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  Bank of Canada Holds Steady as Expected, But Says Future Interest Rate Cut Possible

• Trade negotiations are still ongoing, with aluminum prices under short-term pressure and fluctuating [SMM Aluminum Morning Meeting Summary]

  [SMM Aluminum Morning Meeting Summary: Trade Negotiations Ongoing, Aluminum Prices Under Short-Term Pressure and Fluctuation] The US Fed's Beige Book revealed a slowdown in US economic activity and excessive inflationary pressures, while policy uncertainties heightened market risk aversion. Companies transferring costs amid the economic environment may suppress end-use demand, coupled with international trade friction risks, aluminum prices are likely to face short-term pressure and maintain a fluctuating trend. Fundamentals side, domestic aluminum operating capacity remains stable. Notably, some aluminum smelters in north China increased the proportion of liquid aluminum alloying, reducing casting ingot volumes, which affected arrivals in major consumption areas. Demand side, downstream sectors show signs of off-season expectations, with PV aluminum demand declining. Automotive material demand is expected to weaken in mid-to-late June, while construction aluminum demand remains lukewarm. However, aluminum wire and cable operating rates stay high, supported by orders from State Grid. Inventory side, approaching the holiday, some aluminum processing enterprises conducted slight stockpiling based on orders on hand. Overall, short-term market sentiment may weigh on aluminum prices due to tariff impacts, while stronger-than-expected domestic aluminum ingot inventory drawdowns provide support for prices and spot premiums. Some industries already exhibit off-season weakness, but the overall decline is better than expected, with demand resilience persisting. SHFE aluminum is expected to maintain a fluctuating trend in the short term, with solid support at lower levels.

• [SMM Hydrogen Energy Policy Express] National Development and Reform Commission (NDRC), National Energy Administration: *Notice on Matters Related to Orderly Promoting the Development of Direct Connection of Green Electricity*

• Canada, Mexico, and EU are furious: Trump's steel tariff policy is unacceptable!

• Downstream demand for nickel sulphate remains mediocre, and nickel salt prices may weaken further in the short term [SMM Nickel Morning Meeting Summary]

  [6.5 Morning Meeting Minutes] LME nickel prices saw a slight correction today, with immediate cost support strengthening. Demand side, despite signs of improvement in nickel salt demand MoM in June, overall demand remains in a sluggish phase. Affected by the presence of some raw material inventory and weak order demand, during this week's traditional procurement period, the inquiry and transaction activity of precursor enterprises for nickel salt were both low. Supply side, the order signing situation for nickel salt producers in June was poor this week, with some large nickel salt enterprises planning to carry out shutdown maintenance work in June.