[SMM Metal Morning reference] Metals rise and fall Nickel prices continue to strengthen * Federal Reserve hawks expect no improvement in copper processing consumption * Aluminum cable exports fell three times in a row compared with the same period last yea

[minutes of SMM Steel Morning meeting] short-term iron ore production restrictions are expected to be difficult to release, and port inventories are expected to start an increase.

The dollar fell, copper fell slightly, nickel rose, the S & P 500 hit a new high.

[macro outlook] pay attention to the actual monthly retail sales rate in Germany in May

U.S. president Joe Biden on Thursday accepted a $1.2 trillion bipartisan bill in the Senate to update America's roads, bridges and highways and help stimulate the economy. This marks a major breakthrough in one of Biden's key domestic policy goals. Metal in the outer disk was mixed and Lun Copper fell slightly on Friday as fears that the Fed tightened monetary policy earlier than expected damped some optimism and suppressed copper prices in afternoon trading. The CSPT Group held its quarterly meeting in Tongling on Friday morning and determined that the spot copper concentrate procurement guidance processing fee for the third quarter of this year was 55 US dollars / ton and 5.50 cents / pound; it was previously understood that the spot copper concentrate procurement guidance processing fee was not set in the second quarter meeting, and the spot copper concentrate procurement guidance processing fee set in the first quarter was 53 U.S. dollars / ton and 5.30 cents / pound. Indonesia is considering a plan to limit the construction of smelters that produce nickel pig iron or ferronickel to optimize its limited nickel ore resources to produce higher-value products, a government official said on Thursday.

The dollar index fell and the dollar was flat at the end of the day on Friday, recovering the losses recorded after the release of earlier lower-than-expected US inflation data. According to data, consumer information in the United States rose in June.

U. S. stocks closed mixed on Friday. The S & P 500 hit an all-time high and recorded its biggest weekly gain since February. The US core personal consumption expenditure (PCE) price index recorded its biggest year-on-year increase in nearly 30 years in May, but investors are betting that inflationary pressures will rise temporarily and the US economy will continue to recover. The Dow rose 237.02 points, or 0.69%, to 34433.84; the Nasdaq fell 9.32 points, or 0.06%, to 14360.39; and the Standard & Poor's 500 Index rose 14.21 points, or 0.33%, to 4280.70.

In terms of crude oil, crude oil futures closed higher on Friday and recorded a fifth consecutive week of gains. Investors remain optimistic about the outlook for crude oil demand against the backdrop of the global economic recovery, pushing oil prices higher.

In terms of precious metals, gold and silver are still volatile, Fed officials are confused, and US economic data are mixed, making it difficult for the market to choose the direction.

The A-share size index Synchronize strengthened on Friday, the trading volume of the two cities exceeded trillion yuan for six consecutive trading days, market sentiment picked up somewhat, and the gem index rose 2%. Yesterday's shady line was reversed, and the Prev stood on the platform center of the previous period, but the market was seriously divided. Small-cap stocks generally fell, and market funds were mainly focused on the weight direction of coal, chemical industry, iron and steel and other cyclical weighting directions. after adjustment, brokerage stocks rebounded again today. Bank of China Securities rose for two consecutive days to lead the rising brokerage plate. From the disk, titanium dioxide, photovoltaic building integration, coal, liquor and other leading gains, Hongmeng concept, self-driving, 5G and other plates led the decline. As of the close, the Prev index rose 1.15% to close at 3607 points, the Shenzhen Composite Index rose 1.48% to close at 15003 points, and the gem index rose 2.09% to close at 3347 points. Northbound funds bought 14.103 billion yuan unilaterally throughout the day, a new high in nearly a month. This week, northbound funds have accumulated a net purchase of more than 20 billion yuan.

LME inventory

Macro focus

[national Bureau of Statistics: focus on guiding commodity prices to return to the fundamentals of supply and demand] Zhu Hong, senior statistician of the Industry Department of the National Bureau of Statistics: on the whole, the efficiency of industrial enterprises continued to recover steadily in May, but the imbalance in corporate profits is relatively prominent, and the foundation for recovery is not yet solid. In the next stage, it is necessary to scientifically and accurately implement macro policies, continue to promote reform and innovation, stimulate the vitality of market players, help enterprises to solve difficulties, strive to guide commodity prices to return to the fundamentals of supply and demand, and promote the sustained and stable recovery of the industrial economy.

[national Bureau of Statistics: profits of industrial enterprises above scale increased by 36.4% year on year in May] data from the National Bureau of Statistics show that from January to May, the total profits of industrial enterprises above scale nationwide reached 3.42474 trillion yuan, an increase of 83.4% over the same period last year and an increase of 48.0% over January to May 2019, with an average increase of 21.7% over two years. In May, industrial enterprises above scale made a total profit of 829.92 billion yuan, an increase of 36.4% over the same period last year.

[Hao Peng, director of SASAC: it is necessary to continuously step up efforts to tackle key core technologies of deepwater oil and gas development and deepwater marine engineering equipment] CNOOC's "Deep Sea No.1" ultra-deepwater large gas field has been officially put into production. Hao Peng, director of SASAC, made a video call to offer condolences to the cadres and workers of the large gas field platform, and presided over a forum to emphasize that it is necessary to continue to strengthen oil and gas exploration and development, speed up the construction of key production capacity, and vigorously promote the increase of reserves and production. Firmly be a high-level national team of scientific and technological self-reliance, continue to step up efforts to tackle key core technologies for deepwater oil and gas development and deepwater marine engineering equipment, provide strong support for improving China's marine resources development capability, adhere to the direction of green and low-carbon development, vigorously raise the level of green production of offshore oil and the level of clean and efficient utilization of energy, and make positive contributions to achieving the goal of carbon peak and carbon neutralization as scheduled.

[s & P forecasts China's economy to grow by 8.3% this year] Standard & Poor's Global rating Agency, an international rating agency, said on the 25th that in view of China's effective control of the novel coronavirus epidemic and rapid vaccination work, the agency predicted that China's real gross domestic product ((GDP)) would grow by 8.3% in 2021. S & P also confirmed that China's credit rating was "A+/A-1" and its outlook was "stable" on the same day. China is expected to maintain a higher-than-average growth rate in middle-income economies in the coming years, the agency said.

The chairman of the Boston Fed hinted at raising interest rates in 2022. Is he one of the seven eagles to raise interest rates? Amid widespread speculation about the names of the seven senior officials who support the Fed's interest rate hike next year, Boston Federal Reserve Bank President Rosengren commented on Friday that the US economy is likely to reach the Fed's target of full employment and inflation of around 2% by the end of next year, and the Fed can consider raising interest rates by the end of 2022 at the earliest.

(the Fed's most concerned inflation data is a record increase in nearly 30 years. Consumer spending growth has slowed.) on Friday, local time, the Bureau of Economic Analysis of the U.S. Department of Commerce released the PCE price index for May. Among them, the core PCE index rose 3.4 per cent year-on-year, which was fully in line with expectations, although it was the biggest increase since 1992, but did not put much pressure on the US stock market.

Today's focus

[SMM copper downstream weekly survey: copper rod weekly operating rate month-on-month increase in power consumption temperature? The center of gravity of copper price rebounded, what is the weekly operating rate of fine copper rod enterprises? This week, SMM surveyed the production and sales of major domestic copper rod enterprises. "check the details."

[SMM industry dynamic tracking: copper processing consumption is not improving the copper industry is gradually moving towards the off-season] Copper prices rebounded this week and returned to around 69000 yuan / ton. After a slight rebound in copper consumption last week, how are the orders this week? The SMM Copper Research and Analysis Group brings you the latest developments in the copper processing industry this week. "check the details.

[SMM analysis: aluminum cable exports are down three consecutive years in the first half of the year] mm June 25: according to data released by the General Administration of Customs, the cumulative export volume of aluminum cables in China in May 2021 was around 16200 tons, an increase of 19.3 percent from the previous month, a decrease of 19.2 percent compared with the same period last year, and the export value reached 46.993 million US dollars. The total export volume of domestic aluminum wires and cables from January to May in 2021 is about. "check the details.

[scrap aluminum and recycled aluminum weekly review: the price of raw aluminum continues to differentiate in the off-season and falls to the price of recycled aluminum again] the trend of raw and mature aluminum price of waste aluminum this week is divided. Cooked aluminum is slightly stronger due to aluminum price shocks, rising about 200 yuan / ton during the week, while raw aluminum is due to the arrival of downstream consumption off-season, combined with the impact of the cost of imported aluminum alloy ingots, which is obviously easy to fall and difficult to rise, falling only 100 yuan / ton at the beginning of the week. At present, due to the large number of imported aluminum alloy ingots, the import of waste aluminum is reduced due to restrictions in Guangdong, resulting in a situation of falling prices of aluminum alloy ingots downstream to suppress the price of raw aluminum, which is expected to be next week. "check the details.

[SMM caustic soda weekly review: Shandong liquid alkali center of gravity slightly upward market waiting for alumina long single landing] liquid alkali market: this week, the liquid alkali market in the main alumina producing areas is mainly stable, the center of gravity of ionic membrane liquid alkali in Shandong area rose slightly, a number of chlor-alkali plants raised high alkali prices, and alumina prices remained stable. Up to now, the transaction price of 32% ion-exchange membrane liquid alkali non-alumina in Shandong Province is concentrated at 490-530 yuan / ton, which is stable compared with last week. 50% ion-exchange membrane liquid alkali bulk price is about 830-860 yuan / ton. "check the details.

[SMM Aluminum Accessories Weekly Review: aluminum fluoride spot inventory continues to decline market expectations] within a week, the aluminum fluoride market has maintained stable operation, the industry operating rate has not increased much, the industry spot inventory has decreased, the willingness of aluminum fluoride holders to raise prices is strong, and the actual transaction price has not changed much during the week. SMM maintains the quoted price of 7000-8000 yuan / ton. In the short term, it is expected that aluminum fluoride may hit bottom and rebound. "View details

SMM survey: the average weekly price of aluminum bar inventory has dropped for five consecutive years. According to SMM statistics, on June 24, 2021, the current inventory of aluminum bars across the country decreased by 3500 tons from the previous month, or 3%, to 97300 tons, slightly going to the warehouse. Among them, the inventory in Foshan and Changzhou increased by 1900 tons and 400 tons respectively, while those in Wuxi, Huzhou and Nanchang all decreased by about 2000 tons. The recent overall market trading atmosphere is general, aluminum prices are affected by policy, macro and fundamentals fluctuate greatly, downstream wait-and-see mood is serious, buying interest is not high. "View details

[SMM survey: recovery rate of maintenance part of recycled lead smelter] according to the Shanghai Nonferrous Network (SMM) survey, this week (June 21-June 25) the weekly operating rate of SMM recycled lead smelting enterprises in four provinces was 46.25%, up 3.7% from last week. "check the details.

[SMM research: lead battery weekly start-up rebounded after returning from Dragon Boat Festival] SMM June 25: according to SMM research, this week (June 21-June 25) the weekly comprehensive operating rate of lead battery enterprises in the five provinces of SMM was 69.2%, up 2.25% from last week. "View details

[SMM data: maintenance of primary and recycled lead smelters to maintain month-on-month decline of lead ingots] SMM6 25: according to SMM, as of Friday, the total inventory of lead ingots in the five places reached 125700 tons, down 4200 tons from last Friday, and up more than 600 tons from Monday. "View details

[SMM survey: what is the view of the first batch of domestic enterprises in the lower reaches of Zinc? After the release of the first batch of dumping announcement, the market paid more attention, and downstream enterprises also asked more questions. SMM specially investigated and sorted out the views of downstream enterprises on this dumping, the details are as follows. "check the details."

[SMM survey: overall galvanizing enterprise start-up downturn follow-up order power is insufficient] according to the Shanghai Nonferrous Network (SMM) survey, galvanizing enterprise start-up is in the doldrums this week, and zinc ingots are required to replenish the stock at a low price. During the week, the galvanizing plant due to steel fluctuations, enterprise performance is different, enterprises due to different sales channels, some large factories have better sales and full production, while some enterprises in Hebei have started work due to. "check the details.

[SMM analysis: zinc price drop terminal replenishment alloy plant start-up increased significantly] the operating rate of die-casting zinc alloy increased significantly this week, especially when zinc prices fell at the beginning of the week, the terminal purchase demand at low prices increased, driving alloy plant start-up higher, but the current consumption off-season, the overall demand increment is not as strong as expected. "

[SMM Analysis Lithium products Import and Export data in May Lithium Carbonate imports remain high] in May 2021, China's lithium carbonate imports were 8578 tons, down 4% from the previous month and an increase of 211% over the same period last year. From January to May in 2021, China imported 36690 tons of lithium carbonate, an increase of 123 per cent over the same period last year. In May 2021, China exported 6130 tons of lithium hydroxide, an increase of 7 per cent from the previous month and 2.9 per cent from the same period last year. From January to May 2021, China's cumulative export volume of lithium hydroxide was 27817 tons, an increase of 31% over the same period last year. In terms of spodumene concentrate, China's import of spodumene concentrate is estimated to be 147195 physical tons in May 2021, a decrease of 11.2% from the previous month and an increase of 39% over the same period last year. "View details

[SMM survey] in the second quarter of 2021, a number of die-casting enterprises launched new capacity plans, and SMM counted the new production capacity of some domestic die-casting enterprises. "View details

[nickel pig iron Weekly Review] this Friday, the average price of SMM8-12% high nickel pig iron is 1170 yuan / nickel point (including factory tax), and the average price of Indonesian nickel pig iron is 1175 yuan / nickel point (including tax to Hong Kong). The price of high nickel pig iron is obviously higher this week. The price of high nickel pig iron is generally concentrated at 1230-1260 yuan / nickel point (including factory tax), but the current psychological price of steel mills is concentrated around 1200 yuan / nickel point (including factory tax). "View details

[laterite Nickel Weekly Review] the average price of 1.5%CIF on Friday was $69 / wet ton, up $5 / wet ton compared with last Friday. The supply of negotiable goods in the market is scarce, and the price continues to rise. As of Friday, 1.5%CIF quoted price to $73 / wet ton, and has the intention to continue to move higher. The transaction price of mainstream large factories is still maintained at 66-68 US dollars / wet ton. "View details

[SMM interpretation: China's lanthanum oxide exports rose 15.1% in May compared with the same period last year.] this week, the General Administration of Customs released the import and export data of China's rare earth products in May. Of this total, China's exports of lanthanum oxide totaled 825.804 tons in May, up 15.1% from the same period last year and 7.2% from the previous month. In terms of imports, China imported 0.04 tons of lanthanum oxide in May, down 87.2 percent from the same period last year and 90.8 percent from the previous month. The difference between the export and import volume of lanthanum oxide is so wide, which once again reflects the situation of excess supply of lanthanum oxide in China. "View details

[SMM Analysis overall weak exports of magnesium industry in May Sea freight skyrocketed] SMM June 25: from January to May, China's total exports of magnesium ingots were 105400 tons, an accumulative increase of 2.8 percent over the same period last year; magnesium alloy exports totaled 53800 tons, up 15.3 percent over the same period last year; and magnesium powder exports totaled 34000 tons, down 3.3 percent over the same period last year. The total export volume of magnesium products was 1864 tons, down 6.8% from the same period last year; the total export volume of magnesium processed materials was 1244 tons, up 12.3% from the same period last year; and the total export volume of magnesium scrap was 1645, down 46.6% from the same period last year. "View details

[SMM magnesium spot Weekly Review] affected by the sharp rise in magnesium prices last week, magnesium prices rose this week and rebounded on Thursday. As magnesium prices are still high, downstream follow-up is limited. "View details

[SMM data dropped 38.24% month-on-month, May China's titanium concentrate imports continued to decline] SMM June 25: according to customs statistics, China's titanium concentrate imports in May 2021 were 226800 tons, down 38.24 percent from the previous month, down 29.13 percent from January to May, an increase of 21.46 percent over the same period last year. "View details

[SMM Titanium spot Weekly Review] as of June 25, sponge titanium has risen, and quotations for other titanium series products have remained stable as a whole, details are as follows. "View details

SMM Analysis of strong Silicon Price in June what is the trend of Silicon Price in July? The trend of silicon price in this year's flood season is quite different from that in previous years, and most of the complaints in the lower reaches are due to the persistently high silicon price. Affected by the power restriction in Yunnan and the compact order arrangement of upstream silicon plants, the price of metal silicon, especially 55ft silicon, rose rapidly at the beginning of May, and the low price of metallurgical grade entered a small downward cycle after the increase of supply in Sichuan during the flood season. In June, the news of the suspension of production in a factory in the north came out, even if the resumption of production of the silicon plant in Yunnan was steadily advanced, it was still difficult to resist the rise in silicon prices. "View details

Important news of metals and industry

[ICSG:: 3.7% growth in world mining copper in the first quarter] (ICSG), an international copper research group, released preliminary statistics on world copper supply and demand in March. Data show that in the first three months of 2021, world mine copper production increased by 3.7 per cent, of which copper concentrate increased by 5.5 per cent, while solvent extraction electrodeposition (SX-EW) copper production fell by 3.5 per cent.

[CSPT group meeting determines the third quarter copper concentrate TC/RC floor price] the CSPT group held a quarterly meeting in Tongling on Friday and decided that the spot copper concentrate procurement guidance and processing fee for the third quarter of this year is 55 US dollars / ton and 5.50 cents / lb. According to previous understanding, the spot copper concentrate procurement guidance processing fee was not set at the second quarter meeting, and the spot copper concentrate procurement guidance processing fee set in the first quarter was 53 US dollars / ton and 5.3 cents / pound.

[Tianshan Aluminum Industry 2021 half-year performance Forecast] recently, Tianshan Aluminum Group Co., Ltd. released a half-year performance forecast for 2021, which will cover the period from January 1, 2021 to June 30, 2021. The net profit attributable to shareholders of listed companies is expected to be 1.96 billion yuan, an increase of 200.15% over the same period last year. The main reasons for the substantial increase in the company's performance are as follows: (1) in the first half of 2021, the aluminum industry maintained a high boom and a strong demand for aluminum ingots, and the market price of aluminum ingots rose sharply by about 31% in the reporting period compared with the same period last year; (2) thanks to the layout of the company's aluminum upstream and downstream industry chain, while aluminum prices continued to strengthen in the first half of the year, the company's electrolytic aluminum, high purity aluminum, alumina, power generation, carbon and other stable production at full load; The company's stable low power cost, the carbon project of the subsidiary Alar Nanjiang carbon New Materials Co., Ltd. is up to standard, which further reduces the company's aluminum production cost and strengthens the company's low-cost advantage. the company's self-produced aluminum ingot gross profit margin has been further increased, so that the company's profit margin has been greatly increased.

[development and Reform Commission: coal prices are expected to enter the downward channel in July and prices will drop significantly.] A relevant person in charge of the Economic Operation Regulation Bureau of the National Development and Reform Commission said in an interview that with the growth of hydropower and solar power generation in summer, as well as the increase in coal production and imports, the contradiction between supply and demand of coal will tend to ease, and coal prices are expected to enter the downward channel in July, and prices will fall significantly. First, the output has further increased. The production of suspended coal mines in major coal-producing areas will gradually resume, and it is expected to return to the production level of early June in early July, and some high-quality and advanced production capacity with the potential to increase production will be gradually released in the second half of the year. Second, imports have further increased. According to the imported coal orders, July and August will be the peak period for the arrival of imported coal, and the coal supply will be further effectively replenished. Third, there has been an increase in hydropower and solar power generation. After entering the flood season, the inflow has increased significantly, and the hydropower output has increased significantly. At the same time, solar power generation has also grown rapidly in summer, which will greatly replace thermal power generation and effectively reduce the demand for coal for thermal power.

In May 2021, China imported 8578 tons of lithium carbonate, a decrease of 4 per cent from the previous month and a year-on-year increase of 211 per cent. From January to May in 2021, China imported 36690 tons of lithium carbonate, an increase of 123 per cent over the same period last year. In May 2021, China exported 6130 tons of lithium hydroxide, an increase of 7 per cent from the previous month and 2.9 per cent from the same period last year. From January to May 2021, China's cumulative export volume of lithium hydroxide was 27817 tons, an increase of 31% over the same period last year. In terms of spodumene concentrate, China's import of spodumene concentrate is estimated to be 147195 physical tons in May 2021, a decrease of 11.2% from the previous month and an increase of 39% over the same period last year.

In June, Galaxy Resources issued an announcement updating its mineral resources data for its Mt Cattlin project in Western Australia. The report shows that after full-speed production, the, Mt Cattlin spodumene concentrate has exceeded 40000 dry metric tons in the second quarter, another 33500 wet metric tons were shipped in May, and the planned shipping price in the third quarter of 2021 is likely to exceed $750USD / metric ton CIF.

On June 24, the 10th general meeting of China Special Steel Enterprises Association was held in Huangshi, Hubei Province. Luo Tiejun, vice president of the China Iron and Steel Association, pointed out at the meeting that the recent linkage between traders and mine prices, Singapore swaps and Platts index has pushed up mineral prices to crazy levels. Call on the relevant departments of the state to strengthen the supervision of domestic traders and iron ore trading platforms, and at the same time strengthen the supervision of domestic and foreign traders, and the customs will strictly examine the illegal high-price transactions.

[Dragon python Baili titanium dioxide order sufficient half-year performance forecast high growth] long Python-Bailey said that at present, the company's titanium dioxide orders are sufficient, equivalent to more than a month of production, and the orders in the second quarter are mainly from overseas. Longyanbai issued a semi-annual performance forecast for 2021, which pointed out that the net profit of listed shares in the first half of the year increased significantly by 80% to 130% over the same period last year.

According to customs statistics, China's imports of titanium concentrate in May 2021 were 226800 tons, down 38.24 percent from the previous month, and 29.13 percent lower than the same period last year. From January to May, imports totaled 1.6207 million tons, an increase of 21.46 percent over the same period last year.

Terminal information

[Qualcomm and MediaTek 5G APs order TSMC 6nm process] according to industry sources, Qualcomm, MediaTek and silicon carbide supplier (unisic) have placed an order with TSMC for the upcoming 5G mobile application processor (5G mobile application processors,5G AP), requiring TSMC to use 6nm process.

[new 8-inch wafer production line launched by Anshi Semiconductor in Manchester UK] Anshi Semiconductor recently announced the launch of a new 8-inch wafer production line in Manchester, UK, with the first batch of products using the latest NextPower chip technology of low RDS (on) and low Qrr, 80V and 100V MOSFET.

[UBS: chip shortage is improving the worst of the auto industry is over] UBS (UBS) released a report on the 23rd saying that it is cautiously optimistic about the global chip shortage, that the worst of the auto industry may be over, and the negative impact of the shortage on the industry is improving.

[Tesla recalls 285000 vehicles due to problems with active cruise control system] Tesla Automobile (Beijing) Co., Ltd. recalled a total of 35665 imported Model 3 electric vehicles produced between January 12, 2019 and November 27, 2019. Tesla (Shanghai) Co., Ltd. recalled 211256 domestic Model 3 electric vehicles produced from December 19, 2019 to June 7, 2021, and some domestic Model Y electric vehicles produced from January 1, 2021 to June 7, 2021, totaling 38599. Due to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy to cause the driver to activate the active cruise function by mistake.

[market space of more than 200 billion yuan cathode material "rush to expand production"] Lithium cathode material production expansion is accelerating, only in June, there are a number of leading enterprises intensive big action. On June 22nd, Dangsheng Science and Technology plans to raise no more than 4.645 billion yuan in total for the construction of cathode materials and other projects. Among them, the second phase of Changzhou project plans to invest 2.471 billion yuan to build a 50, 000-ton / year high-nickel cathode material production line, and the fourth phase of Jiangsu Dangsheng project plans to invest 1.096 billion yuan to build a 20, 000-ton / year digital cathode material production line.

(environmental groups planning 38 superbattery factories in Europe call for accelerated decarbonization to avoid idle capacity. According to a recent report released by the Union of Transport and Environment, a non-governmental organization of the European Union, the number of electric vehicle battery superfactories under construction in Europe has reached 38, which is expected to reach production by 2030, with a total annual capacity of 1000 GWH, which is equivalent to producing 16.7 million batteries for pure electric vehicles.

[Chinese companies will set up power battery factories in the Upper France region] Xavier Bertrand, chairman of the Upper France region, said on June 25 that Vision Power (Envision AESC), a subsidiary of China Vision Technology Group, would set up a power battery factory in the region. The power battery factory, which is adjacent to the electric vehicle research and development center and production plant of French carmaker Renault, will produce batteries for Renault's electric vehicles in the future.