en.Wedoany.com Reported - At midday on June 9, the futures market experienced a broad decline, with most domestic base metal futures closing lower. Shanghai lead and Shanghai tin each fell 1.86%, Shanghai nickel's decline widened to 2.33%, Shanghai copper edged down, Shanghai aluminum fell 0.52%, and Shanghai zinc dropped 0.38%. Additionally, cast aluminum main contract futures fell 0.41%, alumina main contract edged lower, lithium carbonate main contract rose 0.32%, industrial silicon main contract fell 2.41%, and polysilicon main contract futures dropped 4.04%. The ferrous complex was entirely in the red, with iron ore down 0.39%, rebar down 0.47%, hot-rolled coil down 0.71%, and stainless steel down 1.67%. In the dual-coke sector, the main coking coal contract fell 7.48%, hitting a limit-down price of 1,340.5 yuan per ton during the session; the main coke contract fell 4.31%.
Base metals on the external market also weakened. As of 11:46, LME metals were all lower. LME copper fell 0.19%, LME aluminum fell 0.65%, LME lead fell 0.25%, LME zinc fell 0.35%, LME tin fell 0.73%, and LME nickel fell 1.01%. In precious metals, COMEX gold fell 0.1%, and COMEX silver fell 1.13%. On the domestic precious metals front, Shanghai gold main contract fell 0.2%, and Shanghai silver main contract fell 1.93%. Platinum main contract futures fell 0.99%, and palladium main contract futures fell 0.33%. By midday close, the main European shipping container freight contract rose 0.61% to 3,865 points.
In the spot market, copper spot premiums rose sharply. For Guangdong No. 1 electrolytic copper spot against the current month contract, high-grade copper was quoted at a premium of 110 yuan per ton, up 50 yuan per ton from the previous trading day; standard-grade copper was quoted at a premium of 70 yuan per ton, up 80 yuan per ton; and wet-process copper was quoted at a premium of 10 yuan per ton, up 70 yuan per ton. The average price of Guangdong No. 1 electrolytic copper was reported at 104,275 yuan per ton, up 330 yuan per ton from the previous trading day; the average price of wet-process copper was 104,195 yuan per ton, up 335 yuan per ton. Guangdong inventories fell for six consecutive days, with holders strongly willing to support prices and sell.
On the macro front, data from the General Administration of Customs showed that in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, a year-on-year increase of 15.3%. In terms of exports, exports of mechanical and electrical products reached 7.58 trillion yuan, up 18.4%. On June 5, the Ministry of Commerce held a symposium on the recycling of solid waste from the "new three" products, emphasizing the acceleration of improving top-level institutional design, adopting differentiated measures for power batteries, photovoltaic modules, and wind turbine equipment, and encouraging pilot projects. The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission jointly launched a 2026 special action for real-world scenario training of humanoid robots and embodied intelligence, aiming to complete application verification in a batch of representative scenarios by the end of 2026, driving the ability to achieve ten-thousand-unit scale deployment. The People's Bank of China conducted 153 billion yuan in 7-day reverse repurchase operations today, with 200 million yuan in reverse repos maturing, resulting in a net injection of 152.8 billion yuan for the day.
In the foreign exchange market, the central parity rate of the yuan against the U.S. dollar was set at 6.8147 on June 9. As of 11:46, the U.S. dollar index fell 0.02% to 99.08. The market is awaiting the upcoming U.S. inflation data to judge the Federal Reserve's interest rate decision in June. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in June is 98.1%, while the probability of a cumulative 25-basis-point rate cut is 1.9%. Morgan Stanley strategists pointed out that if risk appetite recovers and the Fed avoids raising rates, the U.S. dollar may weaken in the coming months.
In crude oil, as of 11:46, WTI crude fell 1%, and Brent crude fell 0.83%. The phased easing of tensions between Israel and Iran alleviated market concerns about supply risks in the Middle East. Data from the U.S. Department of Transportation showed that due to the impact of the Middle East situation, U.S. airlines' fuel costs in April surged 78% year-on-year to nearly $6.5 billion. The International Air Transport Association (IATA) expects airline fuel spending to rise to about $350 billion this year, accounting for nearly one-third of operating costs.
In the spot market, the Shanghai zinc market fluctuated, with downstream enterprises purchasing on demand; the center of gravity of Shanghai tin contracts continued to decline, with liquidity expectations persistently suppressing metal prices; nickel prices fell sharply, with rate hike expectations continuing to suppress risk asset prices; silver prices fluctuated at low levels, with premium expectations strengthening under a tight spot balance; platinum prices oscillated weakly, with spot market trading turning subdued.
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