(Kitco News) – Even when real yields decline and the dollar weakens, gold prices could struggle to catch a bid as strong equity markets will continue to draw investors to risk assets, according to commodity analysts at Société Générale. The French banking giant cautioned that gold investors may be in for an extended period of muted ETF flows combined with a pause in central bank purchases. “The market is finely balanced, and the path of monetary policy remains the key variable for gold through its impact on real rates and the opportunity cost of holding a non-yielding asset,” they wrote. “Our analyst’s central scenario is driven by persistent inflation, oil-driven price shocks and a clear ‘higher for-longer’ rates regime.” SocGen analysts expect the world’s major central banks will remain cautious, with “the Fed on hold, the ECB still leaning hawkish, and the BoJ gradually tightening.” Going forward, the analysts see two potential macroeconomic paths. The first is “an AI-led, inflationary growth cycle keeping policy tight,” while the second involves “an energy-driven stagflation shock, particularly in the event of prolonged supply disruptions.” “Our analysts expect inflation across the US and Europe to stay elevated into early 2027 before moderating, providing only temporary support to gold’s hedge appeal,” they warned. “Crucially, they view policy stability rather than easing as the baseline, limiting upside for gold in the near term.” SocGen said they do expect some support to emerge later “as real yields gradually decline and the USD initially softens,” but they warned that even then, gold’s upside will be limited by “resilient global growth, strong equity markets and a continued investor preference for risk assets.” “On the demand side, subdued ETF inflows and constrained central bank activity limit the strength of financial demand, though a recovery is anticipated into 2027,” they added. “Physical demand, particularly jewellery, shows resilience in value terms and could provide marginal support as prices consolidate.” Source: https://www.kitco.com/news/article/2026-06-17/persistent-inflation-oil-driven-price-shocks-and-higher-longer-rates-will

Published: Jun 16, 2026 - 11:32 PM (Kitco News) – Gold’s 26% decline during the Iran conflict came from a boost to the dollar, yields and equities which overwhelmed the yellow metal's safe-haven appeal, but persistent inflation, policy uncertainty and central bank demand remain intact, and gold prices will still reach nearly $4,800 in 2026 and $4,900 in 2027, according to Barclays. In a research note published Monday, the UK banking giant’s cross-asset research team led by Lefteris Farmakis and Themistoklis Fiotakis said gold’s three-month selloff was driven by the stronger U.S. dollar, white-hot equity markets absorbing all the available risk capital, and the unwinding of leveraged gold positions, with Russian and Turkish central bank gold sales also contributing to the weakness. The analysts said gold’s slide from its January peak to its June trough reflected a normalization of real interest rates, markets pricing out Fed rate cuts this year, and the short-term appeal of rising stocks detracting from gold’s investment appeal. The Barclays team calculated that the rise in the dollar index and the 10% S&P 500 rally accounted for 10% of the gold price decline, with the remainder coming from position unwinding in the metals markets. The analysts said these factors are temporary, however, and that gold’s structural drivers — persistent inflation, policy uncertainty and continued reserve diversification — are still intact, and they will reassert themselves as the geopolitical stress related to the Hormuz crisis dissipates. They characterized these drivers as “slow-moving variables whose influence accumulates over time,” which is why they were ill-suited to support gold prices during the short-term shock of the Iranian crisis. Barclays calculated that every percentage-point increase in inflation gives gold a 5% uplift, and they believe the inflationary impulse of the Iran energy shock will be supportive. The bank estimates gold’s fair value price currently sits at $4,150 per ounce, and they expect a rebound now that the Iran conflict appears to be winding down. The Barclays team said they now anticipate a reassertion of the dollar’s downward trend, a return to consistent central bank buying and sustained upward pressure on inflation from higher energy prices. Barclays said they are maintaining their 2026 and 2027 gold price forecasts at $4,791 and $4,900 per ounce, but warned that there may still be some short-term mark-to-market downside. The analysts also recommended exposure to gold mining stocks, including Endeavour, Hochschild, Fresnillo, Newmont and Agnico Eagle. “Recent price gyrations notwithstanding, if there is a period when gold ought to be trading at a premium, it is now,” they said. Source: https://www.kitco.com/news/article/2026-06-16/barclays-sees-gold-hitting-4791-2026-4900-2027-iran-correction-fades

Published: Jun 16, 2026 - 2:00 PM (Kitco News) - Central bank demand has been a solid pillar of support for the gold market as prices pushed to all-time highs at the start of the year. According to the latest report from the World Gold Council, official-sector demand is expected to remain robust for the foreseeable future. The WGC 2026 Central Bank Gold Reserves Survey, published Tuesday, showed that 89% of reserve managers expect global central bank gold holdings to increase over the next 12 months, while a record 45% expect their own institutions to add to their reserves. The survey comes at a historic moment for the precious metal. The WGC noted that gold recently surpassed U.S. Treasuries to become the world's largest reserve asset, underscoring a dramatic shift in how official institutions are managing their wealth. In an interview with Kitco News, Shaokai Fan, Global Head of Central Banks at the World Gold Council, said the survey demonstrates that official-sector confidence in gold remains exceptionally strong. "Central banks are still very positive on gold. In fact, more positive than ever," Fan said, noting that the percentage of respondents planning to increase their gold reserves rose to a record 45% this year from 43% in 2025, despite ongoing geopolitical turmoil. The survey itself suggests that central bankers increasingly view gold as a strategic monetary asset rather than a passive legacy holding. Eighty-four percent of respondents expect gold to represent a larger share of global reserves within five years, while 74% expect the U.S. dollar's share of reserves to decline over the same period. The findings reinforce a trend that has transformed reserve management over the last decade. Central banks have purchased an average of 1,000 tonnes of gold annually over the last four years, double the pace seen during the previous decade. Fan said one of the most notable developments is that interest in gold is spreading across a broader group of central banks. "We're seeing newer central banks starting to emerge," he said, pointing to countries such as Indonesia, Malaysia, Guatemala, and El Salvador that have recently entered the market or resumed purchases after years of inactivity. "The base on which central banks are buying is expanding." While emerging-market central banks remain the dominant buyers, Fan noted that interest is no longer confined to developing economies. The survey showed that 18% of advanced-economy central banks also expect to increase their gold holdings over the next year. Fan said central banks are increasingly discussing gold internally as reserve managers evaluate how best to diversify their portfolios amid growing geopolitical and economic uncertainty. "The number of conversations that we've been having over the past one or two years has definitely picked up," he said. "More central banks are approaching us, new central banks are approaching us." The survey found that reserve diversification remains the primary reason for buying gold, followed by the need for a stronger hedge against economic risks and concerns surrounding reserve-currency economies. Thirty-one of the 34 central banks planning to increase gold reserves cited diversification as a key motivation. The survey shows that reserve managers also continue to value gold's traditional monetary characteristics. A record 90% of respondents cited gold's performance during times of crisis as a major reason for holding the metal, while 84% pointed to its role as a long-term store of value and inflation hedge, and 83% highlighted its diversification benefits. Fan said those responses were particularly striking because they came during the latest conflict in the Middle East. "The most relevant factor this year was gold's performance during times of crisis," he said. "If anything, it's even more relevant than before." He added that recent geopolitical tensions have not changed central banks' long-term assessment of the metal. "Central banks are valuing more than ever gold's performance during times of crisis, gold's role as a long-term store of value, gold as a portfolio diversifier, gold being able to be a geopolitical hedge," Fan said. The growing importance of gold is also reflected in participation levels. This year's survey attracted 76 responses, the highest on record and up from 73 last year. Fan said the growing response rate is itself evidence that gold is becoming increasingly important within the official sector. "That fact alone points out that gold is much more relevant, much more front and center as a topic among central banks," he said. Source: https://www.kitco.com/news/article/2026-06-16/record-45-central-banks-plan-increase-gold-holdings-wgc-survey-finds

[SMM Rare Earth News] USA Rare Earths (USAR) announced that its hydrometallurgical demonstration facility in Wheat Ridge, Colorado, has officially begun operations. The facility targets production of its first separated oxides in Q3 2026, at which point it will become one of the few Western enterprises capable of commercially supplying strategic heavy rare earth oxides such as dysprosium, terbium, and yttrium. The plant features a fully automated design and is equipped with multi-stage solvent extraction circuits and a real-time monitoring system. Its demonstration project will validate the processing flows for three raw materials in phases and in parallel: ore from the Round Top project in Texas, third-party mixed rare earth carbonates (including feedstock from Serra Verde), and the recycling of NdFeB magnet grinding scrap. This start-up marks a key step for USAR in building a complete rare earth value chain encompassing mining, processing, metals, and magnet manufacturing.

According to data released by the Sichuan Provincial Bureau of Statistics, the province's value-added industrial output above designated size increased 6.0% year-on-year in the first five months of 2026. By product category, lithium-ion battery output rose 57.2% year-on-year, while smart TVs, integrated circuits, industrial robots, and LCD panels increased by 59.2%, 18.4%, 12.3%, and 9.3%, respectively.

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 overseas central banks or monetary authorities, international financial organizations, and sovereign wealth funds. The repo tool can be conducted via pledged repo or outright repo. Eligible repo bonds include Chinese government bonds, PBOC bills, policy financial bonds, and other high-grade RMB bonds approved by the PBOC. Repo terms include 7 days, 1 month, and 3 months. Repo rates are set by adding a spread to the 7-day reverse repo operation rate in the open market. (PBOC) [PBOC Optimizes Temporary Overnight Repo and Reverse Repo Operation Mechanism in the Open Market] To use the temporary overnight repo and reverse repo tools in the open market flexibly and efficiently, the PBOC decided to optimize operating parameters effective immediately, adjusting the operation window to 15:00-15:30 on working days and setting the operation rates at the 7-day reverse repo rate minus 25bp and plus 25bp, respectively. It further clarified the rules for using the tools: when the overnight money market rate (DR001) stays persistently below or above the corresponding tool operation rates, the PBOC will launch the relevant operations based on the needs of primary dealers. (PBOC) [Wu Qing: Social Security, Insurers Net Purchases of A-Shares at 1.3 Trillion Yuan Since New “Nine Guidelines”] 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 Capital Market Functions to Coordinate Investment and Financing, Better Serving New Quality Productive Forces and High-Quality Economic Development.” He said that over the two-plus years since the release of the new “Nine Guidelines,” the market value of A-shares held by social security funds, insurers, etc. increased by 85%, with net purchases of A-shares reaching 1.3 trillion yuan. Wu Qing stated that efforts should be made to actively expand funding sources, support complementarity between state-backed funds and social capital, guide pension funds and insurance funds to increase equity investments, and promote the further smooth functioning of the “fundraising, investment, management, and exit” cycle. (from Wall Street CN APP) [Zhu Hexin: Higher Convenience for Entities with Sound Operations and Good Credit] Zhu Hexin, Deputy Governor of the PBOC and Administrator of the State Administration of Foreign Exchange, said at the 2026 Lujiazui Forum that the next step would be to shift from convenience for individual business items to convenience for business entities, granting higher convenience to entities with sound operations and good credit. (from Wall Street CN APP) [PBOC Reverse Repos Net Injection of 261.3 Billion Yuan Today] The PBOC conducted 420.3 billion yuan of 7-day reverse repos today. With 159.0 billion yuan of such reverse repos maturing today, this resulted in a net injection of 261.3 billion yuan. (Jin10 Data APP) 》On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 6.8096 yuan per US dollar. On the dollar side: As of 11:39, the US dollar index was down 0.03% at 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: ► ► ► ► ► ► ► ► ► ► ► ►

Recently, the hydrogen supply capacity of Sichuan Petrochemical continued to climb, and the scale of market delivery achieved significant growth. Data shows that in the first five months of 2026, the company's ex-factory volume of fuel cell hydrogen products increased by 66.7% YoY , and the ample supply of high-grade hydrogen has laid a solid foundation for the popularization of hydrogen transportation scenarios in Sichuan and the construction of the Chengdu-Chongqing Hydrogen Corridor. At present, transport vehicles at the enterprise's hydrogen filling station are being dispatched in a normalized and orderly manner, with clean fuel cell hydrogen being continuously delivered to major hydrogen refueling stations across the province, ensuring stable energy use for regional hydrogen end-users. With the rapid development of Sichuan's hydrogen energy industry, end-user demand for hydrogen in the market continued to expand. To meet the large-scale hydrogen supply gap, Sichuan Petrochemical launched a 24-hour uninterrupted loading operation mode since 2025. Through a series of optimization measures such as streamlining approval processes, refining loading standards, and strengthening full-process safety control, the company unblocked all bottlenecks across the entire chain from hydrogen production, filling to ex-factory delivery, achieving maximum supply efficiency. According to Wang Yongzhen, a local process engineer, the safety standards for fuel cell hydrogen filling are stringent. Through institutional reform and process optimization, the enterprise has now steadily achieved a daily average loading and dispatch scale of 7 trucks, fully ensuring stable and reliable hydrogen supply in the region. Backed by stable hydrogen supply, Chengdu's hydrogen fuel cell buses have been deployed on a large scale and put into operation, becoming a landmark scenario for green and low-carbon urban travel. Wang Hui, a driver with over ten years of experience at Chengdu Public Transport Group, said that compared to traditional fuel buses, hydrogen buses offer faster power response, smoother start-up acceleration, convenient and efficient hydrogen refueling, and a single refueling can meet about two days of operational needs, with significantly superior overall user experience. Currently, Sichuan is making every effort to promote the construction of the Chengdu-Chongqing Hydrogen Corridor and Chengdu as a "Green Hydrogen Capital," with commercial application scenarios for hydrogen energy continuously expanding. As the core hydrogen supply base in Sichuan Province, Sichuan Petrochemical leverages its resource and location advantages, works with upstream and downstream enterprises in the industry chain, and has successfully established an integrated hydrogen industry system covering production, storage, transportation, and utilization , consistently supplying hydrogen to multiple PetroChina refueling stations in Sichuan and capable of meeting the refueling needs of over one hundred hydrogen vehicles daily. Earlier in 2025, the production and sales volume of fuel cell hydrogen at Sichuan Petrochemical climbed steadily, and the company successfully fulfilled the critical task of hydrogen supply for the first Carbon-Neutral World Games, fully demonstrating the enterprise's supply capabilities and responsibility as a central state-owned enterprise, and further enhancing PetroChina's brand influence in the hydrogen energy field. While industrial benefits have grown steadily, the green and low-carbon value of the project continues to stand out. Since the fuel cell hydrogen project was put into operation, the enterprise has supplied a cumulative total of over 970 mt of hydrogen. It is estimated that this clean hydrogen can support hydrogen buses to drive a cumulative total of over 10 million kilometers, helping reduce regional CO2 emissions by over 10 kt , providing solid support for improving urban air quality and promoting the green transformation of regional energy. Currently, hydrogen energy has been clearly identified as a new economic growth track for China, officially entering a new stage of large-scale and industrialized development. Going forward, Sichuan Petrochemical will continue to deeply cultivate the hydrogen energy sub-sector, continuously optimize production processes, increase capacity scale, improve the supply system, consistently deliver high-quality clean hydrogen, empower the high-quality development of the hydrogen energy industry in the Chengdu-Chongqing region, and use green "hydrogen power" to promote the coordinated development of regional economy and ecology.

June 12, 2026 – Recently, the Beijing Institute of Aerospace Testing Technology under the Sixth Academy of China Aerospace Science and Technology Corporation independently developed a 6000m³ marine liquid hydrogen spherical tank and successfully obtained the Approval in Principle (AIP) certificate from the China Classification Society (CCS). This is the first large-volume liquid hydrogen spherical tank of this specification in China to pass such authoritative certification, and the certificate awarding ceremony was completed on-site at the fourth Tianjin International Shipping Industry Expo. The certification marks a breakthrough in the R&D and application of large-volume liquid hydrogen storage and transportation equipment at the institute, filling a gap in the certification field of marine large-volume liquid hydrogen spherical tanks in China and laying a solid core technology and qualification foundation for the industrialisation of liquid hydrogen maritime transportation in China. It is reported that the successfully certified 6000m³ liquid hydrogen spherical tank is currently the liquid hydrogen spherical tank equipment with the largest volume that has passed principle certification in China. The equipment features excellent pressure-bearing performance, a small specific surface area, and a high operational safety coefficient, making it the preferred equipment for large-volume static storage and large-scale storage and transportation of liquid hydrogen at the current stage, and providing key hardware support for the large-scale and intensive development of the hydrogen storage and transportation industry in China. As a clean energy medium with high energy storage density, liquid hydrogen is the core carrier for solving the problems of large-scale hydrogen deployment and long-distance transportation, and is also a key strategic support for promoting the full-scale development of the hydrogen energy industry. For a long time, the Beijing Institute of Aerospace Testing Technology has deeply cultivated the core track of hydrogen storage and transportation, and has successfully built a full-scenario product system covering fixed and mobile liquid hydrogen containers, accumulating deep technical R&D expertise and rich engineering implementation experience. During the development of this 6000m³ liquid hydrogen spherical tank, the R&D team relied on its years of liquid hydrogen technology accumulation, actively participated in the discussion and formulation of industry certification standards, intensively tackled multiple key technical challenges, and completed comprehensive verification of multi-scenario adaptability, ensuring that the product combines industry-leading technology with practical applicability. The successful acquisition of this certification not only fully demonstrates the top-tier scientific research innovation and equipment development capabilities of the Beijing Institute of Aerospace Testing Technology, but also holds significant national energy strategic value. The breakthrough in the authoritative qualification of the marine liquid hydrogen spherical tank has successfully removed the key equipment barrier for long-distance liquid hydrogen shipping, cleared the core qualification obstacles for liquid hydrogen ship transportation and large-scale offshore storage and transportation, and will accelerate the standardisation and commercialisation of the hydrogen energy shipping industry. At the same time, this achievement can effectively reduce China’s import dependence on traditional fossil fuels and strengthen the security barrier of the national energy supply chain. In the future, long-distance liquid hydrogen shipping will also become a core channel for the global circulation and market-oriented deployment of hydrogen energy. Going forward, the Beijing Institute of Aerospace Testing Technology will take this certification achievement as a new starting point for development, continue to focus on core technology breakthroughs in the field of liquid hydrogen storage and transportation, continuously iterate and optimize product performance, refine the product layout across the entire industry chain, persist in deepening R&D innovation and industrialisation application of hydrogen energy storage and transportation equipment, and consistently leverage aerospace hardcore technologies to empower the high-quality and sustainable development of China's hydrogen energy industry.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,744/mt, dipped to $13,725/mt shortly after the opening, then its price center fluctuated upward to touch $13,822.5/mt, followed by wild swings and finally closed at $13,796.5/mt, up 0.61%. Trading volume reached 16,600 lots, open interest stood at 263,000 lots, a decrease of 3,509 lots from the previous trading day, manifested as bearish position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 105,490 yuan/mt, hitting a high of 105,700 yuan/mt right after the opening, then its price center fluctuated downward all the way, touching a low of 105,060 yuan/mt near the end of trading, and finally closed at 105,210 yuan/mt, down 0.14%. Trading volume reached 25,000 lots, open interest stood at 147,000 lots, a decrease of 1,715 lots from the previous trading day, manifested as bullish position reduction.

[SMM Tin Morning Brief: the most-traded SHFE tin contract opened slightly higher in the night session and then pulled back, while spot market trading was overall thin.]