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  Warrant outflows, price spread between futures contracts widens, Shanghai spot copper premiums continue to decline [SMM Shanghai spot copper]

  [SMM spot copper] Looking ahead to next week, it is understood that as the semi-annual settlement approaches, most enterprises have a need for payment collection. It is expected that the demand for enterprises to ship goods for cash will increase next week, and spot premiums will fall further.

• TOPCon Technology Initiates Competition in Inventory Optimization; High-Power Modules May Bring Higher Premiums

  The 650W module will be a watershed moment," said Qian Jing, Vice President of Jinko Solar (688223.SH), during an exchange with media outlets including Cailian Press. In June this year, the company launched its TigerNeo3.0 module product, achieving a maximum power output of 670W on the basis of a 2382*1134 size, further elevating the power of TOPCon technology products to a new level. "Top-tier enterprises are breaking free from the price war dilemma by increasing the proportion of high-power modules," an industry insider told a Cailian Press reporter. Whether they can "achieve the maximum power gain with the minimum retrofitting cost" will become the core criterion for measuring a company's competitiveness, while the speed of technological iteration is a crucial factor in reshaping the industry landscape in this round.

• Stockpiling demand over the weekend helped spot premiums remain stable [SMM Spot Aluminum Midday Review]

  [SMM Spot Aluminum Midday Review: Weekend Stockpiling Demand Helps Spot Premiums Remain Stable] Inventory side, according to SMM's domestic aluminum ingot inventory data, domestic aluminum ingot inventory stood at 312,500 mt on June 20, showing a destocking of 0.45 mt compared to the previous trading day. In the short term, the low arrival of aluminum ingots and the reduction in inventory are conducive to high spot premiums in the spot market. However, there is a strong fear of high prices in the spot market, with downstream purchase willingness being poor, and transactions occurring at a discount. It is expected that spot premiums will show a narrowing trend in the short term.

• Secondary lead: Overall, there are not many quotes for secondary refined lead. Downstream enterprises prefer to purchase tax-included goods. [SMM Lead Midday Review]

• Guangdong Zinc: Weak Downstream Consumption Drives Spot Premiums Lower [SMM Midday Review]

  [Guangdong Zinc: Weak Downstream Consumption Drives Spot Premiums Lower] Mainstream 0# zinc in Guangdong was traded at 21,910-22,065 yuan/mt. Mainstream brands were quoted at a spot premium of 220 yuan/mt against the 2508 contract, and at a spot discount of 30 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened...