Metals generally rose, with SHFE nickel, SHFE silver, and rebar leading the gains. Coking coal rose by over 4%, and polysilicon recorded eight consecutive days of gains [SMM midday review].

SMM July 11 News:

Metal Markets:

As of midday close, domestic base metals generally rose, with SHFE copper up 0.13%, SHFE aluminum up 0.12%, and SHFE nickel up 1.42%. SHFE lead fell 0.61%, SHFE zinc rose 0.56%, and SHFE tin declined 0.2%.

Additionally, the main continuous aluminum casting futures contract increased 0.08%, while the main continuous alumina contract dropped 1.35%. Lithium carbonate fell 0.19%, and silicon metal rose 0.36%. The main continuous polysilicon contract extended gains for the seventh consecutive session, rising 1.52%.

Ferrous metals series mostly rose, with iron ore up 2.07%, rebar and HRC increasing 1.29% and 1.3% respectively. Stainless steel declined 0.12%. For coking coal and coke: coking coal rose 4.07%, and coke gained 2.71%.

Overseas metal markets, as of 11:39, showed mixed performance among LME metals: LME aluminum fell 0.06%, LME nickel rose 0.2%, LME zinc increased 0.13%, LME tin declined 0.38%, LME lead fell 0.49%, and LME copper rose 0.06%.

Precious metals: As of 11:39, COMEX gold rose 0.63%, and COMEX silver climbed 1.31%. Domestically, SHFE gold increased 0.41%, and SHFE silver rose 1.7%. The world's largest gold ETF, SPDR Gold Trust, reported a 0.15% (or 1.43 mt) increase in gold holdings to 948.80 mt as of Thursday (July 10), compared to 947.37 mt in the previous session.

As of midday close, the most-traded European shipping contract fell 1.33% to 2,018 points.

Partial futures market performance as of 11:39 on July 11:Z10/>》July 11 SMM Metal Spot Prices

Spot & Fundamentals

Aluminum: According to SMM statistics, the composite operating rate of China's aluminum wire and cable industry stood at 52.01% in June 2025, down 3.4% MoM from May and 4.65% YoY from June 2024. By enterprise scale, large enterprises saw operating rates decline 2.4% MoM to 68.53%, medium-sized enterprises fell 3.2% MoM to 45.76%, and small enterprises decreased 10.2% MoM to 16.95%... 》Click for details

Macro Front

Domestic Updates:

[SASAC: Accelerate Concentration of State Capital in Forward-Looking Strategic Emerging Industries]Z18/>The CPC Committee of the State-owned Assets Supervision and Administration Commission (SASAC) held a special meeting on July 10. The meeting emphasized accelerating breakthroughs in core technologies, advancing innovation platform construction, strengthening common technology supply, reinforcing basic research, and expediting high-level self-reliance in science and technology. To plan and deploy resources in a scientific manner, strengthen policy support for state capital contributors, and accelerate the concentration of state-owned capital into forward-looking and strategic emerging industries. Efforts must be made to accelerate the development of strategic emerging industries and future-oriented sectors, emphasizing major project drivers, scenario-based applications, and new-type infrastructure construction to reinforce the foundation of national strategic security.

[Shanghai Fengxian: Support Enterprises Developing Advanced-Process Integrated Circuit Supporting Materials Such as 6N+ Grade High-Purity Targets, Deep Ultraviolet Photoresists, and Auxiliary Reagents]The General Office of Shanghai Fengxian District People's Government issued on the 11th the "Fengxian District Action Plan for General New Materials Industry Development (2025-2027)." The plan proposes leveraging Shanghai's Electronic Chemicals Special Zone as the carrier, with Hangzhou Bay Development Zone and Industrial Comprehensive Development Zone as key areas, and relying on enterprises including Entegris, Tongchuang Purun, and Comet, to focus on integrated circuit supporting materials such as wet chemicals, high-purity targets, electronic gases, and semiconductor packaging materials. Support will be provided for enterprises developing advanced-process integrated circuit supporting materials, including 6N+ grade high-purity targets, G3+ grade high-purity reagents, deep ultraviolet photoresists, and auxiliary reagents, to accelerate domestic substitution. The plan also promotes the implementation of the Tongchuang Purun New Materials Industrial Park project to expand industrial chain ecosystem space.

The People's Bank of China conducted 84.7 billion yuan ($847 million) in 7-day reverse repo operations today at an interest rate of 1.40%, unchanged from previous operations. With 34 billion yuan ($340 million) in 7-day reverse repos maturing today, this resulted in a net injection of 50.7 billion yuan ($507 million).

►The central parity rate of the RMB exchange rate in the interbank foreign exchange market on July 11 was set at 7.1475 yuan per US dollar.

US dollar update:

As of 11:39, the US dollar index rose 0.2% to 97.78. Data released Thursday showed US weekly initial jobless claims unexpectedly fell to a seven-week low, indicating stabilization in the US labor market and reducing the need for the Federal Reserve to resume interest rate cuts. According to CCTV News, US President Trump announced on July 10 that he would impose a 35% tariff on Canadian imports starting August 1. Trump had previously sent tariff letters to 14 countries including Japan and South Korea on July 7, with rates ranging from 25% to 40%. He also indicated more such letters would follow this week. On the 9th, Trump sent letters to leaders of six additional countries notifying them of new tariffs on US imports. Additionally, Trump posted a letter on social media platform Truth Social on the same day regarding tariff hikes on Brazilian products, stating the US would impose a 50% tariff on all Brazilian goods starting August 1, 2025. Wenhua Comprehensive)

Data Points:

Today's releases include UK May GDP monthly rate, UK May industrial production monthly rate, UK May industrial production annual rate, UK May seasonally adjusted merchandise trade balance, UK May seasonally adjusted trade balance, Canada June employment change, Canada June unemployment rate, Switzerland June seasonally adjusted consumer confidence index, and other data. Additionally, US Fed Governor Waller will participate in a panel discussion at an event hosted by the Dallas Fed and Dallas/Fort Worth World Affairs Council, while 2027 FOMC voting member and San Francisco Fed President Daly will deliver remarks on the US economic outlook.

Crude Oil Market:

After overnight declines, both WTI and Brent futures rebounded slightly, with WTI up 0.54% and Brent up 0.42% as of 11:39. In its Thursday-released "2025 World Oil Outlook," OPEC revised downward its global oil demand forecasts for 2026-2029, projecting 2026 average demand will reach 106.3 million barrels per day, lower than last year's prediction of 108 million bpd.

EU diplomats stated Thursday the bloc expects to propose a floating price cap on Russian oil this week, as falling oil prices have rendered the current fixed cap irrelevant. (Wenhua Comprehensive)

Spot Market Overview:

• Downstream buyers halted restocking after brief purchases, forcing suppliers to lower premiums [SMM South China Copper Spot]

•Z35/>June aluminum wire and cable operating rate declined under pressure, with divergent expectations for H2 order growth [SMM Analysis]

• Shanghai Zinc: Increased selling pressure from traders pushed premiums further down [SMM Midday Review]

• Ningbo Zinc: Persistently high futures prices continued to pressure premiums [SMM Midday Review]Z40/>Other metal spot market updates coming soon - please refresh for latest analysis.