Another Dip in Indonesian Nickel Ore Price? NPI Remains Weak?

[SMM Aluminum Morning Meeting Summary: Bearish Fundamentals Resurface, Aluminum Prices Fluctuate at Highs] Overall, macro side, China's favorable policies continue to intensify, promoting consumption in the same direction; overseas macro conditions are a mix of bullish and bearish factors, with risks still present. Fundamentally, in some regions, aluminum smelters have increased their casting ingot production. Coupled with the off-season in downstream sectors and fear of high prices, market transactions are far from ideal. Aluminum ingot inventory has seen a slight buildup, and spot premiums/discounts have weakened significantly. It is expected that aluminum prices will fluctuate at highs in the short term. Subsequent attention should be paid to the changes in casting ingot production and inventory.

SMM reported on July 4: Overnight, LME copper opened at $9,997/mt, reaching a high of $10,013/mt shortly after the opening. It then dropped sharply before rebounding to a high, only to continue declining and hit a low of $9,937/mt near the close, eventually closing at $9,951.5/mt, down 0.58%.

The spot market maintains a state of "high premium and low trading volume," with SHFE tin prices trading sideways at a high level. [SMM Tin Morning News] Macro: (1) The US Congress approved comprehensive tax and budget legislation on Thursday, which means that the $7,500 tax credit for purchasing or leasing a new EV will expire on September 30, along with the $4,000 tax credit for used EVs. (Bearish ★) (2) The Ministry of Industry and Information Technology (MIIT) held the 15th Manufacturing Enterprise Symposium: Comprehensively addressing the low-price and disorderly competition in the PV industry in accordance with laws and regulations. (Bullish ★) (3) Tariffs - ① Von der Leyen: The EU aims to reach a "deal in principle" with the Trump administration by July 9. ② US Treasury Secretary: Warns that tariffs could be raised back to April 2 levels, with approximately 100 countries expected to receive at least a 10% reciprocal tariff. Trump will decide whether to extend the July 9 deadline. ③ Japanese Prime Minister: Trump may have been misled on some tariff issues. ④ Indonesia will sign a $34 billion trade and investment memorandum of understanding with the US. ④ Trump could send letters as early as Friday to inform trading partners of unilateral tariff rates. ⑤ Canadian Finance Minister: Can negotiate the best trade agreement with the US, and there will be no digital tax.

[SMM Zinc Morning Meeting Summary: Strong US Non-farm Payrolls Data, Insufficient Upward Momentum for LME Zinc]: Overnight, LME zinc opened at $2,753/mt. After opening, LME zinc oscillated along the daily average line, reaching a high of $2,759.5/mt during the session. Near the end of the session, LME zinc fell below the daily average line, touching a low of $2,734/mt at the close. It ultimately closed down at $2,738/mt, falling by $15/mt, or 0.54%, with trading volume decreasing to 6,367 lots...

Overnight, LME lead opened at US$2,057.5/mt, touched a low of US$2,057/mt early in the session, and then fluctuated upward to a high of US$2,073/mt. Entering the European session, it oscillated around the intraday average line and finally closed at US$2,063/mt, down 0.02%.