CCTV reported Premier Li Qiang chaired a State Council executive meeting to study matters related to natural resources protection and utilization.

Huatai Securities research: the recent deep selloff in A‑share nonferrous metals leaders primarily reflects valuation compression, not earnings damage. As of July 6, iFind consensus 2026E EPS for related companies has been revised up over the past ~180 days, indicating intact earnings outlooks. As of July 3, China Securities gold, aluminum and copper subindex PE‑TTM sit at the 11.7%/5.1%/42.1% percentiles since 2020; relative to All‑A PE‑TTM they are at the 0.2%/0.0%/0.1% percentiles. With easing US‑Iran tensions and marginally firmer risk appetite, Huatai says commodity fundamentals remain strong while valuations are at historic lows; downside for A‑share metals leaders may be limited and upside optionality notable — a high‑reward trade window relative to offshore pricing.

Spot gold fell below $4,090/oz, down 0.82% intraday. New York gold futures touched $4,100/oz, down 0.79% intraday.