[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained a Sideways Trend During the Night Session, with Overall Subdued Trading Volume and Market Sentiment]

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Continued to Rally During the Night Session, Further Suppressing Spot Market Transactions]

The year 2026 marks the first year of the 15th Five-Year Plan. Against the backdrop of intensifying global macro volatility and the deepening of China’s high-quality development, the zinc industry is undergoing profound changes: structural tension is formed by ore supply tightness and smelting capacity release, while the divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing. Technological innovation is becoming the key driving force for resolving contradictions and reshaping the landscape. Key areas under the 15th Five-Year Plan, such as new energy and new-type infrastructure, are injecting new momentum into traditional zinc consumption. Meanwhile, driven by technological innovation, green, low-carbon and circular economy principles are accelerating the reshaping of industrial logic. With the joint support of upstream and downstream zinc enterprises, industry associations, and relevant parties, the 2026 SMM Zinc Conference, the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, the 14th Zinc Salts, Zinc Oxide and Secondary Zinc Resources Development Forum, and the Cast Zinc Alloy Development Forum, will be held on August 6–8 in Qingdao, Shandong. Centered on the theme “Gathering Zinc Momentum · Building the Zinc Industry · Embarking on a New Journey,” the event is driven by both macro perspectives and fundamental analysis. It closely follows the main theme of high-quality development under the 15th Five-Year Plan, focusing on four dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. Through technological breakthroughs, it aims to drive cost reduction and efficiency improvement, and through collaborative innovation, it addresses market fluctuations, jointly drawing a new blueprint for the high-quality and sustainable development of the zinc industry. Gansu Changba Nonferrous Metals Co., Ltd. will attend this grand event with distinction, exploring industry development trends together with industry peers and working hand in hand to elevate the zinc industry to new heights. Click the to register now and participate in this extraordinary and far-reaching industry event, and jointly create a brilliant new chapter! ◆ Company Profile ◆ Gansu Changba Nonferrous Metals Co., Ltd., a subsidiary of Baiyin Nonferrous Group Co., Ltd., operates the Chengzhou Zinc Smelter and the Changba Lead-Zinc Mine. It is a large state-owned nonferrous metals enterprise integrating lead-zinc mining, beneficiation, smelting, and scientific research. The Chengzhou Zinc Smelter has an existing annual electrolytic zinc production capacity of 100 kt and is a modern smelter that integrates zinc metal smelting, comprehensive resource utilization, and R&D of new nonferrous metal smelting processes. The company adheres to the development direction of “lean synergy, digital integration, and green leadership,” closely focusing on the goal of creating an ultimate quality benchmark and continuously achieving breakthroughs in the improvement of zinc smelting quality. In 2026, the first batch of high-purity zinc ingots with a purity of 99.998% was successfully produced, injecting solid momentum into further enhancing the company’s core competitiveness, expanding the high-end zinc material market, and promoting high-quality development of the enterprise. Chengzhou Zinc Smelter constantly strives for excellence. With the successful production of 99.998% high-purity zinc ingot as a major breakthrough, it continues to increase R&D investment, actively introduces advanced and applicable production technologies and equipment, focuses on building a high-quality professional technical talent team, continuously optimizes the production process for 99.997% high-purity zinc ingot, and steadily carries out technical research on even higher-purity zinc products. ◆ Glorious Achievements: Quality Certified by Authorities ◆ The outstanding quality of the 99.998% high-purity zinc ingot has been widely recognized by authoritative institutions both inside and outside the industry, with numerous high-profile awards attesting to its quality excellence: · Technological Innovation Awards: With breakthroughs in core technologies such as "Research and Application of Low-impurity Electrolytic Zinc Standard Establishment," it won the "Second Prize for Science and Technology in the Nonferrous Metals Industry," the "First Prize for Science and Technology Progress of Gansu Province," and the "Special Prize for Science and Technology of CITIC Guoan Group Co., Ltd.," demonstrating technological strength recognized at national, provincial, and city-county levels; "R&D and Application of High-quality Zinc Ingot Preparation Technology" won a bronze award at the 11th International Invention Exhibition & the "Belt and Road" and BRICS Skills Development and Technology Innovation Competition; "Full-process Lean Management Creates Excellent Zinc Ingot Quality" won the Second Prize for Modern Management Innovation Achievement in the Nonferrous Metals Industry in 2025; it built the first 5G+ digital workshop in Nanshi, deployed industrial robots and unmanned AGV systems, achieved full-process automation of ingot production, and increased production efficiency by 30%. · Product Quality Awards: The main product zinc ingot (including the 99.997% specification) and the by-product sulphuric acid jointly won the highest honor in physical quality recognition for nonferrous metal products—the "Golden Cup Award," which is the industry's authoritative endorsement of their quality stability and superiority. In 2025, it was recognized as a "High-Quality Brand" by the China Nonferrous Metals Industry Association (CNIA). · Market Access Certification: The main product zinc ingot was successfully registered on the Shanghai Stock Exchange, gaining standardized market circulation qualifications; its brand value reached 2.482 billion yuan, ranking 31st among "Product Brands" nationwide, laying a solid foundation for the market promotion of 99.997% high-purity zinc ingot. ◆ Diverse Applications: Empowering High-End Industry Development ◆ With extremely low impurity content and excellent chemical stability, 99.998% high-purity zinc ingot demonstrates irreplaceable application value in multiple high-end fields: · High-End Electronics: As a core raw material for electronic component coatings, its low impurity characteristics effectively enhance the conductivity and service life of electronic devices, making it widely used in the production of precision electronic components such as integrated circuits and smartphone chips. · Aerospace Sector: Used in anti-corrosion coatings for aerospace components and the manufacturing of lightweight alloy materials, its stable physical and chemical properties ensure adaptability to extreme environments, safeguarding the reliability of aerospace equipment. · Pharmaceutical and Chemical Sector: Serves as a raw material for pharmaceutical intermediates and high-end catalysts. Its high purity ensures product safety and efficacy, meeting the stringent standards of the pharmaceutical and chemical industry. · New Energy Sector: In the production of new energy products such as zinc-based batteries and energy storage devices, high-purity zinc ingots can enhance battery energy density and cycle life, facilitating the upgrade of the new energy industry. ◆ Outstanding Achievements: Market Recognition Underscores Strength ◆ With a zinc ingot capacity of 100kt, the 99.998% high-purity zinc ingot, featuring core advantages of low lead, low iron, and low cadmium, was highly recognized by downstream clients immediately upon market launch, delivering an impressive market performance: · Industry-Leading Zinc Ingot Quality: Zinc ingot purity reaches 99.998%, with lead content at 0.0009%, iron content stable at 0.0003%, and cadmium, tin, and aluminum consistently maintained at 0.0002%, representing a leading position in the zinc smelting industry. · Extensive Market Coverage: Products were rapidly sold to core markets such as Shanghai and Xuzhou, covering multiple sectors like high-end electronics and precision manufacturing, breaking the market supply bottleneck for high-end high-purity zinc ingots. · Leading Client Satisfaction: Thanks to stable purity, extremely low impurity content, and reliable supply capability, a stable client base and strong market reputation have been established. The client satisfaction rate for 2025 was 100%. ◆ Future Outlook: Sustaining Leadership in High-Quality Development ◆ Chengzhou Zinc Smelter consistently pursues excellence and continuous improvement. With the successful production of 99.998% high-purity zinc ingots as a major breakthrough, it will continue to increase R&D investment, actively introduce advanced and applicable production technologies and equipment, focus on building a high-quality professional technical team, continuously optimize the production process for 99.997% high-purity zinc ingots, and steadily undertake technical research into even higher-purity zinc products. Simultaneously, it will deepen industry-academia-research collaborative innovation, expand application scenarios for high-purity zinc in fields such as high-end manufacturing and new materials, and drive integrated improvement and coordinated development across the upstream and downstream industry chain. The enterprise is committed to becoming a lean benchmark in the industry, continuously strengthening whole-process quality management, deeply cultivating green and low-carbon production, and accelerating intelligent transformation and upgrading. Through solid efforts and tangible results, it will promote corporate quality enhancement, efficiency improvement, and transformation, contributing real "ChengYe strength" to the high-quality development of the zinc smelting industry. ◆ Contact ◆ Long press & scan to register now 2026 SMM Zinc Conference

SMM April 11 News: Metals market: Last Friday's overnight domestic market base metals showed mixed performance. SHFE copper rose 1.04%. SHFE aluminum rose 0.32%, SHFE lead fell 0.54%. SHFE zinc fell 0.59%. SHFE tin fell 0.09%. SHFE nickel fell 0.04%. In addition, the most-traded alumina futures contract rose 0.15%, and the most-traded foundry aluminum continuous contract rose 0.59%. Last Friday's overnight ferrous metals mostly rose. Iron ore rose 0.27%, stainless steel rose 2.01%, rebar fell 0.03%, and hot-rolled coil rose 0.06%. Coking coal and coke: coking coal rose 0.19%, coke fell 0.18%. Last Friday's overnight overseas market metals: LME base metals rose across the board. LME copper rose 1.27%. LME aluminum rose 1.8%, LME lead rose 0.26%. LME zinc rose 0.3%. LME tin rose 0.89%. LME nickel rose 0.44%. Last Friday's overnight precious metals : COMEX gold fell 0.98%, posting a two-week winning streak on a weekly basis with a 1.95% weekly gain; COMEX silver fell 0.54%, posting a three-week winning streak on a weekly basis with a 4.25% weekly gain. Last Friday's overnight SHFE gold fell 0.12%, posting a two-week winning streak on a weekly basis with a 1.22% weekly gain; SHFE silver rose 1.47%, posting a three-week winning streak on a weekly basis with a 3.65% weekly gain. Institutions including ANZ and Goldman Sachs stated that even as Middle East conflicts disrupted markets, gold is still likely to rebound in the long term. Analysts at these institutions believe that resilient central bank demand, persistent geopolitical uncertainty, expectations of US Fed interest rate cuts, and diversification away from US dollar-denominated assets all provide reasons for long-term bullishness. ANZ analysts Soni Kumari and Daniel Hynes said prices are expected to eventually rebound, as the deteriorating macro combination of economic growth and inflation paves the way for central banks to resume cutting interest rates. ANZ maintained its outlook, forecasting gold prices to reach $5,800 by year-end. Analysts wrote that central bank gold purchases are expected to remain a key support pillar, with official purchases in 2026 estimated at around 850 mt. ANZ's bullish stance echoes similar forecasts from Goldman Sachs and RBC made in early March. Goldman Sachs maintained its $5,400 forecast, citing continued central bank gold purchases and expectations of a 50-basis-point US Fed interest rate cut this year. Goldman Sachs analysts previously stated that if disruptions in the Strait of Hormuz persist, gold still faces tactical downside risks in the short term. However, prolonged conflict could accelerate diversification away from traditional Western assets, supporting gold prices in the long term. (Jin10 Data) As of 8:31 AM on April 11, last Friday's overnight closing prices: Macro front China: [Li Qiang Chairs Symposium on Economic Situation with Experts and Entrepreneurs] Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, chaired a symposium on the economic situation with experts and entrepreneurs on the afternoon of April 10, hearing opinions and suggestions on the current economic situation and the next steps for economic work. Li Qiang emphasized the need to promote high-quality and efficient development of the service industry, catering to people's needs throughout their entire life cycle and enterprises' needs across the entire process of production and operation. He called for thorough implementation of the service industry capacity expansion and quality improvement initiative, coordinating development and regulation, and cultivating more "China Services" brands. At the same time, he stressed the need to deepen and expand "AI+," accelerate the digital and intelligent transformation of manufacturing, and support the overall upgrading of the industrial system through deep integration and mutual empowerment of advanced manufacturing and modern services. Greater efforts should be made to promote employment and income growth for urban and rural residents, tap into employment potential across various channels and sectors, vigorously cultivate new occupations and positions, promote shifts in employment concepts and enhancement of vocational skills, formulate and implement income growth plans for urban and rural residents, and strengthen the virtuous cycle of resident income growth, domestic demand expansion, and economic development. (Xinhua News Agency) [Preview: The State Council Information Office Will Hold a Press Conference on April 14 to Brief on Import and Export Performance in Q1 2026] The State Council Information Office will hold a press conference at 10:00 a.m. on April 14, 2026 (Tuesday), inviting Wang Jun, Deputy Commissioner of the General Administration of Customs, to brief on import and export performance in Q1 2026 and answer questions from reporters. [MIIT: Accelerate Building an Efficient and Unified AI Chip Computing Interconnection Ecosystem and Resolutely Eliminate "Involution-style" Competition in the PV Industry] The Ministry of Industry and Information Technology held the 2026 National High-Quality Development Conference for the Electronic Information Manufacturing Industry on April 10 in Wuhan, Hubei Province. The conference emphasized adhering to a value-oriented approach, promoting high-quality development of the advanced computing industry, accelerating the building of an efficient and unified AI chip computing interconnection ecosystem, and driving the industry chain toward higher-value segments. It also stressed adhering to a problem-oriented approach, carefully analyzing the current challenges facing the industry, proposing targeted development roadmaps, resolutely eliminating "involution-style" competition in the PV industry, and enhancing the resilience and security of key industry chains and supply chains. [CSRC: Launch More ChiNext-related ETFs and Options, and Introduce ChiNext Stock Index Futures in Due Course] A spokesperson of the China Securities Regulatory Commission answered reporters' questions on the Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces, which mentioned enriching the product and service system. This includes optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund advisory services in allocating ChiNext ETFs, incorporating ChiNext ETFs into the fund platform for transfer, better meeting the asset allocation and risk management needs of different investors, and enhancing investment convenience and attractiveness. [The Nationwide Mine Safety Risk Monitoring and Early Warning "Single Network" Has Been Basically Established] According to the Q1 regular press conference held by the National Mine Safety Administration, the nationwide mine safety risk monitoring and early warning "single network" has been basically established. Safety sensing data from all coal mines in normal production and construction, open-pit mines with high and steep slopes, tailings ponds, and 84% of non-coal underground mines in normal production and construction have been fully integrated into the national mine safety risk monitoring and early warning system. (Xinhua News Agency) [SSE: The Price Limit Ratio for Risk-Flagged Stocks on the Main Board Adjusted from 5% to 10%] The Shanghai Stock Exchange (SSE) publicly solicited opinions on the revision of the Shanghai Stock Exchange Trading Rules. The revision mainly includes the following: First, the scope of securities eligible for after-hours fixed-price trading was expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds. The adjustment helps meet investors' demand for trading at closing prices, extends trading hours for related products, and facilitates the entry of medium and long-term capital into the market. Second, the trading method during the closing session for funds was changed from continuous auction to closing call auction, with the closing price determined through call auction, consistent with SSE-listed stocks. Third, adaptive revisions were made in line with rule changes and business needs, adjusting the price limit ratio for risk-flagged stocks on the main board from 5% to 10%, refining rule language, and optimizing provisions on disciplinary actions. (Jin10 Data) [New Energy Power and Generation in Five Southern Provinces Hit Record Highs] According to China Southern Power Grid, new energy power and generation across the five provinces of Guangdong, Guangxi, Yunnan, Guizhou, and Hainan recently hit record highs. The maximum power generation capacity exceeded 100 million kW for the first time, with daily power generation reaching 1.4 billion kWh, accounting for 30% of total daily power generation. (Xinhua News Agency) US Dollar: Last Friday, the US dollar index extended its decline from the previous four trading days, falling another 0.11% to close at 98.69. On a weekly basis, the US dollar index posted a second consecutive weekly decline, down 1.49% for the week. US inflation surged sharply in March, with the war with Iran driving gasoline prices to their largest single-month gain since 1967, significantly intensifying overall price pressures. Data released Friday by the US Bureau of Labor Statistics showed that the March Consumer Price Index (CPI) rose 0.9% MoM, in line with market expectations, marking the largest single-month increase since June 2022; it rose 3.3% YoY, accelerating significantly from February's 2.4% and hitting the highest level since 2024. Gasoline prices posted their largest single-month gain on record since 1967, almost single-handedly driving the overall monthly increase , contributing nearly three-quarters of the monthly gain. Core CPI, excluding food and energy, rose only 0.2% MoM, below the market expectation of 0.3%, offering some relief to the market and boosting short-term interest rate cut bets. However, economists warned that the second-round effects of this energy shock had not yet been fully reflected in core inflation, and April data faced the risk of further increases. The US dollar fell after the data release. The preliminary reading of the University of Michigan Consumer Sentiment Index for April plunged from 53.3 in March to 47.6, hitting a record low. The current conditions index fell to 50.1, hitting a record low; the expectations index dropped to its weakest level since 1980; and the perception of current financial conditions tied the worst reading since 2009. Consumers expected prices to rise at an annual rate of 4.8% over the next year. This figure surged 1 percentage point from March, marking the largest single-month increase since Trump announced sweeping tariff hikes a year ago. San Francisco Fed President Daly (2027 FOMC voter): Bringing inflation down to 2% is critically important, but doing so at the expense of employment would put households in a difficult position. US economic fundamentals are "solid," and the labour market is more stable. Risks to the US Fed's goals of full employment and inflation are balanced. It is necessary to watch how the conflict evolves and how enterprises pass through price increases. Policy is sufficiently restrictive to exert downward pressure on inflation, while also sufficiently balanced to support a stable labour market. Policy is in a good place, giving us more time to observe how the conflict resolves and how oil prices change. High CPI data would not surprise anyone. The real question is whether the ceasefire can hold — if it does, the high CPI will become "old news." (Wallstreetcn) On the macro front: Data to be released this week include: US March existing home sales annualized total, US March NFIB Small Business Optimism Index, US March PPI YoY, US March PPI MoM, China March trade balance in US dollars, China March trade balance, France March CPI MoM final, Eurozone February industrial output MoM, Canada February wholesale sales MoM, US April NY Fed Manufacturing Index, US March import price index MoM, US April NAHB Housing Market Index, Australia March seasonally adjusted unemployment rate, China March total retail sales of consumer goods, China March industrial value added of enterprises above designated size, UK February three-month GDP MoM, UK February manufacturing output MoM, UK February seasonally adjusted goods trade balance, UK February industrial output MoM, Eurozone March CPI YoY final, Eurozone March CPI MoM final, US initial jobless claims for the week ending April 11, US April Philadelphia Fed Manufacturing Index, US March industrial output MoM, Eurozone February seasonally adjusted current account, and Eurozone February seasonally adjusted trade balance. In addition, other events to watch this week included: the State Council Information Office held a press conference at 10:00 a.m. on Tuesday, April 14, 2026, where Vice Minister of the General Administration of Customs Wang Jun briefed on Q1 2026 import and export performance and answered questions from reporters; the International Monetary Fund (IMF) and the World Bank held their Spring Meetings, running through April 17; Bank of Japan Governor Ueda Kazuo visited the US from April 13 to 18 to attend the G20 and International Monetary and Financial Committee meetings; the IMF released its World Economic Outlook report; the US Fed Board of Governors hosted "Strengthening the US Economy Through Rural Investment: A Working Forum"; Bank of England Governor Bailey participated in a panel discussion at Columbia University; 2027 FOMC voter and Chicago Fed President Goolsbee participated in a panel discussion ahead of the Semafor 2026 World Economy Conference; US Fed Governor Barr delivered opening remarks at the working forum hosted by the US Fed Board of Governors; Philadelphia Fed President Paulsen, Richmond Fed President Barkin, Boston Fed President Collins, and US Fed Governor Barr participated in a fireside chat at the US Fed Board of Governors' working forum; European Central Bank President Lagarde delivered a speech; the National Energy Administration released total electricity consumption data around the 15th of the month; US Fed Governor Bowman delivered a speech at the Institute of International Finance forum; the US Fed released the Beige Book on economic conditions; Bank of England Governor Bailey delivered a speech on global economic imbalances on the sidelines of the IMF meetings; the National Bureau of Statistics (NBS) released the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office held a press conference on the performance of the national economy; permanent FOMC voter and New York Fed President Williams delivered a speech; the Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting was held; 2027 FOMC voter and Richmond Fed President Barkin delivered a speech. (Jin10 Data) Crude oil: Last Friday, both oil futures fell overnight, with WTI down 2.29% and Brent down 1.73%. On a weekly basis, WTI futures declined 14.26% for the week, while Brent fell 13.55%. The market focused on progress in US-Iran peace talks. , crude oil futures prices saw relatively small changes as traders were about to head into the weekend, while the US and Iran plan to hold talks that could determine whether a ceasefire in the Middle East can be sustained. Scott Shelton of TP ICAP said: "Traders have basically pulled out of the market. The $7 fluctuations like yesterday seem to have occurred with very few human traders involved. All they were doing was necessary hedging or cleaning up positions to further reduce risk exposure." He also said: "Maybe after this weekend, we'll have a clearer picture of whether the gap between Iran and the US is too wide to reach a deal." (Jinshi Data) Islamic Republic of Iran Broadcasting (IRIB) said on its social media on the 10th that only 4 ships passed through the Strait of Hormuz in the past 24 hours, including one Iranian tanker and one Russian tanker. (Xinhua) Baker Hughes data showed that US drilling companies cut oil and gas rigs for the third time in four weeks. A senior White House official said that skepticism pervaded the White House. The official said that Trump appeared to have acknowledged in recent conversations with advisors that the Strait of Hormuz was unlikely to fully reopen in the short term. However, at the same time, Trump posted on social media on Thursday that oil supply would be restored soon, but he did not elaborate further. The US Department of Energy (DOE) will lend 8.5 million barrels of crude oil from the Strategic Petroleum Reserve to four companies. Hassett, Director of the White House National Economic Council: Gasoline prices are very high at present. I hope the surge in gasoline prices will not affect other areas. The Commodity Futures Trading Commission (CFTC): As of the week ending April 7, speculative net long positions in WTI crude oil futures increased by 5,520 contracts to 109,227 contracts. (Jinshi Data) Recommended Reading:

Futures: Overnight, LME lead opened at $1,996.5/mt, touched a high of $1,998.5/mt during the Asian session before moving downward; during the European session, it first rose then fell, with a late-session dive to a low of $1,970/mt, ultimately closing at $1,984/mt, down 0.53%. Overnight, the most-traded SHFE lead 2604 contract opened at 16,700 yuan/mt, fluctuated upward to a high of 16,765 yuan/mt in early trading before weakening, touched a low of 16,670 yuan/mt in late trading, and ultimately closed at 16,705 yuan/mt, up 0.03%. On the macro front: Last Friday, the market awaited the results of US-Iran negotiations, and Israel had sought to negotiate with Lebanon, which brought hope for the reopening of the Strait of Hormuz. Trump said the US would not allow Iran to make money by selling oil. An Iranian oil ministry official said the damaged refineries were expected to restore at least 70% of their previous capacity within one to two months. Li Qiang chaired a symposium on the economic situation with experts and entrepreneurs. The second batch of 62.5 billion yuan in ultra-long-term special government bonds this year to support trade-in policies for consumer goods was recently disbursed. NBS: CPI rose 1.0% YoY in March, and PPI turned from a YoY decline to an increase. Shanghai Stock Exchange: the price change limit for risk-warning stocks on the main board was adjusted from 5% to 10%. : In the Shanghai market, Hongli lead was quoted at 16,700-16,800 yuan/mt, quoted at premiums of 0-50 yuan/mt against the SHFE lead 2605 contract. Last Friday, SHFE lead continued to fluctuate downward, and due to limited circulating cargoes in the Jiangsu, Zhejiang, Shanghai market, suppliers held prices firm and shipped at premiums. Meanwhile, quotations for cargoes self-picked up from primary lead smelters were chaotic, with large price spreads between high and low prices in north China, while south China generally shipped at discounts. Mainstream production areas quoted at discounts of 60 yuan/mt to premiums of 50 yuan/mt against SMM #1 lead ex-works. Secondary lead side, smelters shipped following the market, with secondary refined lead quoted at discounts of 50-0 yuan/mt against SMM #1 lead average price ex-works, among which tax-exclusive cargoes saw more shipments than tax-inclusive ones. In addition, downstream enterprises showed strong wait-and-see sentiment with few inquiries, and some made just-in-time procurement. The spot market showed no signs of improvement in transactions for the time being. Inventory: On April 10, LME lead inventory decreased by 550 mt to 278,225 mt. As of April 9, SMM five-region lead ingot social inventory pulled back slightly. Lead price forecast for today: Weakening lead consumption in China and inflows of imported lead became the main factors dragging down lead prices. As SHFE lead enters the delivery week, suppliers are transferring inventory and shipping to delivery warehouses, converting it into visible inventory, and lead prices may come under pressure and weaken. At the same time, we need to monitor whether secondary lead enterprises fulfill their maintenance plans. If production cuts proceed as scheduled, lead prices may have the possibility of bottoming out and rebounding. Data Source Disclaimer: 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.

Dianke Lantian officially listed on the Shanghai Stock Exchange's STAR Market, with its stock price surging 750.05% at opening and closing at 65.94 yuan per share (up 596.3%), reaching a total market capitalization of 114.5 billion yuan.