SMM April 22: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 0.12%. SHFE aluminum was up 0.26%. SHFE lead was down 0.59%, and SHFE zinc was up 0.23%. SHFE tin was down 0.58%, and SHFE nickel was up 0.79%. In addition, the most-traded foundry aluminum futures were up 0.17%, and the most-traded alumina contract was up 0.14%. The most-traded lithium carbonate contract was up 0.21%. The most-traded silicon metal contract was up 0.4%. The most-traded polysilicon futures were up 5.24%. Ferrous metals mostly rose. Iron ore was up 0.64%, rebar and hot-rolled coil were both up less than 0.5%, and stainless steel was down 0.1%. Coking coal and coke: the most-traded coking coal contract was up 1.31%, and the most-traded coke contract was up 1.12%. Overseas market base metals, as of 11:48, LME metals were nearly all up. LME copper was up 0.79%. LME aluminum was up 0.59%, LME lead was down 0.26%, and LME zinc was up 0.1%. LME tin was up 1.44%. LME nickel was up 1.02%. Precious metals, as of 11:48, COMEX gold was up 1.2%, and COMEX silver was up 2.04%. Domestic market precious metals: the most-traded SHFE gold contract was down 0.54%, and the most-traded SHFE silver contract was down 1.91%. In addition, as of the midday close, the most-traded platinum futures were down 0.17%, and the most-traded palladium futures were up 0.35%. As of the midday close, the most-traded Europe containerized freight index contract was up 3.92%, at 2,205.7 points. As of 11:48 on April 22, midday futures quotes for selected contracts: Spot cargo and fundamentals Zinc: In the Tianjin market, #0 zinc ingot was mainly traded at 23,980-24,120 yuan/mt, Zijin brand at 24,060-24,140 yuan/mt, and #1 zinc ingot at around 23,980-24,060 yuan/mt. Zijin was quoted at a discount of 30-40 yuan/mt against the 2605 contract. Huzinc was quoted at 25,170 yuan/mt. #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2605 contract. Tianjin was quoted at a discount of around 50 yuan/mt against Shanghai. Macro front China: [Ministry of Emergency Management: China's total work safety accidents dropped significantly in Q1] April 22 - According to the Ministry of Emergency Management, China's total work safety accidents dropped significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the Press and Publicity Department of the Ministry of Emergency Management, said that a total of 3,258 work safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily serious accidents occurred, but major accidents and significant near-miss incidents were frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence. The pressure to prevent and curb major and extraordinarily serious accidents further increased, and the work safety situation remained challenging. Natural disaster side, China's Q1 was dominated by low-temperature freezing rain and snow, snowstorms, wind and hail, and earthquakes, with droughts, floods, forest fires, and geological disasters also occurring to varying degrees. (Xinhua News Agency) (Jin10 Data) [China Motorcycle Chamber of Commerce: Motorcycle Exports Reached 4.6268 Million Units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America was the largest export destination, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest growth, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar was held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance over the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. After prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields including intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Net Injected 5.5 Billion Yuan via Reverse Repo Operations] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, a net injection of 5.5 billion yuan was achieved. (Jin10 Data APP) US dollar side: As of 11:48, the US dollar index was up 0.01% at 98.4. Fed Chairman nominee Kevin Warsh rebutted Democrats' concerns that he would become the President's "puppet," repeatedly emphasizing that he would be an independent decision-maker if his nomination was confirmed by the Senate. Warsh stated at the Senate Banking Committee hearing on Tuesday that a series of reforms should be made to how the US Fed makes decisions, including establishing a new inflation response framework and improving communication with the public. But he provided few details and dodged questions about the near-term path of short-term interest rates. (Wallstreetcn) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) A CITIC Securities research report stated that Warsh's testimony demonstrated the highly difficult balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the independence of the US Fed. Although Warsh's performance was unsatisfactory when facing questions from Democratic senators, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, with interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. A CICC research report stated that Fed Chairman nominee Kevin Warsh attended the Senate Banking Committee hearing, revealing his core policy stance of a dual-track approach of "balance sheet reduction and interest rate cuts": at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, exiting quasi-fiscal functions, and returning it to its monetary policy mandate; at the interest rate level, although he made no explicit commitment, his statements already showed an inclination toward cutting interest rates. In our view, Warsh's policy stance is not only an adjustment to the monetary transmission mechanism but also an extension of the "America First" strategy into the monetary domain amid the wave of deglobalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift means the narrative of persistently excessive US dollar liquidity will face correction, and assets that purely rely on liquidity-driven gains and benefit from "US dollar over-issuance" may come under pressure. (Jin10 Data) Other currencies: Japan's March imports and exports continued to grow, but the trade outlook for the coming months remains clouded by the Middle East war. Yasuhisa Irie, an economist at Mizuho Securities, said that in the short term, Japan's total import value is likely to remain roughly flat, as supply constraints suppressed imports and high energy prices eroded consumer confidence, thereby limiting demand. Takeshi Minami, an economist at Norinchukin Research Institute, expected the consequences of energy shortages to become more apparent starting in April. Minami said: "Although the Japanese government has begun to release crude oil reserves and claims to have secured alternative procurement routes that do not rely on the Strait of Hormuz, a prolonged blockade could lead to significant economic contraction in emerging markets with smaller oil reserves." He added that this situation is expected to harm the Japanese economy in multiple ways, including a slowdown in economic activity and intensified inflationary pressures. (Jin10 Data) Data: The preliminary eurozone consumer confidence index for April, the UK March CPI monthly rate, and the UK March retail price index monthly rate will be released today. In addition, US Fed Governor Waller will deliver a speech at the Brookings Institution. Crude oil: As of 11:48, oil prices in both markets edged down, with WTI falling 0.22% and Brent falling 0.07%. Oil prices moved sideways as the market weighed the prospects of US-Iran peace negotiations. Data released by the American Petroleum Institute (API) showed that US crude oil inventory declined. For the week ending April 17, API crude oil inventory was -4.47 million barrels (expectations: -1.8 million barrels, previous: 6.101 million barrels). For the same week, API gasoline inventory was -5.165 million barrels (expectations: -1.333 million barrels, previous: 626,000 barrels). (Jin10 Data) Mitsubishi UFJ analyst Lloyd Chan said in a research note that the US-Iran conflict appeared to have shifted into a prolonged stalemate rather than a swift resolution. The senior currency analyst said the US appeared to be using a blockade of Iranian ports to pressure Tehran into a peace deal, or risk further military escalation. Chan said: "For markets, this environment means continued disruption to energy shipments through the Strait of Hormuz." The analyst added that pressure points were more evident in oil-sensitive currencies, including the Philippine peso and the Thai baht. (Jin10 Data) A research report from CITIC Securities noted that the recurring tensions in the Strait of Hormuz indicated that the impact of this round of events on the oil shipping market was still unfolding according to a three-phase logic. After a brief reopening on April 17, Iran reimposed the blockade on April 18, indicating that the situation had not yet stabilized. Regardless of how the U.S.-Iran standoff develops going forward, the market is still in the process of the Hormuz blockade shock gradually transmitting to oil shipping fundamentals. Oil shipping freight rates evolved in three stages: rates rose during the conflict period, vessel redeployment lengthened shipping distances and pushed up the freight rate center, and after the reopening, a rush to secure oil may drive freight rates higher for over two months. Currently, the third stage — the inevitable global scramble for crude oil following the reopening of the Strait of Hormuz — will inevitably transmit to the oil tanker shipping market. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

SMM April 21 News: Metals Market: As of the daytime close, domestic market base metals mostly fell, with SHFE lead being the only one to rise, up 0.48%. SHFE aluminum led the decline with a drop of 1.23%, while the rest of the metals fell less than 1%. The alumina front-month contract rose 1.95%, and the casting aluminum alloy front-month contract fell 1.36%. In addition, the lithium carbonate front-month contract fell 2.84%, the polysilicon front-month contract rose 2.56%, and the silicon metal front-month contract fell 0.35%. The Europe containerized freight front-month contract rose 1.37% to 2,143.4. On the ferrous metals front, all rose except stainless steel. Stainless steel fell 1%, while hot-rolled coil and rebar both rose over 0.7%, with hot-rolled coil up 0.72% and rebar up 0.76%. For coking coal and coke, coking coal rose 1.53% and coke rose 2.42%. On the overseas market front, as of 15:03, overseas base metals all fell except LME lead. LME lead rose 0.28%, while the rest of the metals fell less than 1%. On the precious metals front, as of 15:03, COMEX gold fell 0.7% and COMEX silver fell 1.35%. In China, SHFE gold fell 1.08% and SHFE silver fell 2.75%. In addition, the platinum front-month contract fell 1.08% and the palladium front-month contract fell 1.01%. Market data as of 15:03 today Macro Front China: [Good Start! China's Raw Material Industry Value-Added Up 4.6% YoY in Q1] According to a press conference held by the State Council Information Office this morning, China's raw material industry achieved a good start in Q1. Data showed that in Q1, the value-added of the raw material industry was up 4.6% YoY. Among them: the value-added of the petrochemical and chemical industry was up 7.4% YoY, and the value-added of the non-ferrous metals industry was up 2.6% YoY. Zhang Yunming, Vice Minister of MIIT, stated that in Q1, the cement industry reduced and retired nearly 30 million mt of capacity through capacity replacement with reduction. Meanwhile, the revenue of the green building materials industry grew steadily, and the number of certified green building material products increased 5% compared to the end of 2025. Innovation achievements in the raw material sector also accelerated, with China's independently developed T1200-grade ultra-high-strength carbon fiber industrial-grade product making its global debut, expected to be deeply applied in strategic emerging industries such as aerospace, low-altitude economy, and humanoid robots. (CCTV News) [MIIT: Fully Activate the Innovation Engine, Accelerate Frontier Material Development and Key Material Breakthroughs] Zhang Yunming, Vice Minister of MIIT, stated at the State Council Information Office press conference that in Q1, they implemented the new round of work plans for stabilizing growth in ten key industries in detail, focused on promoting the optimization and upgrading of capacity structure, and the raw material industry achieved a good start, with more vigorous transformation steps and a stronger industrial foundation. Next, the Ministry of Industry and Information Technology is expected to thoroughly implement the deployment of the Outline of the 15th Five-Year Plan, adhere to a combination of “strengthening the fundamentals” and “fostering the new,” and enhance overall planning and policy supply. On the one hand, it will focus on solidifying the foundation for upgrading traditional industries, promoting optimization of existing capacity and a green, safe transition; on the other hand, it will fully energize the innovation engine, accelerate the layout of frontier materials and breakthroughs in key materials, and provide more solid and reliable material support for developing new quality productive forces and advancing new-type industrialization. (Jinshi Data) [MIIT: Q1 Industrial Robot Production up 33.2% YoY; Drones, AI Glasses, and More Becoming Increasingly Diverse] This morning, the State Council Information Office held a press conference to brief on industrial and information technology development in Q1 2026. In Q1, the application of new technologies such as artificial intelligence accelerated and expanded in the electronics and consumer goods industries; end-use products such as drones and AI glasses became increasingly diverse; and production of products such as industrial robots and integrated circuits rose 33.2% and 24.3% YoY, respectively. (CCTV News) [PBOC Reverse Repo Operations Recorded a Net Injection of 4 billion yuan on the Day] The PBOC conducted 5 billion yuan of 7-day reverse repo operations today. As 1 billion yuan of 7-day reverse repos matured today, it recorded a net injection of 4 billion yuan on the day. (Jinshi Data) US dollar: As of 15:03, the US dollar index was at 98.14, up 0.09%. Middle East tensions pushed up oil prices and supported the dollar; a plunge in US consumer confidence weighed on the real economy; and Japan’s manufacturing sector was under pressure. Meanwhile, Fed Chairman nominee Warsh was set to face a hearing, and how to balance interest rate cuts and inflation became the market focus. (Jinshi Data) The US Congress will hold the first confirmation hearing for Fed Chairman nominee Warsh on Tuesday local time. Warsh will pledge to lawmakers to maintain strict independence on interest rate matters. According to opening remarks obtained in advance by Politico, Warsh said interest rate decisions must be strictly independent of political considerations, and monetary policy should not become a tool for short-term political objectives; he also stressed that the US Fed’s credibility comes from institutional constraints and policy discipline. Warsh said the central bank should listen to differing views, and politicians expressing opinions on interest rates is not a real threat; rather, it is the US Fed’s own discipline and rigorous approach that sustains its independent status. He emphasized that price stability is the US Fed’s shield and pledged to take full responsibility for it, “making no excuses and shirking no responsibility.”Regarding the continuous expansion of the US Fed's functional boundaries in the post-crisis era, Warsh also issued a warning, arguing that the Fed should not extend its reach into fiscal policy or social policy areas where it lacks statutory authority. The US Senate Banking Committee is scheduled to hold a confirmation hearing for Warsh at 10 PM Beijing time on April 21. In addition, on April 21, according to Zhuifeng Trading Desk, Citi laid out clear bullish reasons for interest rate cuts in its latest research report, arguing that crude oil supply disruptions were only temporary disturbances and that the path to interest rate cuts, though bumpy, was clearly directional; Deutsche Bank, however, poured cold water on such optimism, warning that US Fed policy was already at a neutral position and was expected to maintain current interest rates indefinitely. As the two major investment banks clashed in their views, the upcoming March retail sales data is set to become the key litmus test to break the deadlock. This data will not only reveal the true destructive impact of high oil prices on core consumption but will also directly determine the US Fed's near-term policy path. (Wall Street Insights) On the macro front: Data to be released today include the US March retail sales MoM, US February business inventory MoM, US March pending home sales index MoM, Germany's April ZEW Economic Sentiment Index, UK February three-month ILO unemployment rate, UK March unemployment rate, UK March jobless claims, Switzerland's March trade balance, and the Eurozone April ZEW Economic Sentiment Index. In addition, attention should also be paid to the US Senate Banking Committee's confirmation hearing on Kevin Warsh's nomination as Fed Chairman, and European Central Bank President Lagarde's keynote speech at the 75th anniversary annual reception of the Association of German Banks. Furthermore, China is about to open a new round of refined oil price adjustment window. On the crude oil front: As of 15:03, oil prices in both markets fell together, with WTI down 1.05% and Brent down 0.73%. The market held optimistic expectations that US-Iran negotiations would continue this week. According to information from maritime intelligence firm Tanker Trackers, a tanker belonging to the National Iranian Tanker Company returned to Iran via the relevant maritime blockade line after completing the offloading of approximately 2 million barrels of crude oil in Indonesia. The tanker is currently heading to Kharg Island, Iran's main oil export hub, and is expected to arrive on the 22nd local time. The tanker reportedly departed Iran in late March, heading for the Riau Islands in Indonesia. (CCTV News) According to foreign media reports, gasoline prices in Australia fell for the third consecutive week as government measures eased the upward pressure on gas station prices triggered by the Iran war. According to data from the Australian Institute of Petroleum, in the week ending last Sunday, the national average gasoline price dropped about 5% to A$2.129 per liter (approximately $1.5279), but remained about 18% higher than at the outbreak of the conflict in early March. Diesel prices fell about 3% to A$3.089 per liter. It was reported that Canberra attempted to ease the domestic fuel crisis by sending delegations to communicate with major trading partners, covering oil transportation costs, relaxing diesel standards, cutting fuel taxes, and tapping into reserves. In addition, the government was conducting a publicity campaign aimed at encouraging Australians to reduce driving. Despite being a major energy producer and exporter, Australia still relied on imports from outside China for most of its refined fuel, and its fuel reserves were among the lowest in developed countries, making the country highly vulnerable to disruptions in global energy supply. (Jin Shi Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ► ►

SMM April 21 News: Metals market: As of the midday close, domestic market base metals mostly fell. SHFE copper dropped 0.64%. SHFE aluminum fell 1.45%. SHFE lead rose 0.33%, SHFE zinc fell 0.76%. SHFE tin dropped 0.31%, SHFE nickel fell 0.69%. In addition, the most-traded casting aluminum futures fell 1.49%, the most-traded alumina futures rose 2.38%. The most-traded lithium carbonate futures fell 3.86%. The most-traded silicon metal futures fell 0.63%. The most-traded polysilicon futures rose 2.19%. Ferrous metals mostly rose. Iron ore gained 0.64%, rebar rose 0.76%, hot-rolled coil rose 0.87%, stainless steel fell 0.53%. Coking coal and coke: the most-traded coking coal contract rose 1.49%, the most-traded coke contract rose 1.96%. Overseas market base metals, as of 11:40, LME metals fell across the board. LME copper dropped 0.2%. LME aluminum fell 0.89%, LME lead fell 0.1%, LME zinc fell 0.78%. LME tin dropped 0.68%. LME nickel fell 0.6%. Precious metals, as of 11:40, COMEX gold fell 1.32%, COMEX silver dropped 0.21%. Domestic market precious metals: the most-traded SHFE gold futures fell 0.76%, the most-traded SHFE silver futures fell 2.7%. In addition, as of the midday close, the most-traded platinum futures fell 1.18%, the most-traded palladium futures fell 0.78%. As of the midday close, the most-traded Europe containerized freight index contract edged down 0.01%, closing at 2,114.1 points. As of 11:40 on April 21, midday futures quotes for selected contracts: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 290 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,420 yuan/mt, down 460 yuan/mt from the previous trading day; the average price of SX-EW copper was 102,315 yuan/mt, down 460 yuan/mt from the previous trading day. Spot market: Guangdong inventory finally ended its 24-day consecutive decline...... Macro Front China: [Good Start! China's Raw Material Industry Value-Added Output Up 4.6% YoY in Q1] According to a press conference held by the State Council Information Office this morning, China's raw material industry achieved a good start in Q1. Data showed that in Q1, the value-added output of the raw material industry was up 4.6% YoY. Specifically, the petrochemical and chemical industry's value added was up 7.4% YoY, and the non-ferrous metals industry's value added was up 2.6% YoY. Zhang Yunming, Vice Minister of MIIT, stated that in Q1, the cement industry reduced and retired nearly 30 million mt of capacity through volume replacement. Meanwhile, the green building materials industry saw steady revenue growth, with the number of certified green building material products increasing 5% compared to the end of 2025. Innovation achievements in the raw material sector also accelerated, as China's independently developed T1200-grade ultra-high-strength carbon fiber industrial-grade product was launched globally for the first time, and is expected to be extensively applied in strategic emerging industries such as aerospace, low-altitude economy, and humanoid robots. (CCTV News) [MIIT: Fully Activate Innovation Engines, Accelerate Frontier Material Deployment and Key Material Breakthroughs] Zhang Yunming, Vice Minister of MIIT, stated at the State Council Information Office press conference that in Q1, detailed implementation of the new round of work plans for stabilizing growth in ten key industries was carried out, with focused efforts to promote capacity structure optimization and upgrading. The raw materials industry achieved a good start, with more vigorous transformation and a stronger industrial foundation. Going forward, MIIT will thoroughly implement the deployments outlined in the 15th Five-Year Plan, adhere to the combination of "consolidating fundamentals" and "fostering new growth," and strengthen overall planning and policy supply. On one hand, efforts will focus on solidifying the foundation for traditional industry upgrading, promoting optimization of existing capacity and green and safe transformation; on the other hand, innovation engines will be fully activated to accelerate frontier material deployment and key material breakthroughs, providing more solid and reliable material support for developing new quality productive forces and advancing new-type industrialization. (Jin10 Data) [MIIT: Industrial Robot Production Up 33.2% YoY in Q1, Drones, AI Glasses and Other Products Increasingly Diversified] This morning, the State Council Information Office held a press conference to introduce the industrial and information technology development in Q1 2026. In Q1, new technologies such as artificial intelligence accelerated their application in the electronics and consumer goods industries. End-use products such as drones and AI glasses became increasingly diversified, with industrial robot and integrated circuit production up 33.2% and 24.3% YoY, respectively. (CCTV News) [PBOC Achieved Net Injection of 4 Billion Yuan via Reverse Repo Operations Today] The PBOC conducted 5 billion yuan of 7-day reverse repo operations today. As 1 billion yuan of 7-day reverse repos matured today, a net injection of 4 billion yuan was achieved. (Jin10 Data) US dollar: As of 11:40, the US dollar index was up 0.11% at 98.16. The US Congress was set to hold the first confirmation hearing for Fed Chairman nominee Warsh on Tuesday local time. Warsh was to pledge to lawmakers his strict independence on interest rate matters. According to opening remarks obtained in advance by Politico, Warsh stated that interest rate decisions must be strictly independent of political considerations, and that monetary policy should not be used as a tool for short-term political objectives. He also emphasized that the US Fed's credibility stems from institutional constraints and policy discipline. Warsh said the central bank should listen to diverse opinions, and that politicians expressing views on interest rates does not pose a real threat. On the contrary, it is the US Fed's own discipline and rigor that sustains its independent status. He stressed that price stability is the US Fed's talisman and pledged to assume full responsibility for it, "making no excuses and passing no blame." Warsh also warned against the post-crisis expansion of the US Fed's functional boundaries, arguing that it should not extend its reach into fiscal or social policy areas where it lacks statutory authority. The US Senate Banking Committee was to hold a confirmation hearing for Warsh at 10 PM Beijing time on April 21. Fed Chairman nominee Kevin Warsh believes that upcoming productivity growth may give the US Fed room to lower interest rates, provided that higher productivity enables low-inflation economic growth. However, economist Ed Yardeni, who also expects the economy to benefit from technological advances this decade, disagrees that such an outcome would justify lowering interest rates. Yardeni wrote: "While we share Warsh's optimism on productivity, we have fundamentally different views on what this outcome means for monetary policy." Yardeni argues that faster growth will raise the natural rate of interest, or R*, the rate that neither stimulates nor restrains the economy. He wrote: "If the US Fed lowers the federal funds rate below R*, the risk is that it fuels financial speculation and instability." (Jin Shi Data) On other currencies: The exact timing of the Bank of Japan's next rate hike remains uncertain, with significant uncertainty. However, Goldman Sachs analyst Akira Otani said a rate hike in July remains possible. The economist wrote in a research note: "By then, all the data needed to assess the impact of high oil prices on the economy, wages, and prices will be available." The Bank of Japan is likely to keep rates unchanged this month but may lower its economic growth expectations and raise its FY2026 inflation forecast to reflect heightened tensions in the Middle East and rising oil prices. Otani added that the Bank of Japan may consider the uncertainty surrounding this outlook to be high. (Jinshi Data) Data: Today's scheduled releases include US March retail sales MoM, US February business inventories MoM, US March pending home sales index MoM, Germany April ZEW economic sentiment index, UK February three-month ILO unemployment rate, UK March unemployment rate, UK March claimant count, Switzerland March trade balance, and Eurozone April ZEW economic sentiment index. In addition, attention should be paid to the US Senate Banking Committee hearing on Kevin Warsh's nomination as Fed Chairman, and ECB President Lagarde's keynote speech at the 75th anniversary reception of the Association of German Banks. Furthermore, a new round of domestic refined oil price adjustment window will open in China. Crude oil: As of 11:40, oil prices in both markets fell, with WTI down 0.96% and Brent down 0.58%. Signs of resumed negotiations between Iran and the US boosted market sentiment, while international oil prices slid further on expectations of easing tensions. (Wallstreetcn) Wallstreetcn noted that Iran's Supreme Leader Mojtaba Khamenei approved the dispatch of a negotiating delegation to Islamabad on the night of April 20. According to Xinhua, citing the US Axios website, US Vice President Vance was expected to depart for the Pakistani capital on the morning of April 21 Eastern Time, with Trump envoy Steve Witkoff and presidential son-in-law Jared Kushner also heading to join the negotiations. (Wallstreetcn) The market is still waiting to see whether some form of consultation will take place in Islamabad. Investors generally expect that the likelihood of reaching some preliminary agreement is higher than that of a comprehensive deal. Currently, the market is mainly reacting to a sentiment shift from optimism to concern. However, it is widely believed that the most severe phase of the crisis and the accompanying energy supply disruptions may have passed. (Jinshi Data) Spot market overview: ► ► ► ► ► ► ► ► ► ►

SMM, April 17: Metals market: As of the midday close, base metals on the domestic market rose nearly across the board. SHFE copper fell 0.14%. SHFE aluminum rose 0.67%. SHFE lead fell 0.39%, and SHFE zinc rose 0.68%. SHFE tin rose 0.34%, and SHFE nickel rose 2.05%. In addition, the continuous contract for casting aluminum futures edged up slightly, and the alumina continuous contract rose 0.68%. The lithium carbonate continuous contract rose 1.84%. The silicon metal continuous contract rose 0.71%. The polysilicon continuous contract fell 0.78%. Ferrous metals mostly rose. Iron ore rose 0.06%, rebar rose 0.45%, hot-rolled coil rose 0.24%, and stainless steel rose 2.34%. Coking coal and coke: the most-traded coking coal contract fell 0.45%, and the most-traded coke contract fell 0.62%. Overseas base metals, as of 11:40, LME metals showed mixed performance. LME copper fell 0.09%. LME aluminum fell 0.25%, LME lead rose 0.51%, and LME zinc rose 0.25%. LME tin fell 0.31%. LME nickel rose 1.61%. Precious metals, as of 11:40, COMEX gold rose 0.14%, and COMEX silver rose 0.37%. Domestic precious metals: the SHFE gold continuous contract fell 0.38%, and the SHFE silver continuous contract fell 0.91%. In addition, as of the midday close, the platinum continuous contract fell 1.94%, and the palladium continuous contract fell 1.7%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.85%, closing at 2,095 points. As of 11:40 on April 17, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, up 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 170 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,040 yuan/mt, down 505 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,455 yuan/mt, down 350 yuan/mt from the previous trading day... Macro Front China: [NDRC: This Year Will Focus on Launching a Series of Actions to Expand Effective Investment in Areas Such as "AI+" Infrastructure] The State Council Information Office held a press conference on the morning of April 17 under the series theme of "Getting Off to a Good Start for the 15th Five-Year Plan." Wang Changlin, Deputy Director of the National Development and Reform Commission (NDRC), stated that this year the focus will be on areas such as "AI+" infrastructure, urban renewal, the national water network, and new-type energy systems, launching a series of actions to expand effective investment and promote the optimization of supply structure and the expansion of market demand. In terms of institutional and mechanism innovation, we will comprehensively carry out "soft construction" work in central government investment projects to promote the formation of long-term mechanisms for project construction, implementation, operation, and maintenance. At the same time, we will leverage the role of the national venture capital guidance fund to guide and drive social capital in supporting technological innovation and the development of emerging industries. Wang Changlin stated that recently, in response to the impact of changes in the international situation on China's oil and gas imports, the government has adopted comprehensive measures to effectively ensure sufficient domestic oil product supply and stable market operations, fully demonstrating the achievements of China's new-type energy system construction. Going forward, efforts will be made to accelerate the high-quality development of non-fossil energy, coordinate centralized and distributed clean energy development, and make every effort to increase the scale of non-fossil energy power production and consumption. Through the above efforts, it is expected that by 2030, the supply scale of non-fossil energy will increase significantly compared to 2025, and by 2035, it will double compared to 2025. [NDRC: Efforts to Expand Effective Domestic Demand, with a Plan to Formulate the 2026–2030 Implementation Plan for the Strategy of Expanding Domestic Demand] The State Council Information Office held a press conference in the series of "Getting Off to a Good Start in the 15th Five-Year Plan," introducing the relevant situation of promoting high-quality economic and social development during the 15th Five-Year Plan period. Wang Changlin, Deputy Director of the NDRC, stated that since the beginning of this year, the economy has shown positive changes, with notable improvements on both the supply and demand sides, better playing the role of a stabilizer for the global economy, and performing better than the expectations of many institutions and experts in and outside China. Going forward, efforts should focus on five key areas of work. [Pan Gongsheng: Implementing a Moderately Accommodative Monetary Policy and Measures to Boost Consumption] Pan Gongsheng stated that during the 15th Five-Year Plan period, China will adhere to a domestic demand-driven approach, implement policy measures to boost consumption, vigorously develop the service sector, closely integrate investment in physical assets with investment in human capital, promote productivity growth, accelerate green transformation and sustainable development, unswervingly advance high-level opening-up, and drive high-quality development. The People's Bank of China will implement a moderately accommodative monetary policy, support Chinese-style modernization with high-quality financial services, and contribute China's strength to global economic growth. (People's Bank of China) [MIIT and Four Other Departments Jointly Issue the Guidelines for Green Design of Industrial Products (2026 Edition)] MIIT and four other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines adapt to new changes and requirements in the green and low-carbon development landscape in and outside China, build consensus on green design across industries, and specify 11 key directions, namely long-life design, non-toxic design, lightweight design, energy-saving design, water-saving design, material-saving design, noise reduction design, space-saving design, easy-to-recycle-and-regenerate design, reusable design, and zero-carbon design. TheThe Guidelines further closely integrate 11 green design priority areas with practical industry applications, using 15 key industries as typical examples to develop 126 detailed solutions, guiding product R&D personnel in practicing green design concepts and methods. (MIIT WeChat) [PBOC reverse repo operations achieve net withdrawal of 1.5 billion yuan on the day] The PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 2 billion yuan of 7-day reverse repos matured today, a net withdrawal of 1.5 billion yuan was achieved on the day. This week, the PBOC conducted a total of 3 billion yuan of 7-day reverse repo operations. As a total of 3.5 billion yuan of 7-day reverse repos matured this week, a net withdrawal of 500 million yuan was achieved for the week. (Jin10 Data) On the US dollar front: As of 11:40, the US dollar index rose 0.04% to 98.24. StoneX analyst Matt Simpson said in a research note that, based on technical analysis, the US dollar index may edge up in the short term. On Thursday, the 200-day simple moving average formed a "mildly bullish" pattern, and the two-day relative strength index was in extremely oversold territory. However, there are multiple resistance levels, including the 200-day exponential moving average at 98.44 that bulls need to test — or a level that bears need to watch for signs of reversal to reopen a broader bearish trend. Data shows the US dollar index is currently holding near the 98.249 level. (Jin10 Data) On the data front, US initial jobless claims fell last week, indicating that labour market conditions remained stable, even as employers remained cautious about hiring new workers as the Middle East conflict cast a shadow over the economy. The latest data showed US initial jobless claims for the week ending April 11 fell by 11,000 to 207,000, below market expectations of 215,000. Initial jobless claims this year have remained within the range of 201,000 to 230,000. While layoffs remain low, the oil price shock from a potential US-Israeli war against Iran may have hindered hiring. Economists said the labour market was already in a state of stagnation before the war broke out, attributable to the uncertainty brought by Trump's sweeping import tariffs and mass deportations. Economists said the Middle East conflict is just another layer of uncertainty facing enterprises. (Jin10 Data) US Fed Governor Miran said that, given the inflation situation that existed before the Middle East conflict, he may again lower his expectations for interest rate cuts this year. Miran said: "If I were to write my dot on the dot plot now, I would lean toward 3 interest rate cuts, possibly 4. I haven't decided yet."In March, Miran expected four 25-basis-point interest rate cuts this year, but he noted that the pace of rate cuts could slow down if price trends became "less favorable." According to the CME "Fed Watch": the probability of the US Fed raising interest rates by 25 basis points in April was 0.5%, while the probability of keeping rates unchanged was 99.5%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.4%, the probability of keeping rates unchanged was 98%, and the probability of a cumulative 25-basis-point rate hike was 0.5%. (Jin Shi Data) Data: The eurozone February seasonally adjusted current account and eurozone February seasonally adjusted trade balance data are to be released today. Also worth watching: 2027 FOMC voter and San Francisco Fed President Daly is scheduled to deliver a speech. Crude oil: As of 11:40, oil prices on both markets declined, with WTI crude down 1.25% and Brent crude down 1.02%. US President Trump, speaking to the media on the White House South Lawn on the 16th, said the US might hold another round of face-to-face negotiations with Iran this weekend, adding that he would consider heading to Pakistan to sign the deal if a peace agreement were reached between the US and Iran. Trump said he hoped to reach a permanent ceasefire peace agreement before the two-week temporary ceasefire agreement with Iran expires, without having to extend it. (Xinhua News Agency) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►

SMM April 16: Metal market: As of the daytime close, domestic base metals generally rose, with SHFE tin being the only decliner, down 0.07%. SHFE aluminum led the gains with a 2.89% increase, while the rest of the metals gained less than 1%. The alumina front-month contract rose 1.44%, and the foundry aluminum front-month contract rose 1.62%. In addition, the lithium carbonate front-month contract rose 4.2%, polysilicon rose 1.08%, silicon metal rose 0.89%, and the Europe containerized freight front-month contract rose 4.75% to close at 2,044.7. Ferrous metals all posted gains to varying degrees except for stainless steel, which fell 0.03%. Iron ore rose 3.1%. Hot-rolled coil and rebar rose over 1%, with hot-rolled coil up 1.22% and rebar up 1.06%. Coking coal and coke side, coking coal rose 2.32% and coke rose 1.94%. Overseas market, as of 15:04, overseas base metals generally rose, with LME tin leading the gains at 1.41%, LME aluminum up 1.31%, and the rest of the metals gaining less than 1%. Precious metals, as of 15:04, COMEX gold rose 0.51% and COMEX silver rose 1.08%. In China, SHFE gold rose 0.17% and SHFE silver rose 1.43%. In addition, the platinum front-month contract rose 0.45%, and the palladium front-month contract fell 0.66%. Market data as of 15:04 today Macro Front China: [NBS: Q1 GDP Up 5% YoY! National Economy Off to a Good Start with Accelerating Industrial Production Growth] According to preliminary estimates by the NBS, Q1 GDP reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 last year. By industry, the primary sector's value added was 1,194.1 billion yuan, up 3.8% YoY; the secondary sector's value added was 11,613.5 billion yuan, up 4.9%; and the tertiary sector's value added was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, Q1 GDP grew 1.3%. In Q1, the value added of China's above-scale industrial enterprises rose 6.1% YoY, accelerating by 1.1 percentage points from Q4 last year. By three major categories, the value added of the mining industry rose 6.0% YoY, manufacturing rose 6.4%, and the production and supply of electricity, heat, gas, and water rose 4.3%. The value added of equipment manufacturing rose 8.9% YoY, and that of high-tech manufacturing rose 12.5%, outpacing the overall above-scale industrial value added by 2.8 and 6.4 percentage points, respectively. By economic type, value added of state-controlled enterprises increased 4.8% YoY; joint-stock enterprises rose 6.6%, foreign-funded enterprises and those with investment from Hong Kong, Macao, and Taiwan rose 3.9%; and private enterprises rose 6.1%. By product, production of 3D printing equipment, lithium-ion batteries, and industrial robots increased 54.0%, 40.8%, and 33.2% YoY, respectively. In March, value added of industrial enterprises above designated size increased 5.7% YoY and 0.28% MoM. In March, the manufacturing PMI was 50.4%, up 1.4 percentage points from the previous month; the enterprise production and business activity expectations index was 53.4%. In January–February, industrial enterprises above designated size nationwide recorded total profits of 1,024.6 billion yuan, up 15.2% YoY. [National Bureau of Statistics (NBS): China’s Imports and Exports Are Well Positioned to Maintain Solid Growth] Mao Shengyong, Deputy Director of the National Bureau of Statistics (NBS), said at a press conference held by the State Council Information Office that, based on years of practice, regardless of how the external environment changes, even during the pandemic when the market worried about whether China’s foreign trade could be sustained, China’s imports and exports have remained very strong. This was attributable to enterprises working hard to strengthen their fundamentals, enhance the technological content of products, and improve overall competitiveness. Overall, China’s imports and exports are still well positioned to maintain relatively solid growth. (Wallstreetcn) The PBOC conducted 500 million yuan of 7-day reverse repo operations in the open market, with the operation rate unchanged at 1.40%; 500 million yuan of reverse repos matured today. US dollar: As of 15:04, the US dollar index fell 0.05% to 98.03, marking a nine-session decline. Musalem of the US Fed said on Wednesday that high oil prices could push the underlying inflation rate for the remainder of this year to nearly one percentage point above the US Fed’s 2% target, and the US Fed may need to keep interest rates unchanged. Musalem said, “We are very likely to see some pass-through from oil prices to core inflation.” By the end of this year, the core measure of price increases would be “slightly below 3%, perhaps around 3%,” and there were risks of a further rise. Musalem said the US Fed may keep its policy rate in the current 3.50%–3.75% range “for some time,” while monitoring inflation, employment, and economic data in the coming months, and many of his colleagues shared the same view. The impact of last year’s tariff increases may gradually fade this quarter, and housing price inflation is also easing. As oil prices rise, inflation in a range of services has stayed high; if inflation begins to rise and could boost inflation expectations, he would be open to raising rates. Musalem also stated that the oil market is experiencing "the third negative supply shock in 12 months," which, combined with rising tariff rates and stricter immigration regulations, poses risks to both inflation prospects and the job market, potentially impacting economic growth. He predicted this year's economic growth would slow down but remain between 1.5% and 2%. (Jin10 Data APP) According to CME's "FedWatch," the probability of the US Fed raising interest rates by 25 basis points in April stands at 1.6%, while the likelihood of maintaining unchanged rates is 98.4%. For June, the probability of a cumulative 25-basis-point interest rate cut is 0%, with a 98% chance of unchanged rates and a 2% chance of a cumulative 25-basis-point hike. (Jin10 Data APP) On the macro front: Today, the UK will release February's three-month GDP monthly rate, manufacturing output monthly rate, seasonally adjusted goods trade balance, and industrial output monthly rate. The eurozone will announce March's final CPI annual and monthly rates. The US will report initial jobless claims for the week ending April 11, the Philadelphia Fed Manufacturing Index for April, and March's industrial output monthly rate. Additionally, key events include: US Fed Governor Bowman speaking at the IIF forum; the Fed releasing its Beige Book; Bank of England Governor Bailey discussing global economic imbalances during IMF meetings; China's NBS publishing the monthly report on residential property prices in 70 major cities; a State Council press conference on national economic performance; the ECB releasing March's monetary policy meeting minutes; FOMC permanent voter and New York Fed President Williams delivering remarks; US Fed Governor Milan speaking; and the G20 finance ministers and central bank governors meeting. Crude oil side: As of 15:04, oil prices showed mixed performance, with WTI down 0.06% and Brent up 0.2%. Market uncertainty persists over whether US-Iran peace talks will yield an agreement. Last week, US crude exports surged to near-record highs to meet demand from Asian and European buyers seeking alternatives to disrupted Middle Eastern supplies due to the Iran conflict. This brought the US close to becoming a net crude exporter for the first time since WWII. However, analysts and traders noted the US is rapidly approaching its export capacity limit. Government data released Wednesday showed net crude imports (exports minus imports) narrowed to 66,000 barrels per day, the lowest since weekly records began in 2001, while exports rose to 5.2 million barrels per day, a seven-month high. Annual data indicates the US last achieved net exporter status in 1943. Jin10 Data APP) Documents released by the White House show that US President Trump issued multiple oil pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transportation of crude oil and petroleum products between the US and Canada. The construction permit has been granted to Bakken Pipeline for pipeline facility construction in Burke County, North Dakota. Additionally, he issued other permits for the maintenance and operation of existing pipelines near border areas in North Dakota and Michigan. (Jin10 Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ►

SMM7月14日讯： 金属市场方面: 截至午间收盘，内盘基本金属近全线下行，沪铝跌1.76%，沪铜跌0.15%，沪镍跌0.18%。沪铅跌0.29%、沪锌跌0.89%，沪锡涨0.37%。 此外，铸造铝主连期货跌1.35%，氧化铝主连跌1.14%。碳酸锂涨3.43%，工业硅跌0.12%。多晶硅跌0.82%。 黑色系多飘绿，铁矿微涨，螺纹、热卷分别跌0.22%、0.18%。不锈钢跌0.43%。双焦方面：焦煤跌0.16%，焦炭涨0.66%。 外盘金属方面，截至11:40分，LME金属涨跌互现，伦铝跌0.94%。伦镍涨0.18%。伦锌跌0.07%。伦锡涨0.36%。伦铅跌0.3%。伦铜涨0.33%。 贵金属方面，截至11:40分，COMEX黄金涨0.23%，COMEX白银涨0.58%；国内方面，沪金涨0.66%；沪银涨2.01%，盘中刷新历史新高至9267元/千克。全球最大黄金上市交易基金(ETF)--SPDR Gold Trust公布，截至周五(7月11日)，其黄金持仓量为947.64吨，减少1.16吨，或0.12%。前一交易日为948.8吨。美国商品期货交易委员会（CFTC）周五公布的报告显示，截至7月8日当周，黄金投机客减持COMEX黄金期货和期权净多头头寸1,855手，至134,842手。 截至午间收盘，欧线集运主力合约跌0.33%，报2010点。 截至7月14日11:40分，部分期货午间行情: 》7月14日SMM金属现货价格 现货及基本面 铜： 截至7月14日周一，SMM全国主流地区铜库存环比上周四增加0.39万吨至14.76万吨；相比上周四库存的变化，各地区库存除了上海地区外其他地区普遍增加...... 》点击查看详情 宏观面 国内方面: 【海关总署：上半年我国货物贸易进出口同比增长2.9% “新三样”产品增长12.7%】 国务院新闻办公室今日上午10时举行新闻发布会，请海关总署副署长王令浚等介绍2025年上半年进出口情况，并答记者问。Wang Lingjun introduced: Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while ensuring stability, remained steadfast in managing its own affairs, unswervingly expanded high-standard opening up, and focused on stabilizing employment, enterprises, markets, and expectations while effectively responding to external shocks. The national economy has maintained overall stability with progress, and China's foreign trade has withstood pressures, sustained momentum, and demonstrated vitality amid complex environments. According to customs statistics, in the first half of this year, China's import and export of goods totaled 21.79 trillion yuan, up 2.9% YoY. Among these, exports reached 13 trillion yuan, increasing by 7.2%, while imports stood at 8.79 trillion yuan, down 2.7%. Specific features are highlighted in five aspects: 1) Steady growth in foreign trade scale. In H1, China's import and export scale exceeded 20 trillion yuan, reaching a record high for the same period. From a quarterly perspective, Q2 imports and exports grew 4.5% YoY, accelerating by 3.2 percentage points compared to Q1, marking seven consecutive quarters of YoY growth. 2) Diversification of foreign trade partners. 3) Optimized and upgraded export momentum. In H1, China's machinery and equipment exports reached 7.8 trillion yuan, up 9.5%, accounting for 60% of total exports—a 1.2 percentage point increase compared to the same period last year. High-end equipment closely related to new quality productive forces grew by over 20%, while "new three" products representing green and low-carbon sectors increased by 12.7%. 4) Expanding domestic demand stabilized imports. With policies like "implementing major national strategies" and "large-scale equipment upgrades" taking effect, imports turned positive in Q2. In H1, China's imports of machinery equipment for petrochemical and textile sectors achieved double-digit growth, key parts like electronic components grew rapidly, and imports of crude oil, metal ores, and other critical raw materials increased. 5) Vitality of foreign trade entities continued to release. 》Click for details [PBOC injects 119.7 billion yuan net liquidity today] The People's Bank of China conducted 226.2 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.40%. With 106.5 billion yuan in 7-day reverse repos maturing, the net injection reached 119.7 billion yuan. ► On July 14, the central parity rate of the yuan in the interbank foreign exchange market was 7.1491 yuan per US dollar. US dollar update: As of 11:40, the US dollar index rose 0.09% to 97.96. US President Trump announced in a letter to the European Commission that a 30% tariff will be imposed on all European goods starting August 1. Several EU analysts have stated that announcing tariff hikes is a negotiating tactic employed by Trump. The market is currently awaiting the US inflation data for June, which will be released on Tuesday, to gain more clues about the US Fed's path for interest rate hikes. According to media reports on Friday, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said that Trump's new tariffs could spark fresh concerns about inflation, which might force the US Fed to remain on the sidelines. In other currencies: The euro fell to a three-week low on Monday, and the Mexican peso also came under pressure after US President Trump threatened to impose a 30% tariff on imports from the US's two largest trading partners starting August 1. Trump sent letters to European Commission President Ursula von der Leyen and Mexican President Andrés Manuel López Obrador on Saturday, announcing the new tariffs. In response, the EU and Mexico called the tariffs unfair and disruptive. The EU said it would suspend retaliatory measures against US tariffs until early August while continuing to urge a negotiated solution. During the Asian morning session, the foreign exchange market's reaction to Trump's latest tariff threats was largely mediocre, with only the euro falling to a roughly three-week low. The market has become increasingly insensitive to Trump's series of tariff threats. His recent stirring up of global trade turmoil has hardly been able to stop the US stock market from repeatedly hitting new highs, and has only slightly boosted the US dollar. Taylor Nugent, a senior economist at National Australia Bank, said it was difficult to attribute the market's mediocre reaction in the past week to either increased resilience or self-delusion. However, negotiations are still ongoing, and the recent key substantive progress was that the July 9 deadline for reciprocal tariffs had arrived without any tariff rate increases, making it difficult for the market to price in a series of major news items that were said to determine the tariff levels on August 1. Data: Today, data such as China's M2 money supply annual growth rate for June (time uncertain from July 14 to 17), China's total social financing for the year to date in June (time uncertain from July 14 to 17), and China's new yuan-denominated loans for the year to date in June (time uncertain from July 14 to 17) will be released. In addition, it is worth noting that the State Council Information Office will hold a press conference on financial statistics for the first half of 2025; the National Energy Administration will release data on total electricity consumption around the 15th of each month; and US President Trump plans to make a "major announcement" on Russia. Crude oil: Both crude oil futures rose slightly. As of 11:40, US crude oil was up 0.13%, and Brent crude oil was up 0.16%. Concerns that further US sanctions on Russia could affect global supply have supported oil prices, but increased production by Saudi Arabia and ongoing tariff uncertainties have limited the gains in oil prices. 国际能源署(IEA)称，沙特6月石油日产量超出目标43万桶，达到980万桶/日，而根据OPEC 配额该国的产量目标应为937万桶/日。沙特能源部周五表示，沙特完全遵守了OPEC 的自愿产量目标，并补充称，沙特6月的市场原油供应量为935.2万桶/日，符合配额要求。 美国能源服务公司贝克休斯(Baker Hughes)周五在其备受关注的报告中表示，美国能源公司本周连续第11周削减石油和天然气钻机数量，为2020年7月以来首次。数据显示，截至7月11日当周，未来产量的先行指标--美国石油和天然气钻机总数减少2座至537座，为2021年10月以来最低水平。（文华综合） 现货市场一览: ► 周末全国主流地区铜库存增加0.39万吨【SMM周度数据】 ► 铜价回落且月差收窄，下游采购积极性上升【SMM华南铜现货】 ► 交割日临近 市场氛围表现安静【SMM华北铜现货】 ► 上海锌：现货成交一般 升水继续走低【SMM午评】 ► 宁波锌：下游订单走弱 成交表现平淡【SMM午评】 ► 【SMM铁矿石航运】全球铁矿石发运量和到港量同步小幅下滑6% ► 【SMM钢材航运】上周中国出口钢材总量环比上升28% ► 【SMM煤焦航运】上周焦煤到港213.36万吨 环比+40.05万吨 ► 需求减弱但下游囤货意愿增强 光伏玻璃7月冷修产能再增【SMM分析】 其他金属现货午评稍后更新，敬请刷新查看~

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 18: Metal Market: As of the midday close, most domestic base metals rose, with SHFE nickel down 0.5%. SHFE copper rose 0.15%, SHFE aluminum rose 1.42%. SHFE zinc rose 0.87%, SHFE tin rose 0.13%. SHFE lead fell 0.71%. In addition, the main continuous futures contract for foundry aluminum rose 0.79%, and the main continuous contract for alumina rose 1.4%. Lithium carbonate rose 0.17%, silicon metal rose 0.95%, and polysilicon fell 0.47%. The ferrous metals series generally rose, with iron ore down 0.72%, rebar up 0.13%, and HRC up 0.36. Stainless steel rose 0.04%. In the coking coal and coke sector: coking coal fell 0.44%, and coke rose 0.59%. In the overseas metal market, as of 11:50 a.m., LME metals all rose, with LME copper, LME lead, LME aluminum, and LME nickel all up less than 0.4%. LME zinc rose 0.63%, and LME tin rose 0.73%. In the precious metals market, as of 11:50 a.m., COMEX gold was flat at $3,407/oz, and COMEX silver rose 0.47%. Domestically, SHFE gold fell 0.17%, and SHFE silver rose 2.37%, hitting a record high of 9,047 yuan/kg during the session. As of the midday close, the most-traded contract for the European container shipping index rose 4.49% to 2,118.6. As of 11:50 a.m. on June 18, midday futures market movements for some contracts: 》SMM Metal Spot Prices on June 18 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-220 yuan/mt against the front-month contract, with an average premium of 180 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 80-100 yuan/mt, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,840 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,750 yuan/mt, up 155 yuan/mt from the previous trading day. Spot Market: Inventories in Guangdong have fallen for two consecutive days, mainly due to fewer arrivals. Although inventories have decreased, warrants are flowing out, increasing the available supply. As a result, suppliers have had to lower prices to sell... 》Click for details Macro Front Domestic: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve the high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. Second, establish an international operation center for the digital yuan. Promote the international operation of the digital yuan and the development of financial market businesses to serve digital financial innovation. Third, establish personal credit reporting agencies. Provide diversified and differentiated personal credit reporting products for financial institutions to further improve the social credit reporting system. 》Click for details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] At the 2025 Lujiazui Forum today, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, Shanghai has achieved a series of new progress and breakthroughs in the construction of an international financial center. During the forum, the National Financial Regulatory Administration will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center, introducing a series of deployment measures, including encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels, among others. (Caixin) [SAFE to Implement a Package of Foreign Exchange Innovation Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the enhancement strategy of pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Mine Intelligent Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting the Intelligent Construction of Mines and Promoting Mine Safety Development" jointly issued by seven departments including the National Mine Safety Administration, and to accelerate the intelligent construction of mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in conjunction with relevant departments, has organized the drafting of the "Key R&D Catalog for Mine Intelligent Robots (Draft for Public Consultation)", which is now open for public consultation. The People's Bank of China conducted 156.3 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 164 billion yuan of 7-day reverse repos matured today, a net withdrawal of 7.7 billion yuan was realized. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 18 was 7.1761 yuan per US dollar. US dollar aspect: As of 11:50, the US dollar index fell by 0.14% to 98.68. Fed officials held a meeting on Tuesday, and the latest economic data may heighten their concerns that government policies (or at least the high degree of uncertainty surrounding these policies) will slow economic growth in the coming months. US retail sales fell more than expected in May, dragged down by a decline in car purchases, as the surge in advance buying by US consumers to avoid tariff-induced price increases has subsided. However, consumer spending is currently still supported by robust wage growth. The market generally expects the US Fed to keep its benchmark interest rate range unchanged at 4.25%-4.50%. The market will closely monitor the remarks of Fed Chairman Powell after the policy decision is announced, seeking signals for the future path of monetary policy. In other currency news: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining the policy interest rate at 0.5% and slowing the pace of reducing its bond-buying program. The BOJ will cut its bond purchases by 200 billion yen per quarter starting from April 2026. The BOJ stated that the Japanese economy is recovering mildly, but there are still some signs of weakness. (Cailian Press) In terms of data: Today, data including the UK's May CPI year-on-year rate, UK's May core CPI year-on-year rate, UK's May retail price index year-on-year rate, Eurozone's May harmonized CPI year-on-year rate - final unadjusted figure, Eurozone's May core harmonized CPI year-on-year rate - final unadjusted figure, US's May initial monthly rate of building permits, US's May initial annualized total of building permits, US's initial jobless claims for the week ending June 14, US's continuing jobless claims for the week ending June 7, US's May seasonally adjusted annualized monthly rate of housing starts, and US's May seasonally adjusted annualized total of housing starts will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.31% and Brent up 0.35% as of 11:50. This is due to market concerns that the conflict between Iran and Israel may disrupt oil supplies, supporting oil prices. Analysts said the market is mainly concerned about supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. According to the CCTV News app, on the 17th local time, the US consumer news and business channel CNBC reported that the Baltic and International Maritime Council (BIMCO), one of the world's largest shipping associations, said that the large-scale conflict between Israel and Iran has made the entire shipping industry uneasy, with many ships already choosing to avoid the Strait of Hormuz, and the number of ships passing through the Strait is declining. Amid the escalating deterioration of regional security, ocean freight rates through the Strait of Hormuz are expected to rise. Iran is the third-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC), with a daily output of approximately 3.3 million barrels. However, analysts suggest that other OPEC members could utilize their spare capacity to offset the decline in Iran's production. Data released by the American Petroleum Institute (API) indicate a decrease in US crude oil and gasoline inventories, along with an increase in distillate fuel oil inventories, for the week ending June 13. Crude oil inventories fell by 10.1 million barrels, gasoline inventories decreased by 202,000 barrels, and distillate fuel oil inventories rose by 318,000 barrels. (Webstock Inc.) Spot Market Overview: ► A significant outflow of warrants has increased market supply, leading to a notable decline in spot premiums. [SMM South China Spot Copper] ► Trading activity in the spot market remains low, with premiums and discounts weakening. [SMM North China Spot Copper] ► Shanghai Zinc: Premiums continue to deteriorate, with average trading performance. [SMM Midday Review] ► [SMM Nickel Midday Review] On June 18, nickel spot prices remained stable, with People's Bank of China Governor Pan Gongsheng announcing eight significant financial policies. Midday reviews for other metal spot markets will be updated shortly. Please refresh for the latest information.

SMM, June 17: Metal Market: As of the midday close, domestic base metals generally fell, with SHFE nickel down 0.96%. SHFE copper rose 0.24%, and SHFE aluminum edged up. SHFE zinc slightly declined, while SHFE lead and SHFE tin fell 0.18% and 0.39%, respectively. In addition, the main continuous futures contract for foundry aluminum rose 0.62%, and the main continuous contract for alumina increased 0.28%. Lithium carbonate rose 0.67%, silicon metal rose 1.1%, and polysilicon rose 0.24%. The ferrous metals series showed mixed performance, with iron ore down 0.21%, rebar edging up, and HRC slightly declining. Stainless steel fell 0.36%. In terms of coking coal and coke: coking coal rose 1.02%, and coke rose 0.92%. In the overseas metal market, as of 11:42 a.m., LME metals all fell, with LME copper, LME tin, LME aluminum, and LME nickel all declining within 0.5%. LME aluminum fell 0.6%, and LME zinc fell 0.7%. In precious metals, as of 11:42 a.m., COMEX gold fell 0.42%, and COMEX silver fell 0.3%. Domestically, SHFE gold fell 1.54%, and SHFE silver edged up. Citi predicts that gold prices will fall due to weak demand and a US Fed interest rate cut. Citi said that gold prices will pull back to below $3,000 per ounce in the coming quarters. As of the midday close, the most-traded contract for the European container shipping index fell 1.71%, closing at 2031.5. As of 11:42 a.m. on June 17, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on June 17 Spot and Fundamentals Zinc: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 21,940-22,105 yuan/mt, with Shuangyan zinc trading at 22,060-22,235 yuan/mt, and 1# zinc mainly trading at 21,870-22,035 yuan/mt. In the morning session, the market offered premiums of 0-20 yuan/mt against the average price, with no quotes against the contract price... 》Click for details Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% from the previous edition] The 3rd China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Connecting the World, Creating a Shared Future". This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the 3rd Expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the 3rd Expo increased by 15% from the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council expressed that China is a very important market, and US companies are willing to continue investing in China, participating in China's economic growth and innovation, and making progress together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win outcomes. Advancing mutually beneficial cooperation between China and the US aligns with the common interests of the business communities in both countries. (Cailian Press) [The PBOC Conducts RMB197.3 Billion in 7-Day Reverse Repo Operations Today] The People's Bank of China (PBOC) conducted RMB197.3 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. RMB198.6 billion in reverse repos matured today. ► On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.1746 RMB per US dollar. US dollar: As of 11:42, the US dollar index fell by 0.01% to 98.14. The market is looking forward to a series of monetary policy decisions from multiple central banks this week, with a primary focus on the US Fed. It is widely expected that the Fed will maintain interest rates unchanged at the conclusion of its policy meeting on Wednesday. Comments from Fed Chairman Jerome Powell following the Fed's interest rate decision will be closely monitored for clues regarding the path of interest rate cuts. Other currencies: The Bank of Japan (BOJ) released its latest monetary policy statement, maintaining its policy interest rate unchanged at 0.5% and slowing the pace of reducing its bond purchases. Starting from April 2026, the BOJ will reduce its bond purchases by JPY200 billion each quarter. The BOJ stated that the Japanese economy is experiencing a mild recovery, although there are still signs of weakness. (Cailian Press) Data: Today, data including the BOJ's policy benchmark interest rate for June 17, the ZEW Economic Sentiment Index for the Eurozone and Germany in June, the monthly and annual rates of the US import price index for May, the monthly rates of US retail sales and core retail sales for May, the annual rate of US retail sales for May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, for May, the monthly rate of US industrial production for May, the capacity utilisation rate of the US for May, the monthly rate of US manufacturing output for May, the manufacturing capacity utilisation rate of the US for May, and the annual rate of US industrial production, seasonally adjusted, for May, will be released. Additionally, it is noteworthy that RMB182 billion in 1-year medium-term lending facility (MLF) loans mature today; BOJ Governor Kazuo Ueda will hold a monetary policy press conference; the BOJ will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures rose. As of 11:42, WTI crude oil increased by 0.47%, and Brent crude oil increased by 0.44%. Heightened tensions in the Middle East have increased the likelihood of deeper instability and disruptions to oil supplies in the region, supporting oil prices. OPEC and its allies, including Russia (OPEC+), stated on Monday that the global economy is expected to remain resilient in the second half of this year. OPEC also revised down its forecast for the growth in oil supply from the US and other non-OPEC countries in 2026. (Webstock Inc.) Spot Market Overview: ► Spot premiums surged significantly after contract rollover, but downstream procurement remained moderate. [SMM South China Spot Copper] ► Trading performance in the spot market was sluggish, with downstream players focusing on executing long-term contracts. [SMM North China Spot Copper] ► Shanghai Zinc: Futures market edged higher, with downstream players resuming wait-and-see stance. [SMM Midday Review] ► Ningbo Zinc: Imports at low prices exert pressure, with premiums continuing to decline. [SMM Midday Review] Midday reviews for other metal spot markets will be updated later. Please refresh to view.

SMM News on June 16: Metal Market: As of the midday close, domestic base metals generally declined, with SHFE copper slightly up by 0.08%, SHFE aluminum down by 0.27%, SHFE zinc down by 0.62%, SHFE lead and SHFE tin slightly down, and SHFE nickel down by 0.28%. In addition, the main continuous futures contract for foundry aluminum rose by 0.13%, while the main continuous contract for alumina fell by 0.97%. Lithium carbonate fell by 0.9%, silicon metal fell by 0.48%, and polysilicon rose by 1.47%. The ferrous metals series all rose, with iron ore up by 0.21%, rebar up by 0.91%, and HRC up by 0.88%. Stainless steel rose by 0.2%. In terms of coking coal and coke: coking coal rose by 1.87%, and coke rose by 1.11%. In the overseas metal market, as of 11:45, LME metals all declined, with LME copper, LME tin, LME lead, and LME nickel all falling within 0.1%. LME aluminum fell by 0.8%, and LME zinc fell by 0.34%. In precious metals, gold prices rose, approaching a two-month high, as escalating conflicts between Israel and Iran sparked concerns about a broader regional conflict, prompting the market to seek safe-haven assets. As of 11:45, COMEX gold rose by 0.01%, reaching an intraday high of $3,476.3/oz, refreshing the highest level since April 22; COMEX silver fell by 0.32%. Domestically, SHFE gold rose by 0.55%, and SHFE silver fell by 0.07%. As of the midday close, the most-traded contract for the European container shipping index fell by 1.81%, closing at 2077.2. As of 11:45 on June 16, some midday futures market movements: 》SMM Metal Spot Prices on June 16 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 50 yuan/mt to a premium of 50 yuan/mt against the front-month contract, with an average premium of 0 yuan/mt, down 25 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 110 yuan/mt to a discount of 90 yuan/mt, with an average discount of 100 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,590 yuan/mt, down 285 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,490 yuan/mt, down 270 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory increased significantly after the weekend, mainly due to weak downstream purchasing sentiment amid a large price spread between futures contracts and the approaching delivery date... 》Click for details Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in May, Overall National Economy Remained Stable with Steady Progress] The NBS showed that in May, the industrial added value above designated size actually grew by 5.8% YoY. On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.61% in May compared to the previous month. From January to May, the value-added of industrial enterprises above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in value-added. Specifically, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry by 5.3%, the agricultural and sideline food processing industry by 7.6%, the liquor, beverage, and refined tea manufacturing industry by 4.1%, the textile industry by 0.6%, the chemical raw material and chemical product manufacturing industry by 5.9%, the non-metallic mineral products industry declined by 0.6%, the ferrous metal smelting and rolling processing industry by 4.8%, the non-ferrous metal smelting and rolling processing industry by 8.1%, the general equipment manufacturing industry by 6.3%, the special equipment manufacturing industry by 2.3%, the automobile manufacturing industry by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry by 14.6%, the electrical machinery and equipment manufacturing industry by 11.0%, the computer, communication, and other electronic equipment manufacturing industry by 10.2%, and the electricity, heat production, and supply industry by 2.0%. Overall, in May, with the continuous release of the combined effects of policies, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable and steady development trend with progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external unstable and uncertain factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for the sustained rebound and improvement of the economy still needs to be consolidated. 》Click for details The People's Bank of China conducted 242 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 173.8 billion yuan of 7-day reverse repos matured today, a net injection of 68.2 billion yuan was achieved. ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar aspect: As of 11:45, the US dollar index rose by 0.22% to 98.34. The US Federal Reserve is scheduled to hold a policy meeting from June 17 to 18 and make a decision on Wednesday. Although it is widely expected that the US Fed will keep interest rates stable, the market is eagerly anticipating signals of possible interest rate cuts in the coming months. Data aspect: Today, data such as the total reserve assets of the Eurozone in May, the New York Fed's Empire State Manufacturing Survey for June, and the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June will be released. In addition, the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June. Crude oil aspect: Both crude oil futures continued to climb. As of 11:45, US crude oil rose by 0.67%, and Brent crude oil rose by 0.59%. The intensifying conflict between Israel and Iran has fueled market concerns that tensions in the Middle East could escalate across the region and severely disrupt oil exports from the Middle East, thereby supporting oil prices. The latest developments have heightened market fears of potential blockages in the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of the world's total oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. (Webstock Inc.) Spot Market Overview: ► With delivery approaching and a significant price spread between futures contracts, downstream users exhibit strong wait-and-see sentiment. [SMM Spot Copper in South China] ► Market activity cools on delivery day, with sluggish trading performance. [SMM Spot Copper in North China] ► [SMM Nickel Midday Review] On June 16, nickel prices declined slightly, with total retail sales of consumer goods in May up 6.4% YoY. Midday reviews of other metal spot prices will be updated later. Please refresh to view.