AC Production: Domestic Sales Down 8.2%, Exports Up 5.8% Amid Global Recovery

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,625/mt, fluctuated downward in early trading to touch a low of $13,601/mt, then the price center moved sharply upward to probe $13,671/mt, before fluctuating downward again to finally close at $13,610.5/mt, down 0.18%, with trading volume at 17,000 lots and open interest at 268,000 lots, a decrease of 1,387 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,690 yuan/mt, dipped to 104,560 yuan/mt in early trading, then the price center fluctuated upward to touch a high of 105,050 yuan/mt, before experiencing wild swings to finally close at 104,760 yuan/mt, down 0.39%, with trading volume at 24,000 lots and open interest at 182,000 lots, a decrease of 17 lots from the previous trading day, indicating bulls reducing positions.

[Refrigerator Production Schedule] According to ChinaIOL: The domestic sales production schedule for June was 3.1 million units (-13.6%), and exports were 4.73 million units (+2.4%). Domestic sales contracted significantly due to high inventory suppression, while the export schedule edged up, benefiting from restocking outside China.