en.Wedoany.com Reported - As of the noon close on June 12, most varieties in China's domestic metal futures market rose, with base metals nearly all advancing. Shanghai copper rose 1.51%, Shanghai tin rose 2.97%, Shanghai nickel rose 0.94%, Shanghai aluminum rose 1.06%, Shanghai zinc rose 0.43%, and Shanghai lead fell 0.31%. Additionally, cast aluminum main futures rose 0.45%, alumina main futures rose 1.45%, lithium carbonate main futures rose 3.85%, industrial silicon main futures rose 0.63%, and polysilicon main futures rose 5.91%. The black metal sector saw broad gains, with iron ore up 0.13%, rebar up 0.66%, hot-rolled coil up 0.74%, and stainless steel up 2.15%. In the dual coke sector, coking coal main contract rose 3.02%, and coke main contract rose 5.63%. As of the noon close, the European route container shipping main contract fell 1.16% to 3929.5 points.
In the overseas metals sector, as of 11:38, LME metals all rose, with London copper up 1.01%, London aluminum up 0.54%, London lead slightly up, London zinc up 0.26%, London tin up 0.25%, and London nickel up 0.67%. In precious metals, as of 11:38, COMEX gold rose 2.63%, and COMEX silver rose 5.36%. In domestic precious metals, Shanghai gold main futures rose 1.89%, and Shanghai silver main futures rose 4.36%. As of the noon close, platinum main futures rose 3.99%, and palladium main futures rose 5.69%.
In the spot market, for Guangdong 1# electrolytic copper spot against the current month contract, premium copper reported a premium of 270 yuan/ton, up 30 yuan/ton from the previous trading day; standard copper reported a premium of 210 yuan/ton, up 30 yuan/ton; and wet-process copper reported a premium of 150 yuan/ton, up 30 yuan/ton. The average price of Guangdong 1# electrolytic copper was 104,715 yuan/ton, up 1,090 yuan/ton from the previous trading day, and the average price of wet-process copper was 104,625 yuan/ton, up 1,075 yuan/ton. Spot market data showed that Guangdong inventories have fallen for nine consecutive days, hitting a new low for the year.
On the macro front, the People's Bank of China conducted 393 billion yuan in 7-day reverse repurchase operations today. With 215 billion yuan in 7-day reverse repos maturing today, a net injection of 178 billion yuan was achieved. This week, the PBOC conducted a total of 1,112 billion yuan in 7-day reverse repo operations, and with 226.2 billion yuan maturing this week, a net injection of 885.8 billion yuan was achieved. Guangzhou released the "Guangzhou Commerce Development '15th Five-Year' Plan (Public Consultation Draft)," proposing to fully promote the implementation of major projects such as intelligent connected and Vehicles" target="_blank">new energy vehicles, artificial intelligence, semiconductors and integrated circuits, and the low-altitude economy.
In the foreign exchange market, on June 12, the central parity rate of the yuan against the U.S. dollar in the interbank foreign exchange market was 6.8109 yuan per dollar. As of 11:38, the U.S. dollar index rose 0.06% to 99.75. According to CME's "FedWatch" data, the probability of the Federal Reserve maintaining interest rates unchanged in June is 98.5%, and the probability of a cumulative 25-basis-point rate cut is 1.5%. The market has postponed expectations of a Fed rate hike from December this year to January next year, and the possibility of a rate hike this year is no longer fully priced in.
Data from the U.S. Bureau of Labor Statistics showed that the U.S. PPI rose 6.5% year-on-year in May, the largest increase since November 2022, and rose 1.1% month-on-month. The core PPI, excluding food and energy, rose 4.9% year-on-year. The report highlighted the growing damage to the U.S. economy from the energy price shock triggered by the closure of the Strait of Hormuz. Combined with data earlier this week showing that consumer prices rose at the fastest pace in three years in May, this PPI report may further strengthen market expectations of a Fed rate hike in 2026.
In the crude oil sector, as of 11:38, U.S. oil fell 1.12%, and Brent oil fell 1.15%. According to CCTV, U.S. President Trump posted on social media that, given that consultations with Iran have been submitted to Iran's supreme leadership and approved, he has canceled the originally planned strikes and bombing operations against Iran. According to OPEC's latest monthly report, Iran's crude oil production fell 19% last month, with daily output dropping by 546,000 barrels to 2.33 million barrels per day. OPEC lowered its global oil demand growth forecast for 2026 to 970,000 barrels per day, its second consecutive downward revision. The report noted that since the outbreak of the Iran war, the organization believes the conflict's impact on consumption is smaller than that estimated by other forecasting bodies such as the U.S. Energy Information Administration and the International Energy Agency, while OPEC also raised its forecast for oil demand growth in 2027.
In terms of data, today will see the release of Germany's final May CPI month-on-month rate, the UK's three-month GDP month-on-month rate for April, the UK's April manufacturing output month-on-month rate, the UK's seasonally adjusted goods trade balance for April, the UK's April industrial output month-on-month rate, France's final May CPI month-on-month rate, the U.S. June one-year inflation rate expectation preliminary value, and the U.S. June University of Michigan consumer confidence index preliminary value. Additionally, Huawei's Developer Conference will be held from June 12 to 14, and Musk's commercial aerospace company SpaceX plans to list on the Nasdaq on June 12, 2026.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
