Metals Weaken Across the Board; SHFE Nickel, Tin, Lead, and Silver Lead the Decline; Polysilicon Tumbles Over 4%; Coking Coal Plunges [SMM Midday Review]

SMM News, June 9:

Metals market:

As of the midday close, domestic base metals fell almost across the board, with SHFE lead down 1.86% and SHFE tin down 1.86%. SHFE nickel fell 2.33%. SHFE copper edged down, SHFE aluminum fell 0.52%, and SHFE zinc fell 0.38%.

In addition, the most-traded casting aluminum futures contract fell 0.41%, and the most-traded alumina contract edged down. The most-traded lithium carbonate contract rose 0.32%. The most-traded silicon metal contract fell 2.41%. The most-traded polysilicon futures contract fell 4.04%.

Ferrous metals were all in the red: iron ore fell 0.39%, rebar fell 0.47%, HRC fell 0.71%, and stainless steel fell 1.67%. For coking coal and coke: the most-traded coking coal contract fell 7.48%, once touching the limit-down price of 1,340.5 yuan/mt intraday; the most-traded coke contract fell 4.31%.

Overseas base metals: as of 11:46, LME metals fell across the board. LME copper fell 0.19%, LME aluminum fell 0.65%, and LME lead fell 0.25%. LME zinc fell 0.35%, LME tin fell 0.73%, and LME nickel fell 1.01%.

Precious metals: as of 11:46, COMEX gold fell 0.1% and COMEX silver fell 1.13%. Domestic precious metals: the most-traded SHFE gold contract fell 0.2%, and the most-traded SHFE silver contract fell 1.93%.

In addition, as of the midday close, the most-traded platinum futures contract fell 0.99%, and the most-traded palladium futures contract fell 0.33%.

As of the midday close, the most-traded European shipping container futures contract rose 0.61% to 3,865 points.

As of 11:46 on June 9, midday moves in some futures:

Spot and Fundamentals

Copper:Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at 110 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at spot premiums of 70 yuan/mt, up 80 yuan/mt from the previous trading day; SX-EW copper was quoted at spot premiums of 10 yuan/mt, up 70 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,275 yuan/mt, up 330 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,195 yuan/mt, up 335 yuan/mt from the previous trading day. Spot market: Guangdong inventory continued to decline today, marking the sixth consecutive drop...

Macro Front

China:

[GAC: China’s goods trade imports and exports rose 15.3% in the first five months; exports of mechanical and electrical products rose 18.4%]According to customs statistics, in the first five months of 2026, China’s total goods trade imports and exports reached 20.68 trillion yuan, up 15.3% YoY (the same hereinafter). Of this, exports were 11.91 trillion yuan, up 11.8%, and imports were 8.77 trillion yuan, up 20.5%. In May, China’s total goods trade imports and exports totaled 4.45 trillion yuan, up 16.9%. Of this, exports were 2.59 trillion yuan, up 13.8%, and imports were 1.86 trillion yuan, up 21.5%. By key products, on the export side, in the first five months, China’s exports of mechanical and electrical products were 7.58 trillion yuan, up 18.4%; labour-intensive products were 1.61 trillion yuan, down 3.1%; and agricultural products were 300.79 billion yuan, up 1.6%. On the import side, in the first five months, China’s imports of mechanical and electrical products were 3.54 trillion yuan, up 25.3%; crude oil was 218 million mt, down 4.8%; and agricultural products were 618.16 billion yuan, up 7.6%.

[MOFCOM convened a symposium on solid-waste recycling and utilization for PV, lithium-ion battery and NEV] On June 5, MOFCOM convened a symposium on solid-waste recycling and utilization for PV, lithium-ion battery and NEV. The meeting emphasized the need to align thinking and actions with the decision-making and deployment of the CPC Central Committee and the State Council, take multiple measures, and build the solid-waste recycling and utilization system for PV, lithium-ion battery and NEV with concrete actions. It called for a systematic approach and joint efforts, accelerating improvements to top-level institutional design, promoting the introduction of policy documents, and forming a working framework featuring joint policy consultation, resource sharing, complementary advantages, and overall advancement. It also called for precise guidance and differentiated measures, adopting differentiated and targeted actions in light of the development stages and recycling characteristics of the power battery, PV module, and wind turbine equipment industries, to effectively address dismantling issues in recycling and utilization. It further stressed technology leadership and empowerment, actively advancing foundational R&D on relevant technologies for solid-waste recycling and utilization for PV, lithium-ion battery and NEV, and promoting the integration and application of AI in recycling and utilization processes. It also called for pilot exploration and encouragement of early movers, continuing pilot work on building the renewable resources recycling system, encouraging industrial cluster regions and industry leaders to take the lead in piloting, improving recycling efficiency, enhancing sorting capabilities, and promoting high-quality development of the recycling industry. (From the Wallstreetcn APP)

[Two departments jointly launched the 2026 special initiative for real-scenario training for humanoid robots and embodied AI]The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission of the State Council jointly launched the 2026 special initiative for real-scenario training for humanoid robots and embodied AI. Adhering to application-driven development and focusing on key scenarios in industrial, special-purpose, service and other fields, the initiative will advance key tasks in an integrated manner, including building real-scenario training spaces, cultivating joint innovation application consortia, tackling operational skills, and verifying application deployment. Through training in real scenarios, it will continuously optimize embodied AI model algorithms, accumulate high-quality real-machine data, improve the performance of key components and parts of the body, and explore the establishment of full life cycle management and assurance mechanisms for humanoid robot and embodied AI products. By year-end 2026, humanoid robots and other key products will take the lead in completing application verification and routine deployment in a number of representative scenarios, launching an “operation mode”; more than 100 high-value application scenarios will be distilled, further enriching the embodied AI application spectrum and driving the formation of deployment capabilities on the scale of 10,000 units. (From the Wallstreetcn APP)

[PBOC’s open market operations recorded a net injection of 152.8 billion yuan on the day]The PBOC conducted 153 billion yuan of 7-day reverse repo operations today. With 200 million yuan of 7-day reverse repos maturing today, it recorded a net injection of 152.8 billion yuan on the day. (Jinshi Data APP)

US dollar:

As of 11:46, the US dollar index fell 0.02% to 99.08. The market was awaiting US inflation data to be released on Wednesday, which will affect market expectations for the US Fed’s June rate decision. According to CME “FedWatch”: the probability that the US Fed will keep rates unchanged through June was 98.1%, and the probability of cumulative interest rate cuts of 25 bps was 1.9%. The probability that the US Fed will keep rates unchanged through July was 84.7%, the probability of cumulative interest rate hikes of 25 bps was 13.6%, and the probability of cumulative interest rate cuts of 25 bps was 1.6%. (Jinshi Data APP)

Morgan Stanley strategists said in a report that the US dollar may weaken in the coming months if risk appetite rebounds and the US Fed avoids rate hikes. They noted that positive risk sentiment is negative for the US dollar when interest rates do not rise. However, they said that if the US economy outperforms other countries, leading to a greater extent of rate hikes than in other countries, it would be more supportive for the US dollar. “Given that both the ECB and the BOJ are expected to raise rates this month, narrowing interest rate differentials should lift risk appetite, thereby putting pressure on the US dollar.” (Jinshi Data APP)

Data:

Germany’s seasonally adjusted MoM industrial output for April, Germany’s seasonally adjusted trade balance for April, the US NFIB Small Business Optimism Index for May, the weekly change in US ADP employment for the week ending May 23, the US trade balance for April, the annualized total US existing home sales for May, and the US MoM wholesale sales for April will be released today. In addition, attention should be paid to Apple’s WWDC developer conference, running through June 13.

Crude oil:

As of 11:46, oil prices in both markets fell, with WTI down 1% and Brent down 0.83%. The pullback in oil prices reflected easing market concerns over Middle East supply risks. (Wallstreetcn)

Spot market overview:

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