Macroeconomics

1. [MLF] The People's Bank of China (PBOC) will conduct a Medium-term Lending Facility (MLF) operation worth 500 billion RMB on June 25. Given that 300 billion RMB of MLF loans are maturing this month, this represents a net injection of 200 billion RMB through the rollover—marking the second consecutive month of increased volume, with the scale of the increase expanding by 100 billion RMB compared to May.

2. [Bank of Japan] Bank of Japan (BOJ) Governor Kazuo Ueda stated that the central bank sees a risk of inflation exceeding its 2% target and reiterated plans to raise interest rates further at an appropriate time; the timing and pace of such adjustments will depend on the impact of the conflict involving Iran and other factors. The BOJ also released a summary of opinions from its June policy meeting, which hinted at the necessity of further rate hikes.

3. [Australia CPI] Australia's core CPI rose by 3.6% year-on-year and 0.4% month-on-month in May. Both figures exceeded market expectations, reinforcing the view that the Reserve Bank of Australia (RBA) will maintain a hawkish stance.

Non-ferrous Metals

1. [Zinc] It is reported that a zinc mine in Southwest China remained shut down throughout June, with the resumption of production postponed until mid-July; this is expected to result in a net increase of nearly 500 tonnes of contained zinc.

A mine in Central China plans a brief maintenance shutdown in July, which is expected to reduce zinc concentrate output by approximately 500 tonnes of contained zinc compared to the previous month.

2. [Lead] It is reported that a medium-sized primary lead smelter in North China plans to undergo equipment maintenance for two weeks starting June 26. The maintenance is expected to conclude on July 10, affecting daily lead ingot production by approximately 200 tonnes.

Routine maintenance at a medium-sized primary lead smelting plant in Northeast China is nearing completion; the plant plans to reignite furnaces and resume production on June 25. Lead ingot output is expected by early July, with a projected daily production capacity of approximately 200 tonnes once operations restart.

3. [Copper] Anglo American and Codelco have signed a joint mining agreement to integrate resources from the Los Bronces and Andina copper mines. The partnership is expected to generate an additional 2.7 million tonnes of copper output—averaging 120,000 tonnes annually—over a 21-year term, with the project slated to launch before 2030.

4. [Tungsten Concentrate] Two major Japanese tungsten hexafluoride producers are set to permanently cease production on July 1, resulting in a 25% loss of global capacity. Kanto Denka Kogyo and Central Glass—which have a combined annual output of 2,000 tonnes of tungsten hexafluoride (accounting for roughly one-quarter of global capacity)—have announced the shutdown.

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