Aketao Kebang Manganese Launches Inquiry for 32 Tons of Selenium Dioxide Procurement

[SMM Lead Morning Meeting Summary: Recent Bullish and Bearish Factors Intertwined, Lead Prices Under Pressure] The expected peak consumption season for lead has not yet materialized. The demand from downstream enterprises is scattered, and their rigid demand is more inclined to purchase cargoes self-picked up from production site of smelters. Some downstream enterprises, on the other hand, are cautious about high prices, reducing their purchases and exhibiting a strong wait-and-see sentiment. In terms of supply, the supply of primary lead and secondary lead increased slowly in July. As the SHFE lead 2507 contract approaches delivery, the spread between futures and spot prices has widened, coupled with a decline in downstream enterprises' enthusiasm for purchasing. Suppliers' delivery and warehouse transfer have driven an increase in social inventory of lead ingots...

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,618/mt, touching a low of $9,610/mt shortly after the opening. It then fluctuated upward throughout the session, reaching a high of $9,694/mt near the close, and finally closed at $9,663/mt, down 0.2%. Trading volume reached 20,000 lots, and open interest reached 281,000 lots. On Friday evening, the most-traded SHFE copper 2508 contract opened at and touched a low of 78,040 yuan/mt, then rose to a high of 78,460 yuan/mt during the session. It dropped back slightly near the close and finally closed at 78,320 yuan/mt, down 0.27%. Trading volume reached 28,000 lots, and open interest reached 175,000 lots.

Futures Market: The overnight session of the most-traded alumina 2509 futures contract opened at 3,088 yuan/mt, with a high of 3,138 yuan/mt, a low of 3,088 yuan/mt, and closed at 3,137 yuan/mt, down 10 yuan/mt or 0.32%, with an open interest of 254,000 lots.

[SMM Morning Meeting Summary: TSMC Prioritizes Investment in the US to Address Chip Tariff Threats, Tin Prices Expected to Hover at Highs] Last week, in terms of international macroeconomic developments, TSMC prioritized investment in the US to address chip tariff threats, postponing the start of construction for its second chip factory in Japan. Additionally, the US and the EU discussed automotive tariff issues, aiming to protect the EU automotive industry from high import tariffs. Domestically, the overall supply of tin ore in the market tightened, with some smelters in major production areas like Yunnan experiencing reduced supply due to maintenance or production cuts. On the demand side, after the installation rush in the PV industry ended, orders declined, and the operating rates of some producers dropped; the electronics industry entered the off-season, with end-users exhibiting strong wait-and-see sentiment, and orders only meeting immediate needs; demand in other sectors such as tinplate and chemicals remained stable, without unexpected growth. In the spot market, downstream enterprises gradually concluded their restocking activities after the price rebound and began to adopt a wait-and-see attitude. Traders reported sluggish transactions. Overall, it is expected that tin prices will hover at highs and fluctuate rangebound next week. Investors are advised to operate cautiously and pay attention to changes in domestic and overseas policies as well as market demand dynamics. ...

[SMM Morning Meeting Summary: LME Zinc Declines Amid Tariff Disruptions] Last Friday, LME zinc opened at $2,771/mt. In the early session, LME zinc rose slightly before fluctuating rangebound around the daily average line, reaching a high of $2,785/mt. As European trading hours commenced, LME zinc quickly declined below the daily average line. During the night session, LME zinc fluctuated rangebound around $2,736/mt, dipping to a low of $2,732/mt. It eventually closed at $2,738/mt, down $39/mt or 1.40%. Trading volume decreased to 88,132 lots, while open interest increased by 1,737 lots to 193,000 lots...

According to the latest monthly survey data from SMM, the total production of aluminum rods nationwide in June 2025 was 390,000 mt, a decrease of 27,000 mt from May. After adjusting for the number of days in the month, the operating rate of aluminum rod plants in June was recorded at 60%, down 2% MoM and up 5% YoY. Overall, despite weak downstream purchasing, in-plant inventory was in the initial stage of inventory buildup, coupled with the task of liquid aluminum alloying, the aluminum rod supply side remained at highs in June. However, as the off-season atmosphere in the downstream sector became increasingly pronounced, with market purchasing significantly weakening, many plants announced production cuts and maintenance of equipment in mid-to-late June. It is expected that there will be a pullback in the aluminum rod supply side in July, and the pressure of market supply surplus may ease slightly.

According to SMM statistics, the composite operating rate of the domestic aluminum wire and cable industry in June 2025 was 52.01%, down 3.4% MoM from May and 4.65% YoY from June last year. From the perspective of enterprise scale, the operating rate of large enterprises decreased by 2.4% MoM to 68.53%, that of medium-sized enterprises fell by 3.2 MoM to 45.76%, and that of small enterprises decreased by 10.2% MoM to 16.95%.

Indonesian RKAB quota approved by 364 million tons. Downstream companies are still under pressure