SMM, June 17: In the metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE copper edged up 0.33%, SHFE aluminum edged up 0.17%, SHFE lead increased 1.04%, SHFE zinc fell 0.48%, SHFE tin fell 0.33%, and SHFE nickel fell 0.22%. In addition, the most-traded foundry aluminum futures contract rose 0.58%, the most-traded alumina contract fell 0.1%, the most-traded lithium carbonate contract rose 1.54%, the most-traded silicon metal contract edged up, and the most-traded polysilicon futures contract fell 1.68%. Ferrous metals mostly fell, with iron ore down 1.89%, rebar down 0.38%, HRC down 0.3%, and stainless steel up 0.66%. In coking coal and coke: the most-traded coking coal contract fell 0.48%, and the most-traded coke contract fell 0.95%. For base metals on the overseas market, as of 11:39, LME metals showed mixed performance. LME copper and LME nickel edged up, LME aluminum rose 0.53%, LME lead fell 0.1%, LME zinc rose 0.13%, and LME tin rose 0.27%. In precious metals, as of 11:39, COMEX gold fell 0.08%, and COMEX silver rose 0.39%. On the domestic precious metals market: the most-traded SHFE gold contract fell 0.26%, and the most-traded SHFE silver contract fell 0.27%. In addition, as of the midday close, the most-traded platinum futures contract rose 1.59%, and the most-traded palladium futures contract edged up. As of the midday close, the most-traded container shipping index futures contract fell 2.95% to 3,697.5 points. Selected futures midday quotes as of 11:39 on June 17: Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 210 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,500 yuan/mt, up 565 yuan/mt from the previous trading day, and the average price for SX-EW copper was 105,410 yuan/mt, up 565 yuan/mt from the previous trading day. Spot market: Guangdong inventory declined again today after two consecutive days of increases, mainly due to fewer arrivals and more shipments... Macro Front China: [NFRA: Promote the flow of financial resources toward emerging and future industries] Ding Xiangqun, head of the National Financial Regulatory Administration (NFRA), stated that serving the real economy is the foundation of finance. It is necessary to optimize the supply structure of funds, deliver on the five priority areas of finance, and focus on promoting the development of new quality productive forces. The country should continuously improve full-cycle tech-finance service systems, strengthen financing support and insurance guarantees, and promote the flow of financial resources toward emerging and future industries. Efficiently support the strategy of expanding domestic demand. Financial regulatory authorities should guide financial institutions to deeply engage in fiscal-financial coordination to boost domestic demand, help implement the special campaign to invigorate consumption and the action to expand capacity and improve quality in the service sector, and strengthen financial services for major projects under the 15th Five-Year Plan. Enhance financial support for vulnerable areas. Promote a substantial improvement in quality and reasonable growth in volume for loans to small and micro enterprises. Develop tailored inclusive financial products for new employment groups, namely the "two drivers and two delivery workers"—truck drivers, ride-hailing drivers, couriers, and food delivery workers. Continuously improve the level of financial services for disaster prevention, mitigation, and relief, and fortify the line of defense for public safety. (CCTV News) [PBoC: Improve the short-end interest rate adjustment mechanism] Pan Gongsheng, Governor of the People's Bank of China, stated that the short-end interest rate adjustment mechanism will be improved. Building on the temporary overnight standing repo and reverse repo facilities established in July 2024, the mechanism for using these tools will be refined, and the operating rates will be adjusted to the 7-day reverse repo operating rate plus and minus 25 basis points, narrowing the corridor from 70 basis points to 50 basis points. The toolbox for open market operations will be further enriched, and overnight reverse repo operation instruments will be added when appropriate to better match the short-term liquidity needs of the banking system. (CCTV News) [Full text of the Action Plan for Shanghai International Financial Center to Develop Offshore Finance is released] The People's Bank of China, the National Development and Reform Commission (NDRC), the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government jointly issued the Action Plan for Shanghai International Financial Center to Develop Offshore Finance. It mentions that by the end of 2027, a preliminary institutional framework encompassing business rules, risk management and resolution, and the business environment adapted to offshore financial businesses is expected to be established, with explorations of offshore financial business at the forefront of digitalization to better serve enterprises going global. By the end of 2030, a relatively mature offshore financial institutional and legal framework is expected to gradually take shape, providing secure and reliable financial services for the sustained international investment and trade of Chinese enterprises, conducting tests for the reform of the onshore financial system, and strongly supporting the development of global allocation and risk management functions for RMB assets. By the end of 2035, it is expected to become a strategic hub for high-level coordinated and integrated development of offshore and onshore finance, leading the nation's high-standard financial opening and high-quality development. (From Wallstreetcn APP) [People's Bank of China launches the Foreign Institutional Investor and Central Banks RMB Repo Facility] To support the high-standard opening of China's financial market and facilitate RMB liquidity management for foreign central bank institutions, the People's Bank of China will use the Foreign Institutional Investor and Central Banks RMB Repo (FIMA RMB Repo) facility to provide RMB liquidity to eligible foreign central bank institutions. Overseas central bank-type institutions refer to foreign central banks or monetary authorities, international financial organizations, and sovereign wealth funds. The operational methods of the repo tool include pledge-style and outright repo. The types of bonds for repo include Chinese government bonds, central bank bills, policy financial bonds, and other high-grade RMB bonds recognized by the PBOC. The repo tenors include 7-day, 1-month, and 3-month. The repo rate is determined by adding a spread over the 7-day reverse repo operation rate in the open market. (People's Bank of China) [PBOC Optimizes Temporary Overnight Repo and Reverse Repo Operations in the Open Market] To flexibly and efficiently utilize the temporary overnight repo and reverse repo tools in the open market, the PBOC decided, effective immediately, to optimize the operational parameters. The operation time was adjusted to 15:00–15:30 on working days, and the operation rates were adjusted to the 7-day reverse repo operation rate in the open market minus 25bp and plus 25bp, respectively. To further clarify the usage rules of the tools, when the overnight money market rate (DR001) remains persistently below or above the corresponding tool operation rate, the PBOC will initiate the relevant operations in conjunction with the demand of primary dealers. (People's Bank of China) [Wu Qing: Since the New “National Nine Measures”, Social Security, Insurance, and Others Have Net Purchased RMB 1.3 Trillion of A-Shares] At the opening ceremony of the 2026 Lujiazui Forum, Wu Qing, Chairman of the China Securities Regulatory Commission, delivered a keynote speech titled “Further Improving the Capital Market Function of Coordinating Investment and Financing to Better Serve New Quality Productive Forces and High-Quality Economic Development.” He stated that since the release of the New “National Nine Measures” over two years ago, the market value of A-shares held by social security, insurance, and other institutions had grown by 85%, with net purchases of A-shares totaling RMB 1.3 trillion. Wu Qing said that efforts should be made to actively expand funding sources, support complementary advantages between state-owned funds and private capital, guide pension funds, insurance funds, and others to increase equity investment, and facilitate the smooth circulation of “fundraising, investment, management, and exit.” (From the Wall Street Insight APP) [Zhu Hexin: Grant Higher Convenience to Entities with Sound Operations and Good Credit] Zhu Hexin, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange, stated at the 2026 Lujiazui Forum that the next step would be to further shift from convenience for individual business items to convenience for business entities, granting higher convenience to those with sound operations and good credit. (From the Wall Street Insight APP) [PBOC Reverse Repos Saw Net Injection of RMB 261.3 Billion Today] The PBOC conducted RMB 420.3 billion of 7-day reverse repo operations today. With RMB 159 billion of 7-day reverse repos maturing today, a net injection of RMB 261.3 billion was realized. (Jin10 Data APP) On the US dollar side: As of 11:39, the US dollar index fell 0.03% to 99.53. Option traders are increasingly divided on the US Fed’s near-term interest rate path, placing bets that range from rate cuts in coming months to rate hikes of varying magnitudes. Swaps market pricing shows that the Fed is almost certain to hold interest rates steady at its Wednesday meeting, with all eyes turning to Chairman Warsh’s first press conference for clues on future policy. Although the US and Iran are set to formally sign a temporary peace deal, with oil prices already falling to three-month lows and offering some relief from inflationary pressures, the policy outlook remains uncertain. (Jin10 Data APP) The Federal Reserve will conclude its policy meeting in the early hours of Thursday Beijing time, and the market is now focused on a key variable: the dot plot may lack a key dot. The Federal Open Market Committee (FOMC) will release its quarterly Summary of Economic Projections (SEP) after the meeting, which includes individual officials’ assessments of the interest rate path for 2026 to 2028 and beyond—the closely watched dot plot. Investors will parse the distribution of dots to gauge the overall bias of officials on the economic outlook and monetary policy. However, most Wall Street Fed watchers expect that new Chairman Warsh Kevin (Warsh Kevin) will not submit his own rate projection dot. He only assumed his post on May 22 and feels he has not yet prepared a full forecast; additionally, he has consistently been critical of the dot plot and the broader forward guidance communication framework. Should Warsh decline to submit a dot, it would break from a practice that has persisted for 14 years since the financial crisis, and could also ruffle feathers among FOMC members who rely on the dot plot to convey policy signals. Yet, this move would also serve as his first step in pushing for fundamental reforms at the Fed. (Jin10 Data APP) According to CNBC, the Federal Reserve will release its latest dot plot on Wednesday, showing officials’ expectations for the interest rate trajectory. However, most Wall Street Fed watchers expect new Fed Chairman Warsh Kevin not to participate, possibly because he feels unprepared or simply because he dislikes the dot plot. Warsh has previously spoken out against dot plots and other forward guidance methods, arguing that they constrain the Fed’s decision-making ability. Should Warsh refuse to provide a dot plot projection, it would run counter to the practice the Fed has followed for roughly 14 years since the financial crisis and could distance him from other Fed officials who support this communication tool. Yet, for Chairman Warsh, who has pledged to fundamentally reform the way the institution operates, this could serve as an effective first step. “In my opinion, he likely does not want to submit a rate forecast.”Bill English, former head of monetary policy at the US Fed and now a professor at Yale University, said, “There may be others on the committee who don’t particularly like the dot plot, and they might be willing to do the same.” According to CME FedWatch, the probability that the Fed would keep interest rates unchanged in June was 99.5%, and the probability of a cumulative 25bp rate cut was 0.5%. The probability that the Fed would keep rates unchanged through July was 92%, with a 7.9% probability of a cumulative 25bp rate hike and a 0% probability of a cumulative 25bp rate cut. In other currencies: Goldman Sachs economist Akira Otani said that the Bank of Japan is very likely to raise interest rates again in January 2027, but there is high uncertainty over the timing of future rate hikes. “With underlying inflation near 2%, even a small change, such as a further modest depreciation of the yen, could significantly increase the risk of inflation exceeding 2%,” the economist noted, “Thus, the probability distribution of the timing of the next rate hike is seen as skewed towards an earlier move.” Otani added that the actual timing of the rate hike would be “significantly influenced by the progress of communication with the government.” (Jin10 Data APP) A senior official at the Reserve Bank of Australia said on Wednesday that as a tense geopolitical environment reshapes financial and economic linkages, Australian institutions need to prepare for a financial system that is more susceptible to shocks. RBA Deputy Governor Brad Jones said, “We have to accept the world as it is, not as we would like it to be, and it is against this backdrop that policymakers are intensifying efforts to ensure the financial system can cope with a more challenging risk environment.” Jones noted that the high level of foreign ownership in Australia’s fixed-income market means the country’s financial system will not be immune to external shocks. Referring to pension funds, he said, “About half of the assets in our superannuation fund industry are invested offshore.” (Jin10 Data APP) Data: Due for release today are the US May retail sales month-over-month rate, US April business inventories month-over-month rate, US May pending home sales index month-over-month rate, UK May CPI month-over-month rate, UK May retail price index month-over-month rate, eurozone May final CPI year-over-year rate, eurozone May final CPI month-over-month rate, and other data. Also in focus: ECB President Lagarde is participating in a summit on the impact of artificial intelligence (AI); the 2026 Lujiazui Forum in China takes place from June 17 to 18. Oil: As of 11:39, both oil benchmarks extended their losses from the previous four trading sessions, with WTI down 0.32% and Brent down 0.32%. Trump stated that the Strait of Hormuz will reopen this Friday, with both US and Iranian sides expected to sign a preliminary agreement memorandum in Switzerland at that time, though the full text of the agreement has not yet been released. The preliminary agreement between the US and Iran to reopen the Strait of Hormuz triggered wild swings in the global oil market. According to the Wall Street Journal, people familiar with the matter said that under the agreement, the US will allow Iran to immediately resume oil and fuel export sales, providing Tehran with an upfront economic incentive to help de-escalate the conflict. Provisions in the deal exempting oil sales from sanctions will take effect immediately upon the signing of the agreement this week. Meanwhile, essential services supporting oil sales, such as banking, transportation, and insurance, will also be exempted to ensure smooth execution of relevant transactions. United Against Nuclear Iran stated that a supertanker loaded with Iranian crude oil had departed from Chabahar port, crossed the US blockade, and sailed out of the Gulf of Oman on Tuesday with its transponder turned on. This marks the first such occurrence since the US imposed a maritime blockade in April this year. A senior US official said on Tuesday that while Iran will receive upfront sanctions relief for oil sales, long-term and sustained sanctions relief will depend on Iran's compliance with US demands, including issues related to the opening of the Strait and its nuclear program. The official added that Iran still will not immediately gain access to tens of billions of dollars frozen outside China. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

Hunan Company Launches Bidding for 600 Tonnes of Bismuth Concentrate, Closing June 18

SMM, June 17 — According to an official announcement from a Hunan-based company, a competitive bidding sale has been launched today for 600 physical tonnes of bismuth concentrate produced in June 2026. Registration and bid submission close at 15:30 on June 18. The material specifications are as follows: bismuth content 18% ≤ Bi < 45%, moisture 15% ≤ H₂O < 25%, silver approximately 200–600 grams per tonne, and gold approximately 1.5 grams per tonne. Settlement quantities will be based on actual on-site weighing.

[SMM Daily Review: Silver Prices Rise for Four Straight Days, Spot Premiums Steady, Trading Weak] SMM June 17: The second phase of the US-Iran agreement was implemented, crude oil plunged, dragging down commodities, while gold's consecutive gains provided support. Spot premiums held steady, consumption was weak, and the market awaited guidance from the US Fed's interest rate decision.

SMM June 17 news: Metal markets: Overnight, base metals on both domestic and overseas markets broadly rose, with only LME zinc, LME tin, SHFE zinc, and SHFE tin falling. LME zinc led the losses, down 0.64%, while the declines in other metals were small. LME nickel led the gains among base metals on both markets, up 0.79%. SHFE lead rose 0.77%, LME lead rose 0.71%, and other metals saw relatively small gains. The main alumina contract rose 0.73%, while the main cast aluminum contract rose 0.39%. Overnight in ferrous metals, most contracts fell aside from stainless steel. Stainless steel rose 1.16%, iron ore fell 1.04%, and HRC and rebar both fell around 0.3%. Coking coal and coke were mixed, with coking coal up 0.33% and coke down 0.6%. Overnight in precious metals, COMEX gold rose 0.03% and COMEX silver fell 0.08%. Domestically, SHFE gold fell 0.06% and SHFE silver fell 0.07%. Overnight closing prices as of 6:43 am June 17: Macro Front China: [NBS: In May, the industrial added value above designated size grew by 4.5%; the national economy generally operated stably with new and quality improvements] In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments conscientiously implemented the decisions and deployments of the CPC Central Committee and the State Council. We upheld the general principle of pursuing progress while ensuring stability, fully, accurately, and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly implemented more proactive and impactful macro policies, and effectively responded to external shocks and challenges. Production supply grew steadily modestly, employment and prices were generally stable, foreign trade resilience continued to manifest, new growth drivers grew stronger, and the national economy continued its development trend of general stability with new and quality improvements. NBS data showed that in May, the industrial added value of enterprises above the designated size increased by 4.5% YoY in real terms, with the growth rate accelerating by 0.4 percentage points from the previous month. On a MoM basis, the industrial added value of enterprises above the designated size increased by 0.40% in May over the previous month. From January to May, the industrial added value of enterprises above the designated size increased by 5.4% YoY. [NDRC: Standardize local investment promotion activities, and promote fair opening of competitive infrastructure sectors to business entities] On the morning of June 16, Zheng Shanjie, Chairman of the National Development and Reform Commission (NDRC), chaired a symposium to hear opinions and suggestions on the current economic situation, systematically advancing the construction of the "Six Networks," and expanding effective domestic demand. In the next step, the NDRC will thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, strengthen the planning and construction of the "Six Networks," enhance multi-network coordinated advancement, make integrated use of various government funds and new-type policy-based financial instruments, strengthen guarantees for factors like land and environmental assessments, persist in balancing quality and efficiency, accelerate transformation and implementation, and promote the formation of more physical workload. We will deeply advance the construction of a unified national market, standardize local investment promotion activities, advance the fair opening of competitive infrastructure sectors to business entities, improve the long-term mechanism for private enterprise participation in major project construction, actively attract social capital to participate in the "Six Networks" construction, and effectively stimulate the vitality of private investment. At the same time, we will deepen multi-level, regular communication and exchanges with private enterprises, strengthen forward-looking and strategic issue research, persist in integrating point-and-area and short-term-and-long-term approaches, strengthen overall coordination, and promote the growth and expansion of the private economy with pragmatic measures. (Jin10 Data APP) [Eight Departments: Aim to exceed 90% for the one-hour multimodal transshipment rate by 2030] Recently, eight departments including the Ministry of Transport jointly issued the "Action Plan for Breaking Bottlenecks in Multimodal Transport (2026-2030)" to accelerate the construction of a modern multimodal transport network. The Action Plan proposes to use approximately five years to upgrade the multimodal transport functions of around 1,000 main freight nodes, achieve a one-hour multimodal transshipment rate exceeding 90%, reach an 80% railway access rate for coastal port multimodal transport zones, and achieve a 100% railway access rate for main ports along the Yangtze River trunk line. At the same time, optimization of container rail-water intermodal security checks, "single-document" systems, and other standards and rules will achieve new breakthroughs. (CCTV News) (Jin10 Data APP) US Dollar: Overnight, the US dollar index fell 0.12% to 99.56%, primarily driven by optimism over a peace agreement between the US and Iran, while the market awaited the US Fed policy meeting results the next day. According to CNBC, the US Fed will release its latest dot plot on Wednesday, showing individual officials' expectations for the interest rate path. However, most Fed watchers on Wall Street expect new Fed Chairman Warsh will not participate, possibly because he feels unready, or simply because he doesn't like the dot plot. Warsh has previously spoken out against the dot plot and other forward-looking guidance methods, arguing they constrain the Fed's decision-making capabilities. If Warsh refuses to submit dot-plot projections, it would go against the Fed's roughly 14-year post-financial crisis practice and could alienate him from other Fed officials who support this communication method. Yet, for Chairman Warsh, who has promised fundamental reforms to how the institution operates, this might be an effective first step. "Given his viewpoint, it seems very possible he wouldn't want to submit rate forecasts," said Bill English, former head of the Fed's Monetary Affairs Division and now a professor at Yale University. "There are probably other committee members who are not crazy about the dot plot, and they would be willing to do that too." (Jin10 Data APP) According to the CME "FedWatch Tool": The probability of the US Fed keeping interest rates unchanged in June is 99.5%, while the probability of a cumulative 25 bps rate cut is 0.5%. The probability of the Fed keeping rates unchanged through July is 92%, the probability of a cumulative 25 bps rate hike is 7.9%, and the probability of a cumulative 25 bps rate cut is 0%. (Jin10 Data APP) Data: Today, the US May retail sales MoM, US April business inventories MoM, US May pending home sales index MoM, UK May CPI MoM, UK May retail price index MoM, Eurozone May final CPI YoY, Eurozone May final CPI MoM, and other data will be released. Additionally, ECB President Lagarde is attending a summit on the impact of artificial intelligence (AI). China's 2026 Lujiazui Forum will be held from June 17 to 18. Crude Oil: Overnight, oil prices on both markets fell together, with WTI oil down 5.11% and Brent oil down 4.61%, recording a four-day losing streak, mainly due to expectations that the Strait of Hormuz would reopen. According to the Wall Street Journal, informed sources said that under the agreement, the US will allow Iran to immediately resume exporting and selling oil and fuel, providing Tehran with a front-loaded economic incentive to de-escalate the conflict. The provisions in the deal waiving sanctions on oil sales will take effect immediately upon the agreement's signing this week. Meanwhile, the necessary services supporting oil sales, such as banking, shipping, and insurance, will also be exempted to ensure related transactions can proceed smoothly. The United Against Nuclear Iran (UANI) group stated that a supertanker carrying Iranian crude oil has left Chabahar Port, crossed the US blockade line, and sailed out of the Gulf of Oman on Tuesday with its vessel positioning system activated. This is the first such occurrence since the US implemented a maritime blockade in April this year. A senior US official said on Tuesday that while Iran will receive upfront sanctions relief on oil sales, long-term and sustained sanctions relief will depend on Iran's compliance with US demands, including issues related to opening the strait and its nuclear program. The official added that Iran still will not immediately gain access to tens of billions of dollars in frozen overseas funds. (Jin10 Data APP) Maritime intelligence company TankerTrackers said in a social media post early on the 17th that the agency verified via satellite imagery on the 15th that at least two very-large crude carriers (VLCCs) belonging to the National Iranian Tanker Company had sailed out of the US Navy blockade line, carrying a total of 3.8 million barrels of Iranian crude oil between them. This marks Iran's first crude oil export in nearly two months. Additionally, the post stated that the Stream, a tanker owned by the National Iranian Tanker Company, is departing from Pakistan's exclusive economic zone. The vessel had previously been stuck in those waters for seven weeks, waiting to return to an Iranian port. (Xinhua News Agency) (Jin10 Data APP) Data from the American Petroleum Institute (API) showed that last week, US API crude inventories fell by 8.33 million barrels, following a decline of 9.119 million barrels the prior week. Last week, API crude inventories at Cushing fell by 1.523 million barrels, compared to a prior decline of 1.125 million barrels. Last week, API product gasoline inventories rose by 2.479 million barrels (prior -1.191 million barrels), and distillate inventories fell by 1.523 million barrels (prior -407,000 barrels). (Wall Street CN)

[SMM Zinc Morning Meeting Minutes: LME Zinc Inventory Rises Notably, LME Zinc Center Moves Lower] Overnight, LME zinc opened at $3,579.5/mt, briefly rose to a high of $3,599/mt in early trading, then retreated from highs and fell all the way, dipping to $3,539/mt during the session. Then LME zinc rebounded slightly from the low to near the daily moving average and moved in a narrow range, finally closing down at $3,561.5/mt...

Futures: Overnight, LME lead opened at $1,970/mt, fluctuating downward during Asian trading hours; entering European trading hours, it dipped to a low of $1,962/mt. Ahead of the US Fed's interest rate decision, the US dollar index fluctuated lower, and LME lead shook off pressure and rallied, hitting a high of $1,983.5/mt at the tail end before finally settling at $1,982.5/mt, up 0.71%. Overnight, the most-traded SHFE lead 2607 contract opened higher with a gap at 16,350 yuan/mt, initially touching a low of 16,320 yuan/mt. Boosted by the rise in LME lead, it then touched a high of 16,425 yuan/mt at the tail end, with the KDJ gap widening, and finally settled at 16,415 yuan/mt, up 0.64%. On the macro front: Trump: ready to let the Russian oil sanctions waiver expire and lapse. World Gold Council survey: more central banks indicate plans to increase gold reserves. The Bank of Japan raised its policy rate from 0.75% to 1.00%, the highest level in 31 years; the central bank decided to suspend the reduction of bond purchases from April next year. Chinese Ministry of Foreign Affairs: the safe and free passage of the Strait of Hormuz serves the interests of all parties. China Central Depository & Clearing Co.: plans to reduce the settlement service fee for cash bond trades executed by market makers through market-making from 20% off to 25% off. National Bureau of Statistics: in May, the value-added of industrial enterprises above designated size grew 4.5%; from January to May, total retail sales of consumer goods grew 1.4%. NBS: in May, new home prices in first-tier cities rose 0.2% MoM; second-hand home prices in first-tier cities rose 0.4% MoM. Spot fundamentals: SHFE lead continued to hold up well, with suppliers' quotes remaining unchanged. Meanwhile, transactions for EXW cargoes from some smelters weakened. Mainstream electrolytic lead was quoted at discounts of 25 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price ex-works, with some even at a discount of 50 yuan/mt. In the secondary lead market, smelters showed divergent selling intentions. Secondary refined lead was quoted at discounts of 25 yuan/mt to premiums of 125 yuan/mt against the SMM #1 lead price ex-works. Downstream enterprises only made just-in-time procurement, with some mainly taking delivery under long-term contracts or receiving earlier-arriving cargoes. Spot market trading was sluggish. Inventory: on June 16, LME lead inventory decreased by 1,175 mt to 303,675 mt. As of June 15, social inventory of SMM lead ingots across five regions totaled 67,700 mt, up 3,000 mt from June 8 and up 2,300 mt from June 11. Lead price forecast for today: Transactions for primary lead EXW cargoes weakened. Secondary lead smelters experienced new maintenance, keeping supply-side uncertainties in place. Downstream battery producers maintained just-in-time procurement, and some enterprises stopped spot procurement as their lead ingot inventory was adequate for just-in-time production, supplemented by long-term contract cargo pick-ups. As the Dragon Boat Festival holiday approaches, beware of the drag on lead prices from a weak supply-demand situation.

[Geopolitical Risks Subside: How Will the Zinc Market React?] The Middle East conflict has recently shown clear signs of de-escalation. The market is now fully pricing in a U.S.-Iran agreement and the resumption of shipping through the Strait of Hormuz. What impact will this have on the zinc market?

Northern China is the core hinterland of China's cable industry, leveraging its industrial heritage, full-chain supporting facilities, and favorable policies from the Beijing-Tianjin-Hebei coordinated development to build a comprehensive industrial cluster integrating raw material processing, cable production, new material R&D, and intelligent equipment manufacturing. The regional cable industry’s annual output value exceeds 100 billion yuan, supported by a solid industrial foundation and vast market space. Compared to the Yangtze River Delta and Pearl River Delta advantage industry clusters, the northern cable industry still faces shortcomings such as scattered industrial resources, weak industry-academia-research linkages, and insufficient risk resilience of the industry chain. Breaking through collaboration barriers is key to industry quality improvement. will be held on July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Shandong . The conference focuses on three major themes: industrial collaboration, green intelligence, and globalization. SMM joins hands with Baotou Zhenxiong Copper Industry Co., Ltd. to invite merchants from the entire industry chain to gather, deeply explore industry opportunities, and boost the quality and upgrade of the northern cable industry. Click to attend, and we look forward to meeting you at the conference. Baotou Zhenxiong Copper Industry Co., Ltd. (hereinafter referred to as Baotou Zhenxiong) was registered and established in June 2015 in Baotou Rare Earth High-tech Zone. The company’s main business focuses on R&D and production of high-precision, high-purity copper wire drawing products . Currently, it has an annual production capacity of 100,000 mt of copper rod and 40,000 mt of various copper wire conductor deep processing. Products cover pure copper conductor materials with diameters from 0.016 mm to 8 mm, as well as various alloy, tin-plated, gold-plated, silver-plated, and other copper conductor materials. In the field of R&D and production of alloy ultra-fine wires, the company has reached a leading level in China. Currently, the finest diameter of high-precision copper alloy wire products produced is 0.016 mm, equivalent to 1/5 the thickness of a human hair. Its independently developed high-purity, low-resistance new high-conductivity material products have won the honorary title of the first batch of new materials in the autonomous region for two consecutive years. It is the only high-tech enterprise in Inner Mongolia Autonomous Region engaged in the R&D and manufacturing of high-purity, high-precision copper conductors. The company’s products are widely used downstream in high-end fields such as precision electronic components, medical devices, aviation, automotive electronics, communications, gaming consoles, industrial robots, ships, deep-sea cables, and drilling. Since its establishment, the company has maintained excellent operating performance. In 2024, its sales volume was 72,000 mt, revenue was 5.12 billion yuan, a YoY increase of 45.22%. Since its establishment, the company has been committed to deep R&D and deep processing of new copper conductor materials, continuously improving and innovating. Currently, it has obtained 3 invention patents and 20 utility model patents. Meanwhile, the company emphasizes systematic management and has successively obtained the following certifications: ISO 9001:2015 international quality management system certification; ISO 14001:2015 environmental management system certification; ISO 45001:2018 occupational health and safety management system certification; ISO 50001 energy management system certification; IATF 16949:2016 international quality management system certification for the automotive industry; and ISO 14021:2016 recycled content verification statement. In November 2019, it passed the Level 3 safety production standardization certification. In 2018, the company was recognized as a "High-Tech Enterprise," and in the same year, it was honored as an "Outstanding Private Enterprise of Inner Mongolia Autonomous Region." In 2019, the company's R&D center was rated as the autonomous region-level "New Copper Conductor Materials" R&D center. In 2020, it was designated as a pilot construction unit for Baotou's "Zero-Waste City" initiative and a "Green Factory." In June 2020, it was recognized as an autonomous region-level "Green Factory" enterprise and a "Specialized and Sophisticated" small and medium-sized enterprise in the autonomous region. In 2021, it was recognized as an Inner Mongolia Autonomous Region-level enterprise technology center and was honored with the Baotou City Integrity Enterprise title. In December 2021, the company was ranked 90th among the "Top 100 Private Enterprises in Inner Mongolia" and 15th among the "Top 30 Private Sci-Tech Innovation Enterprises in Inner Mongolia." In May 2022, it was recognized as the Inner Mongolia Autonomous Region-level Copper Conductor Industrial Design Center. In September 2022, it received the title of Benchmark Demonstration Enterprise for Standard Adoption in Inner Mongolia Autonomous Region for 2022. In 2023, the company's "TU1 Grade Copper Wire Rod for Electrical Applications" product was recognized as a national-level green design product. In 2024, it was recognized as an Inner Mongolia Autonomous Region-level green supply chain management enterprise and was honored as the autonomous region-level Manufacturing Single Champion Enterprise. In 2025, it received the titles of Baotou City Gazelle Enterprise and the autonomous region-level Outstanding Sci-Tech Innovation Private Enterprise. In 2026, it passed the national green factory certification. Contact Information SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

Central Asia Metals (CAML) announced that, thanks to improved operational efficiencies, its copper and zinc production for the first five months of 2026 both surpassed the same period last year. Copper output from the Kounrad operation in Kazakhstan totalled 5,141 tonnes, a near 4% increase over the last year. Meanwhile, the Sasa mine in North Macedonia produced 7,566 tonnes of zinc in concentrate, up over 2% compared to last year. In terms of pricing, the company reported significantly higher realized metal prices during the period. The average price of copper reached $13,076 per tonnes, representing a massive jump of nearly 40% over the last year, while average zinc prices rose 19% to $3,299 per tonne. In addition, historically low treatment charges for lead, which have turned negative, further boosted Sasa’s revenues. CEO Gavin Ferrar noted that the group is shaping up to deliver strong profitability and cash generation in the first half of 2026. Currently, the company is actively pushing forward with its acquisition of Australia's Cygnus Metals, announced last week, to expand its footprint into a high-grade copper-gold project in Quebec, Canada. The company remains highly confident in meeting its full-year production guidance (12,000–13,000 tonnes of copper, 18,000–20,000 tonnes of zinc concentrates, and 26,000–28,000 tonnes of lead concentrates).