On June 16, the Iran-US ceasefire memorandum of understanding was reached, market sentiment warmed, and interest rate hike expectations eased . The announcement that some shipping activities in the Strait of Hormuz had resumed, with full resumption expected by June 19, reduced geopolitical risk premiums . For copper, long-term supply at the mine end remains tight, with the gap at the copper mine end expected to gradually increase constraints on smelting operations . Aluminium prices were supported by Guinea's planned export controls on bauxite, while domestic inventory builds continued to weigh on prices . Precious metals operated strongly with volatility, as geopolitical risk premiums diminished but did not disappear completely . Lithium carbonate futures weakened 2.98% to RMB 169,980 per tonne, as supply and demand remained balanced and total warehouse receipts stayed at historical highs .