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  New Target Area Identified at the Kurmuk Gold Mine in Ethiopia

• Macro tailwinds drive SS to strengthen and test higher, stainless steel transactions recover but prices hold steady [SMM stainless steel daily review]

  [SMM Stainless Steel Daily Review: Macro Tailwinds Drive SS Futures Higher, Stainless Steel Transactions Recover but Prices Hold Steady] SMM December 1 news, SS futures showed a strong performance, stopping falling and rebounding. Influenced by rising expectations for a US Fed interest rate cut in December, metal futures generally rose today, with SS futures also strengthening in sync, climbing to 12,470 yuan/mt during the session. On the spot market side, driven by the strength in SS futures, market sentiment improved. Additionally, stimulated by recent news of production cuts at stainless steel mills, the previously sluggish transaction activity saw improvement, with inquiries and deals noticeably increasing during the day. Currently, market transactions remain heavily influenced by futures price changes, with downstream buyers showing clear periodic restocking operations. However, after macro tailwinds are released, transactions may turn sluggish again, as cautious sentiment remains strong, making it difficult to raise actual transaction prices for now. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2601 was quoted at 12,370 yuan/mt, up 15 yuan/mt from the previous trading day. In the Wuxi region, spot premiums/discounts for 304/2B were in the range of 350-550 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,025 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price was 12,625 yuan/mt in Wuxi and 12,650 yuan/mt in Foshan; for cold-rolled 316L/2B coil, the price was 23,800 yuan/mt in Wuxi and 23,800 yuan/mt in Foshan; for hot-rolled 316L/NO.1 coil, Wuxi reported 23,250...

• Supply Side Continues to Provide Support, SHFE Zinc Shows Strong Performance [SMM Zinc Futures Review]

  [Continued Support from the Supply Side, SHFE Zinc Shows Strong Performance]: The most-traded SHFE zinc 2601 contract opened at 22,475 yuan/mt. At the beginning of the session, it dipped to 22,470 yuan/mt, then fluctuated and rose above the daily average line. Approaching the end of the session, it reached a high of 22,620 yuan/mt, finally closing up at 22,590 yuan/mt, an increase of 120 yuan/mt, or a gain of 0.53%.

• Li Auto delivers over 33,000 vehicles in Nov. 2025

  Li Auto reported November deliveries of 33,181 vehicles, bringing its total cumulative volume since launch to 1,495,969 units as of the end of the month.

• MMi Daily Iron Ore Report (December 1)

  Iron ore futures continued to climb today, with the most-traded contract I2601 hitting a high of 803.5 and finally settling at 801, up 1.14% slightly from the previous trading day. Traders showed high enthusiasm for selling,