This week, macro factors were intertwined around two main threads: the acceleration of US-Iran peace talks and higher-than-expected inflation. Peace talks heated up significantly — Trump said a peace agreement would be signed as early as this weekend in Europe, and Iran allowed 10 oil tankers to pass through the Strait of Hormuz as a goodwill gesture. Brent crude oil fell to a near two-month low of around $89/bbl, and the geopolitical risk premium rapidly faded. However, mid-week, May CPI rose 4.2% YoY, the first time it has exceeded 4% in three years, while the US Fed kept its core interest rate unchanged this week. By the end of the week, US-Iran optimism eased growth concerns. Overall, as geopolitical tensions cooled and sticky inflation persisted, copper prices retreated from highs and fluctuated more amid macro disturbances. Fundamentals side, China's spot market strengthened notably. On the inventory front, SMM social inventory continued to decline, and suppliers held prices firm with strong willingness. Spot premiums quickly shifted from discounts to premiums, and the backwardation structure near delivery supported SHFE copper premiums. Demand side, when copper prices pulled back, bargain hunting was active and transactions recovered, but when prices rebounded, downstream buying interest was suppressed and the market cooled, with overall demand mainly based on rigid needs. The SHFE/LME price ratio recovered slightly, and buyers' purchase willingness increased. Overall, the market pattern featured support from low inventory, strengthening spot premiums, and demand switching with price levels, forming support for copper prices on the downside. Looking ahead to next week, macro focus will be on whether the US-Iran agreement can be finalized and progress on resuming navigation in the Strait of Hormuz. The approaching June 30 ruling on US copper cathode tariffs also adds uncertainty. If peace talks materialize and geopolitical risks further recede, risk appetite will rebound, but oil prices and inflation expectations will fall in tandem. If sticky inflation leads the Fed to turn hawkish, it will weigh on risk assets. Fundamentals side, low inventory and strengthening spot premiums will provide downside support, while high copper prices will curb buying on rallies. LME copper is expected to trade at $13,300–13,800/mt, and SHFE copper is expected to trade at 104,200–105,800 yuan/mt, mainly moving sideways at high levels with a slightly weaker center. Spot premiums are expected to continue, and attention should be paid to the sustainability of suppliers holding prices firm after delivery and the downstream restocking intensity.

【SMM Steel】On June 9 2026, Vallourec and Ultra Corpotech Pvt Ltd signed a Memorandum of Understanding to deploy VAM threading capabilities near Mumbai, India. A dedicated threading cell is scheduled for implementation in late 2026 with commissioning in early 2027, aiming to provide premium thread protection and related services for the Indian oilfield services sector. The asset-light cooperation allows both parties to respond quickly to regional demand with minimal capital footprint. Vallourec will license its VAM threading and inspection technology along with quality control system support. The agreement reflects a strategic shift for Vallourec as the company expands access to its premium connection technology through local partners in Asia, following similar agreements with Vietnam Process Equipment and Technology Joint Stock Company in March 2025 and Saudi Arabia's Industrial Investment Company in November 2025.

Against the backdrop of China's ongoing and deepening "dual carbon" strategy, hydrogen energy, leveraging its core advantage of zero-carbon cleanliness, has widely penetrated into diverse fields such as transportation, energy storage, industry, and cultural tourism, becoming a core driver of green energy transition. However, traditional hydrogen storage methods have long had obvious shortcomings: high-pressure gaseous hydrogen storage is prone to safety hazards such as leakage and deflagration, while cryogenic liquid hydrogen storage suffers from high energy consumption and costs, making it difficult to meet the current industry demands for safer, more efficient, and more accessible development. The industry urgently needs entirely new hydrogen energy storage and supply solutions. Addressing this industry pain point, Jiayi Huaqing Technology Co., Ltd. has launched the 7.2kg Solid-State Hydrogen Storage System , which, built on mature metal hydride adsorption-based hydrogen storage technology, reconstructs the safety ecosystem of hydrogen energy storage and transportation, providing robust technical support for the large-scale deployment of hydrogen energy across multiple scenarios. It is reported that this new solid-state hydrogen storage system adopts an integrated architecture, consolidating six core components to achieve intelligent, precise, and safe management across the entire process of hydrogen storage and supply, building a solid foundation for stable system operation from the equipment detail level. The device is equipped with an intelligent LCD touchscreen that displays real-time core operational data including pressure, temperature, and operating status. It also features a built-in hydrogen concentration audible and visual alarm device that provides instant warnings when parameters become abnormal, mitigating safety risks at the source. Additionally, dual pressure gauges are configured for independent management of inlet and outlet gas conditions: the inlet side can precisely regulate pressure to 2-5MPa, while the outlet side can deliver stable hydrogen output in the 0.01-0.5MPa range, precisely matching the operational requirements of different hydrogen-consuming equipment. Both ends adopt NPT1/4 standard connectors, ensuring both compatibility and safety. In terms of equipment compatibility and temperature control assurance, the system is equipped with customized inlet and outlet gas connectors that can be flexibly adjusted in specifications according to downstream equipment, seamlessly interfacing with various terminal devices such as hydrogen-powered electric motorcycles, drones, vessels, and energy storage cabinets. A 25mm-diameter ferrule-type circulating water inlet is provided, equipped with a built-in temperature sensor for real-time monitoring of inlet water temperature. Through the water circulation system, precise heating and cooling regulation of hydrogen storage materials is achieved, ensuring the equipment consistently operates under optimal conditions. The integrated cylinder valve incorporates pressure-reducing valve functionality, automatically adapting to the pressure standards of various hydrogen-consuming equipment. Combined with a dual design of quick connectors and rebar threads, it significantly simplifies equipment installation and subsequent maintenance procedures. Driven by foundational technological innovation, this system has developed four core performance advantages, comprehensively leading the solid-state hydrogen storage segment. In terms of safety, the device relies on a low-pressure solid-state hydrogen storage mode combined with metal hydride hydrogen-locking technology, fundamentally eliminating the leakage and deflagration hazards of high-pressure hydrogen storage. Coupled with multiple intelligent monitoring and early warning systems and having passed rigorous testing under various harsh operating conditions, its safety performance far exceeds that of traditional hydrogen storage equipment. In terms of operational stability, independent monitoring via dual inlet and outlet gauges and automatic pressure stabilization through the built-in pressure-reducing valve ensure smooth and fluctuation-free hydrogen output, meeting the stable hydrogen supply requirements of various equipment and effectively enhancing system operational efficiency. Intelligence and environmental adaptability: the device achieves full operational data visualization and management through the LCD touchscreen, with round-the-clock intelligent monitoring and surveillance, rapid response to abnormal conditions, and fully intelligent safety operations and maintenance throughout the entire process. It also features an ultra-wide operating temperature range of -15°C to 60°C , capable of handling complex conditions such as extreme cold, intense heat, and high altitudes with ease, enabling stable deployment across different regions and various scenarios nationwide, with exceptionally strong environmental adaptability. Leveraging its safe, reliable, efficient, and stable product characteristics, this 7.2kg solid-state hydrogen storage system can broadly empower zero-carbon transformation across multiple fields, with rich and diverse application scenarios. In the transportation sector, it can be paired with hydrogen-powered electric motorcycles, drones, patrol boats, industrial forklifts, and logistics hydrogen vehicles to achieve safe energy replenishment and extended driving range. In the energy sector, it can be combined with PV hydrogen energy storage cabinets to facilitate green electricity storage, absorption, and efficient utilization, promoting the deployment of distributed new energy systems. In industrial and park scenarios, it can meet the demands for stable hydrogen supply in factories and zero-carbon smart park energy supporting needs, facilitating low-carbon industrial upgrades. In the cultural tourism and commercial sector, it can be adapted for clean energy supply in green scenic areas and zero-carbon commercial districts, creating benchmark low-carbon demonstration applications. The successful launch of Jiayi Huaqing's 7.2kg solid-state hydrogen storage system represents a significant breakthrough by the enterprise in the core technology domain of hydrogen energy storage and supply, effectively addressing the industry pain points of insufficient safety, poor economics, and weak compatibility in hydrogen energy storage and transportation. The commercialization and promotion of this product will accelerate the commercialization and large-scale popularization of hydrogen energy technology, continuously improve the application ecosystem across the entire industry chain of hydrogen energy, and provide solid technological and equipment support for achieving China's "dual carbon" goals and green, low-carbon energy transition.

May 22, 2026 7:07 AM EDT Key Points Central banks sold gold to defend currencies amid 2026 US-Israel-Iran conflict and energy crisis. Jeffrey Currie predicts gold could fall to $3,750 before rallying as structural buyers return. Long-term, AI-driven demand and underinvestment may push gold prices toward $10,000 per ounce. Gold has always been the asset investors run to when they stop believing in everything else. It is the trade that pays off when central banks lose credibility, when currencies wobble, when geopolitics get loud, and when the rest of the stock market finally cracks. For most of the past three years, that playbook worked beautifully. Sovereign buyers from Beijing to Warsaw to Ankara stacked bullion at a pace not seen in half a century. Retail piled in behind them. The metal blew through one all-time high after another, and the bears went quiet. Then 2026 happened. A US-Israeli war on Iran shut down the Strait of Hormuz, sent energy prices vertical, and forced some of the same central banks that drove the rally to start unloading their gold to defend collapsing currencies. The yellow metal has now given back almost all of its year-to-date gains, hovering near $4,534 an ounce on May 19, according to Fortune . Now one of Wall Street ’s most respected commodity voices is telling clients the pain is far from over. And the eventual payoff, if his call lands, will dwarf anything the gold market has ever produced. Why this gold selloff is just getting started The bear in question is Jeffrey Currie, the former global head of commodities research at Goldman Sachs ( GS ), who spent 27 years at the firm before leaving in 2023 and is now chief strategy officer of energy pathways at Carlyle Group ( CG ), according to Carlyle . He is best known for calling the 2000s commodity supercycle and predicting oil’s run past $100 a barrel. In a recent thread on X , the former Twitter, Currie wrote that he has been “short gold” since March despite describing himself as a “gold perma bull”. His thesis is mechanical, not philosophical. The Iran conflict and the prolonged closure of the Strait of Hormuz have driven energy import costs higher and pressured emerging-market currencies. To defend those currencies and pay for fuel, some of the world’s most prolific gold buyers have flipped into sellers. Turkey is the cleanest example. Its central bank sold or swapped roughly 79 tons of gold in the first quarter alone, with “the largest sales from Turkey (60 tonnes) and Russia (16 tonnes) [offsetting] purchases elsewhere,” according to the World Gold Council . “When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold’s biggest bid disappears,” Currie wrote on X . That dynamic, in his view, points to a deeper retracement. He sees gold sliding all the way toward $4,000, with a possible overshoot into the $3,750 range, before sovereign buyers, particularly China, step back in and restart the rally. The bigger thesis behind the $10,000 gold target Currie’s gold call sits inside a much bigger argument about how a decade of capital flows have left commodity markets dangerously under-invested. After running the numbers against his framework myself, the imbalance is more extreme than most equity investors realize. The argument starts with where the money has gone. The Magnificent Seven plus Oracle ( ORCL ) are projected to spend roughly $820 billion on artificial intelligence capital expenditure in 2026 alone, which Currie called “the largest physical commodity bid ever assembled inside eight income statements,” according to Benzinga . Meanwhile, the suppliers cannot keep up. The numbers Currie laid out paint a clear picture: Information Technology and Communication Services make up roughly 43% of the S&P 500 , while Energy and Materials together account for about 6%. Upstream oil and gas investment is down 35% from its 2015 peak. The world’s top 20 mining companies are spending 40% less than during the 2012 peak cycle, per Currie’s analysis. Central banks bought a net 244 tonnes of gold in Q1 2026, up 3% year-on-year. Source: Currie’s analysis via Benzinga Currie calls this transition the move from “HAGO” (Hard Assets, Global Operations) into “ HALO ” (Hard Assets, Local Operations), where physical commodities are repriced upward as supply struggles to meet AI -driven demand. “The price will overshoot first. The capex will follow. Then the new supply,” Currie wrote in his X thread . That sequence, in his framework, is what eventually pushes gold to $10,000. Once central banks stop fighting inflation , pivot back to easier policy, and resume buying physical metal, the same forced sellers of today flip back into structural bidders. What this gold call means for your portfolio None of this guarantees Currie is right. Plenty of veteran strategists have made bold price calls that aged poorly, and the path from $4,000 to $10,000 will almost certainly take years rather than quarters. Iris Cibre, founder of Phoenix Consultancy in Istanbul, has noted that Turkey’s recent gold operations were primarily designed to support the lira during a specific war-driven liquidity crunch, not a verdict on gold’s long-term value, according to the Canadian Mining Report . That distinction matters. Forced selling is not fundamental selling, and a 2025 survey found that 95% of central banks expected global gold holdings to rise over the next 12 months, according to the World Gold Council . In my analysis, what makes Currie’s framework interesting is the structural argument underneath the headline number. Markets have systematically underfunded the physical world for a decade while flooding the digital one with capital. If he is even directionally right, the next gold cycle is less about jewelry, inflation hedges, or fear trades. It is about repricing every ton of metal that an AI data center, an EV plant, or a defense supply chain ultimately needs, an argument that echoes Goldman’s own longer-term outlook for the rest of this decade. For investors holding the SPDR Gold Shares ( GLD ) ETF, which was up 3.32% year-to-date as of last week, the short-term setup looks ugly. Currie himself is positioned for a deeper drawdown first. But the same trade he is shorting today is the one he expects to flip aggressively long once the energy shock starts hurting growth. If you own gold, the next chapter of this story will probably be written by central banks, not by day traders. And central banks have very long memories. Source： https://www.thestreet.com/investing/veteran-goldman-strategist-makes-stunning-10000-gold-call

2026 marks the opening year of the “15th Five-Year Plan.” Against the backdrop of intensifying global macro volatility and the deepening advancement of high-quality development in China, the zinc industry is undergoing profound transformation: tightness on the ore side and the release of smelting capacity are creating structural tension; divergence between domestic and overseas inventory reflects the complex dynamics of supply and demand rebalancing; and technological innovation is becoming the key momentum to resolve contradictions and reshape the pattern. Key “15th Five-Year Plan” sectors such as new energy and new-type infrastructure are injecting new momentum into traditional zinc consumption, while green, low-carbon development and the circular economy are also accelerating the restructuring of industrial logic under the impetus of technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and relevant parties, the 2026 SMM Zinc Industry Conference and the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 14th Zinc Salts, Zinc Oxide, and Secondary Zinc Resources Development Forum, and the Casting Zinc Alloy Development Forum are about to be held in Qingdao, Shandong, from August 6 to 8. Under the theme “Harness Zinc Momentum · Build the Zinc Industry · Embark on a New Journey,” the conference will be driven by a dual engine of macro perspective and fundamentals analysis, closely aligned with the main thread of high-quality development under the “15th Five-Year Plan,” and will focus on four key dimensions—macro policy, the supply-demand pattern, global trade, and technological innovation. It will drive cost reduction and efficiency enhancement through technological breakthroughs, respond to market fluctuations through collaborative innovation, and join hands to chart a new blueprint for high-quality and sustainable development of the zinc industry.‌ Henan Feima Hoisting Machinery Group Co., Ltd. will make a grand appearance at this event, discussing industry development trends with industry peers and working together to propel the zinc industry to new heights. Click to register for attendance immediately, and jointly witness and participate in this extraordinary and far-reaching industry event to create a brilliant new chapter together! Henan Feima Hoisting Machinery Group Co., Ltd. is a professional manufacturer primarily producing bridge and gantry cranes, wire-rope electric hoists, construction machinery, and lifting accessories. It is a member unit of the Bridge and Gantry Crane Branch of the China Heavy Machinery Industry Association and a council member unit of the Hoist Sub-Association. It was among the first in the industry to pass ISO quality system certification, and its products are underwritten by China United Property Insurance Company and Pacific Insurance Company. Founded in 1992, Feima Group covers an area of 200,000 m² and currently has more than 810 employees. It is equipped with 226 sets of various production and inspection equipment, boasts strong technical capabilities, and has accumulated extensive technical and management experience. It has comprehensive production and manufacturing capabilities, and its technical strength, equipment, processes, and detection methods are all at a leading level in China. Feima Group is a high-tech enterprise, a specialized and sophisticated new-type enterprise, a China Quality Integrity Enterprise, a Henan Province technology enterprise, and a Level 1 enterprise for work safety standardization, and has received multiple honorary titles from ministries and at the provincial and municipal levels, including “Quality Management Standards-Compliant Enterprise,” “Advanced Unit in Metrology Work,” “Certificate of Qualification for Enterprise Quality Inspection Institution,” “Contract-Honoring and Credit-Keeping Enterprise,” “Advanced Unit in Enterprise Tax Payment,” and “Export Product Quality License Certificate,” among others. The leading products of Pegasus Group are widely used in industries such as machinery, hot-dip galvanizing, metallurgy, mines, electric power, railways, aerospace, ports, petroleum, and chemical. It is a qualified lifting machinery supplier and partner for central state-owned enterprises such as China Railway, China Water, CNNC, Guodian, and private enterprises including HBIS. The products are exported to more than 130 countries and regions, including the UAE, France, the US, and Russia. The company adheres to excellent quality, achieves continuous improvement, meets social needs, and ensures customer satisfaction. Pegasus will target the international cutting-edge technology of cranes. Innovation unlimited, reputation everlasting; let friends experience "Pegasus Lifting, Bringing You Safety and Ease," and let friends feel "Looking Across the World, Pegasus Gallops On." ◆ Contact Information ◆ Han Junqiang 13839086999 Long press and scan to register now 2026 SMM Zinc Conference

On May 16, the Hangzhou Embodied AI Innovation and Development Conference and the unveiling ceremony of the National AI Application Pilot Base (Embodied AI) were held in Hangzhou High-tech Zone (Binjiang). Wasu Media, together with Hangzhou High-tech Sci-tech Innovation Group, Hangzhou Data Group, Unitree Robotics, Galbot, Moore Threads, Metax, Huace Film & TV, and 18 other industry leaders, signed agreements collectively to form an entire industry chain alliance covering capital, chips, hardware, and applications. Wasu Media will participate in the investment and construction of the base, jointly exploring the application of embodied AI in scenarios such as urban governance, smart cultural tourism, and the low-altitude economy.