SMM May 16 News: Metals market: Overnight, metals across both domestic and overseas markets fell collectively, with most declining over 1%. LME tin led the decline with a 4.03% drop, LME copper fell 3.15%, LME aluminum and SHFE tin dropped over 2% (LME aluminum down 2.36%, SHFE tin down 2.84%). LME lead, LME zinc, LME nickel, SHFE copper, and SHFE nickel all fell over 1% (LME lead down 1.39%, LME zinc down 1.35%, LME nickel down 1.9%, SHFE copper down 1.29%, SHFE nickel down 1.3%). SHFE lead and SHFE zinc fell less than 1% (SHFE lead down 0.6%, SHFE zinc down 0.44%). The alumina front-month contract fell 1.19%, and the casting aluminum front-month contract fell 0.99%. Overnight, ferrous metals generally declined. Stainless steel fell 0.94%, and iron ore fell 0.8%. Hot-rolled coil and rebar dropped over 0.6% (hot-rolled coil down 0.63%, rebar down 0.62%). Coking coal and coke: coking coal fell 0.49%, coke fell 1.32%. Overnight, precious metals: COMEX gold fell 3.02% overnight, down 3.96% on the week; COMEX silver plunged 10.59%, down 5.65% on the week. In China, SHFE gold fell 1.13%, down 3.37% on the week; SHFE silver fell 6.79%, down 3.26% on the week. This was mainly pressured by rising US Treasury yields and a strengthening US dollar index, while the escalating US-Iran conflict intensified inflation concerns, further reinforcing market expectations of interest rate hikes. As of 8:24 AM on May 16, overnight closing prices: Macro front Wang Yi briefed the media on the China-US summit and the consensus reached. Wang Yi stated that the two heads of state interacted for nearly 9 hours and agreed that building a "China-US constructive strategic and stable relationship" was the most important political consensus. At the invitation of President Trump, President Xi Jinping will pay a state visit to the US this autumn. The economic and trade teams of both countries reached overall balanced and positive outcomes, including continuing to implement all consensus from previous negotiations, agreeing to establish a Trade Council and an Investment Council, addressing each other's concerns on agricultural product market access, and promoting the expansion of two-way trade under a reciprocal tariff reduction framework. China: The Ministry of Foreign Affairs provided consolidated responses on China-US economic and trade issues including semiconductors, rare earths, Boeing, and oil purchases. On May 15, Ministry of Foreign Affairs spokesperson Guo Jiakun hosted a regular press conference, providing consolidated responses on China-US economic and trade issues. Regarding rare earth supply, China is committed to maintaining the stability of global supply chains. Regarding purchases of US oil and Boeing aircraft, China expressed willingness to jointly safeguard energy security and supply chain stability, emphasizing the mutually beneficial nature of China-US economic and trade relations. Qiushi Journal published an important article by General Secretary Xi Jinping titled "Making the Real Economy Stronger, Better, and Bigger." The article pointed out that manufacturing is the foundation of the real economy, and that high-quality development of manufacturing should be given a more prominent position, with unwavering commitment to building a manufacturing powerhouse. It called for implementing industrial foundation re-engineering projects and major technical equipment breakthrough projects, supporting the development of specialized, refined, distinctive, and innovative enterprises, and promoting high-end, intelligent, and green development of manufacturing. It also called for promoting the integrated cluster development of strategic emerging industries, and building a batch of new growth engines in areas such as next-generation information technology, artificial intelligence, biotechnology, new energy, new materials, high-end equipment, and green environmental protection. US dollar: As of overnight close, the US dollar index rose 0.41% to 99.28, up 1.45% on the week. Rising energy prices and prolonged shipping disruptions intensified inflationary pressures, pushing up market expectations that the US Fed will raise interest rates this year. US interest rate futures prices fell sharply on Friday, reflecting growing conviction among bond market investors that elevated inflation will force the US Fed to raise interest rates later this year or in early 2027. According to the CME FedWatch tool, the market now prices in approximately a 60% probability of a 25-basis-point rate hike by the January FOMC meeting, with a 50% probability of a rate hike in December. US April retail sales grew further, but part of the increase may have come from rising inflation, as the Iran conflict pushed up energy and other commodity prices. Data released Thursday showed April retail sales rose 0.5%, in line with market expectations, while the March increase was revised down to 1.6%. The Iran conflict is driving up inflation; US Energy Information Administration data showed gasoline prices rose 12.3% in April. Despite surging oil prices, spending has not yet noticeably shifted away from other areas, thanks to larger tax refund amounts this year. IRS data showed that as of April 25, the average refund increased by $323 compared to the same period in 2025. However, this support is fading. Economists at PNC Financial Services Group stated, based on internal data analysis, that "consumers are spending their tax refunds faster than last year, especially among lower-income households," adding that "the amount of refund money being used to pay off credit card and other debts is also declining." (Jin10 Data APP) The Fed Board of Governors said in a statement on Friday that it had appointed Jerome Powell as chair pro tempore until his successor Kevin Warsh is officially sworn in. The US Fed stated: "This interim step of appointing the current chair as chair pro tempore is consistent with the practice followed during previous chair transitions." In response, Fed Governors Bowman and Milan stated that they did not support the interim appointment. On May 15, Powell's term as Fed Chairman expired. (Wallstreetcn) Analysts at BofA Global Research: If strong global economic growth prevents the US Fed from cutting interest rates, emerging markets could perform well. However, under scenarios of asymmetric growth (favoring the US) or a global stagflation shock, emerging markets would be more vulnerable. On the currency front, even though the election trigger is still months away, commodity outlook and monetary policy should continue to provide support for the Brazilian real. (Wallstreetcn) Data: Next week, China will release data including China's April total retail sales of consumer goods YoY, China's April industrial value added of enterprises above designated size YoY, China's 1-year Loan Prime Rate as of May 20, and China's April Swift RMB share in global payments. The US will release data including US initial jobless claims for the week ending May 16, US ADP employment weekly change for the week ending May 2, US April pending home sales index MoM, US April housing starts annualized, US April building permits, US May Philadelphia Fed Manufacturing Index, US continuing jobless claims for the week ending May 9, US May S&P Global Manufacturing PMI preliminary, US May S&P Global Services PMI preliminary, US May University of Michigan Consumer Sentiment Index final, US May NAHB Housing Market Index, US May 1-year inflation expectations final, and US April Conference Board Leading Index MoM. The UK will release data including UK March 3-month ILO unemployment rate, UK April unemployment rate, UK April claimant count, UK April CPI MoM, UK April Retail Price Index MoM, UK May Manufacturing PMI preliminary, UK May Services PMI preliminary, UK May CBI Industrial Orders balance, UK May GfK Consumer Confidence Index, UK April public sector net borrowing, and UK April seasonally adjusted retail sales MoM. Germany will release data including Germany April PPI MoM, Germany May Manufacturing PMI preliminary, Germany June GfK Consumer Confidence Index, Germany Q1 non-seasonally adjusted GDP annual rate final, and Germany May IFO Business Climate Index. The Eurozone will release data including Eurozone March seasonally adjusted trade balance, Eurozone April CPI annual rate final, Eurozone April CPI MoM final, Eurozone May Manufacturing PMI preliminary, Eurozone March seasonally adjusted current account, and Eurozone May Consumer Confidence Index preliminary. Canada will release data including Canada April CPI MoM and Canada March retail sales MoM. Japan April core CPI annual rate, France May Manufacturing PMI preliminary, and Australia April seasonally adjusted unemployment rate will also be released. In addition, in China, the National Bureau of Statistics (NBS) will release the monthly report on residential sales prices in 70 large and medium-sized cities, the State Council Information Office will hold a press conference on the national economic performance, and a new round of domestic refined oil price adjustment window will open. At 2:00 AM on May 21, the US Fed will release the minutes of its monetary policy meeting. The Reserve Bank of Australia will release the minutes of its May monetary policy meeting. ECB Chief Economist Lane and Fed Governor Waller will speak at an ECB research conference. 2026 FOMC voter and Philadelphia Fed President Paulsen will deliver a speech. Crude oil: As of overnight close, the US-Iran standoff over Strait of Hormuz passage showed no signs of a breakthrough, and both benchmarks rose. WTI rose 4.44%, and Brent rose 3.55%. On the week, WTI rose 10.73%, and Brent rose 8.08%. As the Iran conflict has cut off energy supplies from the Persian Gulf, US refiners are ramping up fuel production to fill supply gaps in gasoline, diesel, and jet fuel. Analysts said this rapid growth trend is expected to push many refineries to their effective maximum capacity for at least the remainder of 2026. Reduced spare crude oil supply in Europe and other regions, combined with the difficulty of restoring post-conflict infrastructure in the Middle East in the short term, is driving up crude oil refining margins. Analysts said this rapid growth trend is expected to push many refineries to their effective maximum capacity for at least the remainder of 2026. US Energy Information Administration data showed that the so-called "capacity utilization rate" has climbed for three consecutive weeks and is now approaching 92%. In recent weeks, gasoline production hit a nine-month high, while jet fuel production reached its highest level since the summer of 2024. (Jin10 Data APP) US Energy Secretary Wright said at an event in Sabine Pass, Texas on Friday that the US will replenish every barrel of crude oil released from the Strategic Petroleum Reserve (SPR). He said: "We are releasing oil now, and for every barrel released, we will put back at least 1.2 barrels into the reserve. Ultimately, we will make the reserve larger than when we started." (Jin10 Data APP) According to US media reports, the Trump administration plans to streamline the permitting process for oil projects within the National Petroleum Reserve-Alaska to boost crude oil production in the US Arctic region. The Interior Department's move aims to establish a new permitting framework for the construction and operation of oil production facilities and related infrastructure. Under the plan, eligible projects could receive analysis and authorization more quickly, potentially within just 30 days. This initiative could benefit companies such as ConocoPhillips, Santos, and Repsol, which hold leases within the reserve, and accelerate government review of projects such as ConocoPhillips' Willow project, which had drawn strong opposition from climate activists. During the Iran conflict, with approximately 20% of global supply trapped in the Persian Gulf, the Trump administration has stepped up calls for US oil companies to increase production. (Jin10 Data APP) US import and export prices surged in April, posting the largest increase in over four years, driven by oil market pressures related to the Iran conflict, further signaling rising inflation in the world's largest economy. Data released Thursday by the Bureau of Labor Statistics showed the import price index rose 1.9% MoM, the largest increase since March 2022, with petroleum costs surging 19%. Export prices rose 3.3% MoM, also the largest increase in over four years. (Wallstreetcn)

SMM May 15 News: In May 2026, the global molybdenum market remained in a persistently tight supply-demand pattern, with prices extending and accelerating the upward trend seen in April. International molybdenum oxide prices kept surging at high levels, while domestic molybdenum concentrate and ferromolybdenum prices repeatedly hit new stage highs.

【SMM Steel】The US Department of Commerce issued a final determination in its countervailing duty administrative review, finding that POSCO Co., Ltd. received countervailable subsidies on carbon and alloy steel cut-to-length plate exports to the US during the January 1, 2023 to December 31, 2023 review period, with a final subsidy rate of 3.70%. The rate applies to POSCO's cross-owned entities and its affiliated trading company POSCO International. The determination comes as the US Court of International Trade has remanded certain key issues, requiring Commerce to provide better substantiation on electricity pricing benchmarks and whether carbon allowances constitute "financial contributions". US steelmaker Nucor has appealed the trade court's ruling.

SMM News, May 15: Metals market: As of the midday close, domestic market base metals fell across the board. SHFE copper dropped 1.61%, SHFE aluminum fell 1.09%, SHFE lead declined 0.6%, SHFE zinc slipped 0.24%, SHFE tin lost 2.14%, and SHFE nickel fell 1.82%. In addition, the most-traded casting aluminum alloy futures fell 1.04%, the most-traded alumina contract dropped 0.64%, the most-traded lithium carbonate contract declined 0.54%, the most-traded silicon metal contract fell 1.84%, and the most-traded polysilicon futures slipped 0.08%. Ferrous metals all fell. Iron ore dropped 0.8%, rebar declined 0.18%, hot-rolled coil fell 0.43%, and stainless steel lost 1.27%. Coking coal and coke: the most-traded coking coal contract fell 1.29%, and the most-traded coke contract dropped 0.85%. Overseas market base metals: as of 11:46, LME metals declined across the board. LME copper fell 1.46%, LME aluminum dropped 0.82%, LME lead slipped 0.47%, LME zinc declined 0.91%, LME tin lost 0.19%, and LME nickel fell 1.16%. Precious metals: as of 11:46, COMEX gold fell 1.5% and COMEX silver dropped 4.6%. Domestic market precious metals: the most-traded SHFE gold contract fell 1.53%, and the most-traded SHFE silver contract dropped 7.64%. In addition, as of the midday close, the most-traded platinum futures fell 5.47%, and the most-traded palladium futures dropped 4.87%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.88% to 2,519 points. As of 11:46 on May 15, midday futures quotes for selected contracts: Spot prices and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 270 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,750 yuan/mt, down 2,020 yuan/mt from the previous trading day. The average price of SX-EW copper was 105,645 yuan/mt, down 2,020 yuan/mt from the previous trading day... Macro front China: [Preview: The State Council Information Office will hold a press conference on May 18 to introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption] The State Council Information Office will hold a press conference at 3:00 PM on Monday, May 18, 2026. Vice Minister of Commerce Sheng Qiuping, along with officials from the State Taxation Administration, Beijing, Shanghai, and Shenzhen, will introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption, and answer questions from reporters. (Guoxin.com) [CAICT Launches AI Terminal Intelligence Grading Tests to Accelerate Implementation of New National Standards] Recently, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the Ministry of Commerce, and other departments jointly released the national standard series "Artificial Intelligence Terminal Intelligence Grading" (GB/Z 177—2026), which clearly defines the intelligence levels of AI terminals and lays a solid foundation for building a safe, orderly, and efficient AI terminal ecosystem. CAICT is one of the primary drafting organizations of the standard series and possesses comprehensive detection qualifications and technical capabilities in product areas including smartphones, tablets, microcomputers, smart glasses, earphones, speakers, televisions, and automotive cockpits. The first round of AI terminal intelligence grading standard conformity detection has now been launched, and relevant enterprises are welcome to actively participate in testing to jointly promote the implementation of the standards and help enhance product intelligence levels. (CAICT) [PBOC Achieves Zero Injection and Zero Withdrawal for the Day, with a Net Withdrawal of 51 Billion Yuan for the Week] PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, zero injection and zero withdrawal were achieved for the day. This week, PBOC conducted 2.5 billion yuan of reverse repo operations. As 53.5 billion yuan of reverse repos matured this week, a net withdrawal of 51 billion yuan was achieved for the week overall. (Jin10 Data) US dollar: As of 11:46, the US dollar index rose 0.17% to 99.04. Data released by the US Department of Commerce on Thursday showed that US retail sales continued to grow in April, but against the backdrop of rapidly rising energy prices, the market believed that consumer data was partly influenced by inflation-driven price increases, and actual consumption momentum may not have been as strong as the headline data suggested. Data showed that US retail sales rose 0.5% MoM in April, the lowest since January, in line with market expectations. The previously reported March figure was revised down to a gain of 1.6%. US consumer confidence had already fallen to a historic low in early May, and the pace of inflation exceeded wage growth for the first time in three years, raising market concerns that consumer spending could slow down significantly going forward. US Fed's Williams: Monetary policy is slightly restrictive. I see no reason to raise or cut interest rates at this point. US Fed Governor Barr: We are not in a recession, but job growth is weak. I have not yet decided what action to take at the June FOMC meeting. According to the CME "FedWatch": The probability of the US Fed keeping rates unchanged through June was 96.8%, while the cumulative probability of a 25-basis-point interest rate cut was 3.2%. The probability of the US Fed keeping interest rates unchanged through July was 93.8%, with a 3.1% probability of a cumulative 25-basis-point interest rate cut and a 3.1% probability of a cumulative 25-basis-point rate hike. (Jin10 Data) Data: The US May New York Fed Manufacturing Index, US April industrial production MoM, and China's April total electricity consumption YoY will be released today. Also noteworthy: 2026 FOMC voter and Cleveland Fed President Hammack will deliver opening remarks at an online discussion on central bank independence; permanent FOMC voter and New York Fed President Williams will participate in a discussion; Fed Governor Barr will speak on the balance sheet; the National Energy Administration will release total electricity consumption data around the 15th of each month; Fed Chairman Powell's term will end; US President Trump will pay a state visit to China. Crude oil: As of 11:46, oil prices in both markets rose, with WTI up 1.36% and Brent up 1.29%. Middle East conflicts and uncertainty over navigation through the Strait of Hormuz supported oil prices. US President Trump stated: "We don't need to open the Strait of Hormuz," adding that efforts were being made to reopen the Strait of Hormuz for regional countries. India's Ministry of External Affairs confirmed on the 14th that an Indian-flagged merchant vessel was attacked near the Omani coast close to the Strait of Hormuz, but all crew members were safe. The Ministry expressed regret in a statement that day over the continued targeting of merchant ships and seafarers. However, the statement did not mention the specific name of the attacked vessel or the identity of the attackers, only stating that all Indian crew members on board were safe. UK-based Windward maritime analytics company said on social media on the 14th that an Indian-flagged cargo ship sank after a suspected drone attack in Omani waters near the Strait of Hormuz, and all crew members had been successfully rescued. (Xinhua) According to retailers in Delhi on Friday, India raised gasoline and diesel prices by approximately 3 rupees per liter (about $0.03); this was the country's first fuel price increase in four years, aimed at offsetting part of the losses incurred from surging global oil prices. Affected by the near-closure of the Strait of Hormuz and severe shipping disruptions triggered by the Iran war, global oil prices once surged to highs of over $120 per barrel before pulling back to around $100–105 per barrel. Currently, the retail price of diesel in Delhi was 90.67 rupees per liter, and the retail price of gasoline was 97.77 rupees per liter. Three state-owned enterprises — Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation — collectively controlled over 90% of more than 103,000 fuel stations across India, and these three companies typically adjusted diesel and gasoline retail prices in tandem. (Jin10 Data) In addition, Bank of Japan officials stated that prices of a wide range of commodities, including oil and chemical products, rose due to uncertainties surrounding the Middle East conflict and the de facto closure of the Strait of Hormuz. The YoY increase in wholesale prices in April was the largest since May 2023. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

According to data released by the China Automobile Dealers Association, in April 2026, the national used car market recorded a transaction volume of 1.6712 million units, down 6.73% MoM and down 1.76% YoY, with a transaction value of 113.476 billion yuan. From January to April 2026, the cumulative used car transaction volume reached 6.4932 million units, up 2.93% YoY, an increase of 184,600 units compared with the same period last year, with a cumulative transaction value of 426.358 billion yuan.

May 13, 2026 The silver price is hovering around $88 per troy ounce on Wednesday afternoon, holding on to the recent recovery trend. After the historic crash from January's all-time high of $121.64 down to roughly $60 in March, the white metal is slowly but steadily working its way back. Earlier this week, silver briefly jumped more than 6% to $85.5 per ounce – the highest level in nearly two months, before consolidating on Tuesday and Wednesday. Compared with twelve months ago, the silver price is now trading roughly 163% higher and has firmly established itself as one of the top performers across the commodity space. The question on investors' minds: Is this level the launchpad for another push into triple digits – or is another setback looming? Silver Price Caught Between the Hormuz Crisis and the Fed Brake The market is currently caught between two dominant forces. On the bullish side: persistent geopolitical risk. The Strait of Hormuz remains closed, and US President Donald Trump described the ceasefire with Iran as being on "massive life support". Oil prices remain elevated, supporting safe-haven demand for precious metals. But here is where things get tricky: US consumer prices climbed to 3.8% in April – the highest reading since May 2023 – while core inflation also came in above expectations at 2.8%. That pushes any near-term monetary easing further out of reach. Futures traders are now pricing in a probability of more than 70% for a Fed rate hike by April 2027; rate cuts in 2026 are largely off the table. For the silver price , this setup is delicate: higher real yields and a firm US dollar lift the opportunity cost of holding a non-yielding metal. Should upcoming inflation and labor market data again surprise to the upside, a short-term pullback toward $80 cannot be ruled out. Structural Deficit Underpins the Long-Term Outlook Despite the headwinds from the rate front, the fundamental picture remains exceptionally strong. Analysts expect a supply deficit of around 67 million ounces in 2026 – already the sixth consecutive year of shortfall. Industrial demand from photovoltaics, electric mobility, medical technology, and semiconductor production now accounts for roughly 55 to 60% of global silver consumption. The gold-silver ratio is also flashing an interesting signal. Currently at around 58, after a low of 43, it has clearly recovered but still sits just above the long-term historical average. In previous late-cycle precious metals phases, this ratio tended to compress further – a hint that silver may still have catch-up potential relative to gold. From a chart perspective, the $88 zone is decisive. Only a sustained move above the resistance band near $90 would clear the path back into triple-digit territory. Industry heavyweights such as First Majestic Silver CEO Keith Neumeyer consider triple-digit prices sustainable over the long term. After the crash and rebound, the silver price is now facing a decisive test. In the short term, Fed expectations and a strong dollar dominate the picture; over the medium term, supply scarcity and industrial demand provide a solid floor. For trend-oriented investors, the area around $88 therefore remains a highly interesting zone – with substantial upside potential, but also the need to keep a close eye on geopolitical and macroeconomic risks. Source： https://goldinvest.de/en/silver-price-today-stabilizing-at-usd88-is-the-next-breakout-coming