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  SMM Proudly Unveils Upcoming Launch of Revamped Non-Ferrous Metal Database

  To better serve our customers and enhance the efficiency of the SMM database, we will optimize and adjust the existing classification of the non-ferrous database in June 2025. This adjustment will not involve any changes to the data.

• SMM Morning Comment For SHFE Base Metals (May 29)

  Overnight, LME copper opened at $9,636.5/mt. It initially rose to a high of $9,645.0/mt, then fluctuated downward.

• Vanke Draws Attention Again: Consortium Acquires Land in Zhengzhou, Wang Shi Vows to "Do Everything Possible to Ensure a Smooth Transition for Vanke"

• LME inventories continue to decline, with the ratio of cancelled warrants approaching half [SMM Copper Morning Meeting Summary]

  SMM Morning Meeting Summary: Overnight, LME copper opened at $9,636.5/mt, initially touching a high of $9,645.0/mt before prices fluctuated downward. The lowest price reached during the session was $9,548.0/mt, and it eventually closed at $9,566.0/mt, down 0.31%. Trading volume was 14,383 lots, and open interest was 293,958 lots. Overnight, the SHFE copper 2507 contract opened at 78,010 yuan/mt, with prices fluctuating initially before declining steadily. It touched a high of 78,130 yuan/mt at the beginning of the session and fell to a low of 77,700 yuan/mt at the end, eventually closing at 77,790 yuan/mt, down 0.33%. Trading volume was 26,397 lots, and open interest was 168,556 lots.

• Stainless steel prices have reached historical lows, while nickel salt prices may rise [SMM Nickel Morning Meeting Summary]

  [5.29 Morning Meeting Minutes] Currently, the stainless steel market has entered the traditional consumption off-season, with significantly sluggish downstream demand. However, supply-side production remains at high levels, placing immense shipment pressure on steel mills. Inventory buildup among agent traders is evident, and social inventory continues to fluctuate at highs. Due to insufficient end-user orders, some futures-spot traders resorted to selling spot cargo at low prices after completing futures arbitrage, with some goods circulating only within the trade chain without reaching end-users. Although the rebound in high-grade NPI prices, historically low stainless steel prices, and corporate losses provided some support, the combination of shrinking off-season demand and persistently high supply suggests that stainless steel prices will continue to face downward pressure in the short term if shipment pressure persists.