Metals Rise Across the Board, with SHFE Aluminum, Coking Coal and Coke, and Iron Ore Up Over 1%, Silicon Metal Up 1.62% [SMM Midday Review]

SMM June 11 News:

Metal Market:

As of the midday close, domestic market base metals were mostly up, with SHFE copper rising 0.11%, SHFE zinc up 0.89%, SHFE aluminum up 1.18%, SHFE lead down 0.03%, SHFE tin up 0.81%, and SHFE nickel slightly up.

In addition, the main continuous futures contract for foundry aluminum rose 0.78%, and alumina rose 0.21%. Lithium carbonate rose 0.73%, silicon metal rose 1.62%, and polysilicon fell 0.13%.

The ferrous metals series all rose, with iron ore up 1.07%, rebar up 0.71%, and HRC up 0.81%. Stainless steel rose 0.16%. For coking coal and coke: coking coal rose 1.29%, and coke rose 1.12%.

In the overseas metal market, as of 11:43, LME metals were all up, with LME zinc rising 0.56%, LME copper rising 0.17%, LME aluminum rising 0.9%, LME lead rising 0.33%, LME tin not yet opened, and LME nickel rising 0.27%.

In precious metals, as of 11:43, COMEX gold rose 0.57%, and COMEX silver rose 0.32%; domestically, SHFE gold rose 0.65%, and SHFE silver fell 0.15%.

As of the midday close, the most-traded contract for the Europe Containerized Freight Index fell 1.03%, closing at 2023.4.

As of 11:43 on June 11, midday futures market movements for some contracts:

》SMM Metal Spot Prices on June 11

Spot and Fundamentals

Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 30 yuan/mt to a premium of 150 yuan/mt against the front-month contract, with an average premium of 90 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 40 yuan/mt to a discount of 20 yuan/mt, with an average discount of 30 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,305 yuan/mt, up 145 yuan/mt from the previous trading day, and the average price of SX-EW copper was 79,185 yuan/mt, up 85 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory continued to decline, now for five consecutive days. It is reported that nearby smelters have exports, reducing supply... 》Click for details

Macro Front

Domestic:

[Announcement] The State Council Information Office will hold a press conference at 10 a.m. on June 13, 2025 (Friday). Li Yongxia, Deputy Representative for International Trade Negotiations of the Ministry of Commerce, and Song Junji, Vice Governor of Shandong Province, will introduce the 2025 Qingdao Summit for Leaders of Multinational Corporations and answer questions from reporters.

[Average Annual Growth Rate of 14.2% Over 25 Years, Sino-African Trade Volume Exceeds 2 Trillion Yuan] On the occasion of the upcoming Fourth China-Africa Economic and Trade Expo in Changsha, Hunan Province, data released by the General Administration of Customs on June 11 showed that since the establishment of the Forum on China-Africa Cooperation in 2000, China's total import and export value with Africa has increased from less than 100 billion yuan that year to 2.1 trillion yuan in 2024, a cumulative increase of over 20 times, with an average annual growth rate of 14.2%, fully demonstrating the strong vitality of Sino-African economic and trade cooperation. On the same day, the General Administration of Customs also released the China-Africa Trade Index for 2024. This index rapidly climbed from its base value of 100 points in 2000, reaching a new high of 1,056.53 points in 2024. (Xinhua News Agency)

The People's Bank of China conducted reverse repo operations worth 164 billion yuan for 7 days today, with an operating interest rate of 1.40%, unchanged from the previous rate. As reverse repo operations worth 214.9 billion yuan for 7 days matured today, a net withdrawal of 50.9 billion yuan was realized.

► The central parity rate of the RMB exchange rate in the interbank foreign exchange market on June 11 was 7.1815 yuan per US dollar.

US dollar:

As of 11:43, the US dollar index rose by 0.07% to 99.12. Most economists believe that the US Federal Reserve will remain on hold for at least a few months, as the tariff policies of US President Trump may pose a lingering risk of reigniting inflation. The market will closely monitor the US inflation data to be released later on Wednesday. This report may reflect the economic impact of tariffs on price pressures and could determine the trajectory of the Fed's monetary policy for the remainder of the year.

Data:

The World Bank's "Global Economic Prospects" report, released on Tuesday (June 10), clearly stated that global economic growth in 2025 will be only 2.3%, significantly lower than the pre-pandemic average and the lowest non-recessionary growth rate since the 2008 financial crisis. More concerningly, the average annual growth rate of global GDP is expected to be only 2.5% by 2027, marking the slowest pace since the 1960s. The report attributed this bleak outlook to rising trade barriers and "record-high uncertainty." Nearly 70% of economies worldwide are facing downward revisions to their growth forecasts, including the US, Europe, and several emerging market regions. Ayhan Kose, the World Bank's Deputy Chief Economist, vividly compared the situation in an interview: "Uncertainty is like fog on the runway, hindering investment and dimming the economic outlook." This uncertainty not only weighs on global trade but also exerts significant pressure on consumption, investment, and financial market stability. (Huitong Finance)

Data to be released today include China's M2 money supply annual growth rate for May (time uncertain between June 11-17), China's total social financing for the year to date as of May (time uncertain between June 11-17), China's new RMB loans for the year to date as of May (time uncertain between June 11-17), the US's unadjusted annual CPI rate for May, the US's unadjusted annual core CPI rate for May, the US's unadjusted annual energy CPI rate for May, the US's June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ Consumer Confidence Index for the week ending June 8. In addition, He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US Economic and Trade Consultation Mechanism.

Crude oil:

As of 11:43, crude oil futures fluctuated rangebound, with US crude oil down 0.06% and Brent crude oil down 0.13%. Weak global oil demand and increased production by OPEC have put pressure on the market, weighing on oil prices.

On Wednesday evening, the market will focus on the weekly US oil inventory report released by the US Energy Information Administration (EIA). Analysts expect that US crude oil inventories are likely to decrease by 2 million barrels in the week ending June 6, while distillate and gasoline inventories may increase.

Data released by the American Petroleum Institute (API) showed that US crude oil inventories fell last week, while gasoline and distillate inventories rose. The API report indicated that US crude oil inventories decreased by 370,000 barrels, gasoline inventories increased by 3 million barrels, and distillate inventories increased by 3.7 million barrels in the week ending June 6. (Webstock Inc.)

Spot market overview:

►Inventories fell for five consecutive weeks; suppliers refused to budge on prices, but actual transactions were average. [SMM South China spot copper]

►Shanghai zinc: Futures market rebounded MoM, downstream purchases weakened. [SMM midday review]

►As delivery approaches, spot-futures price spread narrows, and transactions in the spot market are sluggish. [SMM daily review]

Midday reviews of other metal spot markets will be updated later. Please refresh to view.