Futures: Overnight, LME lead opened at $1,895.5/mt. After the opening, prices quickly fell to $1,885.5/mt, then fluctuate rangebound within the $1,888–1,896.5/mt range, with a balanced tug-of-war between longs and shorts and cautious market sentiment. After 0:00, prices rose further, breaking above the previous trading range and touching a high of $1,901/mt, before finally closing at $1,898.5/mt. A small bullish candlestick was recorded, up $0/mt, or 0.0%. Overnight, the most-traded SHFE lead 2605 contract opened at a low of 16,420 yuan/mt. In early trading, SHFE lead prices rose rapidly, then saw wide swings within the 16,440–16,481 yuan/mt range, with an evident tug-of-war between longs and shorts. Intraday volatility narrowed, and prices gradually stabilized around 16,455–16,465 yuan/mt, while trading volume pulled back simultaneously and market sentiment turned cautious. Late in the session, SHFE lead broke upward again, touching a high of 16,500 yuan/mt, then quickly pulled back to finally close at 16,470 yuan/mt. A small bullish candlestick was recorded, up 50 yuan/mt, or 0.3%. On the macro front: 1. Poll: Trump’s approval rating fell to its lowest level since returning to the White House. 2. US media: The US Department of Justice admitted it lacked evidence in its investigation into Powell. 3. Turkey considered using its $135 billion gold reserves to defend the lira. 4. Israeli media: The US intended to seek a one-month ceasefire to discuss a 15-point agreement with Iran. 5. Goldman Sachs maintained its overweight recommendation on Chinese equities (A-shares and Hong Kong stocks). Spot fundamentals: SHFE lead remained in the doldrums, while suppliers held prices firm on shipments. Quotations in Jiangsu, Zhejiang, Shanghai were raised slightly in spot premiums, while quotations for cargoes self-picked up from production site at primary lead plants changed little. Mainstream producing areas quoted premiums of 0-50 yuan/mt against the SMM #1 lead price, with a few quoting premiums of 100 yuan/mt ex-works. On the secondary lead side, some secondary lead enterprises had maintenance plans, and circulating cargoes in the spot market were limited. Secondary refined lead was quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises maintained purchasing as needed, but some engaged in more bargaining. In addition, as secondary lead prices inverted against primary lead, spot order purchases tilted toward primary lead. Inventory: As of March 24, LME lead inventory fell by 725 mt, or 0.26%, to 283,350 mt. As of March 23, SMM social inventory of lead ingot across five regions pulled back somewhat from previous inventory at high levels. Today’s Lead Price Forecast: Supply side, primary lead smelters held firm offers, and spot premiums in Jiangsu, Zhejiang, Shanghai were raised slightly, while quotations for cargoes self-picked up from production site at primary lead smelters changed little. Some secondary lead smelters had maintenance plans, and circulating cargoes in the spot market were limited. Demand side, downstream enterprises maintained purchasing as needed, but some engaged in more bargaining, and as secondary lead prices inverted against primary lead, spot order procurement tilted toward primary lead. According to SMM analysis, SHFE lead prices were likely to remain in the doldrums in the short term.

[SMM Morning Zinc Briefing: Stronger US Dollar Index Put LME Zinc Under Pressure and Slightly Lower]: Overnight, LME zinc opened at $3,095/mt. After the opening, LME zinc fluctuated downward along the daily average line, hitting an intraday high of $3,097/mt. Near the close, LME zinc fell to a low of $3,027/mt, and finally closed down at $3,038.5/mt, down $64.5/mt, a decline of 2.08%, while trading volume decreased to 11,298 lots...

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

On February 12, 2026, the Argentine Ministry of Economy issued Notice No. 134 of 2026, making a negative final determination in the combined anti-dumping sunset review and changed circumstances review regarding aluminum plates originating in China, and decided to discontinue the anti-dumping measures on the products concerned. The products concerned specifically referred to 3 series non-alloy or alloy aluminum plates that complied with Article 681 of Argentina’s national IRAM standard, with specifications as follows: diameter greater than or equal to 60 mm and less than or equal to 1,000 mm, and thickness greater than or equal to 0.3 mm and less than or equal to 5 mm. The NCM codes for the products concerned were 7606.91.00 and 7606.92.00. The Notice took effect as of the date of issuance.

Zambia’s mining regulator said it had suspended operations at Mopani Copper Mines’ Mufulira mine after it failed to account for all its underground stuff.

According to local Iranian media reports, Iran has secured a 7GW solar panel production and supply contract with relevant Chinese parties, with project funding to be provided by the Iranian National Development Fund.

In a report last Friday, JPMorgan Chase presented a "worst-case scenario" for the crude oil market amid the Israel-Iran conflict: in this scenario, "oil price reactions would rise exponentially rather than linearly, and the impact on supply could exceed the reduction of 2.1 million barrels per day in Iran's crude oil exports."

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

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

SMM, May 27: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE lead and SHFE copper slightly declining. SHFE tin rose slightly, SHFE zinc increased by 0.47%, SHFE aluminum decreased by 0.6%, and SHFE nickel fell by 0.37%. In addition, alumina dropped by 2.51%. Lithium carbonate rose by 0.5%, silicon metal fell by 2.72%, and polysilicon increased by 0.41%. The ferrous metals series all fell, with iron ore declining by 2.18% and HRC falling by 1.46%. Stainless steel slightly decreased, and rebar fell by 1.36%. In terms of coking coal and coke: coking coal fell by 0.81%, and coke dropped by 2%. In the overseas metal market, the LME metal market mostly fell. LME copper declined by 0.22%, LME aluminum fell by 0.53%, LME lead dropped by 0.4%, LME zinc decreased by 0.3%, LME tin rose slightly, and LME nickel fell by 0.76%. In precious metals, as of 11:41 a.m., COMEX gold fell by 0.57%, and COMEX silver dropped by 0.22%. Domestically, SHFE gold fell by 0.1%, and SHFE silver rose by 0.12%. As of the midday close, the most-traded contract of the European container shipping futures fell by 5.15%, closing at 2016.8 points. As of 11:41 a.m. on May 27, the midday futures market movements for some products were as follows: 》SMM Metal Spot Prices on May 27 Spot and Fundamentals Copper: Today, the spot #1 copper cathode in Guangdong was quoted at a premium of 180-260 yuan/mt against the front-month contract, with an average premium of 220 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,560 yuan/mt, down 25 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,470 yuan/mt, down 25 yuan/mt from the previous trading day. Spot market: Guangdong's inventory has declined for two consecutive days, hitting a recent low, mainly due to fewer arrivals... 》Click for details Macro Front Domestic Aspects: [National Bureau of Statistics (NBS): Profits of Industrial Enterprises Above Designated Size Increased by 1.4% from January to April, with New Momentum Industries Growing Faster ] According to NBS data, from January to April, industrial enterprises above designated size nationwide achieved a total profit of 2,117.02 billion yuan, up 1.4% YoY. Among industrial enterprises above designated size, state-controlled enterprises achieved a total profit of 702.28 billion yuan, down 4.4% YoY; joint-stock enterprises achieved a total profit of 1,559.64 billion yuan, up 1.1% YoY; foreign-invested enterprises and those invested by Hong Kong, Macao, and Taiwan achieved a total profit of 542.92 billion yuan, up 2.5% YoY; and private enterprises achieved a total profit of 570.68 billion yuan, up 4.3% YoY. Yu Weining, a statistician from the Department of Industry at the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to April 2025: Profits of industrial enterprises above designated size accelerated their recovery from January to April, with profits in new momentum industries growing rapidly. 》Click to view details [The People's Bank of China (PBOC) injected a net 91 billion yuan into the open market] The PBOC conducted 448 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 357 billion yuan in 7-day reverse repos matured today, a net injection of 91 billion yuan was achieved. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on May 27 was 7.1876 yuan per US dollar. US dollar: As of 11:41, the US dollar index dropped by 0.07%, to 98.91. The market remains focused on the fluctuating US trade policies and concerns about the US fiscal outlook. The US dollar has been weakening recently, hovering near a one-month low. The market is also paying attention to the prospects of trade negotiations between the US and the EU. Other currencies: Kazuo Ueda, Governor of the Bank of Japan (BOJ), warned at a major conference on Tuesday (May 27) that the persistent rise in food prices could become a "hidden bomb" driving up Japan's underlying inflation. Currently, Japan's underlying inflation rate is approaching the BOJ's 2% target, while the unexpected surge in food inflation, particularly a 90% YoY spike in rice prices, is disrupting the traditional drivers of inflation. Ueda emphasized that while underlying inflation is typically driven by economic recovery and a tight labour market, "inflation on the dining table" is distorting this pattern, forcing the BOJ to reassess risks. (Huitong Finance) Macro: Today, data such as the preliminary monthly rate of US durable goods orders for April, the US Conference Board Consumer Confidence Index for May, the Eurozone Economic Sentiment Index for May, the Eurozone Industrial Sentiment Index for May, the final Eurozone Consumer Confidence Index for May, the German June Gfk Consumer Confidence Index, the UK May CBI Retail Sales Balance, and the Australia ANZ Consumer Confidence Index for the week ending May 25 will be released. Crude oil: As of 11:41, crude oil futures dropped slightly, with US crude oil down by 0.34% and Brent crude oil down by 0.25%. Oil prices came under pressure as the market weighed the possibility of OPEC deciding to further increase production at its meeting later this week. However, the decline in oil prices was limited, as US President Trump announced the extension of trade negotiations with the EU until July 9, alleviating immediate concerns that tariffs could curb fuel demand. The National Iranian Oil Company (NIOC) stated that the official selling price of Iran's light crude oil grade for Asian buyers was set at a premium of $1.80 per barrel over the average Oman/Dubai price for June. The official selling price for May was a premium of $1.65 per barrel. Market participants are still monitoring whether Iran's crude oil supply can return to the export market. (Webstock Inc.) Spot Market Overview: ► Inventory hits a recent low, causing spot premiums to jump initially and then pull back today. [SMM South China Spot Copper] ► Suppliers offer discounts to unload cargoes, leading to weaker spot premiums and discounts. [SMM North China Spot Copper] ► Shanghai Zinc: Traders are reluctant to sell, with premiums rising MoM. [SMM Midday Review] ► Ningbo Zinc: Imports continue to supplement the market, with premiums holding steady. [SMM Midday Review] ► [SMM Nickel Midday Review] Nickel prices continued to decline on May 27, while profits of industrial enterprises above designated size nationwide increased by 3.0% YoY in April. Other midday reviews of spot metals will be updated later. Please refresh to view~