To adapt to the reshaping of global trade patterns and the commodity supercycle triggered by new quality productive forces, accelerate the implementation of Shanghai’s deployment for building a commodity resource allocation hub in the first year of the "15th Five-Year Plan," further promote the "Action Plan for Strengthening Spot-Futures Linkage to Enhance the Energy Level of Nonferrous Metal Commodities" (18 measures), and elevate the "Shanghai Price" from a regional indicator to an international benchmark, SMM will host the "2026 Shanghai Metals Week" (English: Shanghai Metals Expo, abbreviated as "SME") from November 16 to 19, 2026. Against this backdrop, the 2026 Shanghai Metals Week will be grandly held from November 16 to 19 in Shanghai , SMM joins hands with Sanshui Industrial Co., Ltd. to invite you to attend , and this session of SME Shanghai Metals Week, with the theme of "Cycle Reshaping, Pricing the Future," focuses on core variables such as global macro policy shifts, geopolitical supply chain restructuring, and the metal supercycle, striving to build an annual event as an "information port, pricing benchmark, trading platform, and social network" for the metal and related industries, helping the industry move from passively accepting cycles to actively participating in pricing. Click to register immediately for the conference, and we look forward to meeting you at the event. Sanshui Industrial Co., Ltd.'s main business focuses on seven core categories: copper, aluminum, lead, zinc, tin, nickel, and precious metals. Relying on the geographical advantages of Shanghai and Foshan, robust financial strength, and the extensive management and operational experience of its business team, the company quickly established a reputation for pragmatism and integrity in the industry, and has a large number of high-quality clients in China's core nonferrous metal consumption regions. By providing high-quality products, standardized business operations, and safe and flexible trading models, it offers value-added services to industry chain clients. The company leverages a mature full-domain supply chain layout to fully connect upstream and downstream resources and jointly pursue a new phase of industrial collaborative development. Breaking away from traditional trade models, the company relies on professional teams to provide value-added services such as market analysis and procurement optimization, and combines full-process risk control with flexible financial transaction solutions to strengthen transaction security and service barriers. In 2025, the enterprise's total trade volume exceeded 30 billion yuan, with steady growth across multiple business categories, and its comprehensive strength remained at the forefront of the industry. Sanshui Industrial will adhere to the strategic approach of combining spot trade with financial derivatives, uphold the business philosophy of balancing risk control with operations, persist in the development direction of channel building and internationalization, and continuously expand its business into integrated areas such as commodity industry chain investment and commodity supply chain financial services, developing into a leading domestic integrated commodity industry chain operator and manager. Main Products Address: Suite A, 2/F, No. 2550 Zhongshan North Road, Putuo District, Shanghai Tel: 021-32258953 Contact: Domestic trade: 15821697119 Zhou Long Foreign trade: 17371432429 Chen Yitong SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

Copper shipments into the United States continued to surge as traders sought to capitalize on the price premium between the COMEX and London Metal Exchange (LME) markets ahead of a potential U.S. decision on refined copper import tariffs. According to IHS Markit shipping data, more than 200,000 tonnes of refined copper arrived at U.S. ports during July, marking the highest monthly inflow in more than a decade. Combined inventories held on COMEX and LME facilities in the United States have now exceeded 740,000 tonnes, while additional material remains in storage at U.S. ports awaiting delivery. The movement of metal into the U.S. has tightened availability in other key trading hubs. Market participants reported significant inventory declines at bonded warehouses in Shanghai, where stocks have fallen sharply since the beginning of the year as cargoes have been redirected to the U.S. to capture favorable arbitrage opportunities. The premium of COMEX copper over LME prices has remained well above historical norms, providing sufficient margin to offset transportation, insurance and warehousing costs. The shift comes as the U.S. administration continues to evaluate potential tariffs on refined copper imports. While the timing and scope of any measures remain uncertain, the prospect of future trade restrictions has already reshaped global trade flows and inventory distribution. The continued migration of copper inventories into the United States is tightening physical availability across international markets and supporting a firmer supply outlook outside North America. Any delay, revision or cancellation of proposed U.S. import tariffs could narrow the COMEX-LME price premium, potentially reversing some of the recent inventory movements and increasing short-term price volatility.

To adapt to the reshaping of global trade patterns and the commodity supercycle driven by new quality productive forces, accelerate the implementation of Shanghai’s deployment for building a commodity resource allocation hub in the opening year of the Fifteenth Five-Year Plan, and deepen the promotion of the Action Plan for Strengthening Futures-Spot Linkages to Enhance the Tier of Nonferrous Metal Commodities (18 Measures), elevating the “Shanghai price” from a regional metric to a global benchmark, SMM will host the “Shanghai Metals Expo 2026” (abbreviated as “SME”) from November 16 to 19, 2026. Against this backdrop, Shanghai Metals Expo 2026, scheduled for November 16-19, will be grandly convened in Shanghai . SMM , in partnership with Shanghai Wurui Metals Group Co., Ltd. , cordially invites you to attend . Themed “Reshaping Cycles, Pricing the Future,” this edition of SME Shanghai Metals Expo will focus on core variables such as shifts in global macro policies, the restructuring of geopolitical supply chains, and the metal supercycle. It strives to create an annual gathering that serves as an “information hub, pricing benchmark, trading platform, and industry network” for metals and related sectors, empowering the industry to move from passively enduring cycles to actively participating in pricing. Click the to sign up now. We look forward to meeting you at the conference. Shanghai Wurui Metals Group Co., Ltd., headquartered at the Shanghai Nonferrous Metal Trading Center, specializes in nonferrous metal trading and supply chain services. As one of China’s early practitioners of the futures-spot integration model, it has grown into a large-scale enterprise with a scale approaching RMB100 billion. The company primarily deals in core nonferrous metal varieties such as copper, aluminum, zinc, lithium carbonate, polysilicon, silicon metal, and rare and precious metals, with its copper and aluminum business scales consistently ranking among the industry’s top. Its annual supply volume to end-user factories exceeds 4 million mt, and it has been recognized by the Shanghai Municipal Government as a trade-oriented headquarters and a dual-headquarters enterprise under the headquarters economy for the private sector. Its business covers Shanghai, Taicang, Changsha, Foshan, Hong Kong, Singapore, Dubai, Tanzania, and other locations, and it possesses the industry’s largest spot trading and investment research team, continuously maintaining a leading position. Grounded in trade with client service at its core, the company drives the development of the commodity industry and aims to become a leading nonferrous metal commodity industry service provider in China. It strives to ensure Chinese enterprises do not suffer losses amid severe commodity fluctuations, practices the concept of price management for end-user enterprises, and is committed to becoming a frontrunner among China’s commodity service providers. Address: Unit A, 4th Floor, No. 2550 North Zhongshan Road, Putuo District, Shanghai Tel: 021-3225 8990 Contact: Wang Jiale SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

Copper prices climbed to around US$14,000 per tonne on the London Metal Exchange (LME), reaching their highest level in two months as traders continued to monitor record inflows of copper into the United States ahead of an anticipated decision on refined copper import tariffs. According to foreign media reports, more than 200,000 tonnes of copper arrived at U.S. ports during July, representing the largest monthly inflow recorded by IHS Markit since it began tracking the data in 2014. The surge has significantly increased inventories at U.S. warehouses and ports while reducing the volume of metal available to consumers in other regions. The inflows have continued despite uncertainty over potential U.S. tariffs on refined copper imports. Although the U.S. Commerce Department was expected to submit its recommendations by the end of June, no formal decision has yet been announced. The sustained premium of U.S. copper prices over LME prices has continued to support profitable arbitrage opportunities, encouraging traders to redirect material into the U.S. market. Market Impact: The concentration of copper inventories in the United States is tightening physical availability elsewhere, reinforcing an already constrained global market. With copper prices remaining near historic highs and demand supported by electrification, power infrastructure and advanced manufacturing, any tariff decision that further alters global trade flows could intensify regional supply imbalances and provide additional upside for international copper prices.

As the global photovoltaic (PV) industry enters a new stage of development in 2026, the sector finds itself at a pivotal crossroads defined by both cyclical market adjustment and rapid technological transformation. Having moved beyond an era driven primarily by large-scale capacity expansion, the industry is increasingly focused on improving manufacturing efficiency, accelerating technology upgrades, and strengthening supply chain resilience to support sustainable long-term growth. The continued commercialization of N-type cell technologies, alongside the rapid advancement of Back Contact (BC) products, is reshaping the competitive landscape. At the same time, evolving global trade dynamics and the growing need for localized manufacturing are driving companies to optimize their international strategies and reinforce operational resilience. While short-term supply-demand imbalances continue to present challenges, the long-term outlook for the solar industry remains highly positive, supported by accelerating global decarbonization efforts and ambitious renewable energy targets across major markets. Against this backdrop, companies with strong technological capabilities, reliable manufacturing capacity, and proven execution continue to distinguish themselves as industry leaders. To recognize these outstanding performers, Shanghai Metals Market (SMM) has officially released the 2026 SMM PV Module Tier 1 List , highlighting manufacturers that demonstrate excellence across multiple dimensions of business performance. Built upon SMM's deep industry expertise and comprehensive market research, the Tier 1 evaluation adopts a multi-dimensional assessment framework covering product competitiveness, manufacturing and delivery capability, financial and operational stability, market performance, and long-term sustainability. The objective is to identify enterprises that consistently deliver high-quality products while maintaining resilient operations in an increasingly competitive global market. The companies included in the 2026 SMM PV Module Tier 1 List represent the backbone of today's global photovoltaic industry. Their strong production capabilities, consistent product quality, dependable delivery performance, and commitment to continuous innovation position them as trusted partners for utility-scale, commercial, and distributed solar projects worldwide. More than a recognition of current market leadership, the SMM PV Module Tier 1 List reflects the industry's ongoing transition toward higher standards of quality, innovation, and sustainable development. As technological pathways continue to diversify and international market conditions become increasingly complex, the list serves as an authoritative reference for project developers, investors, EPC contractors, and other industry stakeholders seeking reliable manufacturing partners. Looking ahead, SMM remains committed to supporting the healthy development of the global photovoltaic industry by promoting technological innovation, encouraging fair and rational competition, and fostering continuous improvements in product quality, manufacturing efficiency, and project value. Together with industry partners, SMM believes the solar sector will continue to play a vital role in accelerating the global transition toward a cleaner, more sustainable energy future.

In H1 2026, global lithium battery ESS shipments reached 461.3 GWh, up 71% from 269.7 GWh in the same period last year. The overall market presented a competitive landscape of "the first tier remains dominant, the second and third tiers are locked in a melee, while other enterprises struggle to survive in the cracks.