SMM News on June 27: Metal Market: As of the midday close, nearly all domestic base metals futures rose, with SHFE copper up 1.41%, SHFE nickel up 0.73%, SHFE aluminum up 0.83%, SHFE zinc up 1.53%, SHFE tin up 0.76%, and SHFE lead down 0.26%. Additionally, main aluminum casting futures rose 0.38%, main alumina futures climbed 1.06%, lithium carbonate jumped 2.48%, silicon metal rose 0.32%, and polysilicon gained 0.27%. The ferrous metals series mostly rose, with iron ore up 1.85%, rebar up 0.78%, HRC up 0.78%, while stainless steel fell 0.16%. For coking coal and coke: coking coal surged 3.16%, and coke rose 1.77%. Overseas metals were mostly lower as of 11:39, with LME copper down 0.1%, LME nickel down 0.22%, LME zinc unchanged at $2,768/mt, LME tin down 0.44%, LME lead down 0.25%, and LME aluminum down 0.14%. Precious metals saw COMEX gold up 0.28% and COMEX silver up 0.61% as of 11:39; domestically, SHFE gold rose 0.56% and SHFE silver climbed 1.65%. As of the midday close, the most-traded Europe container shipping futures contract rose 0.87% to 1,779.2 points. Partial futures market data as of 11:39 on June 27: 》SMM Metal Spot Prices on June 27 Spot & Fundamentals Copper: Today in Guangdong, #1 copper cathode spot premiums against the front-month contract ranged from 40 yuan/mt to 150 yuan/mt, with an average premium of 95 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts of 20 yuan/mt to 0 yuan/mt, averaging a 10 yuan/mt discount, up 30 yuan/mt from the previous session. The average #1 copper cathode price in Guangdong was 80,070 yuan/mt, up 1,205 yuan/mt, while SX-EW copper averaged 79,965 yuan/mt, up 1,195 yuan/mt. Spot Market: Guangdong inventories declined for the third consecutive day due to limited arrivals and increased outflows. The market is already trading cargoes with next month's invoices, with minimal impact from mid-year settlements... 》Click for details Macro Front Domestic: [NBS: Jan-May Industrial Profits Down 1.1% YoY] NBS data shows profits at China's major industrial enterprises (annual sales ≥20 million yuan) declined 1.1% YoY in January-May 2025. State-owned holding enterprises reported 870.95 billion yuan in profits, down 7.4% YoY; joint-stock enterprises earned 2.01707 trillion yuan, down 1.5% YoY; foreign-funded, Hong Kong, Macau, and Taiwan-invested enterprises achieved 685.68 billion yuan, up 0.3% YoY; and private enterprises secured 759.25 billion yuan, up 3.4% YoY. Yu Weining, a statistician from the Department of Industry of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises from January to May 2025: During the January-May period, industrial enterprises above designated size achieved a total profit of 2.72 trillion yuan, representing a year-over-year (YoY) decline. The performance presented the following characteristics: multiple factors contributed to the profit decline of industrial enterprises. Gross profits and operating revenues of industrial enterprises maintained growth. The equipment manufacturing sector played a stabilizing role. Breakthroughs in aerospace and marine sectors demonstrated the vitality of high-quality industrial development. The program of large-scale equipment upgrades and consumer goods trade-ins continued to yield results. Profits of private and foreign-funded enterprises maintained growth. In the next phase, it is essential to thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, implement more proactive macro policies, strengthen the domestic market, enhance innovation-driven development, steadily advance high-quality industrial development, and lay a solid foundation for the recovery of industrial enterprises' profitability. 》Click for details [China's Logistics Market Size Ranks First Globally for 9 Consecutive Years, Exceeding 360 Trillion Yuan for First Time] The China Federation of Logistics and Purchasing (CFLP) released the "China Logistics and Supply Chain Development Report (2024-2025)" today (June 27). According to the report, China's logistics market size has ranked first globally for nine consecutive years, with modern logistics further strengthening its support for the national economy. The report indicates that in 2024, China's total social logistics volume exceeded 360 trillion yuan for the first time, and the annual total revenue of the logistics industry reached 13.8 trillion yuan. By the end of 2024, the number of A-grade logistics enterprises in China surpassed 10,000 for the first time, including over 500 5A-grade enterprises representing the highest domestic standard. The industry is generally transitioning from "logistics" to "supply chain" development. A preliminary national logistics node network has taken shape. A survey of national logistics parks shows that the number of large-scale logistics parks reached 2,769. The People's Bank of China conducted 525.9 billion yuan in 7-day reverse repo operations today at an interest rate of 1.40%, unchanged from previous operations. With 161.2 billion yuan in 7-day reverse repos maturing today, the operation resulted in a net injection of 364.7 billion yuan. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market was set at 7.1620 yuan per US dollar on June 27. US Dollar Update: As of 11:39, the US dollar index fell 0.03% to 97.26. US data showed greater-than-estimated economic contraction in Q1 due to weak consumer spending and tariff-related disruptions. While initial jobless claims declined last week, dwindling job opportunities and corporate reluctance to hire amid economic uncertainty raised risks of a June unemployment rate increase. Markets await Friday's release of US core personal consumption expenditures (PCE) data for further insights into the US Fed's monetary policy outlook. Other currency updates: Bank of England Governor Andrew Bailey warned that the Labour government's payroll tax is causing UK job losses, declining worker incomes, and rising food prices. He cautioned that inflation risks remain "two-sided." Speaking at the British Chambers of Commerce annual conference in London, Bailey stated he is "starting to hear more evidence of adjustments through pay and employment" following the £26 billion ($36 billion) employer National Insurance contribution increase that took effect in April. (Hexun Finance) Data releases: Today's releases include US May personal spending month-over-month, US May core PCE price index year-over-year, US June University of Michigan consumer sentiment final reading, Eurozone June industrial confidence index, Eurozone June economic confidence index, Eurozone June consumer confidence final reading, Japan June Tokyo CPI year-over-year, Japan May unemployment rate, and Canada April seasonally adjusted GDP year-over-year. Additionally, ECB President Christine Lagarde will deliver remarks, while 2026 FOMC voter and Cleveland Fed President Loretta Mester, along with Fed Governor Lisa Cook, will participate in the "Fed Listens" event. Crude oil markets: Both oil futures rose slightly, with WTI crude up 0.48% and Brent crude up 0.46% as of 11:39. US summer driving season is boosting fuel demand. However, oil prices are expected to post weekly losses as the Iran-Israel ceasefire agreement holds, easing concerns about Middle East supply risks. The US Energy Information Administration (EIA) reported Wednesday that US crude, gasoline, and distillate inventories fell last week amid increased refining activity and demand. EIA data showed crude stocks declined by 5.8 million barrels to 415.1 million barrels in the week ending June 20, exceeding analyst expectations of a 797,000-barrel draw. Iran's Nour News agency reported Thursday that a damaged facility at Phase 14 of the South Pars refinery in Iran's Bushehr province - previously targeted by Israeli strikes - has resumed operations, continuing to alleviate supply concerns. (Webstock Inc.) Spot market overview: ► Inventories decline for 3rd week as suppliers refuse to budge on prices, but downstream buyers resist high prices [SMM South China Copper Spot] ► Rising copper prices suppress consumption, with market demand outlook remaining pessimistic [SMM North China Copper Spot] ► Shanghai zinc: Futures market continues to strengthen while premiums drop significantly [SMM Midday Review] ► [SMM Analysis] Strong fundamentals expected to support further iron ore price gains next week Other metal spot market updates coming soon - please refresh for latest insights

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

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

SMM News on June 3: Metal Market: As of the daytime close, domestic base metals generally declined, with only SHFE nickel rising, up 0.14%. SHFE aluminum and SHFE tin both fell by over 1%, with SHFE aluminum down 1.12% and SHFE tin down 1.23%. The declines of other metals were all within 1%. The main alumina contract rose by 1.39%. In addition, the main lithium carbonate contract rose by 0.33%, the main polysilicon contract fell by 2.65%, and the main silicon metal contract fell by 1.39%. The main European container shipping contract rose by 0.76%. In the ferrous metals series, prices fell collectively, with declines exceeding 1% for all except stainless steel. Stainless steel fell by 0.59%, iron ore fell by 1.14%, rebar fell by 1.18%, and HRC fell by 1.04%. In the coking coal and coke sector, coking coal fell by 3.03%, and coke fell by 1.1%. In the overseas market, as of 15:02, overseas base metals collectively declined, with LME aluminum, LME zinc, and LME nickel all falling by over 1%. LME aluminum fell by 1.05%, LME zinc fell by 1.3%, and LME nickel fell by 1.01%. The declines of other metals were all within 1%. In precious metals, as of 15:02, COMEX gold fell by 0.52%, and COMEX silver fell by 0.98%. Domestically, SHFE gold rose by 1.4%, and SHFE silver rose by 2.85%. Geopolitical tensions are high, and tariff policies have fluctuated repeatedly. The US manufacturing sector continues to be weak. Market uncertainty remains elevated, and risk-averse sentiment has intensified, driving gold and silver prices higher, with SHFE silver outperforming SHFE gold. 》Precious metals sector surges, Western Mining hits daily limit! After silver prices soar, wait-and-see sentiment prevails in spot market [SMM Flash News] Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Stable demand growth: Total social logistics in China increased by 5.6% YoY from January to April this year] The China Federation of Logistics and Purchasing (CFLP) released logistics operation data for the first four months of this year today (June 3). In April, China's logistics sector withstood external shocks and pressures, demonstrating strong resilience and development potential, maintaining an overall stable and improving development trend. From January to April this year, the total social logistics in China reached 115.3 trillion yuan, up 5.6% YoY. [National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce proposes: Resolutely resist "cut-throat competition" primarily in the form of "price wars"] The National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce announced that, under the influence of the current industry market conditions, the automobile dealership sector has been severely affected and impacted, facing a series of issues such as increased operating pressures, reduced profitability, high vehicle inventory, and tight working capital, which have had a serious impact on the sustained and healthy development of the industry. Particularly since Q2 this year, amid the impact of a new round of "price wars," the situation faced by automotive dealers across the board has become more severe. To maintain a good, healthy, and fair market competition order and promote the high-quality development of the automotive industry, including the automotive dealership sector, the National Federation of Industry and Commerce Automotive Dealers Chamber of Commerce proposes the following initiatives: 1. The entire industry should prioritize the overall goal of achieving high-quality development in China's automotive industry, strictly adhere to the principle of fair competition, and resolutely resist cut-throat competition behaviors primarily in the form of "price wars." 2. Focus on brand image. Prevent frequent adjustments to sales policies and product selling prices from increasing the difficulty of sales for dealers and affecting the brand's image among consumers. 3. Improve the living conditions of automotive dealers. Adhere to the principle of producing based on sales, reasonably set annual production targets for enterprises and sales targets for dealers, refrain from shifting inventory burdens onto dealers or forcing them to purchase vehicles, effectively reduce dealers' inventory levels; rectify the issue of inverted purchase-sale prices, promptly provide rebates to dealers, shorten the payment collection cycle for dealers, reasonably determine the number of test-drive vehicles, and alleviate the pressure on dealers' working capital. 4. Optimize business policies. Reasonably set performance evaluation indicators for dealers, exercise caution in using fines, and avoid coercing dealers to meet corresponding targets through performance evaluations. 5. Improve the network exit mechanism. Do not coerce dealers to exit the network or close stores under the pretext of optimizing network channels, and provide appropriate compensation to dealers who genuinely need to exit the network or close stores. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 3 was 7.1869 RMB per US dollar. US dollar updates: As of 15:02, the US dollar index rose by 0.14% to 98.83. The US core PCE price index for April increased by 2.5% YoY, in line with expectations, and decreased by 0.2 percentage points from the revised prior value of 2.7%, representing the smallest increase in over four years. The US ISM manufacturing PMI for May was 48.5, the lowest since November 2024, marking the third consecutive month of contraction, with the imports sub-index hitting a 16-year low. Lorie Logan, President of the Federal Reserve Bank of Dallas, stated that due to a stable labor market, inflation slightly above target, and an uncertain outlook, the US Fed is closely monitoring a range of data to determine what response measures may be needed. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, expressed that he still believes that after the "dust" of uncertainty brought about by tariff policies settles, the US Fed will be able to reduce short-term borrowing costs. (Wenhua Comprehensive) Macro updates: Today, data such as the year-on-year rate of Switzerland's CPI for May, the year-on-year rate of the eurozone's harmonized CPI for May (unadjusted initial value), the eurozone's unemployment rate for April, the month-on-month revised value of the US's durable goods orders for April, the month-on-month value of the US's factory orders for April, and the US's JOLTs job openings for April will be released. Additionally, South Korea held its presidential election on June 3, with the stock market closed for the day. The Zhengzhou Commodity Exchange designated 8:55-9:00 on June 3 as the call auction period for all futures and options contracts, with night session trading resuming that evening. Goolsbee, a 2025 FOMC voting member and President of the Federal Reserve Bank of Chicago, participated in a Q&A session. Fed Chairman Powell delivered opening remarks at an event. South Korea tentatively scheduled its presidential election for June 3. The Reserve Bank of Australia released the minutes of its June monetary policy meeting. Bank of Japan Governor Kazuo Ueda delivered a speech. South Korea held its presidential election. Crude Oil: As of 15:02, oil prices in both markets rose simultaneously, with US crude up 0.46% and Brent crude up 0.29%, primarily due to investor concerns about supply and support from a weaker US dollar. ING analysts stated in a report that the oil market surged on Monday amid escalating geopolitical risks and OPEC's production increase falling short of expectations, providing support for oil prices. ING said on Tuesday, "The momentum carried over into the early morning trading today." Both WTI crude oil and Brent crude oil futures rose nearly 3% the previous day, after OPEC maintained its July production increase at 411,000 barrels per day, the same as the previous two months and below market expectations. Priyanka Sachdeva, a senior market analyst at Phillip Nova, said, "Supported by a weaker US dollar, crude oil prices continue to rise." A wildfire in Alberta, Canada, temporarily halted some oil and natural gas production, potentially reducing supply and exacerbating supply concerns. It is estimated that the Canadian wildfire affected over 344,000 barrels per day of oil sands production, accounting for approximately 7% of the country's total crude oil production. In addition, preliminary survey results released on Monday indicated that US crude oil inventories may have declined last week, while distillate and gasoline inventories likely rose. Before the weekly inventory report was released, the average forecast of four surveyed analyst firms was that US crude oil inventories fell by approximately 900,000 barrels in the week ending May 30. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 Beijing time on Wednesday. (Wenhua Comprehensive) SMM Daily Review ► [SMM MHP Daily Review] June 3: Indonesian MHP prices decline ► [SMM Nickel Sulphate Daily Review] June 3: Nickel salt prices remain stable ► Stainless steel and raw material prices diverge; short-term high-grade NPI prices may come under pressure [NPI Daily Review] ► Silver prices open higher with a gap after the Dragon Boat Festival; downstream sentiment remains cautious [SMM Daily Review]

[SMM Analysis: How Aluminum Foil Producers Respond to Anti-Dumping Investigation Ruling] According to SMM, some related aluminum foil enterprises have stated that aluminum foil products under the involved codes are still being exported as usual. Meanwhile, these enterprises are also discussing countermeasures internally. If the ruling is officially implemented, they are expected to consider using re-export trade to maintain the current export value. However, they do not rule out the possibility of being cautious about scenarios such as the release of unused capacity for similar products in overseas markets and anti-dumping investigations treating re-export trade countries "equally." Therefore, the enterprises have indicated that they are also preparing for the worst-case scenario of giving up this portion of the export market share, while developing other overseas markets or shifting focus to the domestic market.

According to preliminary statistics from SMM, China's aluminum plate/sheet and strip production in 2024 is expected to reach 13.1 million mt, an increase of approximately 692,000 mt, with a growth rate of about 6%.

Crude oil prices are influenced by a mix of market dynamics and external factors like politics and environmental concerns that make it crucial for experts to grasp these intricacies in the economys foundation. Predicting oil prices has become more challenging due to the use of analytics and tighter regulations that demand a keen eye on future trends in the industry. To stay ahead in this landscape and make informed decisions industry players must blend conventional methods, with new strategies to anticipate market shifts effectively. In the end how crude oil prices will move will depend on how all these different factors come and affect how the market behaves.

The transportation industry greatly relies on diesel fuel, making diesel pricing a critical factor influencing operational costs and supply chain efficiency. In the face of fluctuating prices, understanding the intricacies of diesel pricing is essential for industry experts. The elements that affect fuel costs inform strategic decisions in shipping and logistics. This article delves into diesel pricing, exploring its fundamentals and its role in the transport sector.

[SMM Steel Morning Meeting Summary: Gradual Verification of Fading Demand, Generally Cautious Sentiment among Hot-rolled Coil Downstream] In the spot market, the futures market continued to plummet as traditional peak season demand was gradually proven false, leading to insufficient market confidence and a more cautious downstream outlook, resulting in weaker hot-rolled coil transactions. On the supply side, the impact of hot-rolled coil maintenance this week amounted to 228,700 tonnes, an increase of 94,200 tonnes from the previous week, indicating a reduction in hot-rolled coil supply and a mitigation of fundamental contradictions. In terms of costs, coke prices are expected to stabilize, but iron ore prices have declined, leading to an unstable cost support for hot-rolled coils. In summary, the traditional peak season has arrived, but the increase in demand is not evident, with the market sentiment generally cautious. Coupled with unstable costs...

The pricing of diesel is a system that is shaped by factors influencing the ultimate cost borne by consumers. Diesel pricing usually commences with the crude oil market since diesel is a derivative of oil. There are expenses linked to the refining process, transportation, distribution and taxes all playing a role, in determining the price at the pump. Moreover local market dynamics like supply demand equilibrium can have an impact on pricing resulting in varying diesel prices, in areas.