en.Wedoany.com Reported - At midday on June 2, most domestic base metal futures rose. As of the midday close, Shanghai copper rose 1.21%, Shanghai aluminum rose 1.01%, Shanghai zinc rose 0.53%, Shanghai tin rose 3.63%, Shanghai nickel rose 0.61%, and Shanghai lead edged down. Casting aluminum main contract futures rose 1.15%, while alumina main contract fell 1.49%. Lithium carbonate main contract fell 3.96%. Industrial silicon main contract fell 0.06%. Polysilicon main contract futures rose 1.54%. Ferrous metals mostly turned higher, with iron ore up 0.51%, rebar up slightly, hot-rolled coil down slightly, and stainless steel up 1.42%. In the coke and coking coal sector, the main coking coal contract rose 1.41%, and the main coke contract rose 0.66%.
In terms of base metals on the LME, as of 11:41, LME metals were mixed. LME copper, LME lead, and LME nickel edged down, all with declines within 0.1%. LME aluminum rose 0.96%, LME zinc rose 0.24%, and LME tin rose 1.3%. In precious metals, as of 11:41, COMEX gold rose 0.48%, and COMEX silver rose 0.5%. In domestic precious metals, Shanghai gold main contract fell 1.17%, and Shanghai silver main contract fell 0.3%. Additionally, as of the midday close, platinum main contract futures rose 0.71%, while palladium main contract futures fell 0.71%. The main contract for the Europe container shipping route fell 2.04%, closing at 3776.5 points.
In the spot market, for Guangdong Grade 1 electrolytic copper spot against the current month contract, high-grade copper was quoted at 60 yuan/ton, down 10 yuan/ton from the previous trading day; standard copper was quoted at a premium of 0 yuan/ton, flat from the previous trading day; and wet-process copper was quoted at a discount of 60 yuan/ton, up 10 yuan/ton from the previous trading day. The average price of Guangdong Grade 1 electrolytic copper was 105,960 yuan/ton, up 1,115 yuan/ton from the previous trading day; the average price of wet-process copper was 105,870 yuan/ton, up 1,130 yuan/ton from the previous trading day.
On the macro front, the People's Bank of China conducted a 2 billion yuan 7-day reverse repo operation in open market today, with an operation rate of 1.40%, unchanged from the previous day. With 249 billion yuan in reverse repos maturing today, this resulted in a net withdrawal of 248.8 billion yuan. The central parity rate of the yuan against the U.S. dollar in the interbank foreign exchange market on June 2 was set at 6.8187 yuan per dollar. The U.S. dollar index fell 0.02% as of 11:41, standing at 99.18. Peace talks between the U.S. and Iran showed signs of a stalemate, U.S. Treasury prices fell, with the 10-year yield rising about 6 basis points to nearly 4.5%, and the 2-year yield rising about 6 basis points to 4.07%. Traders increased expectations that the Federal Reserve's next move will be a rate hike, with the swaps market showing traders have fully priced in one rate hike by March 2027, with a 50% probability of a hike as early as October. According to the CME "FedWatch," the probability of the Fed keeping rates unchanged in June is 98.4%, and the probability of keeping rates unchanged in July is 90.2%. (Jin Shi Data)
Data to be released today includes U.S. April JOLTs job openings, Swiss April trade balance, UK April central bank mortgage approvals, and Eurozone May CPI year-on-year and month-on-month preliminary figures. Additionally, 2026 FOMC voter and Minneapolis Fed President Neel Kashkari will deliver a speech, 2026 FOMC voter and Cleveland Fed President Beth Hammack will speak on monetary policy, and Bank of England Governor Andrew Bailey will attend a House of Lords hearing.
In crude oil, as of 11:41, WTI crude fell 0.5%, and Brent crude fell 0.38%. CNN reported on June 1, citing sources, that U.S.-Iran negotiations are back on track. Iranian media had previously reported that talks between Iran and the U.S. were suspended due to Israel's attack on Lebanon, but U.S. President Donald Trump later stated that negotiations were "moving quickly." (Xinhua News Agency) Oil prices stabilized after posting their biggest gain in nearly a month, as uncertainty over the prospects of U.S.-Iran peace talks heightened the risk of supply disruptions in the Persian Gulf. Trump stated that a memorandum of understanding between the U.S. and Iran on reopening the Strait of Hormuz could be reached within the next week, but several details still need to be finalized. Rebecca Babin, senior energy trader at CIBC, said that if negotiations are no longer positive, the expectations on which market pricing relied will disappear. (Jin Shi Data) Russian local authorities stated that a fire broke out at the Ilsky oil refinery in the Krasnodar region following a drone attack. (Jin Shi Data)
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