1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Report's Core View The report provides a comprehensive analysis of various non - ferrous metals including copper, alumina, electrolytic aluminum, etc., covering market trends, supply - demand relationships, and trading strategies. It emphasizes the impact of factors such as inventory levels, production capacity changes, and macro - economic indicators on metal prices, and offers corresponding trading suggestions for different metals [7][15][24]. 3. Summary by Related Catalogs Copper - **Market Review**: The Shanghai Copper 2507 contract closed at 78,640 yuan/ton, up 0.4%, with the Shanghai Copper Index adding 10,391 lots to 535,600 lots. Spot premiums declined due to end - of - quarter inventory clearance and capital needs [2]. - **Important Information**: First Quantum Minerals halted operations at the accident area of the Zambian Trident project. Sentinel Copper's 2025 copper production guidance is 20 - 230,000 tons. Jiangxi Shangxin's 80,000 - ton copper product project is under environmental assessment. A new study shows that Ivanhoe Electric's Santa Cruz copper project could produce 72,000 tons of copper cathode annually in the first 15 years [3][4]. - **Logic Analysis**: Antofagasta insists on a long - term processing fee of - 15 dollars/ton. LME inventory decreased, and the ratio may decline further. Domestic smelters increased refined copper exports, and the spot premium dropped due to end - of - half - year factors. Copper price upside is limited [7]. - **Trading Strategy**: For single - side trading, focus on LME delivery risks. For arbitrage, continue to hold the borrow strategy. For options, adopt a wait - and - see approach [8][9]. Alumina - **Market Review**: The Alumina 2509 contract fell 4 yuan to 2,903 yuan/ton. Spot prices in various regions declined [11]. - **Important Information**: India's latest alumina deal was 30,000 tons at 366 dollars/ton. Expected end - of - month production capacity may change due to short - term maintenance. Yunnan Aluminum will strengthen bauxite resource acquisition [12]. - **Logic Analysis**: Although the expected production capacity increase may be affected by short - term maintenance, the short - term surplus of bauxite remains. Alumina prices are expected to fluctuate between full cost and cash cost of high - cost production capacity [15]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate at a low level. For arbitrage and options, adopt a wait - and - see approach [16][17]. Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2508 contract fell 105 yuan/ton to 20,315 yuan/ton. Spot prices in different regions declined [19]. - **Important Information**: Israel and Iran agreed to a cease - fire. US and Eurozone PMI data were released. China's May photovoltaic new - installed capacity increased significantly. The Tongliao green - power aluminum project entered the core equipment installation stage [20][21]. - **Logic Analysis**: High aluminum prices led to inventory increases. Low inventory and Middle - East situation uncertainties will affect aluminum prices. After the seasonal off - season in August, low - inventory - driven price differentials may expand [24]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate widely. For arbitrage, consider a 9 - 12 positive spread later. For options, adopt a wait - and - see approach [25]. Casting Aluminum Alloy - **Market Review**: The Casting Aluminum Alloy 2511 contract fell 70 yuan to 19,625 yuan/ton. Spot prices remained stable [27]. - **Important Information**: May automobile production and sales increased, and new - energy vehicle production and sales grew significantly. Guizhou Guangyu plans a 200,000 - ton recycled aluminum project [27]. - **Logic Analysis**: Domestic recycled casting aluminum alloy production slightly decreased, and the market lacks continuous driving forces. Prices are expected to fluctuate with aluminum prices [29]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate with aluminum prices. For arbitrage, consider trading when the price difference between aluminum alloy and aluminum is between - 200 and - 1,000 yuan. For options, adopt a wait - and - see approach [30][31]. Zinc - **Market Review**: The Shanghai Zinc 2508 rose 0.85% to 21,920 yuan/ton. Spot premiums remained stable, but downstream purchasing willingness was low [34]. - **Important Information**: As of June 23, SMM's seven - region zinc ingot inventory decreased. Some zinc smelters in South China were affected by heavy rain [35]. - **Logic Analysis**: Under macro - influence, zinc prices may fluctuate. Domestic zinc consumption is in the off - season, and supply has increased significantly in June. Zinc prices may decline with inventory accumulation [36]. - **Trading Strategy**: For single - side trading, consider shorting in the far - month contracts at high prices. For arbitrage and options, adopt a wait - and - see approach [37]. Lead - **Market Review**: The Shanghai Lead 2508 rose 0.44% to 16,960 yuan/ton. Spot prices and downstream battery production enterprises' procurement were stable [38]. - **Important Information**: As of June 23, SMM's five - region lead ingot inventory decreased [41]. - **Logic Analysis**: Domestic primary lead smelter operating rates are high, but lead concentrate imports decreased. Recycled lead smelters are in losses. Supply may tighten, and demand is in the off - season. Lead prices are expected to fluctuate within a range [42]. - **Trading Strategy**: For single - side trading, consider going long in the far - month contracts at low prices. For arbitrage and options, adopt a wait - and - see approach [43]. Nickel - **Market Review**: The Shanghai Nickel main contract NI2508 fell 420 to 117,630 yuan/ton. Spot premiums of different nickel types changed [45]. - **Important Information**: The wet - process phase III ONC project's tailings pond in Indonesia was completed. LME revised lending rules. Iran and Israel declared a cease - fire [46][47]. - **Logic Analysis**: The easing of the Middle - East situation and weakening demand in June led to a supply - demand imbalance. LME inventory increased, and nickel prices are expected to decline and test the bottom again [48]. - **Trading Strategy**: For single - side trading, prices are expected to decline. For arbitrage, adopt a wait - and - see approach. For options, consider selling call options [49][52]. Stainless Steel - **Market Review**: The main SS2508 contract fell 35 to 12,440 yuan/ton. Spot prices of cold - rolled and hot - rolled products are given [54]. - **Important Information**: World stainless steel crude steel production in Q1 2025 increased year - on - year. Qing Shan added a public warehouse in Foshan, and its July high - carbon ferrochrome long - term procurement price was flat [55]. - **Logic Analysis**: US tariffs on steel appliances will affect demand. Supply reduction by Chinese and Indonesian steel mills is insufficient, and inventory is difficult to reduce. Nickel ore prices are firm, but NPI prices are falling [56]. - **Trading Strategy**: For single - side trading, prices are expected to continue to decline. For arbitrage, adopt a wait - and - see approach [57][58]. Tin - **Market Review**: The main Shanghai Tin 2507 contract rose 780 to 263,800 yuan/ton. Spot prices increased, but trading was light [60]. - **Important Information**: Global PMI data were released, and Congo - Kinshasa and Rwanda will sign a peace agreement [62]. - **Logic Analysis**: Shanghai Tin continued to fluctuate within a range. Tin ore supply is currently tight, but the annual supply - demand tightness expectation has eased. Demand is in the off - season [63]. - **Trading Strategy**: For single - side trading, pay attention to the tin ore resumption rhythm. For options, adopt a wait - and - see approach [64][65]. Industrial Silicon - **Market Review**: The industrial silicon futures main contract closed at 7,485 yuan/ton, up 1.08%. Spot prices were stable [66][67]. - **Important Information**: May's social electricity consumption data were released [68]. - **Logic Analysis**: Although demand increased in June, production also increased. The supply - demand surplus situation remains. Futures prices rebounded due to market sentiment and downstream procurement. Prices may decline as production increases [71]. - **Trading Strategy**: For single - side trading, consider shorting later. For options, sell out - of - the - money call options. For arbitrage, participate in Si2511 and Si2512 reverse spreads [71]. Polysilicon - **Market Review**: The polysilicon futures main contract closed at 31,085 yuan/ton, up 0.48%. Spot prices declined [73]. - **Important Information**: China's new photovoltaic and wind power installed capacities from January to May 2025 increased significantly [74]. - **Logic Analysis**: In June, polysilicon production increased, and inventory decreased. Silicon wafer prices fell, and spot prices are under pressure. The futures market logic has changed, and prices are expected to decline [75]. - **Trading Strategy**: For single - side trading, consider shorting. For arbitrage and options, adopt a wait - and - see approach [78]. Lithium Carbonate - **Market Review**: The main 2509 contract rose 1,800 to 60,700 yuan/ton. Spot prices of different types of lithium carbonate declined [79]. - **Important Information**: IEA predicted global lithium production. Relevant departments promoted new - energy vehicle safety management and consumption. A lithium - boron mining project in Tibet was approved [80][81]. - **Logic Analysis**: Market rumors and warrant cancellations led to a price rebound. New - energy vehicle sales may be stimulated, but the growth rate may slow down. Lithium salt plants may resume production in July, and inventory is expected to increase [82]. - **Trading Strategy**: For single - side trading, consider shorting on rebounds. For arbitrage, adopt a wait - and - see approach. For options, sell out - of - the - money call options [83].

Report Industry Investment Rating No relevant content provided. Core Viewpoints Nickel - Yesterday, the Shanghai nickel market remained weak, with limited fundamental changes. The industry's over - supply and weak consumption continued to exert pressure. In the short - term, the market is expected to fluctuate weakly in the range of 118,000 - 124,000 yuan/ton [1]. Stainless Steel - The stainless - steel market showed a narrow - range oscillation. Fundamentals remained weak, with supply at a high level and demand recovering slowly. The market is expected to operate weakly, with the main contract ranging from 12,400 - 13,000 yuan/ton [4]. Lithium Carbonate - The lithium carbonate futures market oscillated, with fundamentals under pressure. The short - term market is expected to operate weakly in the range of 56,000 - 62,000 yuan/ton, and attention should be paid to upstream dynamics [6]. Tin - The tin market has a tight supply of tin ore and weakening demand. An approach of shorting on rallies based on inventory and import data inflection points is recommended [8]. Zinc - The zinc market has a continuous loose trend in the ore supply. The demand is showing a marginal weakening trend. In the medium - to - long - term, a shorting - on - rallies strategy is suggested, with the main contract focusing on the support level of 21,000 - 21,500 yuan/ton [10]. Aluminum - The alumina market is expected to see an increase in supply and potential inventory accumulation. The medium - term price is expected to reach the cash cost of 2,700 yuan/ton. The aluminum market is supported in the short - term but may face pressure in Q3, with the price expected to range around 20,000 yuan/ton [13]. Copper - The copper market is in a situation of "strong reality + weak expectation". The short - term price is expected to oscillate, with the main contract ranging from 77,000 - 80,000 yuan/ton [14]. Summary by Catalog Nickel - **Price and Basis**: SMM 1 electrolytic nickel and 1 Jinchuan nickel prices remained unchanged. The price of 1 imported nickel increased by 0.13%. The futures import loss decreased by 5.75%. The price of 8 - 12% high - nickel pig iron decreased by 0.27% [1]. - **Cost**: The cost of integrated MHP and external - purchased raw materials for producing electrowon nickel decreased, while the cost of integrated high - grade nickel matte increased [1]. - **New Energy Materials Price**: The price of battery - grade nickel sulfate decreased by 0.36%, and the price of battery - grade lithium carbonate remained unchanged [1]. - **Spread**: The spreads between different contract months showed various changes [1]. - **Supply and Demand, Inventory**: China's refined nickel production decreased by 2.62%, and imports increased by 8.18%. Inventories in various regions decreased to different extents [1]. Stainless Steel - **Price and Basis**: The spot prices of 304/2B stainless steel remained stable, and the futures - spot spread decreased by 11.54% [4]. - **Raw Material Price**: The price of 8 - 12% high - nickel pig iron decreased by 0.27%, and the price of South African 40 - 42% chrome concentrate decreased by 1.77% [4]. - **Spread**: The spreads between different contract months changed [4]. - **Fundamental Data**: China's 300 - series stainless - steel crude - steel production increased by 0.36%, imports increased by 10.26%, and exports decreased by 4.85% [4]. Lithium Carbonate - **Price and Basis**: The prices of battery - grade and industrial - grade lithium carbonate remained stable, while the price of battery - grade lithium hydroxide decreased [6]. - **Spread**: The spreads between different contract months decreased [6]. - **Fundamental Data**: In May, the production of battery - grade lithium carbonate increased by 2.33%, and the demand increased by 4.81%. In April, imports increased by 56.33% and exports increased by 233.72% [6]. Tin - **Spot Price and Basis**: The prices of SMM 1 tin and Yangtze 1 tin increased by 0.11%, and the LME 0 - 3 premium increased by 20.74% [8]. - **Internal - External Ratio and Import Profit/Loss**: The import loss decreased by 1.10% [8]. - **Spread**: The spreads between different contract months showed significant changes [8]. - **Fundamental Data (Monthly)**: In April, tin ore imports increased by 18.48%, and in May, SMM refined tin production decreased by 2.37% [8]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot increased by 0.86%, and the premium decreased [10]. - **Ratio and Profit/Loss**: The import loss decreased, and the Shanghai - London ratio increased [10]. - **Spread**: The spreads between different contract months changed slightly [10]. - **Fundamental Data**: In May, refined zinc production decreased by 1.08%, and in April, imports increased by 2.40% and exports increased by 75.76% [10]. Aluminum - **Price and Spread**: The price of SMM A00 aluminum increased by 1.36%, and the premium decreased. The prices of alumina in different regions decreased slightly [13]. - **Ratio and Profit/Loss**: The import loss increased, and the Shanghai - London ratio decreased [13]. - **Spread**: The spreads between different contract months increased [13]. - **Fundamental Data**: In May, alumina production increased by 2.66%, and electrolytic aluminum production increased by 3.41% [13]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 0.15%, and the premium decreased. The refined - scrap spread increased by 1.08% [14]. - **Spread**: The spreads between different contract months decreased [14]. - **Fundamental Data**: In May, electrolytic copper production increased by 1.12%, and in April, imports decreased by 19.06% [14].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Nickel - The nickel market is expected to trade in a range, with the main contract reference range of 118,000 - 126,000 yuan/ton. The short - term fundamentals lack drivers, and the mid - term supply is expected to be loose, which restricts the upside space [1]. Stainless Steel - The stainless steel market is expected to be weak and volatile, with the main operating range of 12,400 - 13,000 yuan/ton. The supply is high, the demand is slowly recovering, and the social inventory is still high [4]. Lithium Carbonate - The lithium carbonate market is expected to be weak in the short term, with the main contract reference range of 56,000 - 62,000 yuan/ton. The supply is sufficient, the demand is affected by policies, and the inventory is at a high level [6]. Tin - The tin price is expected to be strong in the short term but weak in the long term due to the slow supply recovery and weak demand expectations. It is recommended to short on rallies based on inventory and import data inflection points [7]. Zinc - In the long term, zinc is in a supply - side loosening cycle. The price may maintain a high - level shock if the mine supply growth is lower than expected and the downstream consumption is better than expected. Otherwise, the price may decline [10]. Aluminum - The short - term aluminum price is supported by the low inventory and low warehouse receipts, with the upper limit around 20,500 yuan/ton. In Q3, the price may face pressure, with the support level at 19,000 - 19,500 yuan/ton [13]. Copper - The copper market shows a combination of "strong reality and weak expectation". The price is expected to fluctuate in the short term, with the main contract reference range of 77,000 - 80,000 yuan/ton. The "rush - to - export" demand may lead to pressure on the demand side in Q3 [14]. 3. Summaries by Catalog Price and Basis - **Nickel**: SMM 1 electrolytic nickel price decreased by 0.64% to 120,725 yuan/ton, and the 1 Jinchuan nickel price decreased by 0.71% to 121,775 yuan/ton. The LME 0 - 3 decreased by 0.31% to - 192 dollars/ton [1]. - **Stainless Steel**: The prices of 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) remained unchanged at 12,750 yuan/ton and 12,900 yuan/ton respectively [4]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price decreased by 0.25% to 60,500 yuan/ton, and the SMM industrial - grade lithium carbonate average price decreased by 0.25% to 58,900 yuan/ton [6]. - **Tin**: SMM 1 tin price decreased by 0.11% to 265,300 yuan/ton, and the LME 0 - 3 premium decreased by 9.85% to - 82.5 dollars/ton [7]. - **Zinc**: SMM 0 zinc ingot price decreased by 1.08% to 22,000 yuan/ton, and the import loss was - 528 yuan/ton [10]. - **Aluminum**: SMM A00 aluminum price decreased by 0.48% to 20,630 yuan/ton, and the alumina prices in Shandong, Henan, and Shanxi decreased [13]. - **Copper**: SMM 1 electrolytic copper price decreased by 0.39% to 78,645 yuan/ton, and the import loss was - 912 yuan/ton [14]. Supply and Demand and Inventory - **Nickel**: China's refined nickel production decreased by 2.62% to 35,350 tons, and the import volume increased by 8.18% to 8,832 tons. The SHFE inventory decreased by 5.39% to 25,676 tons [1]. - **Stainless Steel**: China's 300 - series stainless steel crude steel production increased by 0.36% to 179.12 million tons, and the import volume increased by 10.26% to 14.21 million tons [4]. - **Lithium Carbonate**: The lithium carbonate production in May decreased by 2.34% to 72,080 tons, and the demand increased by 4.81% to 93,938 tons. The total inventory increased by 1.49% to 97,637 tons [6]. - **Tin**: The 4 - month tin ore import increased by 18.48% to 9,861 tons, and the SMM refined tin production in May decreased by 2.37% to 14,840 tons. The SHEF inventory decreased by 3.59% to 7,107 tons [7]. - **Zinc**: The refined zinc production in May decreased by 1.08% to 54.94 million tons, and the import volume increased by 2.40% to 2.82 million tons. The Chinese zinc ingot seven - region social inventory decreased by 4.41% to 7.81 million tons [10]. - **Aluminum**: The alumina production in May increased by 2.66% to 727.21 million tons, and the electrolytic aluminum production increased by 3.41% to 372.90 million tons. The Chinese electrolytic aluminum social inventory decreased by 3.98% to 45.80 million tons [13]. - **Copper**: The electrolytic copper production in May increased by 1.12% to 113.83 million tons, and the import volume decreased by 19.06% to 25.00 million tons. The domestic mainstream port copper concentrate inventory increased by 8.76% to 81.28 million tons [14]. Market Analysis - **Nickel**: The macro environment is stable, the spot market sentiment is low, and the cost support is slightly weakened. The downstream demand is mainly based on on - demand procurement [1]. - **Stainless Steel**: The market trading is light, and the demand is mainly for rigid procurement. The supply is high, and the demand is slowly recovering [4]. - **Lithium Carbonate**: The futures market is volatile, and the market sentiment is weak. The supply is sufficient, and the demand is affected by policies [6]. - **Tin**: The tin ore supply is tight, and the demand is in the off - season. The supply recovery is slow, and the demand expectation is weak [7]. - **Zinc**: The supply - side mine is loose, and the demand - side is gradually weakening. The downstream consumption is in the off - season [10]. - **Aluminum**: The short - term price is supported by the low inventory, but the demand is expected to weaken in the off - season. The alumina supply is gradually increasing [13]. - **Copper**: The macro environment is weak, and the "strong reality" of the fundamentals restricts the decline. The "rush - to - export" demand may lead to pressure on the demand side in Q3 [14].

1. Tin Industry - **Report Industry Investment Rating**: Not provided - **Core View**: Supply - side recovery is slow, and short - term tin prices are expected to fluctuate strongly. However, considering the weak demand outlook, it is advisable to focus on the supply - side recovery rhythm and adopt a short - selling strategy based on inventory and import data inflection points [1]. - **Summary by Directory**: - **Spot Price and Basis**: SMM 1 tin rose 0.11% to 265,600 yuan/ton, and SMM 1 tin premium dropped 13.64% to 950 yuan/ton. LME 0 - 3 premium fell 9.85% to - 82.50 dollars/ton [1]. - **Internal - External Ratio and Import Profit/Loss**: Import loss increased by 11.20% to - 10,937.43 yuan/ton, and the Shanghai - London ratio decreased to 8.09 [1]. - **Monthly Spread**: The spread of 2506 - 2507 dropped 880.00% to - 390 yuan/ton [1]. - **Fundamental Data (Monthly)**: April tin ore imports increased 18.48% to 9,861 tons. SMM refined tin production in May decreased 2.37% to 14,840 tons [1]. - **Inventory Change**: SHEF inventory decreased 3.59% to 7,107 tons, and social inventory increased 1.00% to 8,945 tons [1]. 2. Lithium Carbonate Industry - **Report Industry Investment Rating**: Not provided - **Core View**: Short - term fundamentals still face pressure. In June, the balance may be in surplus due to increased processing output and some lithium spodumene lithium extraction increments. The upstream has not seen substantial large - scale production cuts, and the futures price is expected to run weakly, with the main contract referring to the range of 56,000 - 62,000 yuan/ton [2]. - **Summary by Directory**: - **Price and Basis**: SMM battery - grade lithium carbonate average price remained unchanged at 60,650 yuan/ton, and the basis (SMM electric carbon benchmark) rose 461.54% to 730 yuan/ton [2]. - **Monthly Spread**: The spread of 2507 - 2508 rose to 20 yuan/ton [2]. - **Fundamental Data**: In May, lithium carbonate production decreased 2.34% to 72,080 tons, and demand increased 4.81% to 93,938 tons. Total inventory increased 1.49% to 97,637 tons [2]. 3. Nickel Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the short term, the fundamentals change little and lack driving forces. The disk is expected to fluctuate and adjust, with the main contract referring to the range of 118,000 - 126,000 yuan/ton [4]. - **Summary by Directory**: - **Price and Basis**: SMM 1 electrolytic nickel dropped 0.33% to 121,500 yuan/ton, and 1 Jinchuan nickel premium rose 3.09% to 2,500 yuan/ton [4]. - **Electrowinning Cost**: The cost of integrated MHP producing electrowon nickel decreased 0.49% to 126,132 yuan/ton [4]. - **New Energy Material Price**: Battery - grade nickel sulfate average price remained unchanged at 27,815 yuan/ton [4]. - **Monthly Spread**: The spread of 2507 - 2508 remained at - 200 yuan/ton [4]. - **Supply - Demand and Inventory**: China's refined nickel production decreased 2.62% to 35,350 tons, and SHFE inventory decreased 5.39% to 25,616 tons [4]. 4. Stainless Steel Industry - **Report Industry Investment Rating**: Not provided - **Core View**: The disk returns to the fundamental trading logic. In the short term, there is still pressure on the fundamentals due to the supply - demand contradiction. It is expected to fluctuate weakly, with the main contract referring to the range of 12,400 - 13,000 yuan/ton [7]. - **Summary by Directory**: - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 coil) dropped 0.39% to 12,750 yuan/ton, and the basis spread decreased 3.90% to 370 yuan/ton [7]. - **Raw Material Price**: The average price of 8 - 12% high - nickel pig iron (ex - factory price) dropped 0.59% to 934 yuan/nickel point [7]. - **Monthly Spread**: The spread of 2507 - 2508 rose to - 25 yuan/ton [7]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production increased 0.36% to 179.12 million tons, and 300 - series social inventory (Wuxi + Foshan) increased 2.04% to 53.08 million tons [7]. 5. Zinc Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the long - term, zinc is in a supply - side easing cycle. If the growth rate of TC exceeds expectations, it indicates smooth transmission to the refined zinc end. The downstream is in a seasonal off - season, and the demand is expected to weaken. It is advisable to adopt a short - selling strategy in the long - term, with the main contract focusing on the support level of 21,000 - 21,500 yuan/ton [10]. - **Summary by Directory**: - **Price and Basis**: SMM 0 zinc ingot dropped 0.31% to 22,240 yuan/ton, and the premium dropped to 240 yuan/ton [10]. - **Ratio and Profit/Loss**: Import loss decreased, and the Shanghai - London ratio increased to 8.33 [10]. - **Monthly Spread**: The spread of 2506 - 2507 dropped to 195 yuan/ton [10]. - **Fundamental Data**: May refined zinc production decreased 1.08% to 54.94 million tons. Galvanizing开工率 increased to 60.06% [10]. - **Inventory**: China's zinc ingot seven - region social inventory decreased 2.77% to 7.71 million tons, and LME inventory decreased 0.78% to 13.1 million tons [10]. 6. Aluminum Industry - **Report Industry Investment Rating**: Not provided - **Core View**: For alumina, the short - term futures price has limited downward adjustment space, and the medium - term reference cash cost is 2,700 yuan/ton. For electrolytic aluminum, short - term prices are supported, but there is pressure in Q3, with the lowest support at 19,000 - 19,500 yuan/ton [13]. - **Summary by Directory**: - **Price and Spread**: SMM A00 aluminum rose 0.39% to 20,730 yuan/ton, and the premium was - 210 yuan/ton. Alumina prices in different regions showed different degrees of decline [13]. - **Fundamental Data**: May alumina production increased 2.66% to 727.21 million tons, and electrolytic aluminum production increased 3.41% to 372.90 million tons [13]. - **Inventory**: China's electrolytic aluminum social inventory decreased 8.73% to 46.00 million tons, and LME inventory decreased 0.67% to 35.3 million tons [13]. 7. Copper Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the context of "strong reality + weak expectation", copper prices will fluctuate in the short - term. The "rush - to - export" demand overdrafts subsequent demand, and there is uncertainty in US copper import tariff policies. The main contract refers to the range of 77,000 - 80,000 yuan/ton [14]. - **Summary by Directory**: - **Price and Basis**: SMM 1 electrolytic copper dropped 0.15% to 78,955 yuan/ton, and the premium dropped to 35 yuan/ton [14]. - **Monthly Spread**: The spread of 2506 - 2507 rose to 340 yuan/ton [14]. - **Fundamental Data**: May electrolytic copper production increased 1.12% to 113.83 million tons, and electrolytic copper imports in April decreased 19.06% to 25.00 million tons [14]. - **Inventory**: Domestic social inventory decreased 2.69% to 14.48 million tons, and SHFE inventory decreased 5.08% to 10.19 million tons [14].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月16日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 狱跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 265600 | 265300 | 300 | 0.11% | | | SMM 1#锡升贴水 | 950 | 1100 | -150 | -13.64% | 元/吨 | | 长江 1#锡 | 266100 | 265800 | 300 | 0.11% | | | LME 0-3升贴水 | -82.50 | -75.10 | -7.40 | -9.85% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 那值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口密亏 | -10937.43 | -9835.62 | -1101.81 | -11.20% | 元/吨 | | 沪伦比值 | 8.09 | 8. ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - From June 9th to 10th, the China - US economic and trade teams held the first meeting of the China - US economic and trade consultation mechanism in London. They reached a principle agreement on measures to implement the important consensus of the phone call between the two heads of state on June 5th and consolidate the results of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. It is expected that China - US economic and trade relations will further improve. In May 2025, China's manufacturing PMI rose by 0.5 percentage points to 49.5%, and it is expected that the PMI in June may further rebound. [36] - This week, Shanghai nickel showed a volatile downward trend. The spot trading of refined nickel has improved, but it is still in a supply - surplus pattern. The market at the mine end has changed little, and the shipment from the Philippines is slow due to rainy weather. The price of nickel sulfate is weak, and salt factories are currently operating at a loss with no obvious improvement in downstream demand. The stainless - steel spot and futures markets are weak, with purchases mainly for immediate needs and steel mills being cautious in raw - material procurement. Although demand has resilience, whether it will improve in the medium - to - long term remains to be verified by further data. The expected operating range of the Shanghai nickel main contract is approximately 116,000 to 128,000 yuan/ton, and that of the stainless - steel main contract is approximately 12,300 to 13,000 yuan/ton. [36] Group 3: Summary by Report Catalog 1. Market Review - The report presents the historical price trend of nickel futures closing prices (main contract) from December 31, 2020, to April 30, 2025, in the form of a graph [8]. 2. Fundamental Analysis 2.1 Upstream - China's Nickel Ore Port Inventory - The report shows the monthly import volume of nickel ore sand and concentrates from the Philippines to China in the form of a graph [13]. 2.2 Midstream - Electrolytic Nickel Price - The report presents the historical price trend of electrolytic nickel (1, Ni99.90, domestic and imported) from a certain period in the form of a graph [16]. 2.3 Midstream - Nickel Sulfate Price - The report shows the average price trend of nickel sulfate in China in the form of a graph [18]. 2.4 Midstream - Monthly Import Volume of Ferronickel and Fubao Price of 8 - 12% Ferronickel - The report presents the monthly import volume of ferronickel into China and the Fubao price of 8 - 12% ferronickel in the form of a graph [20]. 2.5 Downstream - Stainless - Steel Price - The report shows the historical closing price trend of stainless - steel futures (continuous) in the form of a graph [22]. 2.6 Downstream - Stainless - Steel Futures Position - The report presents the historical position volume trend of stainless - steel futures in the form of a graph [24]. 2.7 Downstream - Wuxi Stainless - Steel Inventory - The report shows the inventory trend of Wuxi stainless steel and Wuxi 300 - series stainless steel in the form of a graph [26]. 2.8 Downstream - Power and Energy - Storage Battery Production - The report presents the monthly production volume of power and energy - storage batteries (ternary materials) and the total monthly production volume of power and energy - storage batteries in China in the form of a graph [29]. 2.9 Downstream - New - Energy Vehicle Production - The report shows the monthly production volume of new - energy vehicles in China in the form of a graph [31]. 3. Future Outlook - The report analyzes the impact of China - US economic and trade consultations and China's May PMI data on the market. It also analyzes the current situation of the nickel and stainless - steel industries and gives the expected operating ranges of the Shanghai nickel main contract and the stainless - steel main contract [36].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The current price of nickel and stainless steel is close to the support line, and the fundamentals remain under pressure. The short - term support for Philippine nickel ore still exists, but high - priced ore and weak demand are squeezing the profits of the intermediate links. The price of ferronickel is still on a downward trend, and there is no obvious production reduction trend for high - grade nickel matte. The demand for stainless steel is sluggish in the off - season, and the destocking is slow. The demand recovery of nickel salts in the new energy chain is slow, and the current situation is still based on sales - driven production. Attention should be paid to spot transaction volume and macro - news for future trends [1][3] - There are both positive and negative factors in the market. Positive factors include some stainless steel plants announcing production cuts, cost - side support from nickel ore prices, and the resumption of price limits by Tsingshan. Negative factors include slow destocking of stainless steel inventory and the entry of stainless steel into the traditional off - season [4] Group 3: Summary by Relevant Catalogs 1. Nickel Price Forecast and Management Strategy - The predicted price range of Shanghai nickel is 117,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2] - For inventory management, when there is a risk of product sales price decline and inventory depreciation, it is recommended to short Shanghai nickel futures according to inventory levels to lock in profits and hedge against spot price decline risks, with a hedging ratio of 60%. Selling call options with a 50% hedging ratio is also an option. For procurement management, when worried about rising raw material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan to lock in production costs, and the hedging ratio is based on the procurement plan. Other strategies include selling put options and buying out - of - the - money call options [2] 2. Market Analysis of Nickel and Stainless Steel - **Nickel Market**: The short - term support for Philippine nickel ore exists, but it is difficult to directly boost the nickel price. The price of ferronickel is still falling, and the profitability of high - grade nickel matte is under pressure. The short - term contradiction remains due to weak upstream and downstream procurement [3] - **Stainless Steel Market**: The demand for stainless steel is sluggish in the off - season, some traders are selling at discounted prices, and the destocking is slow. After Tsingshan's price limit regulation, the price has a stabilizing trend [3] 3. Market Data - **Nickel Disk Data**: The latest price of Shanghai nickel main contract is 120,000 yuan/ton, with a 0% change. The prices of Shanghai nickel continuous contracts 1 - 3 and LME nickel 3M all decreased, with a decline of about 1.48%. The trading volume and open interest remained unchanged, and the warehouse receipt decreased by 0.34%. The basis of the main contract increased by 29.7% [5] - **Stainless Steel Disk Data**: The latest price of the stainless steel main contract is 12,585 yuan/ton, with a 0% change. The prices of stainless steel continuous contracts 1 - 3 decreased slightly. The trading volume and open interest remained unchanged, the warehouse receipt decreased by 0.27%, and the basis of the main contract decreased by 6.56% [6] - **Nickel Industry Inventory**: Domestic social nickel inventory decreased by 2,178 tons to 39,375 tons, LME nickel inventory increased by 126 tons to 197,634 tons, stainless steel social inventory increased by 15.8 tons to 983.3 tons, and ferronickel inventory increased by 1,907.5 tons to 31,462 tons [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term macro atmosphere has warmed up, driving up the prices of most non - ferrous metals. The copper price is expected to maintain a strong trend, with attention on the pressure at the 80,000 yuan mark. The aluminum price is expected to continue to stabilize and recover, and the monthly positive spread can be considered. The nickel price may run weakly [5][6][7] Group 3: Summary of Industry Dynamics Copper - Freeport - McMoRan Inc. believes that the copper tariffs threatened by former US President Trump may backfire and lead to a decline in copper demand. China's Sinomine Resource Group has suspended copper smelting operations at its Tsumeb plant in Namibia due to a shortage of copper concentrates caused by the rapid expansion of global smelting capacity [9] Aluminum - In May 2025, the electrolytic aluminum production index increased steadily, while the alumina production index decreased slightly. On June 10, the cast aluminum alloy futures were listed on the Shanghai Futures Exchange. In 2024, China's recycled copper, aluminum, lead, and zinc production reached 19.15 million tons, accounting for 24% of the production of ten non - ferrous metals, with recycled aluminum production exceeding 10 million tons and a carbon emission reduction contribution rate of over 85% [10] Nickel - On June 11, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2507 contract, with different prices for various types of nickel [11] Group 4: Summary of Related Charts Copper - The report provides charts of copper basis, monthly spread, domestic visible inventory, overseas exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15] Aluminum - The report includes charts of aluminum basis, domestic social inventory, overseas exchange inventory, alumina trend, and alumina inventory [23][25][27] Nickel - The report presents charts of nickel basis, monthly spread, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][41][43]

1. Report Industry Investment Rating - The report does not explicitly mention an overall industry - wide investment rating. However, for each metal, it provides a mid - to long - term outlook, including "oscillation", "oscillation - weakening", etc., which can be roughly understood as a short - to medium - term investment view. For example, copper, aluminum, lead, stainless steel, and tin are expected to oscillate; zinc and nickel are expected to oscillate weakly; and the outlook for alumina and aluminum alloy is more specific with trading strategies [5][8][12]. 2. Core Viewpoints - The colored metals market is influenced by a combination of a weak US dollar, low LME inventories, and weakening demand, leading to continued oscillation. In the short - to medium - term, focus on structural opportunities and cautiously consider short - term long opportunities for copper, aluminum, and tin. In the long - term, there is uncertainty in the demand outlook for base metals, and it is advisable to look for opportunities to short on rallies for some metals with oversupply or expected oversupply [1]. 3. Summary by Relevant Catalogs 3.1 Copper - **Current Situation**: The US May labor market data was better than expected, with non - farm payrolls increasing by 139,000. Global copper mining giant Antofagasta initiated mid - year negotiations with Chinese and Japanese smelters. In May, SMM China's electrolytic copper production increased by 1.26 million tons month - on - month and 12.86% year - on - year. As of June 9, copper inventory in mainstream regions in China rose to 149,500 tons. The US increased the tariff on imported steel and aluminum and their derivatives from 25% to 50% [5]. - **Main Logic**: The US manufacturing activity contracted for the third consecutive month in May, and overseas economies are at risk of further weakening. On the supply side, copper concentrate processing fees have continued to decline, and raw material supply is still tight. Some smelters at home and abroad have announced maintenance and production cuts. On the demand side, with the arrival of the consumption off - season, downstream restocking willingness has weakened, and domestic social inventories have started to rise, limiting the upward space for copper prices [5]. - **Outlook**: Copper supply constraints still exist, and inventories are at a low level, supporting the bottom of copper prices. It is expected that copper will show high - level oscillation in the short term [5]. 3.2 Alumina - **Current Situation**: On June 10, the northern spot comprehensive price of alumina dropped by 15 yuan to 3,280 yuan, and the national weighted index dropped by 41.4 yuan to 3,260.8 yuan. An electrolytic aluminum plant in the northwest region tendered to purchase 10,000 tons of alumina, and a plant in Guangxi purchased 2,000 tons. Indonesia's Bintan Alumina Company's Phase III project entered the trial production stage, and a mining license in Guinea was revoked [5]. - **Main Logic**: In the short - to medium - term, there is no shortage of ore. With the repair of previous spot - futures profits, an increase in operating capacity and an inventory inflection point are expected. Long - term news is frequent, but the impact is expected to be limited if not fermented on the basis of red mud. The market has relatively fully priced in the news of the revoked mining license in Guinea and is becoming desensitized to it [5][6]. - **Outlook**: The logic of near - month production resumption is more certain than that of far - month ore supply. Given the current back structure, consider rolling into 7 - 9/7 - 1 reverse spreads. Aggressive investors can short contract 07 on rallies [6]. 3.3 Aluminum - **Current Situation**: On June 10, the average price of SMM Shanghai aluminum ingot spot was 20,160 yuan/ton, a decrease of 50 yuan/ton. As of June 9, the inventory of electrolytic aluminum ingots in mainstream consumption areas in China was 477,000 tons, a decrease of 42,000 tons, and the aluminum rod inventory was 129,500 tons, an increase of 1,800 tons. Some electrolytic aluminum enterprises in Sichuan are resuming production [7]. - **Main Logic**: Trump's increase in steel and aluminum tariffs has intensified global trade tensions. On the supply side, the spot price of upstream alumina has declined, and the profit of electrolytic aluminum enterprises has remained high. Overseas, the import of electrolytic aluminum into China is at a loss, and the supply growth space is limited. On the demand side, downstream demand has strengthened. In the long - term, domestic supply pressure is limited, and demand is expected to be cautiously optimistic, with the aluminum market in a tight - balance state [8]. - **Outlook**: Downstream demand has slightly increased, and it is expected that inventories will decline in the future. It is recommended to go long on dips, and aluminum prices are expected to oscillate [8]. 3.4 Aluminum Alloy - **Current Situation**: On June 10, the price of Baotai ADC12 remained unchanged at 19,400 yuan/ton. The SMM AOO average price was 20,160 yuan/ton, a decrease of 50 yuan. The difference between Baotai ADC12 and AOO was - 760 yuan/ton, an increase of 50 yuan [8]. - **Main Logic**: In the short - to medium - term, the pressure of the automotive off - season is high, ADC12 is weak, and the electrolytic aluminum inventory is low with firm prices. ADC12 - AOO may still weaken. In the long - term, the demand for ADC12 is expected to seasonally recover in the third quarter, and there is an expectation of an increase in ADC12 and ADC12 - AOO [9][11]. - **Outlook**: In the short term, ADC12 oscillates weakly. In the long term, ADC12 and ADC12 - AOO are expected to rise [11]. 3.5 Zinc - **Current Situation**: On June 10, the spot premium of Shanghai 0 zinc to the main contract was 295 yuan/ton, and that of Guangdong 0 zinc was 285 yuan/ton. As of June 10, the total inventory of SMM seven - region zinc ingots was 81,700 tons, an increase of 2,400 tons from last Thursday. Kipushi Mine is expected to produce 50,000 - 70,000 tons of zinc concentrate [10][11]. - **Main Logic**: The US tariff policy is volatile, and macro - uncertainty remains. On the supply side, the short - term supply of zinc ore has become looser, domestic zinc ore processing fees have increased, and smelters have started to make profits and increase production willingness. On the demand side, domestic consumption has entered the traditional off - season, and terminal new orders are limited. In the long - term, zinc supply is expected to increase, while demand growth is small, and supply will remain in oversupply [12]. - **Outlook**: After annual maintenance, zinc ingot production has increased again, downstream demand has gradually weakened, and inventories have accumulated. Zinc prices are expected to oscillate weakly in the short term and continue to decline in the long term [12]. 3.6 Lead - **Current Situation**: On June 10, the price of waste electric vehicle batteries was 10,125 yuan/ton, and the difference between primary and recycled lead was 25 yuan/ton. The average price of SMM1 lead ingot was 16,625 yuan, an increase of 100 yuan. The social inventory of lead ingots in major domestic markets decreased by 500 tons to 53,400 tons, and the latest Shanghai lead warehouse receipts increased by 399 tons to 42,198 tons [12][13]. - **Main Logic**: On the spot side, the spot discount was stable, and the difference between primary and recycled lead increased slightly. On the supply side, the price of waste batteries was stable, the lead price rose, the loss of recycled lead smelting narrowed, and some enterprises reduced production due to environmental inspections. On the demand side, affected by the Dragon Boat Festival holiday, the operating rate of lead - acid battery manufacturers decreased last week, but the operating rate was higher than the same period in previous years due to the "trade - in" activities in the automotive and electric bicycle markets [13]. - **Outlook**: After the Geneva negotiations, Sino - US tariffs have decreased significantly. In terms of supply and demand, the demand off - season has arrived, and battery dealers' finished product inventories are high, but the electric bicycle market's "trade - in" activities may keep the battery factory operating rate better than in previous years. The supply of lead ingots may remain stable this week. The price of waste batteries is likely to rise, and the cost of recycled lead provides high - level support. Lead prices are expected to oscillate [14][15]. 3.7 Nickel - **Current Situation**: On June 10, the LME nickel inventory was 198,126 tons, a decrease of 966 tons from the previous trading day, and the Shanghai nickel warehouse receipts were 21,041 tons, a decrease of 151 tons. Indonesia and France agreed to strengthen cooperation in key minerals, and BHP renewed an exploration agreement in Norway. Indonesia plans to reduce fuel imports from Singapore and has proposed a strategy to stabilize mineral and coal prices. The production of hydroxide precipitates in Indonesia's Morowali Industrial Park has declined [15][16][17]. - **Main Logic**: Market sentiment still dominates the market, and the static valuation of the market is stable. The industrial fundamentals are showing marginal weakness. The ore end is relatively strong, but the rainy season may restrict raw materials. The production of intermediate products has recovered, the price of nickel salts has slightly declined, the profit of salt factories has slightly improved, and the production of nickel sulfate from nickel beans is still at a loss. The supply of electrolytic nickel is in serious excess, and inventories have accumulated significantly [18]. - **Outlook**: The US reciprocal tariffs have led to a systematic price decline. In the long term, short on rallies. In the short term, nickel prices will oscillate widely [18]. 3.8 Stainless Steel - **Current Situation**: The latest stainless steel futures warehouse receipt inventory was 120,039 tons, a decrease of 1,624 tons from the previous trading day. On June 10, the spot premium of Foshan Hongwang 304 to the stainless steel main contract was 540 yuan/ton. In May, the national nickel pig iron production increased, and it is expected to decrease in June. The production of high - carbon ferrochrome increased in May. The national stainless steel production decreased slightly in May [20][21]. - **Main Logic**: The price of nickel iron has declined slightly, and the price of ferrochrome has weakened marginally. The 300 - series stainless steel is still in an inverted situation, putting pressure on steel mills. In May, stainless steel production decreased slightly, and it is expected to further decrease in June. Demand is gradually moving out of the peak season, and there is a risk of weakening apparent demand. The social inventory has decreased, and the warehouse receipt reduction is significant, alleviating the structural oversupply pressure [22]. - **Outlook**: The cost side still supports steel prices, but the market's acceptance of prices is limited. Demand moving out of the peak season also puts pressure on steel prices. Future focus should be on inventory changes and cost - side changes. Stainless steel is expected to oscillate within a range in the short term [22]. 3.9 Tin - **Current Situation**: On June 10, the LME tin warehouse receipt inventory decreased by 25 tons to 2,415 tons, and the Shanghai tin warehouse receipt inventory decreased by 38 tons to 6,866 tons. The Shanghai tin open interest increased by 107 lots to 50,717 lots. The average price of Shanghai Non - ferrous Metals Network 1 tin ingot was 264,800 yuan/ton, an increase of 900 yuan/ton [22][23]. - **Main Logic**: The previous sharp decline in tin prices may be due to short - sellers entering the market in advance under long - term pessimistic expectations, and the rumor of Wa State's resumption of production was just a trigger. In the short term, after the over - decline and the news of a slow resumption of production, the price rebounded. With Wa State's tin production not yet resumed, the domestic ore supply is tight, and the supply - demand fundamentals of tin are resilient. However, the easing of supply - side disturbances and the less - optimistic long - term demand outlook limit the upward elasticity of tin prices [23]. - **Outlook**: News from Wa State has increased tin price volatility. The tight ore supply provides support for tin prices. Whether the tight ore supply can further accelerate the transmission to the ingot end will determine the height of tin prices in June. Tin prices are expected to oscillate [23].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report indicates that the nickel market is currently in a state of weak supply and demand. Technically, there is a rebound with reduced volume and positions, testing the MA10 resistance upwards, and it is expected to be in a volatile adjustment. It is recommended to wait and see for now [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Nickel was 121,570 yuan/ton, a decrease of 1,020 yuan; the 07 - 08 contract spread was -210 yuan/ton, a decrease of 50 yuan [2]. - The price of LME 3 - month nickel was 15,330 US dollars/ton, a decrease of 145 US dollars; the position of the main contract of Shanghai Nickel was 85,713 lots, an increase of 2,167 lots [2]. - The net long position of the top 20 futures holders of Shanghai Nickel was -2,491 lots, a decrease of 3,037 lots; LME nickel inventory was 200,724 tons, a decrease of 900 tons [2]. - The inventory of Shanghai Futures Exchange was 27,075 tons, an increase of 120 tons; the cancelled warrants of LME nickel totaled 29,046 tons, an increase of 684 tons [2]. - The warrant quantity of Shanghai Nickel was 22,251 tons, a decrease of 48 tons [2]. 3.2 Spot Market - The SMM 1 nickel spot price was 123,100 yuan/ton, a decrease of 325 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous was 123,200 yuan/ton, a decrease of 100 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic nickel was 100 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price was 100 US dollars/ton [2]. - The average price of battery - grade nickel sulfate was 28,500 yuan/ton, unchanged; the basis of the NI main contract was 1,530 yuan/ton, an increase of 695 yuan [2]. - The LME nickel (spot/three - month) premium was -188.53 US dollars/ton, an increase of 12.05 US dollars [2]. 3.3 Upstream Situation - The monthly import volume of nickel ore was 291.41 million tons, an increase of 137.89 million tons; the total port inventory of nickel ore was 725.88 million tons, a decrease of 5.63 million tons [2]. - The average monthly import unit price of nickel ore was 78.86 US dollars/ton, a decrease of 32.99 US dollars; the含税 price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 US dollars/wet ton, unchanged [2]. 3.4 Industry Situation - The monthly output of electrolytic nickel was 29,430 tons, an increase of 1,120 tons; the total monthly output of nickel iron was 2.17 million metal tons, a decrease of 0.11 million metal tons [2]. - The monthly import volume of refined nickel and alloys was 18,746.54 tons, an increase of 10,187.11 tons; the monthly import volume of nickel iron was 81.69 million tons, a decrease of 19.64 million tons [2]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel was -7.75 million tons; the total weekly inventory of 300 - series stainless steel was 182.43 million tons, a decrease of 2.1 million tons [2]. 3.6 Industry News - US President Trump called on Powell to cut interest rates. The US ADP employment in May increased by 37,000 people, lower than the expected 110,000 and the previous value of 62,000. The recruitment speed in May reached the lowest level since March 2023 [2]. - The Fed's "Beige Book" showed that the US economic activity declined slightly, with enterprises and consumers facing increased policy uncertainty and rising price pressure, and the overall economic outlook was pessimistic [2]. - The China Passenger Car Association reported that the wholesale sales of new energy passenger vehicles in May were 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9%. The cumulative wholesale from January to May was estimated to be 5.22 million, a year - on - year increase of 41% [2]. 3.7 Key Points of Concern Philippine government plans to implement a nickel ore export ban from June 2025, and the actual progress should be monitored [2].