Basic Materials - China: Copper Firm at Highs; Lithium Extends Decline; Tungsten Rebounds

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Basic Materials - China: Copper Firm at Highs; Lithium Extends Decline; Tungsten Rebounds

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Basic Materials - China

Copper Firm at Highs; Lithium Extends

Decline; Tungsten Rebounds

Industry Overview

Copper steady at highs, lithium declines, tungsten surges 08 June 2026

Macro-wise, US–Iran negotiation expectations and recurring geopolitical tensions remain Equity

the key theme, while a cautious Fed and sticky inflation keep copper trading at elevated China

levels with limited upside catalysts. Fundamentally, spot conditions have stabilized with Basic Materials

improving downstream demand and restocking, while narrowing discounts provide

support, implying limited upside but some downside cushion. LME copper rose 2.4% WoW

to USD 13,920/t, with China spot up 0.6% WoW to RMB 105,530/t, while spot TC/RC Matty Zhao >>

stayed deeply negative at –USD 115.4/t. LME aluminum edged down 0.8% WoW to USD Research Analyst

3,738/t, with Changjiang spot flat at RMB 24,220/t and margins slightly improving to RMB Merrill+852 3508Lynch4001(Hong Kong)

7,943/t. Elsewhere, gold fell 1.7% WoW to USD 4,464/oz; lithium carbonate dropped 8.2% matty.zhao@bofa.com

WoW to RMB 163,000/t; U₃O₈ rose 3.3% WoW to USD 86.1/lb; Shanghai cobalt declined Edward Leung, CFA >>

Research Analyst

1.7% WoW to RMB 417,000/t; NdPr oxide gained 2% WoW to RMB 698,900/t; and Merrill Lynch (Hong Kong)

tungsten jumped 19.1% WoW to RMB 498,000/t. +852 3508 3282

edward.leung@bofa.com

Steel: Iron ore weakness weighs on steel prices MiriamResearchChan,AnalystCFA >>

Early in the week, coal mine safety inspection speculation tightened supply expectations Merrill Lynch (Hong Kong)

and drove a sharp rally in coking coal, while weak iron ore fundamentals saw margins shift +852miriam.chan@bofa.com3508 7478