en.Wedoany.com Reported - On June 8, the domestic metal market faced overall pressure, with nearly all base metals on the domestic market declining. As of the midday close, the main Shanghai Copper contract fell 1.5%, Shanghai Aluminum and Shanghai Zinc each dropped 0.74%, Shanghai Lead fell 0.21%, and Shanghai Tin posted the largest decline at 5.97%. Shanghai Nickel bucked the trend, rising 0.79%. Additionally, the main cast aluminum futures contract fell 0.39%, while the main alumina contract rose 0.8%. The main lithium carbonate contract increased by 0.38%, the main industrial silicon contract rose 1.27%, and the main polysilicon futures contract edged up 0.1%. Most ferrous metal products were in positive territory, with iron ore falling 0.92%, rebar edging up, hot-rolled coil closing at 3,378 yuan/ton, and stainless steel rising 0.44%. In the dual-coke sector, the main coking coal contract rose 1.21%, while the main coke contract edged down 0.02%.

External base metals showed mixed performance. As of 11:46, LME Copper rose 0.34%, LME Aluminum fell 0.11%, LME Lead dropped 0.15%, LME Zinc declined 0.18%, LME Tin edged up, and LME Nickel rose 0.38%. In precious metals, COMEX Gold fell 0.78%, COMEX Silver dropped 2.23%; domestic Shanghai Gold main contract fell 3.55%, and Shanghai Silver main contract fell 8.46%. The main platinum futures contract fell 5.43%, and the main palladium futures contract fell 4.24%. The main European shipping container freight futures contract rose 4.78%, closing at 3,837 points.

In terms of spot and fundamentals, today's Guangdong Grade 1 electrolytic copper spot quotes against the current month contract showed premium copper at a premium of 60 yuan/ton, up 10 yuan/ton from the previous trading day; standard copper at a discount of 10 yuan/ton, up 10 yuan/ton; and wet copper at a discount of 60 yuan/ton, up 10 yuan/ton. The average price of Guangdong Grade 1 electrolytic copper was 103,945 yuan/ton, down 1,390 yuan/ton from the previous trading day; the average price of wet copper was 103,860 yuan/ton, down 1,390 yuan/ton.

On the macro level, Qin Haixiang, Vice Minister of Housing and Urban-Rural Development, stated at a State Council policy briefing that the market mechanism will be fully utilized to encourage private enterprises to participate in the construction and operation of urban infrastructure, building a sustainable investment and financing system. Xie Haixia, Director of the Territorial Space Planning Bureau of the Ministry of Natural Resources, stated at the same briefing that the priority will be given to existing land for supply, with operational projects using existing land first, and new land primarily allocated for municipal infrastructure. Transitional policies will be introduced to address the pressure of revitalizing existing land funds. The central bank conducted a 218.5 billion yuan 7-day reverse repurchase operation that day, and with 11 billion yuan in 7-day reverse repos maturing, it achieved a net injection of 207.5 billion yuan. On June 8, the central parity rate of the yuan against the US dollar in the interbank foreign exchange market was set at 6.8198 yuan per dollar.

In the US dollar market, as of 11:46, the US Dollar Index fell 0.03% to 100.04. US President Trump stated in an interview that it would be a mistake for the Federal Reserve to raise interest rates when employment data is strong, and argued that rates should be lowered. His remarks increased pressure on Fed Chair nominee Kevin Warsh. According to CME's "FedWatch," the probability of the Fed maintaining interest rates unchanged in June is 97%, with a 3% chance of a cumulative 25-basis-point rate cut; the probability of maintaining rates unchanged in July is 81.9%, with a 15.5% chance of a cumulative 25-basis-point rate hike. Goldman Sachs economists, due to a stronger-than-expected labor market, no longer expect the Fed to cut rates this year, postponing the expected timing of the final two rate cuts from December 2026 and March 2027 to June and December 2027. Goldman Sachs continues to view a rate hike as unlikely but raised the probability of a small rate hike from 10% to 20%. The baseline forecast still expects two 25-basis-point rate cuts next year, but the probability was lowered from 40% to 30%. Goldman Sachs also lowered its US unemployment rate forecast for this year from 4.6% to 4.4%.

In terms of data, today will see the release of Switzerland's May consumer confidence index, the Eurozone's June Sentix investor confidence index, and the US May New York Fed 1-year inflation expectations. Additionally, attention should be paid to the State Council policy briefing on the "15th Five-Year Plan" for urban renewal.

In crude oil, as of 11:46, WTI crude rose 3.25%, and Brent crude rose 3.44%, with ongoing Middle East conflicts fueling supply disruption concerns supporting oil prices. The OPEC+ Sunday meeting communiqué showed that Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria, and Oman decided to raise the crude oil daily production ceiling by 188,000 barrels starting in July. Saudi Aramco lowered its official selling price for key crude grades to Asia for the second consecutive month, by $6 per barrel, a larger cut than the $5 per barrel expected by refiners and traders, reducing the premium to $9.50 per barrel. Pricing documents showed that Saudi Arabia set the official selling price for Arab Light crude to Northwest Europe in July at a premium of $15.85 per barrel over ICE Brent settlement, and to the US at a premium of $12.60 per barrel over Argus Sour Crude.

In the spot market, copper prices and inventories both declined, with overall trading slightly better than last Friday; lower copper prices spurred demand recovery, and spot premiums and discounts rebounded; macro factors weighed on copper prices, with occasional BACK structures in Shanghai copper futures month spreads. In the Tianjin zinc market, prices fell, and premiums edged up. The main Shanghai Tin contract fell another 5%, pressured by rate hike expectations and declines in overseas tech stocks. Nickel prices rebounded slightly, with US May non-farm payrolls unexpectedly increasing by 172,000. The nickel sulfate market saw subdued trading, with nickel salt prices stable. The stronger-than-expected non-farm data weighed on silver prices, with spot quotes gradually moving toward parity.

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