SMM June 9 News:
In the metals market,
as of the midday close, domestic base metals fell near across the board. SHFE lead dropped 1.86%, SHFE tin declined 1.86%, SHFE nickel lost 2.33%, SHFE copper edged down, SHFE aluminum fell 0.52%, and SHFE zinc shed 0.38%.
Additionally, the most-traded cast aluminum futures contract dipped 0.41%, while the most-traded alumina contract edged down. The most-traded lithium carbonate contract rose 0.32%, the most-traded silicon metal contract slid 2.41%, and the most-traded polysilicon futures contract tumbled 4.04%.
Ferrous metals all fell. Iron ore dipped 0.39%, rebar fell 0.47%, hot-rolled coil declined 0.71%, and stainless steel dropped 1.67%. Coking coal and coke: the most-traded coking coal contract plunged 7.48%, hitting the limit-down price of 1,340.5 yuan/mt during the session; the most-traded coke contract slumped 4.31%.
In the overseas base metals market, as of 11:46 am, LME metals moved lower across the board. LME copper edged down 0.19%, LME aluminum fell 0.65%, LME lead dropped 0.25%, LME zinc slipped 0.35%, LME tin shed 0.73%, and LME nickel lost 1.01%.
In precious metals, as of 11:46 am, COMEX gold edged down 0.1% and COMEX silver fell 1.13%. Domestically, the most-traded SHFE gold contract dipped 0.2%, and the most-traded SHFE silver contract dropped 1.93%.
Additionally, as of the midday close, the most-traded platinum futures contract fell 0.99%, and the most-traded palladium futures contract shed 0.33%.
At the midday break, the most-traded container freight futures (Europe) contract rose 0.61% to 3,865 points.
As of 11:46 am on June 9, selected futures midday quotes:
Spot and Fundamentals
Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper quoted at 110 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 70 yuan/mt, up 80 yuan/mt from the previous trading day; SX-EW copper quoted at a premium 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, and the average price of SX-EW copper was 104,195 yuan/mt, up 335 yuan/mt. Spot market: Guangdong inventories continued to decline today, marking six consecutive sessions of draws...
Macro Front
China:
[General Administration of Customs: China's Goods Trade Imports and Exports Grew 15.3% YoY in the First Five Months, with Electromechanical Product Exports Up 18.4%] According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, up 15.3% YoY (the same hereinafter). Specifically, exports reached 11.91 trillion yuan, up 11.8%; imports were 8.77 trillion yuan, up 20.5%. In May, China's total merchandise trade import and export value reached 4.45 trillion yuan, up 16.9%. Of this, exports were 2.59 trillion yuan, up 13.8%; imports were 1.86 trillion yuan, up 21.5%. In terms of key commodities, on the export side, in the first five months, China's exports of mechanical and electrical products amounted to 7.58 trillion yuan, up 18.4%; labour-intensive products reached 1.61 trillion yuan, down 3.1%; and agricultural products totalled 300.79 billion yuan, up 1.6%. On the import side, in the first five months, China imported 3.54 trillion yuan worth of mechanical and electrical products, up 25.3%; 218 million mt of crude oil, down 4.8%; and 618.16 billion yuan worth of agricultural products, up 7.6%.
[Ministry of Commerce Holds Symposium on Solid Waste Recycling for PV, Lithium-ion Battery and NEV] On June 5, the Ministry of Commerce held a symposium on solid waste recycling for PV, lithium-ion battery and NEV. The meeting emphasized the need to align thoughts and actions with the decisions and plans of the CPC Central Committee and the State Council, adopt multiple measures, and take concrete actions to advance the construction of the solid waste recycling system for PV, lithium-ion battery and NEV. It called for systematic advancement and synergy, accelerating the improvement of top-level institutional design, promoting the issuance of policy documents, and forming a working pattern featuring policy coordination, resource sharing, complementary advantages, and integrated progress. It urged targeted guidance and category-specific policies, adopting differentiated and precise measures based on the development stages and recycling characteristics of power batteries, PV modules, and wind turbine equipment, to effectively resolve dismantling issues in recycling. It stressed technology-led and technology-empowered approaches, actively promoting basic R&D on technologies related to solid waste recycling for PV, lithium-ion battery and NEV, and facilitating the integration and application of AI in the recycling process. It emphasized pilot exploration and encouraging pioneers, continuing pilot work on building a renewable resource recycling system, encouraging industrial clusters and industry leaders to take the lead in trials, improving recycling efficiency, enhancing sorting capacity, and promoting high-quality development of the recycling industry. (From Wall Street CN APP)
[Two Departments Jointly Launch 2026 Humanoid Robot and Embodied AI Real-Scenario Training Special Action] The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission of the State Council jointly launched the 2026 Humanoid Robot and Embodied AI Real-Scenario Training Special Action. Adhering to application-driven approaches, they will target key scenarios in industrial, special, and service fields, and promote key tasks such as the construction of real-scenario training spaces, cultivation of innovative application consortia, tackling of operational skills, and application deployment verification. Through real-scenario training, they will continuously optimize embodied AI model algorithms, accumulate high-quality real-machine data, improve the performance of key robot body components, and explore the establishment of full life-cycle management and assurance mechanisms for humanoid robots and embodied AI products. By the end of 2026, key products such as humanoid robots will have taken the lead in completing application verification and routine deployment across a range of representative scenarios, entering an "operational mode"; over 100 high-value application scenarios will be condensed and formed, further enriching the embodied AI application spectrum and driving the deployment capabilities on a scale of tens of thousands of units. (From Wall Street Insights app)
[PBOC open market operations achieved a net injection of 152.8 billion yuan today.]PBOC conducted 153 billion yuan of 7-day reverse repo operations today, and as 200 million yuan of 7-day reverse repos matured today, a net injection of 152.8 billion yuan was achieved. (Gold Ten Data APP)
On the dollar front:
As of 11:46, the US dollar index fell 0.02% to 99.08. The market is waiting for the US inflation data to be released on Wednesday, which will affect expectations for the Fed's June rate decision. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in June is 98.1%, and the probability of a cumulative 25bp rate cut is 1.9%. For the July meeting, the probability of keeping rates unchanged is 84.7%, the probability of a cumulative 25bp rate hike is 13.6%, and the probability of a cumulative 25bp rate cut is 1.6%. (Gold Ten Data APP)
Morgan Stanley strategists said in a report that if risk appetite rebounds and the Fed avoids raising rates, the US dollar could weaken in the coming months. They noted that in the absence of higher interest rates, positive risk sentiment is negative for the dollar. However, they said that if the US economy outperforms others, leading to larger rate hikes than in other countries, the dollar would fare better. "Given that both the ECB and the BOJ are expected to raise rates this month, narrowing rate differentials should fuel a rise in risk appetite, thereby putting pressure on the dollar." (Gold Ten Data APP)
On the data front:
Today will see the release of Germany's April seasonally adjusted industrial output m/m, Germany's April seasonally adjusted trade balance, the US May NFIB Small Business Optimism Index, the US weekly ADP employment change for the week ending May 23, the US April trade balance, the US May existing home sales annualized, and the US April wholesale sales m/m, among other data. In addition, attention should be paid to Apple's WWDC developer conference, which runs through June 13.
On the crude oil front:
As of 11:46, oil prices in both markets declined, with WTI down 1% and Brent down 0.83%. The phased easing of the Iran-Israel situation has pulled back oil prices, reflecting some relief in market concerns over Middle East supply risks. However, the market remains cautious in its assessment of the situation. Whether energy transit through the Strait of Hormuz can be substantially restored remains a key focus for traders. A small number of commercial vessels returned to the waterway last weekend, but risks persist, with some ships even sailing with their digital transponders turned off. (Wall Street CN)
The US Department of Transportation said on Monday that rising jet fuel prices, driven by the Middle East situation, caused US airlines' fuel costs in April to surge 78% compared to the same period last year, reaching nearly $6.5 billion. In its monthly report, the department stated that airlines' fuel costs rose 26% from March, while fuel consumption in April fell 2.6% from March. The department added that the cost per gallon of fuel in April was $4.11, up $1.81 from April 2025, a trend that is already having an impact on the industry. The International Air Transport Association (IATA) expects airlines' fuel expenditure to jump from about $252 billion in 2025 to approximately $350 billion this year, with fuel costs accounting for nearly one-third of operating costs. (Jin10 Data APP)
Spot Market at a Glance:
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![Delivery Approaches Coupled with Export Diversion; Supplier Holdback Pushes Up Shanghai Spot Copper Premiums [SMM Shanghai Spot Copper]](https://imgqn.smm.cn/usercenter/oeWiG20251217171714.jpeg)
![Liquidity expectations continue to weigh on metal prices, the center of SHFE tin contract continues to decline [SMM Tin Midday Review]](https://imgqn.smm.cn/usercenter/WPbpj20251217171753.jpg)
