Crude oil prices have slipped three weeks straight,while metals markets show mixed movements. On June 27,Shanghai Futures Exchange (SHFE) noted jumps in several base metals: zinc up 2.16%,copper 0.9%,aluminum 0.81%. Tin saw a 1.66% jump,nickel edged up 0.36%. But lead dropped 0.37%.
Ferrous metals had different story. Stainless steel rose 0.48%,iron ore 0.54%. Rebar slid 0.1%. Most-traded coking coal contract rose 1.13%,coke gained 1.21%. Overseas,the London Metal Exchange (LME) echoed these trends . Copper edged up,aluminum rose 0.39%,zinc climbed 1.8%,tin 1.69%. Lead fell 0.58%,nickel slipped 0.36%.
Precious metals struggled despite overnight gains. COMEX gold rose 1.37%,but it's on a four-week losing streak,down 3.37% for week . Silver matched this,up 1.37% but down seven weeks,losing 10.79% for week. SHFE gold up 1.34%,yet weekly drop was big at 6.33%. Silver rose 2.61% but faced a 15.23% weekly fall.
Market analysts,including Macquarie strategists,watch inflation trends and what central banks,especially US Fed,might do. Fed's new Chair Walsh took a hawkish tone recently. Could affect gold prices. End of Middle East conflict might impact global growth in Q3,possibly pushing investors to equities .
Forecasts have spot gold averaging $4,641 in 2026,up 35% year-on-year,but expected to dip to $4,200 in 2027. Further declines likely through 2030 . Year-end forecast for spot gold now $4,300,down from $4,400.
Macroeconomic data from China's National Bureau of Statistics showed industrial enterprise profits above designated size grew 18.8% year-on-year,January to May,totaling 3,143.96 billion yuan. State-run enterprises saw profits rise 19.6% to 1,048.66 billion yuan. Joint-stock enterprises up 24.1%,total 2,434.81 billion yuan. Foreign-invested and Hong Kong,Macao,Taiwan firms reported 4.2% rise,profits 695.72 billion yuan . Private enterprises hit 772.65 billion yuan in profits,up 10.7%.
Electronics sector a big driver,profits surged 103.9% year-on-year. Demand for high-end computing power chips,memory chips fueled growth. This sector alone made up 43.1% of total profit growth among large industrial enterprises.
Regulatory front: State Administration for Market Regulation rolled out national standards for "Artificial Intelligence — Agent Interconnection." Aims to set a framework for AI tech. Focuses on identity management,agent interaction . Expected to boost China's intelligent economy.
People's Bank of China,General Administration of Customs seeking public input on new rules for gold,gold products import/export. From August 1,2026,late payment fees on mining rights transfer proceeds will be dropped. Penalties for overdue payments remain .
Currency markets saw US dollar index fall 0.1% to 101.36,marking its second weekly gain of 0.6%. Dollar's dip aligned with falling oil prices,reassessment of US interest rate outlook . CME FedWatch Tool shows 42% chance of one rate hike this year. Second hike probability dropped to 28% from 34% last week…
