Core Viewpoint - European natural gas prices have risen due to new pressure from Trump on Russia, with a significant increase in trading activity and potential supply constraints impacting the market [1] Group 1: Market Impact - Dutch TTF natural gas futures rose by 0.7% to €34.97 per megawatt-hour, with a weekly increase exceeding 5% [1] - The potential for severe sanctions on Moscow's oil exports could impact major buyers like India if a ceasefire agreement with Ukraine is not reached [1] Group 2: Supply and Demand Dynamics - Analysts from ANZ Bank indicate that tightening global supply may intensify competition for liquefied natural gas (LNG) cargoes in the international market [1] - Increased demand for LNG in Asia is exacerbating the risk of supply shortages, while Europe is accelerating its gas stockpiling ahead of winter [1]

Overall Core View - The supply-demand contradiction of lead is still expected to exist, and the price is supported [1] Industry Investment Rating - Not provided Market Data Summary Futures Price - The closing price of the main contract of Shanghai lead futures was 16,900 yuan/ton, down 0.35% from the previous day; the closing price of the 3M electronic disk of LME lead was 2,015 dollars/ton, up 0.17% [1] Trading Volume - The trading volume of the main contract of Shanghai lead futures was 34,982 lots, a decrease of 9,677 lots; the trading volume of LME lead was 6,342 lots, a decrease of 3,570 lots [1] Open Interest - The open interest of the main contract of Shanghai lead futures was 41,631 lots, a decrease of 3,239 lots; the open interest of LME lead was 136,798 lots, an increase of 595 lots [1] Premium and Discount - The premium and discount of Shanghai 1 lead was -45 yuan/ton, an increase of 15 yuan/ton; the LME CASH - 3M premium and discount was -25.97 dollars/ton, a decrease of 2.47 dollars/ton [1] Import and Export Profit and Loss - The import profit and loss of lead ingot spot was -699.81 yuan/ton, an increase of 15.39 yuan/ton; the import profit and loss of Shanghai lead continuous three was -566.31 yuan/ton, a decrease of 37.6 yuan/ton [1] Inventory - The inventory of Shanghai lead futures was 60,059 tons, unchanged; the inventory of LME lead was 262,500 tons, a decrease of 2,425 tons [1] Other Prices - The price of waste electric vehicle batteries was 10,225 yuan/ton, a decrease of 25 yuan/ton; the price of recycled refined lead was 16,725 yuan/ton, a decrease of 50 yuan/ton [1] Comprehensive Profit and Loss - The comprehensive profit and loss of recycled lead was -507 yuan/ton, a decrease of 52 yuan/ton [1] News Summary - There are potential "tariff wars" between Brazil and the US, the EU and the US, and the US and Japan. Brazil may respond if Trump doesn't change his mind, the EU may impose over 90 billion euros in countermeasures if tariff negotiations don't progress, and Trump plans to impose a 15% tariff on Japanese goods while Japan will invest 550 billion dollars in the US [2] - The International Lead and Zinc Study Group (ILZSG) stated that the global lead market had a supply surplus of 1,000 tons in May 2025, compared with a supply shortage of 6,000 tons in April [2] - The lead trend strength is 0, indicating a neutral outlook [2]

Market Trends - Spot platinum price exceeded $1380 per ounce, continuing to refresh a ten-year high [1] - Platinum hit a ten-year high due to expected supply shortages [2]

Group 1 - Speculators exhibit strong bearish sentiment, with net short positions in U.S. corn futures reaching a nine-month high [1] - Market expectations are divided on whether there will be a supply surplus or shortage [1] - Negative sentiment in the U.S. biofuel market is impacting oilseed futures [1]

Core Viewpoint - The platinum market is experiencing a strong upward trend driven by supply shortages, with spot prices nearing a one-year high and futures positions reaching a near five-year peak [1] Group 1: Price Movement - On June 4, platinum spot prices surged past $1,080 per ounce, approaching the highest level in the past year [1] - Year-to-date, platinum spot prices have increased by nearly 20% [1] Group 2: Supply Dynamics - The World Platinum Investment Council's latest report indicates that by 2025, above-ground platinum stocks are expected to meet only three months of demand [1] - In the first quarter, global platinum supply decreased by 10% year-on-year to 45 tons [1] Group 3: Investment Demand - Investment demand has surged, leading to a significant increase in total futures positions and net long positions held by managed funds on the New York Mercantile Exchange (NYMEX), reaching levels not seen in nearly five years [1] - Market sentiment towards platinum investments is gradually improving [1]

Core Viewpoint - Samsung has decided to halt the production of MLC NAND flash memory earlier than expected, leading to a surge in demand as customers rush to stockpile supplies [1] Group 1: Company Actions - Samsung will only supply MLC NAND until June, indicating a significant reduction in availability [1] - The company is raising prices in an attempt to dissuade customers from over-purchasing [1] Group 2: Industry Impact - LG Display, another South Korean company, is unable to secure supplies from Samsung and is actively seeking alternative suppliers [1] - The market is expressing concerns over potential supply shortages due to Samsung's decision, prompting aggressive stockpiling by other companies [1]