The US is advancing a $450M gallium supply chain project centered on the Gramercy alumina refinery in Louisiana, which is expected to host the country’s first large-scale gallium production circuit. The project involves Atlantic Alumina and includes about $150M in Pentagon funding. As the US currently has no domestic gallium production, the Gramercy refinery has become a critical asset, though its alumina operations rely entirely on imported Jamaican bauxite. China currently controls around 98% to 99% of global low-purity gallium supply, and following export restrictions, the US is accelerating efforts to build domestic critical mineral supply chains. However, the current US gallium and rare earth supply chain remains highly dependent on a single refinery and Jamaican bauxite supply.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,489/mt, initially rising to $13,533.5/mt before the price center gradually shifted lower to $13,386/mt, ultimately closing at $13,427/mt, down 1.2%. Trading volume reached 20,000 lots, and open interest stood at 277,000 lots, a decrease of 6,463 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 104,130 yuan/mt, initially touching a high of 104,170 yuan/mt before the price center shifted lower to a low of 103,390 yuan/mt, ultimately moving sideways to close at 103,670 yuan/mt, down 0.82%. Trading volume reached 31,000 lots, and open interest stood at 143,000 lots, a decrease of 4,124 lots from the previous trading day, indicating bulls reducing positions.

According to Miningweekly, citing Bloomberg, a Cold War-era mine near the Slovak capital Bratislava is attracting attention from the EU. The project, known as Trojarova, is situated on a densely wooded hillside in what is known as the Little Carpathians in Slovakia, where Soviet engineers first discovered antimony-bearing ore layers in the 1980s. Its owner, Canada-based Military Metals Corp (MMC), is seen as an opportunity for Europe to secure a military metal. For critical minerals such as antimony, EU countries appear unable to provide funding and take action, leaving projects like Trojarova vulnerable to being snapped up by competitors. MMC has so far failed to secure an offtake agreement from the EU. As President Trump threatens to raise tariffs on Europe, the project illustrates the danger of Europe falling behind in the fierce competition among superpowers. As imports of critical minerals such as rare earths face restrictions, the US has been actively seeking partnerships with resource-rich countries and funding projects around the world to accelerate development, but Europe has lagged behind. "Member states remain reluctant to foot the bill for mining and processing projects outside their borders, even when geo-economic realities demand it," said Schulz Sabrina, Germany director of the European Initiative for Energy Security (EIES). "Financing remains the main obstacle." The 2023 European Critical Raw Materials Act (CRMA) laid out the EU's strategy. The CRMA set targets that at least 10% of Europe's annual critical materials supply should come from domestic extraction and 40% from domestic processing. These targets compelled member states to take action, identify security gaps, and concentrate investment to ensure secure supplies of battery metals such as lithium. Since then, global competitors have pivoted to military resources such as antimony, gallium, and germanium, but Europe has not followed suit. Insiders believe this is because EU officials lack the authority to pursue policies similar to those of the US and lack the funding to invest. This has made it difficult for underfunded enterprises to launch minor metal projects, as they struggle to raise capital in private markets at the very least. With tight budgets across Europe, many EU member states are unknown on how to take action. In Germany, for example, the economics ministry, the chancellery, and the foreign ministry have yet to agree on how to address critical minerals risks. The result is a deadlock, with EU officials worried that member states fear missing out on opportunities. Last month, the EU reached an agreement with the US on policy coordination to secure critical minerals supply chains. For MMC, this was an important development that could lead to joint US-EU investment and offtake partnerships for Trojarova. On March 24, Hartmann Frank, a German foreign ministry official responsible for Asian affairs, said at an event in Berlin that Europe was not acting fast enough and "not doing enough." "We must implement a long-term strategy, keep the funds and capital in our hands, and invest in these critical minerals over the next decade," he said at a panel discussion hosted by the German Council on Foreign Relations. "Otherwise, we will not be able to break free from this dependency." The Trojarova project, acquired by MMC about two years ago, could be an opportunity. Antimony is a silvery-white metal commonly associated with gold, widely used in military applications such as ammunition, night-vision goggles, and infrared sensors, accounting for 15% of total demand. Other uses include flame retardants, nuclear energy, and renewable energy. "Antimony is a versatile minor metal," said Schulz. "Antimony supply is highly concentrated, and Europe is almost entirely dependent on imports." This is also why MMC has been pitching the Trojarova project to investors as a significant opportunity in Europe, capable of supplying antimony ingots directly to national defense clients. MMC CEO Eldridge Scott said smelters in Germany and Sweden could process ore from the project, helping Europe establish an entire antimony supply chain from mining to processing. The mine, located near the wine town of Pezinok in southwestern Slovakia, was first discovered and mined by the Soviets. Although the 1.7-kilometer-long mine was later abandoned, it remains one of Europe's most significant antimony deposits. MMC is too small to resume production at the mine on its own and needs to co-invest with partners and build a smelter. If production resumes within two to three years, the mine could produce 6,000 mt of antimony annually, meeting one-third of Europe's demand. However, the company, with a market capitalization of less than $30 million, needs substantial funding. In addition, critical minerals prices are prone to wild swings, and even in markets such as lithium, several major projects have stalled as miners seek government funding. No matter how high-quality this company's project may be, Europe still lacks the funding and determination to ensure the development of these resources. Germany's own 1 billion euro raw material fund has so far supported only two projects, creating more barriers for companies to qualify than it has removed. The European Commission and its member states have signed multiple memoranda of understanding with producing countries. For example, Spain reached an agreement with Brazil last month. However, US agreements with these countries are larger in funding scale and progressing faster. The US government's agreement with the EU reflects its so-called price floors to safeguard producers' operations. European countries have been hesitant, but sometimes have had no choice but to agree to US proposals. Meanwhile, the momentum for EU action has largely given way to other more pressing crises. In contrast, although the US government has recently been focused on conflicts such as the Iran war, the president's team of aides has been busy identifying mineral projects and bidding to secure them. A US enterprise has already approached MMC to request a field trip to the Trojarova project. Meanwhile, the US government's investment arm agreed last month to a $5 million deal to restart another shuttered antimony mine in North Macedonia. MMC president Hüser Thomas hopes Trojarova will not face a similar outcome. The German national, formerly a manager at Glencore, joined the company this year. "What we still lack is not plans, but enforcement," he said. "Europe's raw material strategy remains fragmented, slow, and often disconnected from industrial reality."

2026 Year June 3–5 China · National Exhibition and Convention Center (Shanghai) No. 333 Songze Avenue, Qingpu District, Shanghai Multi-Energy Complementarity and Integrated Development of PV, Energy Storage, and Hydrogen www.snec.org.cn Approving Authority Shanghai Municipal Commission of Commerce Supporter Shanghai Municipal Development and Reform Commission Shanghai Municipal Commission of Economy and Informatization Shanghai Municipal Science and Technology Commission Lead Organizers Asia Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of China Association of Circular Economy (CREIA) Shanghai Federation of Economic Organizations (SFEO) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-Organizers Solar PV Products Sub-Council of China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) PV Professional Committee of Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of China Energy Research Society Exhibition Organizers Shanghai Follow Me Technology Co., Ltd. Shanghai Follow Me New Energy Development Co., Ltd. Shanghai Solar Cloud Exhibition Services Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Conference Organizer Shanghai Follow Me Convention and Exhibition Services Co., Ltd. Preface: The “SNEC 19th (2026) International Solar PV and Smart Energy (Shanghai) Conference and Exhibition” (the “SNEC PV Conference and (Shanghai) Exhibition” for short), jointly organized by 25 international institutions and organizations including the Asia Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), will be grandly held in Shanghai, China, from June 3 to 5, 2026. The “SNEC PV Conference and (Shanghai) Exhibition” grew from 15,000 m² at its first edition in 2007 to 360,000+ m² in 2025, with more than 3,000 enterprises from 95 countries and regions worldwide participating, of which international exhibitors accounted for 30%, and it has become the most influential international, professional, and large-scale PV event in China, Asia, and the world. The SNEC PV Exhibition is the world's most professional PV exhibition, featuring: PV production equipment, materials, solar cells, PV application products and components, as well as PV engineering and systems, energy storage, mobile energy, etc., covering all segments of the PV industry chain. The SNEC PV Forum is also remarkably diverse, involving analysis of future PV market trends, cooperative development strategies, national policy directions, cutting-edge industry technologies, PV financing, etc., providing the best opportunity to showcase achievements to the industry. We look forward to global industry professionals gathering in Shanghai, China, to take a problem-oriented approach from an industrial perspective, jointly assessing the solar PV power generation markets in China, Asia, and the world, and collectively leading the path of industry innovation and development. We hope to see you in Shanghai in June 2026! Schedule: Setup: May 31, 2026 13:30-18:00 June 1-2 09:00-20:00 Exhibition: June 3-4, 2026 09:00-17:00 June 5 09:00-14:00 Dismantling: June 5, 2026 14:00-22:00 Exhibit Content (Product Categories): Solar PV PV Production Equipment: Silicon rod/silicon lumps/casting ingot production equipment: complete production lines, casting ingot furnaces, crucibles, growth furnaces, other related equipment Silicon wafer production equipment: complete production lines, cutting equipment, cleaning equipment, detection equipment, other related equipment Battery production equipment: complete production lines, etching equipment, cleaning equipment, diffusion furnaces, coating equipment/deposition furnaces, screen printing machines, other furnace equipment, testers and sorters, other related equipment Cell panel/module production equipment: complete production lines, testing equipment, glass cleaning equipment, wiring/welding equipment, laminating equipment, etc. Thin-film cell panel production equipment: amorphous silicon cells, copper indium gallium selenium dioxide cells CIS/CIGS, cadmium telluride thin-film cells CdTe, dye-sensitized cell DSSC production technology and research equipment Solar Cells: Solar cell producers, cell module producers, cell module installers, agents, dealers and distributors, concentrator cells, etc. PV Related Parts: Batteries, chargers, controllers, converters, recorders, inverters, monitors, mounting systems, tracking systems, solar cables, etc. PV Raw Materials: Polysilicon, silicon ingots/silicon lumps, silicon wafers, encapsulation glass, encapsulation films, other raw materials PV Application Products: Lighting products, power supply systems, mobile chargers, water pumps, solar household products and other solar products PV Engineering and Systems: PV system integration, solar air conditioning systems, rural PV power generation systems, solar detection and control systems, solar heating system engineering, solar PV engineering process control and project management and software programming systems System Engineering Construction Equipment and Safety Protection: Electrical construction equipment, construction vehicles, engineering machinery, maintenance tools, aerial work vehicles/platforms, scaffolding, electrical safety tools, personal safety protective equipment Others Solar Energy and Green Buildings: Solar Thermal Utilization: Solar central hot water systems, household solar water heaters, solar heat pump water heaters, solar collector systems, solar heating systems, integrated solar thermal-PV products, solar water heater manufacturing equipment, solar water heater raw materials and accessories Solar PV and Concentrated Solar Power: Grid-connected solar PV power generation systems, off-grid PV power generation systems, PV-wind complementary power generation systems, PV power transmission and distribution equipment, PV modules and components and equipment, trough linear focus systems, tower systems, dish systems, collector tubes, heat storage equipment and corresponding materials, heat exchange technology and products, high-temperature heat transfer technology and products, system control Solar Cooling Systems and Equipment: Solar cooling products and systems, air energy products, solar central air conditioning, ground source heat pump air conditioning Solar Lighting and Building Materials: Solar lawn lights, garden lights, solar street lights and other optoelectronic products, solar PV glass, solar rooftop modules, solar PV building integration overall solutions, etc. LED Technology and Products: LED lighting, LED application products, display products/digital signage, parts, modules, kits, etc. Solar Accessories: Solar complementary automatic control devices and instruments, solar pipes and fittings, solar control systems, solar heat pipes, vacuum tube collectors, flat plate collectors, engineering manifolds, insulation materials, hot and cold water pumps, brackets, PV equipment accessories, batteries and other related production equipment and accessory materials International Energy Storage Technology and Smart Grid Energy Storage Technology, Equipment and Materials: Compressed air energy storage, pumped hydro energy storage, superconducting magnetic energy storage, flywheel energy storage, thermal/cold storage, hydrogen storage and other energy storage technologies applicable to plug-in EVs, equipment and materials; various batteries (nickel–metal hydride batteries, lithium-ion batteries, lithium polymer batteries, lead-acid batteries, smart batteries, sodium-sulfur batteries), energy storage power supplies, supercapacitors, renewable fuel cells, flow batteries and other technologies, equipment and materials ESS Power Stations and EPC Projects: BMS battery management systems, PCS energy storage inverters, microgrids, EV charging and battery swapping stations and related supporting facilities C. New Energy Power Generation Grid Connection and Smart Power Transmission and Distribution: Grid-tie inverters, light DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, ultra-high voltage transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, smart switchgear, transformers, instrument transformers, smart components, digital substations, substation integrated automation, distribution network automation devices, transmission and distribution online monitoring, fault diagnosis and self-healing devices, power quality monitoring, harmonic control and reactive power compensation, superconducting electrical technology, various new types of wires and cables, composite materials, safety protection D. Power Grid Dispatching and Automation Control: Smart grid dispatching systems, dispatching integrated data platform systems, grid security and control, smart inspection systems, integrated measurement and control protection and arc suppression line selection systems, security and stability control system solutions, power monitoring systems and microcomputer-based relay protection, wide-area dynamic monitoring systems, grid stability online monitoring systems, distribution network intelligent reactive power compensation devices, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart Metering and Power Consumption Management: Smart meters and chips, remote/centralized meter reading systems, power consumption information collection systems, power consumption management information systems, load management terminals, monitoring systems, verification devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart Grid Information and Communication: IoT technology, cloud computing technology, multi-network convergence technology, transmission technology and equipment, access equipment, optical fiber and cables, industrial Ethernet, data communication and network technology and related products, in-plant communication equipment, power line carrier equipment, supporting equipment and instruments, digital microwave communication equipment, testing equipment and instruments, network online monitoring equipment G. Others International NEV and Charging Piles NEVs (Passenger Vehicles / Commercial Vehicles): Electric buses and trucks, electric sedans, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar EVs, light EVs, hybrid vehicles (micro hybrid, mild hybrid, medium hybrid, full hybrid and plug-in hybrid), pure EVs, fuel cell vehicles, hydrogen and natural gas and other new energy clean fuels, hybrid vehicles and various low-emission environmental protection energy-saving vehicles; Power Drive Systems: Power batteries, battery management systems, fuel cells, hybrid systems, drive motors, electric control systems, engines, detection and repair equipment, related testing, monitoring, protection instruments, related technologies; C. Key NEV Parts: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technology, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; auto body accessories; motors and electrical appliances, electronic components, electrical systems, circuits, wheel hubs, tires, etc.; D. Vehicle Design: Complete vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; charging station smart network project planning and achievement display, gas station expansion to charging (battery swapping) stations, integrated gas and charging service station display, solar and wind complementary NEV charging station technology products, charging station power distribution equipment, chargers, power monitoring systems, active filter devices, transformers, distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging/swapping batteries and battery management systems, parking lot charging facilities, smart monitoring, charging station power supply solutions F. Others Participation Fees: Standard Booth (Deluxe, 3m x 3m ): Domestic enterprises: RMB 23,800/booth Foreign-funded enterprises: US$4,900/booth Basic configuration: one consultation desk, two folding chairs, one waste basket, one 220V/500W power supply socket, two spotlights, Chinese-English header board, carpet inside the booth. Indoor Bare Space (minimum 36 m² rental): Domestic enterprises: RMB 2,380/m ² Foreign-funded enterprises: US$490/m ² Exhibitor Notes: 1. Enterprises confirming participation shall complete the exhibition application form, affix the company seal, and fax or mail it to the Organizing Committee; 2. Upon receipt of booth reservation fees, the Organizing Committee will arrange booths according to the principle of "first application, first payment, first arrangement"; 3. Payment details for participation fees: (1) The above participation fees do not include "construction deposit", "construction management fee", "facility rental fee" and other fees; (2) Exhibitors who sign contracts shall remit the deposit to the Organizing Committee's account within ten working days from the date of signing the contract, and fax the remittance receipt to the Organizing Committee for verification; (3) The remaining participation fees shall be remitted to the Organizing Committee's designated account before December 31, 2025; 4. The order of conference booklet advertisements is based on the order of advertisement fee receipt, with the submission deadline being March 31, 2026; 5. The Organizing Committee will send the "Exhibitor Manual" to participating enterprises in April 2026. Inquiries Welcome: Shanghai Fulemi Exhibition Service Co., Ltd. SNEC 19th (2026) International Photovoltaic Power Generation and Smart Energy (Shanghai) Conference & Exhibition Contact: Manager Wei Room 905, Guangqi City, No. 425 Yishan Road, Xuhui District, Shanghai Postal Code: 200235 Room 905-907, Guangqi City Office Building, No. 425 Yishan Road, Xuhui District, Shanghai Tel: +86-13817218765 E-mail: weiwei@snec.org.cn Conference Website:

SMM April 29: Metals market: As of the midday close, domestic market base metals mostly rose, with SHFE copper down 0.29%. SHFE aluminum edged up. SHFE lead rose 0.18%, SHFE zinc edged down. SHFE tin rose 0.81%. SHFE nickel rose 1.37%, hitting an intraday high of 152,230 yuan/mt, the highest since January 26. Additionally, the most-traded casting aluminum futures were flat at 23,175 yuan/mt, and the most-traded alumina contract fell 0.45%. The most-traded lithium carbonate contract rose 0.6%. The most-traded silicon metal contract rose 1.57%. The most-traded polysilicon futures rose 1.08%. Ferrous metals all rose, with iron ore up 0.77%, rebar up 0.31%, hot-rolled coil up 0.3%, and stainless steel up 0.55%. Coking coal and coke: the most-traded coking coal contract rose 0.47%, and the most-traded coke contract rose 0.22%. Overseas market base metals, as of 11:40, LME metals rose across the board. LME copper rose 0.79%. LME aluminum rose 0.49%, LME lead rose 0.49%, LME zinc rose 0.61%. LME tin rose 1.14%. LME nickel rose 0.18%. Precious metals, as of 11:40, COMEX gold edged up 0.07%, COMEX silver rose 0.65%. Domestic precious metals: the most-traded SHFE gold contract fell 1.36%, and the most-traded SHFE silver contract fell 1.46%. Additionally, as of the midday close, the most-traded platinum futures fell 1.07%, and the most-traded palladium futures fell 0.29%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.13% to 2,252.9 points. As of 11:40 on April 29, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 240 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 180 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 101,540 yuan/mt, down 780 yuan/mt from the previous trading day; the average price of SX-EW copper was 101,440 yuan/mt, down 775 yuan/mt from the previous trading day. Spot market: Guangdong inventory rose for two consecutive sessions, mainly due to weak downstream consumption... Macro front China: [31 World Firsts: China's Mineral Resource Inventory Published, with Continued Increase in Exploration Investment Planned for the 15th Five-Year Plan Period] On April 29, the Ministry of Natural Resources released China's latest mineral resource inventory. China ranked first in the world in reserves of 14 minerals, including rare earths, tungsten, tin, molybdenum, antimony, gallium, germanium, indium, fluorite, and graphite. In 2025, China ranked first in the world in the production of 17 minerals, including coal, vanadium, titanium, zinc, rare earths, tungsten, tin, molybdenum, antimony, gallium, indium, gold, and tellurium. Currently, China's mineral production and smelting processing scale ranks firmly first globally. In 2025, the national mining output value was approximately 32.7 trillion yuan, accounting for over 23% of GDP. Resource reserves grew significantly, laying a solid foundation for resource self-sufficiency and controllability. Xiong Zili, Director of the Geological Exploration Management Department of the Ministry of Natural Resources, stated that during the 15th Five-Year Plan period, the state will continue to deeply implement a new round of strategic actions for mineral exploration breakthroughs. The Ministry of Natural Resources will further improve the coordinated system for exploration, production, supply, reserves, and sales of strategic mineral resources, and strengthen security risk monitoring and early warning for strategic mineral resources. In terms of key directions, efforts will focus on scarce strategic minerals such as copper, iron, lithium, cobalt, and nickel, while consolidating the resource position of advantageous minerals such as rare earths, tungsten, and tin. In terms of spatial layout, land-sea coordination will be strengthened, with active expansion of survey, exploration, and development space, and increased efforts in basic geological surveys. The goal is to submit a number of mineral sites ready for development by 2030 and form new capacity as soon as possible. The PBOC conducted 25.9 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%. Today, 6 billion yuan of reverse repos matured. US dollar: As of 11:40, the US dollar index rose 0.03% to 98.66. US Fed watchers did not expect significant changes to the Fed's statement, but they noted there could be some subtle adjustments. For example, officials might revise their description of the labour market to acknowledge that recent data suggested the labour market had stabilized despite less hiring activity. Some officials also wanted the Fed to make clear that the next policy move could be a rate hike—rather than an interest rate cut—as the Iran situation had intensified existing inflationary pressures. To signal this view, officials could slightly adjust the wording of "the extent and timing of additional adjustments to the benchmark rate." Deutsche Bank economists wrote in a report: "A hawkish statement might remove the word 'additional,' as it implies a dovish lean and effectively signals a continuation of a series of interest rate cuts." The US Fed made three interest rate cuts at year-end 2025. Roger Ferguson, former Vice Chairman of the US Fed and economist, stated, "In terms of the dual mandate, the Fed would say that the labour market is roughly in a stable state at present. Regarding the inflation mandate, (as inflation remains elevated at 3%), there is still much work to be done." He expected the US Fed to say: "We will stay put for now and see how all this plays out." Similarly, Goldman Sachs economist David Mericle expected the post-meeting statement to acknowledge improved labor market conditions and rising inflation data, but maintain existing policy guidance. We expect a majority will still support keeping rates unchanged, with only one dissent, same as in March. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged in April was 100%. The probability of a cumulative 25 basis point interest rate cut by June was 2.6%, while the probability of keeping rates unchanged was 97.4%. (Jin10 Data) Data: Data to be released today include Australia's March non-seasonally adjusted CPI year-on-year, Switzerland's April ZEW investor confidence index, Eurozone April industrial confidence index, Eurozone April economic sentiment index, Germany's April preliminary CPI month-on-month, US March annualized housing starts, US March durable goods orders month-on-month, US March building permits, and Bank of Canada interest rate decision through April 29. Also noteworthy: Bank of Canada to release its rate decision and monetary policy report; US Senate Banking Committee to vote on advancing Waller's Fed Chairman nomination, with a full Senate confirmation vote to follow if passed; Bank of Canada Governor Macklem and Senior Deputy Governor Rogers to hold a monetary policy press conference. Crude oil: As of 11:40, both benchmarks declined, with WTI down 0.77% and Brent down 0.47%. Both WTI and Brent continued to pull back in the short term, fully erasing gains since the news that Trump planned to extend the blockade on Iran. According to the Wall Street Journal, US officials said Trump had instructed aides to prepare for a prolonged blockade on Iran, a high-risk attempt aimed at striking Iran's fiscal revenue and forcing concessions on the nuclear issue. Officials said that in recent discussions, including a Monday White House Situation Room meeting, Trump decided to continue suppressing Iran's economy and oil exports by blocking shipping to and from Iranian ports. On April 28 local time, satellite imagery showed multiple oil tankers in waters near Iran's Chabahar Port, including 8 very large crude carriers and several small and medium-sized vessels, with a total capacity of approximately 14 million barrels of crude oil. Chabahar Port is located on the Gulf of Oman coast in southeastern Iran. Although the port is located outside the Persian Gulf, it is already close to the blockade line set by the US. Analysts noted that as traffic through the Strait of Hormuz has nearly dropped to zero, rerouting some oil exports is one of the measures Iran has taken to minimize disruptions to its oil exports. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Tin Midday Review: SHFE Tin Tested the 380,000 Level, Bargain Buying Drove Spot Trades to Recover]