless steel rose by 0.43%. In the coking coal and coke sector, coke fell by 1.34%, and coking coal dropped by 1.64%. In the precious metals sector overnight, COMEX gold rose by 0.7%, with a weekly increase of 2.65%. COMEX silver rose by 0.81%, with a weekly increase of 1.93%. Domestically, SHFE gold rose by 0.33%, and SHFE silver increased by 0.88%. Grace Peters, Global Head of Investment Strategy at JPMorgan, stated that geographical and currency diversification are key to successfully navigating the current market conditions. Grace Peters, Global Head of Investment Strategy at JPMorgan, also mentioned that under the base case scenario of sustained GDP growth in the US and globally over the next 12 months, gold prices are expected to reach $4,000 per ounce. As of 9:01 on May 10, overnight closing prices 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspect: [General Administration of Customs: China's Foreign Trade in Goods Grew by 2.4% in the First Four Months, with Increased Exports of Integrated Circuits and Automobiles] According to customs statistics, in the first four months of 2025, the total value of China's foreign trade in goods reached 14.14 trillion yuan, representing a year-on-year (the same hereinafter) increase of 2.4%. Exports amounted to 8.39 trillion yuan, up 7.5%, while imports were 5.75 trillion yuan, down 4.2%. In April, the total value of China's foreign trade in goods was 3.84 trillion yuan, up 5.6%. Exports reached 2.27 trillion yuan, up 9.3%, and imports were 1.57 trillion yuan, up 0.8%. In the first four months, China's exports of mechanical and electrical products amounted to 5.04 trillion yuan, up 9.5%, accounting for 60.1% of the total export value. Among them, automatic data processing equipment and its parts were worth 458.71 billion yuan, up 5.6%; integrated circuits were worth 405.15 billion yuan, up 14.7%; and automobiles were worth 264.98 billion yuan, up 4%. According to CCTV News, Lu Daliang, Director of the Statistics and Analysis Department of the General Administration of Customs, stated that since the beginning of this year, various regions and departments have worked together to effectively respond to external shocks, promoting a sustained rebound and improvement in China's economy, with foreign trade maintaining a steady growth trend.The growth rate of imports and exports in April accelerated by 4.3 percentage points compared to Q1, with export growth expanding and imports turning from decline to increase, demonstrating strong resilience. 》Click to view details SMM has compiled data on the import and export of some metal industry products based on data released by the General Administration of Customs, as follows: 》Click to view details US dollar: The US dollar fell 0.22% overnight but gained 0.39% on a weekly basis, recording three consecutive weeks of gains. The first US Fed official to speak after this week's policy meeting reiterated on Friday that with the Trump administration's trade policies exacerbating risks to the economic outlook, current economic uncertainties require patience in monetary policy. US Fed Governor Barr stated that Trump's trade policies could push up inflation, reduce economic growth, and raise the unemployment rate later this year, posing difficult choices for policymakers on which issue to address first. New York Fed President Williams said that, in terms of the current state of US Fed policy, "we are in a good position." He refused to speculate on the direction of monetary policy amid uncertainties. US Fed Governor Kugler said that a healthy economy "gives us time" to wait for more progress in reducing inflationary pressures before considering the next steps. Both Williams and Kugler believe that the current interest rate policy has a modest restraining effect on economic activity. Other currencies: The US dollar rose on a weekly basis against major currencies such as the Swiss franc, yen, and euro, following increased optimism from the US-UK trade deal. The US dollar against the Swiss franc is on track to rise for the fourth consecutive week. The euro against the US dollar is set to fall for the third consecutive week. However, the euro against the US dollar rose 0.17% to $1.125025 in late New York trading on Friday. The US dollar against the yen is set to rise for the third consecutive week but fell 0.39% to 145.355 yen on Friday. The British pound rose against the US dollar and is still on track to record a weekly gain after falling following the announcement of the US-UK trade deal on Thursday. The pound rose 0.50% to $1.3306 in late New York trading. Macro: In China next week, data to be released include the annual rate of M2 money supply in April, China's total social financing from the beginning of the year to April, China's new RMB loans from the beginning of the year to April, the operation scale of the medium-term lending facility (MLF) on May 15, the MLF bid-winning interest rate on May 15, the annual rate of total electricity consumption in April, and other monthly data. In the US, data to be released include the 1-year and 3-year inflation expectations of the New York Fed in April, the 1-year gold price increase expectation of the New York Fed in April, the unadjusted annual rate of CPI in April, the unadjusted annual rate of core CPI in April, the unadjusted annual rate of energy CPI in April, the New York Fed's manufacturing index for May, the New York Fed's 6-month manufacturing expectations index for May, initial jobless claims for the week ending May 10, the Philadelphia Fed's manufacturing index for May, the annual rate of PPI in April, the annual rate of core PPI in April, the monthly rate of core retail sales in April, the annual rate of retail sales in April, the monthly rate of industrial output in April, the capacity utilisation rate in April, the monthly rate of manufacturing output in April, the manufacturing capacity utilisation rate in April, the seasonally adjusted annual rate of industrial output in April, the initial annualized total of building permits in April, the initial monthly rate of building permits in April, the annual rate of import price index in April, the annualized monthly rate of housing starts in April, the total annualized housing starts in April, and the initial value of the University of Michigan's consumer sentiment index for May. In Japan, data to be released include the seasonally adjusted trade balance in March based on customs data by the Bank of Japan, the initial value of the seasonally adjusted quarter-on-quarter real GDP growth rate in Q1, and the initial value of the seasonally adjusted annualized quarter-on-quarter real GDP growth rate in Q1. In the UK, data to be released include the March unemployment rate according to ILO standards, the annual rate of average earnings including bonuses for the three months to March, the monthly GDP growth rate in March, the monthly industrial output growth rate in March, the annual industrial output growth rate in March, the seasonally adjusted merchandise trade balance in March, the seasonally adjusted trade balance in March, and the initial value of the annual production-based GDP growth rate in Q1. In the eurozone, data to be released include the ZEW economic sentiment index for May, the revised seasonally adjusted quarter-on-quarter GDP growth rate in Q1, the revised seasonally adjusted annual GDP growth rate in Q1, the total reserve assets in April, and the seasonally adjusted trade balance in March. In Australia, data to be released include the ANZ consumer confidence index for the week ending May 11, the seasonally adjusted unemployment rate in April, and the change in employed population in April. Data such as the expected inflation rate for the next two years in Q2 in New Zealand, the expected inflation rate for the next year in Q2 in New Zealand, the monthly rate of manufacturing sales in March in Canada, the monthly rate of new manufacturing orders in March in Canada, the ZEW economic sentiment index for May in Germany, and the final annual rate of CPI in March in Germany will also be released. In addition, Fed Governor Kugler is scheduled to deliver a speech. US President Trump will visit Saudi Arabia, Qatar, and the UAE from May 13 to 16. Fed Chairman Powell will deliver opening remarks at an event. The US Fed will convene the second Thomas Laubach Research Conference, which will focus on monetary policy and economic research, and is expected to provide an academic perspective for the Fed's commitment to a monetary policy framework review every five years, until the 16th. The Bank of Japan will release the summary of opinions from the April monetary policy meeting, and the Governor of the Bank of England, Bailey, will deliver a speech. Crude oil: Overnight, oil prices in both markets rose, with US crude up 1.92% and Brent crude up 1.65%. Weekly gains were also recorded for the first time since mid-April, with US crude up 4.75% and Brent crude up 4.23%. This was supported by the US and the UK reaching a trade agreement, which made investors optimistic about further easing of trade tensions. Alex Hodes, an oil analyst at brokerage firm StoneX, said, "Although the energy market has been bearish, it eventually shed some of the pessimism, and as trade relations began to make progress, optimism re-emerged following the broader market." Marcus McGregor, head of commodity research at asset management company Conning, stated that the outlook for oil prices remains uncertain and largely depends on the US economic trajectory, its trade policies, and the enforcement of sanctions against Iran and Russia. This week, OPEC and its allies, the OPEC+ alliance, plan to increase oil production, which has limited the rise in oil prices. However, a survey showed that OPEC's oil production slightly declined in April due to reduced output in Libya, Venezuela, and Iraq.

SMM May 9 News: Metal Market: As of the midday close, domestic base metals generally rose, with SHFE aluminum up 0.54%. SHFE copper, SHFE lead, and SHFE zinc all rose by less than 0.3%. SHFE nickel fell 0.21%, and SHFE tin dropped 0.26%. In addition, alumina rose 2.92%, lithium carbonate fell 0.88%, silicon metal rose 0.24%, and polysilicon surged 4.25%. The ferrous metals series all fell, with iron ore and stainless steel dropping slightly. Rebar fell 1.14%, and HRC declined 0.78%. In the coking coal and coke sector: coking coal fell 1.18%, and coke dropped 1.29%. In the overseas metal market, as of 11:45 a.m., LME base metals generally fell. LME tin dropped 0.57%, while LME zinc rose 0.65%. LME lead increased 0.8%, LME copper fell 0.31%, and LME aluminum declined slightly. LME nickel fell 0.19%. In the precious metals sector, as of 11:45 a.m., COMEX gold rose 0.24%, and COMEX silver fell 0.11%. Domestically, SHFE gold fell 2.02%, and SHFE silver dropped 0.34%. Data released by the World Gold Council (WGC) showed that in April, global gold ETFs saw inflows of $11 billion, marking the fifth consecutive month of net inflows. Supported by rising gold prices and sustained capital inflows, the assets under management (AUM) of global gold ETFs reached another month-end high of $379 billion. Meanwhile, gold holdings surged by 115 mt to 3,561 mt, the highest level since August 2022, but still 10% below the month-end peak of 3,915 mt reached in October 2020. As of the midday close, the most-traded contract for the European container shipping index rose 0.48% to 1,266 points. As of 11:45 a.m. on May 9, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on May 9 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 90 yuan/mt to a premium of 220 yuan/mt against the front-month contract, with an average premium of 155 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 30 yuan/mt to a premium of 50 yuan/mt, with an average premium of 40 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,315 yuan/mt, up 10 yuan/mt from the previous trading day, while the average price of SX-EW copper remained unchanged at 78,200 yuan/mt from the previous trading day. Inventories in Guangdong have declined for three consecutive days, primarily due to reduced arrivals... 》Click for details Macro Front Domestic Aspect: [General Administration of Customs: China's Foreign Trade in Goods Grew 2.4% in the First Four Months, with Increased Exports of Integrated Circuits and Automobiles] According to customs statistics, in the first four months of 2025, China's total foreign trade in goods reached 14.14 trillion yuan, up 2.4% year-on-year (YoY, the same hereinafter).Among them, exports reached RMB 8.39 trillion, up 7.5%; imports amounted to RMB 5.75 trillion, down 4.2%. In April, the total value of China's foreign trade in goods was RMB 3.84 trillion, up 5.6%. Among them, exports were RMB 2.27 trillion, up 9.3%; imports were RMB 1.57 trillion, up 0.8%. In the first four months, China's exports of mechanical and electrical products reached RMB 5.04 trillion, up 9.5%, accounting for 60.1% of China's total export value. Among them, automatic data processing equipment and its parts were worth RMB 458.71 billion, up 5.6%; integrated circuits were worth RMB 405.15 billion, up 14.7%; and automobiles were worth RMB 264.98 billion, up 4%. According to CCTV News, Lv Daliang, Director of the Department of Statistics and Analysis at the General Administration of Customs, said: Since the beginning of this year, various regions and departments have worked together to effectively respond to external shocks, promoting a sustained rebound and improvement in China's economy, with foreign trade maintaining a steady growth trend. The growth rate of imports and exports in April accelerated by 4.3 percentage points compared to Q1, with export growth expanding and imports turning from decline to increase, demonstrating strong resilience. 》Click to view details 【China's E-commerce Logistics Index Continued to Rise in April, Showing Good Momentum】 The China Federation of Logistics and Purchasing (CFLP) announced today (May 9) China's E-commerce Logistics Index for April. Driven by various policies aimed at stabilizing growth, expanding domestic demand, and promoting consumption, China's E-commerce Logistics Index continued to rise in April, with all major sub-indices showing a MoM rebound, indicating a good growth momentum in online consumption. China's E-commerce Logistics Index for April was 111.1 points, up 1.1 points MoM. All major sub-indices increased compared to the previous month. The People's Bank of China (PBOC) conducted RMB 77 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As there were no 7-day reverse repos maturing today, a net injection of RMB 77 billion was achieved. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on May 9 was RMB 7.2095 per US dollar. US dollar: As of 11:45, the US dollar index was up 0.02%, at 100.65. The market is paying attention to speeches by several US Fed officials later in the day to gain further insights into the economic and policy paths of the US Fed. Previously, the US Fed kept interest rates unchanged on Wednesday and warned of rising risks of inflation and unemployment. Data: Today, data such as Switzerland's Q2 Consumer Confidence Index (seasonally adjusted), China's M2 money supply YoY for April, China's Total Social Financing (YTD) for April, China's New RMB Loans (YTD) for April, Canada's Change in Employment for April, and Canada's Unemployment Rate for April will be released. Also worth noting: Vice Premier of the State Council He Lifeng visited Switzerland from May 9 to 12, holding talks with Swiss leaders and relevant parties. During his visit, as the Chinese head of the China-US economic and trade negotiations, Vice Premier He Lifeng will hold talks with the US head, US Treasury Secretary Bessent. In addition, speeches by Bank of England Governor Bailey, FOMC permanent voter and New York Fed President Williams (delivering a keynote speech), Fed Governor Kugler, 2025 FOMC voter and Chicago Fed President Goolsbee, Fed Governor Barr, and FOMC permanent voter and New York Fed President Williams and Fed Governor Waller are also worth following. Crude Oil: As of 11:45, crude oil futures rose, with US oil up 0.4% and Brent oil up 0.4%. The UK announced a breakthrough trade agreement with the US, easing market concerns over trade tensions. Additionally, the US tightening sanctions on Iran may limit supply and push up oil prices. OPEC's plan to increase production may continue to put pressure on oil prices. A survey released on Thursday showed that OPEC's oil production slightly declined in April, as production drops in Libya, Venezuela, and Iraq outweighed planned increases. (Webstock Inc.) Spot Market Overview: ► The price spread between futures contracts continues to widen, downstream restocking sentiment remains low, and spot premiums have significantly declined. [SMM South China Spot Copper] ► Some suppliers are dumping goods at low prices, causing a sharp drop in spot premiums and discounts. [SMM North China Spot Copper] ► [SMM Analysis] With weakening fundamentals, iron ore is expected to remain in the doldrums next week. Updates on other metal spot noon reviews will be available later. Please refresh to view.