Metals Rose Broadly, SHFE Tin Up Over 3%, SHFE Copper, SHFE Aluminum, Coking Coal, and Stainless Steel Up Over 1%, Lithium Carbonate Down Nearly 4% [SMM Midday Review]

Published: Jun 2, 2026 11:51

Save

SMM June 2 News:

Metals market:

As of the midday close, base metals in the domestic market mostly rose. SHFE copper gained 1.21%, SHFE aluminum rose 1.01%, and SHFE lead edged down. SHFE zinc rose 0.53%. SHFE tin gained 3.63%. SHFE nickel rose 0.61%.

In addition, the most-traded cast aluminum futures rose 1.15%, while the most-traded alumina futures fell 1.49%. The most-traded lithium carbonate futures dropped 3.96%. The most-traded silicon metal futures edged down 0.06%. The most-traded polysilicon futures rose 1.54%.

Ferrous metals mostly rose. Iron ore gained 0.51%, rebar edged up, hot-rolled coil edged down, and stainless steel rose 1.42%. Coking coal and coke: the most-traded coking coal contract rose 1.41%, and the most-traded coke contract gained 0.66%.

Overseas base metals, as of 11:41, LME metals showed mixed performance. LME copper, LME lead, and LME nickel edged down, all within 0.1%. LME aluminum rose 0.96%, LME zinc gained 0.24%. LME tin rose 1.3%.

Precious metals, as of 11:41, COMEX gold rose 0.48% and COMEX silver gained 0.5%. Domestic precious metals: the most-traded SHFE gold futures fell 1.17%, and the most-traded SHFE silver futures dropped 0.3%.

In addition, as of the midday close, the most-traded platinum futures rose 0.71%, and the most-traded palladium futures fell 0.71%.

As of the midday close, the most-traded Europe containerized freight contract fell 2.04%, closing at 3,776.5 points.

As of 11:41 on June 2, midday futures quotes for selected contracts:

Spot and Fundamentals

Copper:Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 60 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 105,960 yuan/mt, up 1,115 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,870 yuan/mt, up 1,130 yuan/mt from the previous trading day...

Macro Front

China:

[PBOC net drained 248.8 billion yuan via open market operations today] The PBOC conducted 200 million yuan of 7-day reverse repos, with the operation rate at 1.40%, unchanged from the previous day. A total of 249 billion yuan of reverse repos matured today.

US dollar:

As of 11:41, the US dollar index fell 0.02%, at 99.18.

Data:

The US April JOLTs job openings, Switzerland April trade balance, UK April central bank mortgage approvals, eurozone May CPI YoY preliminary reading, and eurozone May CPI MoM preliminary reading will be released today. In addition, 2026 FOMC voter and Minneapolis Fed President Kashkari will deliver a speech; 2026 FOMC voter and Cleveland Fed President Hammack will speak on monetary policy; and Bank of England Governor Bailey will attend a House of Lords hearing.

Crude oil:

As of 11:41, oil prices in both markets edged down. WTI crude fell 0.5% and Brent crude dropped 0.38%.

Spot Market Overview:

►

Midday comments on other metal spot markets will be updated later. Please refresh to check~

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Copper Prices Rose but Suppliers Were Unwilling to Lower Prices, Market Trading Was Poor [SMM South China Spot Copper]

1 hour ago

Copper Prices Rise Suppressing Consumption, Spot Premiums Run at Low Levels [SMM North China Spot Copper]

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at a discount of 360 yuan/mt to a discount of 300 yuan/mt, with an average discount of 330 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 105,535 yuan/mt, up 1,020 yuan/mt from the previous trading day.

1 hour ago

2 hours ago

[Empyrean Technology: Has Established Strategic Partnership with China's Leading Memory Enterprise]

Empyrean stated on an interactive platform that the company has established strategic partnerships with leading memory enterprises in China. In 2023, the company launched a full-process EDA tool system for memory circuit design, which, after design and production verification by leading memory chip enterprises, has been widely adopted in the design and manufacturing of memory chips. The system supports the design of multiple types of memory chips, including but not limited to Static Random Access Memory (SRAM), Dynamic Random Access Memory (DRAM), Flash Memory (NOR/NAND Flash), and Magnetoresistive Random Access Memory (MRAM). Given that the company must comply with commercial terms with its clients and the need to protect its trade secrets, the company is not in a position to disclose specific details regarding client collaborations. Should any significant business developments meeting disclosure standards arise, the company will fulfill its information disclosure obligations in a timely manner.

2 hours ago