SMM May 28: Metals market: As of the midday close, domestic base metals fell across the board. SHFE copper dropped 1%, SHFE aluminum fell 1.08%, SHFE lead declined 0.99%, SHFE zinc lost 0.54%, SHFE tin slid 1.05%, and SHFE nickel fell 1.07%. In addition, the most-traded foundry aluminum futures fell 0.82%, while the most-traded alumina contract rose 0.14%. The most-traded lithium carbonate contract gained 0.27%. The most-traded silicon metal contract dropped 0.64%. The most-traded polysilicon futures fell 0.9%. Ferrous metals mostly rose. Iron ore edged up, rebar and hot-rolled coil each gained less than 0.5%, and stainless steel fell 0.5%. Coking coal and coke: the most-traded coking coal contract rose 2.09%, and the most-traded coke contract gained 2.44%. Overseas base metals, as of 11:39, LME metals fell nearly across the board. LME copper dropped 0.2%. LME aluminum and LME lead both fell 0.15%. LME zinc was flat at $3,507.5/mt. LME tin declined 0.55%. LME nickel lost 0.45%. Precious metals, as of 11:39, COMEX gold fell 1.47% and COMEX silver dropped 2.6%. Domestic precious metals: the most-traded SHFE gold contract fell 2.75%, and the most-traded SHFE silver contract dropped 4.97%. In addition, as of the midday close, the most-traded platinum futures fell 3.78%, and the most-traded palladium futures declined 3.75%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.22% to 2,995.5 points. As of 11:39 on May 28, 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 a premium of 120 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 50 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 20 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,695 yuan/mt, down 1,395 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,590 yuan/mt, down 1,395 yuan/mt from the previous trading day. Spot market: Guangdong inventory increased again, mainly driven by rising arrivals and weakening consumption... Macro Front China: [CSRC Vice Chairman Liu Haoling: Foreign investors' willingness to allocate to China's quality assets continues to rise] On May 28, the 2026 Global Investor Conference hosted by the Shenzhen Stock Exchange was held in Shenzhen. CSRC Vice Chairman Liu Haoling stated in his address that China's capital market reforms integrating investment and financing had progressed steadily and continued to deliver results, overall market valuations were within a reasonable range, and foreign investors' willingness to allocate to China's quality assets continued to rise. In his address, Liu Haolin stated that China is a major contributor to and stabilizing anchor for global economic growth, and a fertile ground for foreign enterprises to invest and do business. Since the beginning of this year, foreign capital has been flowing steadily into China's stock market through various channels. As of now, various overseas investors hold over 4 trillion yuan in A-share tradable market capitalization, making them important participants in China's capital market. (Wallstreetcn) PBOC conducted 101.3 billion yuan of 7-day reverse repo operations in the open market, with the operation rate at 1.40%, unchanged from the previous day. Today, 100 billion yuan of reverse repos matured. US dollar: As of 11:39, the US dollar index rose 0.25% to 99.48. Persistently high energy prices intensified market concerns about a resurgence in inflation. Chicago Fed President Goolsbee on Thursday further reinforced his warning: rising market expectations for AI's potential to boost productivity could push up inflation and force the US Fed and other central banks to raise interest rates. Goolsbee said: "The more hype there is about future productivity, the higher rates may need to go to prevent the economy from overheating. More importantly, facing supply shocks in the short term—whether from oil prices, supply chain disruptions, or other factors—makes the problem even worse." The above remarks further expanded on the views Goolsbee first publicly raised earlier this month. He questioned the notion that AI could suppress inflation and thereby create room for central banks to cut interest rates—a view championed by many officials in the Trump administration as well as new US Fed Chair Warsh. In the 1990s, as computers became more widely adopted, US productivity rose unexpectedly, driving rapid economic growth without triggering inflation. However, Goolsbee argued that if productivity gains are anticipated by the market, the situation would be different. Markets could trigger a spending boom in advance, pushing up prices before actual productivity gains materialize. US Fed Vice Chair Jefferson said he expected inflation to cool later this year as the effects of tariffs and rising energy costs fade, but he warned that inflation risks remain tilted to the upside. In remarks prepared for delivery at a Bank of Japan-hosted conference in Tokyo on Thursday morning, Jefferson said he is watching for signs that rising energy costs from the Iran war are weighing on consumer spending. He also warned that he continued to see signs of weakness in the labour market. Jefferson reiterated his view that the central bank's current policy stance was well positioned to respond to any developments. Jefferson stated, "I am not prejudging the next meeting and look forward to engaging with my colleagues on the best policy to achieve our dual mandate goals." (Jin10 Data) Other currencies: The Bank of Korea's six-month dot plot showed that among 21 dots, 7 were at 2.75%, 10 at 3%, 2 at 3.25%, and 2 at 2.5%. (From Wallstreetcn APP) Data: Data to be released today include the eurozone May industrial confidence index, eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, and US April durable goods orders MoM. In addition, attention should be paid to: the ECB publishing the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivering a speech. Crude oil: As of 11:39, both benchmarks rose, with WTI up 3.1% and Brent up 3.07%. US-Iran tensions escalated again, driving crude oil higher. US President Trump expressed dissatisfaction with negotiations with Iran, and the White House subsequently denied Iranian media reports of progress in peace talks, quickly dampening earlier market optimism about a ceasefire agreement. The US-Iran conflict entered its fourth month, with ceasefire prospects remaining uncertain. According to Xinhua News Agency, US President Trump said at a cabinet meeting at the White House on the 27th that the US and Iran had not yet reached a deal and the US was "dissatisfied" with this, fully rejecting the potential mechanism for joint US-Iran-Oman management of the Strait of Hormuz. (Wallstreetcn) The American Petroleum Institute (API) released data showing that US crude oil and gasoline inventories both declined last week. US API crude oil inventory for the week ending May 22 was -2.819 million barrels, versus expectations of -4.367 million barrels and a prior value of -9.11 million barrels. US API gasoline inventory for the week ending May 22 was -3.199 million barrels, versus expectations of -2.896 million barrels and a prior value of -5.795 million barrels. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

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: ► ► ► ► ► ► ► ► ► ► ► ►

The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027 The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition in 2027 Date: March 28-30, 2027 Venue: Nanchang Greenland International Expo Center "World Tungsten Capital" "World Copper Capital" "Asia's Lithium Capital" "Rare Earth Kingdom" Concurrent Events: The 4th China (Jiangxi) International Green Mining Exhibition, 2027 The 4th China (Jiangxi) International Foundry, Die Casting, Forging, Heat Treatment and Industrial Furnace Exhibition, 2027 [Jiangxi's Many Firsts] New China's first aircraft, first diesel wheeled tractor, first military sidecar motorcycle, first coastal defense missile, first artificial satellite, and today's C919 large passenger aircraft were all born here. [Industrial Advantages] The nonferrous metals industry is the largest pillar industry of Jiangxi Province. The energy consumption dual controls, dual carbon policies, and the new connotations of high-quality development have put forward new requirements for strengthening and expanding the nonferrous metals industry. Promoting the further healthy, rapid, and orderly development of the nonferrous metals industry and enhancing its core competitiveness is an inevitable requirement for transforming from a province rich in nonferrous metal resources to a province with a strong nonferrous metals industry, and is also an important lever for Jiangxi to achieve carbon peaking by 2030. Leveraging Jiangxi Province's abundant nonferrous mineral resources, Jiangxi's nonferrous metals industry has developed rapidly, with continuously expanding scale and improving standards. It has become Jiangxi's largest pillar industry and is currently a key "trillion-yuan-level" industry being cultivated in Jiangxi. It is the undisputed "ballast stone" of Jiangxi's manufacturing sector. Jiangxi has become an important nonferrous metal ore mining and production site in China. Jiangxi Province enjoys superior metallogenic geological conditions and abundant mineral resources, making it one of China's important bases for nonferrous metals, rare metals, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major categories of minerals — copper, tungsten, rare earth, uranium, tantalum-niobium, gold, and silver — are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" Action Plan for High-Quality Leapfrog Industrial Development, the province's nonferrous metals industry plans to achieve a trillion-yuan level in main business revenue. To promote the healthy development of Jiangxi Province's nonferrous metals industry, facilitate foreign economic and trade cooperation, and guide Jiangxi's nonferrous metals industry to align with international standards, the Organizing Committee, after conducting multiple in-depth grassroots surveys and project analyses with government authorities and industry associations, has decided to hold the "4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027" at the Nanchang Greenland International Expo Center on March 28-30, 2027. We look forward to seeing you there. [ Exhibition Dates ] Registration and Booth Setup: March 26-27, 2027 Opening Ceremony: March 28, 2027, 9:30 Exhibition and Trading: March 28-30, 2027 Dismantling: March 30, 2027, 14:00 [Scope of Exhibits] Non-ferrous Metal Raw Materials: copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, indium and other non-ferrous metal mineral product raw materials, magnetic materials, rare and rare earth materials, precious metal materials and various alloy materials; Non-ferrous Metal Products: copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technology: smelting furnaces and kilns, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy, electrolysis equipment, large power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metal Processing Machine Tools: lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, machining centers, electrical discharge machines, wire cutting machines, laser processing equipment, etc.; Metal Automation Control Equipment: frequency converters, fieldbuses, industrial computers, instruments and meters, automation control, robots, electronic application systems, weighing instruments and information solutions for equipment manufacturing, etc.; Auxiliary Materials for Metal Production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder Metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, Die Casting and Forging: castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technology and supporting products, various heat treatment furnaces, industrial furnaces, die castings, die casting molds, die casting machines and peripheral equipment, post-processing equipment for die castings, surface treatment technology and equipment, die casting robots, new die casting technology and supporting products, forgings, flanges and rings, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technology and equipment, forging raw materials. Geological (Mine) Exploration Technology and Equipment: geophysical exploration technology, geochemical exploration technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, laboratory instruments and meters. Mining Technology and Equipment: excavation equipment, drilling and rock drilling equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mining dump units), hoisting equipment, drilling, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets including Jiangxi Daily, Jiangxi Television Economic Channel, Dajiang Finance Channel, Jiangxi Net, China Net, China Daily Net, and China Finance Net; 10 major self-media platforms including Sohu, NetEase, and Toutiao; 53 industry-leading professional media outlets including China Mining Net, China Excavator Net, China Foundry Net, China Die Casting Net, China Auto Manufacturing Net, World Aluminum Net, China Nonferrous Metals Net, Nonferrous Metals Information Net, and Metalworking, along with 180 other industry-related professional media outlets; Comprehensive coverage of key words search clients through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2027 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2027 China Metallurgical Melting and Casting Technology Seminar 2027 China Recycled Metals Industry Chain Integrated Development Forum 2027 China NEV and Auto Body Lightweighting Peak Forum 2027 China Green Mine Development Forum [Exhibition Rules] ★ Standard booth 3m×3m: China enterprises: RMB 9,800 yuan/booth; overseas enterprises: RMB 15,800 yuan/booth; ★ International brand booth (9 ㎡, deluxe decoration) RMB 12,800 yuan/booth; overseas enterprises: RMB 18,800 yuan/booth; ★ Indoor bare space (minimum 36 ㎡): China enterprises: RMB 1,000 yuan/㎡; overseas enterprises: RMB 2,000 yuan/㎡; Booth equipped with: two fluorescent tubes, one waste basket, display boards, header board, one table and two chairs, air conditioning, lighting, security, and cleaning services. Note: Bare space does not include any exhibition facilities. Special decoration management fees and hydropower fees charged by the venue shall be borne by the exhibitors and their special decoration contractors. [Organizing Committee Secretariat] Contact: Song Jia 132-1700-0270 (same on WeChat) Official website: http://www.jxysjs.net

The rally that propelled gold and silver to record-breaking highs in 2025 could pick up again if a U.S.-Iran peace deal is reached, market watchers told CNBC as prices ticked higher on Thursday.

SMM, April 22: Metals market: As of the overnight close, metals in both domestic and overseas markets generally fell, with only LME zinc, SHFE zinc, and SHFE nickel rising. LME zinc rose 0.67%, SHFE zinc rose 0.08%, and SHFE nickel rose 0.19%. LME tin led the decline with a 2.01% drop, SHFE tin fell 1.85%, and the remaining metals fell less than 1%. The alumina main contract fell 0.35%, and the foundry aluminum main contract fell 0.36%. Overnight ferrous metals showed mixed performance, with stainless steel falling 0.9% and iron ore rising 0.19%. Coking coal and coke side, coking coal fell 0.16% and coke rose 0.37%. Overnight precious metals side, COMEX gold fell 1.87% and COMEX silver fell 4.21%. In China, SHFE gold fell 1.66% and SHFE silver fell 3.73%. Overnight closing prices as of 6:44 AM, April 22: Macro Front China: [State Council: Support Procurement of Large Language Models and AI Agent Services, Moderately Advance Construction of Mobile IoT] The State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." It mentioned deepening the implementation of the "AI+" initiative, accelerating the R&D and adoption of intelligent programming tools, and supporting the procurement of large language models and AI agent services. It called for accelerating innovation breakthroughs in industrial software, building compatibility adaptation and application demonstration centers for key industry industrial software, strengthening the ecosystem of basic software and open-source communities, and optimizing the smart audio-visual system ecosystem. It also urged deeper promotion of large-scale 5G applications, advancing 5G-A network development, strengthening 6G technology R&D, moderately advancing the construction of mobile IoT, and developing satellite internet application services. (Jin10 Data) [MIIT Responds to Memory Chip Price Increases, Will Take Multiple Measures to Ensure Industry Chain Supply Chain Stability] The State Council Information Office held a press conference on Q1 2026 industrial and information technology development. Xie Cun, spokesperson of MIIT and Director-General of the Department of Information and Communications Development, stated that recent memory chip price increases had triggered price adjustments in mobile phone end-use products, drawing widespread attention. To address this issue, MIIT will take multiple measures to support the development of the memory chip industry and ensure industry chain supply chain stability. On one hand, it will enhance supply capacity, promote supply-demand alignment, encourage both domestic and foreign enterprises to increase investment and boost output capacity, and support end-users and memory chip enterprises in strengthening interaction and expanding diversified supply channels. On the other hand, it will maintain market order through various means, guide memory chip enterprises to strengthen channel management, and cooperate with relevant departments to crack down on market-disrupting activities in accordance with the law. (Securities Times) (Jin10 Data APP) [MIIT: 10G Optical Network Pilot Project Construction Progressing in an Orderly Manner with Good Completion of Pilot Targets] MIIT issued a notice on the completion of 10G optical network pilot projects. Overall, pilot project construction progressed in an orderly manner, with good completion of pilot targets. The 10G optical network achieved pilot deployment in scenarios such as residential communities, factories, and industrial parks, cultivating business applications including cloud computers, cloud gaming, industrial optical quality inspection, AI + ultra-high-definition video surveillance, model training and inference applications, and integrated sensing and communication, providing important references for promoting the transition of 10G optical networks from technical pilots to deployment and application. (MIIT) (Jin10 Data APP) US dollar: As of the overnight close, the US dollar index rose 0.33% to 98.38. Fed Chairman nominee Warsh believed that the US Fed should reduce its reliance on forward guidance and warned that excessive transparency could hinder policy flexibility when circumstances change. He said: "The Fed reveals to the whole world... what their forecasts will be," but "the Fed sticks to its forecasts for too long," a phenomenon related to the Fed's delayed response to surging inflation during the pandemic from 2021 to 2022. In his view, making fewer commitments would help achieve more flexible decision-making, because "if the Fed waits until a meeting to make a decision, then this gradual assessment process can prevent the central bank from making repeated mistakes." He viewed this as part of a broader reform agenda, adding: "I believe these changes are very necessary, and if confirmed, I look forward to implementing them." (Jin10 Data APP) A CICC research report stated that Fed Chairman nominee Kevin Warsh attended a Senate Banking Committee hearing, revealing his core policy stance of pursuing "balance sheet reduction and interest rate cuts" in parallel: at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the Fed's balance sheet size, withdrawing from quasi-fiscal functions, and returning it to its core monetary policy role; at the interest rate level, although no explicit commitment was made, his statements already indicated an inclination toward interest rate cuts. In our view, Warsh's policy stance is not only an adjustment to the monetary transmission mechanism but also an extension of the "America First" strategy into the monetary domain amid the wave of de-globalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift means the narrative of persistently excessive US dollar liquidity will face correction, and assets that purely rely on liquidity-driven gains and benefit from "US dollar over-issuance" may come under pressure. (Jinshi Data APP) According to CME "FedWatch": the probability of a 25-basis-point rate hike by the US Fed in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jinshi Data APP) On the macro front: The preliminary eurozone consumer confidence index for April, the UK March CPI monthly rate, and the UK March retail price index monthly rate were scheduled for release today. In addition, US Fed Governor Waller delivered a speech at the Brookings Institution. According to media reports, the US and Iran plan to hold talks in Pakistan on Wednesday. Crude oil: As of the overnight close, oil prices in both markets rose together, with WTI up 3.2% and Brent up 3.75%, as prospects for a second round of US-Iran talks appeared dim. Between 3:35 and 4:10 Beijing time, WTI and Brent traced an N-shaped pattern with a swing of over $4 in roughly half an hour — prices surged on reports that US and Iranian representatives had canceled plans to head to Pakistan, then briefly erased gains when Trump announced an extension of the ceasefire agreement. (Jinshi Data APP) A research report from CITIC Securities Construction Investment noted that the repeated fluctuations in the Strait of Hormuz situation indicate that the impact of this round of events on the oil shipping market continues to unfold along a three-stage logic. After a brief reopening on April 17, Iran reimposed the blockade on April 18, suggesting the situation has not yet stabilized. Regardless of how the US-Iran standoff develops going forward, the market is currently still in the process of the Hormuz blockade shock gradually transmitting to oil shipping fundamentals. Oil shipping freight rates evolve in three stages: rates rise during the conflict period; vessel redeployment lengthens shipping distances and pushes up the freight rate center; and after the blockade is lifted, a scramble for oil may drive rates higher for over two months. Currently, the third stage — the inevitable global scramble for crude oil following the reopening of the Strait of Hormuz — is bound to transmit to the oil tanker shipping market. (Jinshi Data APP) US API crude oil inventory for the week ending April 17 came in at -4.47 million barrels, versus expectations of -1.8 million barrels and a prior reading of 6.101 million barrels. (Jinshi Data APP) The NYMEX WTI crude oil May futures contract, affected by contract rollover, completed its final pit trading at 2:30 on April 22 and its final electronic trading at 5:00 a.m. Please pay attention to the exchange's expiration and contract rollover announcements to manage risk. In addition, the expiration time for WTI crude oil contracts on some trading platforms is typically one day earlier than the official NYMEX schedule, so please take note.

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.