Platinum prices moved sideways intraday. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 531.75 yuan/gram, up 0.28%. The SGE Pt9995–GFEX PT2606 spread remained inverted, but SGE Pt9995 saw no transactions in the morning session. Spot side, mainstream quotations for spot platinum premiums were largely unchanged from the previous trading day. Morning mainstream quotations from traders were at a discount of 3–5 yuan/gram to GFEX PT2606, with some platinum warrants held at firm prices for sale. Transaction side, according to SMM, downstream buyers indicated that platinum prices remained near recent highs, purchasing sentiment was weak, and a wait-and-see approach prevailed. Morning mainstream quotations at a GFEX discount of 3–5 yuan/gram saw almost no transactions. Some enterprises chose to slightly widen discounts but still found it difficult to close deals. Platinum warrants also saw scarce transactions due to high asking prices, and the spot market overall remained in the doldrums.

As of this Thursday, the SMM average price of battery-grade nickel sulphate remained generally stable. Demand side, some enterprises saw a recovery in their production schedules this month and still had certain raw material demand, but as nickel prices pulled back, downstream buyers had not yet initiated large-scale procurement after the holiday. Supply side, as nickel prices, MHP payables, and auxiliary material prices remained high this week, some producers faced relatively high spot costs, and nickel salt quotations stayed high. Looking ahead, nickel salt cost support remains relatively strong in the near term, and attention should be paid to the cost support from nickel prices and intermediate products going forward. Inventory side, upstream nickel salt smelter inventory index rose from 5.6 days to 8.2 days this week, downstream precursor plant inventory index declined from 10 days to 9.6 days, and integrated enterprise inventory index stayed at 6.8 days. In terms of buying and selling strength, upstream nickel salt smelter Willingness to Sell Sentiment Factor stayed at 2 this week, downstream precursor plant procurement sentiment factor declined from 2.6 to 2.5, and integrated enterprise sentiment factor declined from 2.6 to 2.4. (Historical data can be accessed via the database)

[Ex-China Supply Disruptions Combined with Macro Recovery Strengthen Upside Momentum for Aluminum Prices] The risk of ex-China aluminum supply disruptions has not yet subsided, and the ex-China aluminum ingot supply-demand gap will continue to provide support for aluminum prices. Meanwhile, tightened invoicing has restricted aluminum ingot spot liquidity, and a weakening spot market will limit upside room for domestic aluminum prices. However, since April, China's export orders have remained positive, and combined with recent macro tailwinds, a turning point in China's social inventory is expected to emerge, boosting upside momentum for aluminum prices.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Prices Remained Stagnant, Rigid Cost Support Was Significant] May 14: This week, China's graphitisation tolling services prices maintained a stalemate. Cost side, graphitisation toll processing costs continued to fluctuate at highs.

Futures: Overnight, LME lead opened at $1,996.5/mt, briefly touching a low of $1,995.5/mt during the Asian session. LME lead continued to rise firmly after entering the European session, reaching a high of $2,016/mt near the close, and ultimately settled at $2,004/mt, up 0.33%, refreshing a nearly 4-month high. Overnight, the most-traded SHFE lead 2606 contract opened at 16,655 yuan/mt, then moved sideways, with a low of 16,625 yuan/mt and a high of 16,675 yuan/mt during the session, ultimately settling at 16,640 yuan/mt, up 0.15%. On the macro front: US Fed's Collins: If inflation does not ease, rate hikes may be needed. US April PPI surged 1.4% MoM and 6% YoY, both the largest increases since 2022. OPEC lowered its 2026 global oil demand growth expectations from 1.38 million bpd to 1.17 million bpd. US President Trump arrived in Beijing to begin his visit to China. He Lifeng held economic and trade consultations with US Treasury Secretary Bessent in South Korea. China's State Administration for Market Regulation: launched a special campaign to remove obstacles hindering the unified market and fair competition. : SHFE lead remained in the doldrums. Suppliers offered limited quotations, with some waiting for delivery and others seeing rising wait-and-see sentiment. Additionally, cargoes self-picked up from primary lead smelters also saw relatively fewer quotations. Secondary lead side, regional supply disparities persisted, with smelters showing strong reluctance to sell at low prices. Some smelters held prices firm for shipments, with secondary refined lead quoted at premiums of 0~+50 yuan/mt against SMM #1 lead average price on an ex-works basis. Downstream enterprises made just-in-time procurement, with inquiry enthusiasm still present and some purchasing on dips as needed, but market trading activity weakened compared to yesterday. Inventory: On May 13, LME lead inventory decreased by 250 mt to 265,300 mt. As of May 11, SMM five-region lead ingot social inventory increased by approximately 2,200 mt WoW. Lead price forecast for today: Ex-China lead ingot inventory continued to decline, while the LME Cash-3M spread maintained a slight contango. Combined with the persistently tight spot market supply in Southeast Asia, LME lead is expected to hold up well. In addition, uncertainty surrounding overseas geopolitical factors remains significant, and their impact on the market warrants continued attention. Although domestic spot lead prices received a slight boost from LME lead's movement, upward momentum remained insufficient due to weak end-use consumption. Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM, May 13: According to SMM, Shandong Humon Smelting Co., Ltd. launched a public tender for the sale of its high-purity tellurium head and tail materials starting today. According to official information, the quantity is 3,000 kg, packaged in iron drums, with delivery on a buyer self pick-up basis. Freight is borne by the buyer, and the buyer must pick up goods before May 20, 2026. The delivery location is Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City, Shandong Province). Sales contact: Wang Peng, Tel: 17616212861 Currently, no starting price has been set for the tender. Instead, the highest bidder wins. Buyers shall fill in their quotations based on their own circumstances. If the buyer's quotation does not meet the seller's reserve price, the seller reserves the right to refuse the sale, and the seller holds all rights of final interpretation. To ensure the timeliness of quotations, the inquiry form, a copy of the participating party's business license, and invoicing information (stamped with official seal) should be sent back to 17616212861@163.com before 11:30 AM on May 14, 2026, and participants should promptly contact Shandong Humon Smelting Co., Ltd. personnel to confirm receipt.