The International Copper Study Group (ICSG) released preliminary data on global copper supply and demand for March 2026 in its monthly bulletin published in May 2026. Preliminary data indicated that global copper mine production in Q1 2026 was basically flat, with copper concentrates production declining by 1.1%, offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production. Although global mine production benefited from additional output driven by capacity ramp-up of projects in several countries, significant declines in copper concentrates production in Chile, the DRC, and Indonesia offset global growth. In Indonesia, copper concentrates production at the Grasberg mine fell by 42%, as the severe mud inflow incident that occurred in September last year continued to affect the mine's production. Chile's mine production declined by 5.8%, with increased production at the Collahuasi and Quebrada Blanca mines offset by production cuts at the Spence, El Teniente, Escondida, and Los Pelambres mines. The DRC's mine production is estimated to have grown by only 0.5%: SX-EW production increased by approximately 10%, but was partially offset by a 36% decline in copper concentrates production due to reduced output at the Kamoa mine (affected by the 2025 earthquake event). In Peru, copper mine production grew by 3.3%, primarily driven by increased production at the Antamina, Las Bambas, and Antapaccay mines, which more than offset production declines at Southern Peru Copper, Quellaveco, and Marcobre. Mongolia's copper concentrates production is estimated to have grown by approximately 36%, benefiting from the capacity ramp-up of the Oyu Tolgoi underground project. Preliminary data indicated that global copper cathode production grew by approximately 4.5% in Q1 2026, with primary copper (electrolysis and ore electrodeposition) production increasing by 3.8% and secondary copper (from scrap) production increasing by 7.6%. China and the DRC, which currently account for approximately 60% of global production, saw their combined production increase by an estimated 9% (China 8.8%, DRC 10%). Excluding these two countries, global copper cathode production declined by approximately 1.4%. Chile's copper cathode production fell by 11.7%, with copper cathode (from concentrates) production declining by 24% due to smelter operational constraints and maintenance, and electrodeposition copper production declining by 5.7%. Production in Asia (excluding China) is estimated to have declined by 4%, mainly due to production decreases in Japan, Indonesia, and the Philippines. India's production is estimated to have grown by 25%, benefiting from improved capacity utilization rates and the capacity ramp-up of the Adani smelter. Global secondary refined copper production (from scrap) increased by 7.6%, mainly driven by growth in China. Preliminary data indicated that global apparent refined copper usage grew by 0.8% in Q1 2026. Although global usage excluding China was estimated to have grown by 1.7%, China's apparent demand (excluding bonded warehouse/unreported inventory changes) was estimated to be basically flat, affected by a 40% decline in China's net imports of copper cathode. China currently accounts for approximately 58% of total global refined copper usage. The preliminary global refined copper supply-demand balance indicated an oversupply of 396,000 mt in Q1 2026. In compiling the global market balance, ICSG used China's apparent demand calculation method, which does not account for changes in unreported inventories. However, to facilitate global market analysis, an adjustment item has been added to the attached tables — "Global refined copper balance adjusted for Chinese bonded warehouse inventory changes" — which adjusts the global refined copper balance based on the average bonded warehouse inventory change estimates from two Chinese copper market consultancies. In Q1 2026, the global refined copper balance based on China's apparent usage (excluding bonded warehouse/unreported inventory changes) showed a preliminary oversupply of approximately 396,000 mt, compared with an oversupply of approximately 135,000 mt in the same period of 2025. The global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories showed a market oversupply of approximately 386,000 mt. Copper Prices and Inventories: Based on the average estimates from two independent consultancies, Chinese bonded warehouse inventories were estimated to have decreased by approximately 10,000 mt from the end of 2025 levels during the first three months of 2026. As of the end of April 2026, copper inventories at major metal exchanges (LME, COMEX, SHFE) totaled 1,148,760 mt, the highest level since January 2003. Inventories increased by 404,648 mt, or 55%, from the end of December 2025, with LME up 253,350 mt, Shanghai Futures Exchange up 46,683 mt, and COMEX up 104,615 mt. The LME spot copper average price in April was $12,891.38 per mt, up 3% from the March average price of $12,498.98 per mt. The 2026 copper price high and low were $14,097 per mt (May 13) and $11,826 per mt (March 19), respectively, with a year-to-date average price of $12,947.22 per mt, up 30% from the 2025 average price. Global Refined Copper Supply and Demand Trends Notes: 1/ Refers to apparent usage 2/ Refined copper balance = production - usage 3/ Seasonally adjusted balance data 4/ Global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories (Wenhua Composite)

On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

Recently, the lead concentrates market has remained relatively stable amid a confluence of macro and industry factors. Although sulphuric acid prices surged significantly and silver prices experienced wild swings driven by events such as the US-Iran peace talks and the Peruvian energy crisis, the transmission of these factors to the silver-bearing lead concentrate TCs space was limited, and lead concentrate TCs remained broadly stable overall.

According to market analysis, Chilean state-owned miner Codelco may have overstated its December 2025 copper production by around 20,000 mt after including material that may not have met finished product standards. Codelco previously reported December 2025 output of 172,300 mt, its highest monthly production level in nearly a decade and well above the January-November monthly average of around 105,600 mt. Following weaker production figures in January 2026 (91,000 mt) and March 2026 (110,900 mt), market attention has increasingly shifted toward the accuracy of the company’s previously reported production data and internal control processes.

The 2026 SMM London H1 Seminar concluded on April 29 with great success, bringing together global metals and commodities leaders for a day of high-level dialogue and actionable insights. The seminar drew over 160 valid pre-registrations and more than 100 on-site attendees, gathering core practitioners, senior experts, research scholars and institutional representatives across the global non-ferrous metals industrial chain. Centered on copper, aluminum, lead and zinc, the event delivered in-depth insights into current industry performance, supply-demand shifts and future market outlooks. It also featured two high-level panel sessions with distinguished guests, who exchanged views on key industry highlights such as geopolitical impacts, global trade restructuring, cross-market arbitrage and divergent commodity fundamentals. The event comprehensively reviewed the macro backdrop of commodities as well as opportunities and risks in base metals, offering professional references and forward-looking insights for global non-ferrous market participants. SMM Industry Analysis: Copper, Aluminum, Nickel, Lead & Zinc Geopolitics and Metals: Pricing the New Global Risk Premium How rising geopolitical tensions are reshaping global supply chains, macro risk, and base metal price formation. Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd., provided analysis on macro trends and the aluminum and nickel markets. From a macro perspective, he noted that global economic uncertainty has intensified, with the IMF cutting global GDP growth forecast. China's exports may serve as a key economic pillar in 2026. Power sector investment increased significantly from January to February 2026. The State Grid Corporation of China will ramp up investment during the "15th Five-Year Plan" period. In terms of the aluminum market, Chinese smelters saw improved profitability and higher operating rates. Weak demand in Q1 combined with rising aluminum prices drove inventory to rise. Outside China, new aluminum capacity additions in Indonesia in 2026 are expected to be substantial, with SMM estimating approximately 950,000 mt of new aluminum smelting capacity potentially coming online in Indonesia in 2026. Angola is attracting Chinese investment thanks to its hydropower advantages. In the nickel market, given the Indonesian government's tightening of quotas, SMM estimates Indonesia's RKAB supplementary quotas this year at approximately 15%-20%. In terms of supply outside China, constrained by a lack of new projects, imports from the Philippines are expected to remain at around 19 million mt. Considering the impact of the rainy season on production, the market is expected to maintain a tight balance. Shairaz Ahmed, Principal Market Analyst & Client Advisor at SMM, shared insights on the global copper market. He noted that global copper cathode demand will continue to grow from 2025 to 2030, with demand potentially reaching around 32 million mt by 2030 in an optimistic scenario. China's copper concentrates still rely on imports, and global copper concentrates supply will remain tight from 2026 to 2028, with the downward trend in spot TC not yet over. Meanwhile, global copper cathode production growth will slow down in the future, and the market will most likely fall into a supply deficit from 2027 to 2030, providing long-term support for copper prices. Yueang He, Senior Lead & Zinc Analyst at SMM, interpreted the lead-zinc market trends for 2026. Looking at the global zinc concentrates market in 2026, he stated that although production in China, Africa, and some projects continues to ramp up, production cuts at large mines are suppressing overall supply, with China's zinc concentrates production estimated to be up 4.8% YoY to 3.95 million mt in 2026; European smelting, affected by electricity prices fluctuations, may see selective minor production cuts of 60,000-100,000 mt. Overall, the zinc concentrates market in and outside China will maintain a tight balance in 2026, with refined zinc showing a surplus in China and a deficit ex-China. In terms of lead market, he stated that global lead mine supply is gradually recovering, but the concentrates market remains tight, and TC is unlikely to rebound significantly in the short term. He estimates that the loose supply situation in the global refined lead market will persist until 2028, with high visible inventory on both exchanges combined with slightly soft battery demand in China limiting the upside room for lead prices. Panel Session — Positioning and Price Signals: What Are Commodity Markets Telling Us? Understanding market positioning, inventory signals, and cross-market arbitrage. Moderator: Shairaz Ahmed, Principal Analyst & Client Advisor at SMM Panelists: David Lilley, Director and Co-CIO at Drakewood Capital Management Limited Maruis Van Straaten, Metals Research Analyst at Squarepoint Gregory Shearer, Head of Base Metals and Precious Metals Strategy at J.P. Morgan Loic Jonchery, Base Metals Trader at Gunvor The panelists focused on current mainstream cross-market arbitrage strategies, emphasizing the need to closely track premiums and futures price spreads across various commodities, while comparing price spread performance across upstream and downstream categories such as cathode materials, scrap, and intermediate products, leveraging signals to identify arbitrage opportunities. The current market is subject to multiple influences including policy constraints, supply adjustments, and changes in industry rules, with the overall landscape becoming increasingly fragmented. China's policies have imposed a supply ceiling, compounded by industry framework adjustments and lengthy implementation cycles, keeping small and medium-sized enterprise operations and the supply side persistently tight, increasing market friction, and creating significant uncertainty in arbitrage trading. In this complex environment, price spread fluctuations have amplified and ranges continued to widen, with enhanced trend continuity in underlying markets; combined with cross-regional approval processes and circulation restrictions, traditional arbitrage logic has broken down and trade execution difficulty has increased. At the sub-sector level, the copper market attracted high attention, while structural distortions in nickel and other categories became prominent, making conventional arbitrage and sales models difficult to execute consistently; quality arbitrage opportunities concentrated among entities with balance sheet advantages, while ordinary participants became more cautious in decision-making, with overall trading behavior turning more conservative. Overall, the guests believed that there is no universally applicable, low-risk cross-market arbitrage strategy in the current market. Logic across different sub-markets has diverged significantly, and conducting related trades requires thorough assessment of policy, circulation, and fundamental risks. Panel Session: Superpowers and the Battle for Base Metals Moderator: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd. Panelists: Natalie Scott-Gray, Senior Metals Analyst, Middle East, North Africa and Asia, StoneX Max Layton, Global Head of Commodities Strategy, Citi Helen Amos, Managing Director and Commodities Analyst, BMO Capital Markets Amy Gower, Executive Director, Head of Metals and Mining Commodities Strategy, Morgan Stanley Amy Gower stated that since H2 last year, they have held a structurally bullish view on aluminum fundamentals: China's aluminum capacity is approaching its ceiling, and combined with expectations of incremental supply from Indonesia, the bullish logic for the aluminum industry is concentrated in H2. Currently, supply-side tightening in the aluminum market has gradually materialized, but the tightness has not been fully reflected in futures prices, and is instead more evident in strengthening spot premiums. Year-to-date, three-month aluminum has risen 18%, with European spot premiums at 27%. In addition, the guests noted that due to geopolitical factors, countries are increasingly prioritizing self-sufficiency and controllability of critical material supply chains, rather than relying on globalized supply allocation. Combined with various policy interventions, the previously freely flowing global commodities market is gradually moving toward regionalization and localized fragmentation. On the trade front, markets have become more unpredictable, and understanding the market is crucial. Some guests mentioned that interest rate trajectory is a key variable, and they expect that after interest rates decline from 2027 to 2028, supply-demand and inventory dynamics will further materialize. Meanwhile, upgraded supply chain governance and the normalization of strategic reserves across countries will provide long-term support for commodities price resilience. Session 4: How Do SMM Data and Information Products Empower Commodities Decision-Makers? As a globally renowned non-ferrous metals price assessment platform, Shanghai Metals Market (SMM) is committed to providing superior data to clients worldwide, empowering them to make more precise decisions. SMM understands that in a complex and ever-changing market environment, accurate and timely data is the key to success. To this end, SMM has built a comprehensive data platform covering multiple metals including copper, aluminum, lead, zinc, and nickel. Taking the copper market as an example, the SMM database covers the entire industry chain from mines, smelting, trading, and inventory to downstream demand, offering over 10,000 key indicators across sub-categories such as copper cathode, copper scrap, copper concentrates, copper anode, and sulphuric acid, including real-time spot prices, futures data, supply-demand balance tables, operating rates, and social inventory, comprehensively meeting clients' analytical needs. To make data access simpler and more convenient, SMM launched the SMM Excel Add-in. Users need no programming or API knowledge to browse, select, and sync massive amounts of data with a single click within the familiar Excel environment. In addition to easy-to-use data tools, SMM also offers professional price membership services and in-depth market analysis reports. Whether you are a trader who needs real-time price references, an analyst who relies on granular data to build models, or an enterprise manager seeking market insights, you can find the right solution at SMM. Coffee Break and Networking With this, the 2026 SMM H1 London Seminar has come to a successful conclusion. SMM sincerely appreciates the strong support from all industry peers and partners.

Gold demand in China surged 67 percent year-on-year to a record 207t, considerably higher than the previous quarterly record of 155t in Q2 2013