Futures: Overnight, LME lead opened at $1,965/mt, fluctuating downward during the Asian session; it dipped to $1,948.5/mt upon entering the European session, but then rose due to a weakening US dollar index, touching a high of $1,976.5/mt before finally settling at $1,974.5/mt. Overnight, the most-traded SHFE lead 2603 contract opened at 16,665 yuan/mt, briefly touched a low of 16,560 yuan/mt early in the session, then rebounded as bears reduced positions, reaching a high of 16,680 yuan/mt before finally settling at 16,665 yuan/mt, up 0.48%, forming a doji star. On the macro front: As markets awaited a series of US economic data, a weaker US dollar made dollar-denominated commodities more attractive to overseas buyers; spot gold extended gains. The White House's Hassett predicted worsening employment: AI boosts productivity, reduces labor demand. Alphabet planned to raise about $15 billion by issuing US dollar bonds. China's Ministry of Commerce held a symposium with automakers: Multiple measures to promote the expansion and quality improvement of auto consumption. The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing. Seven departments including the Ministry of Human Resources and Social Security provided administrative guidance on employment to leading platform companies and courier firms. Three departments including the Ministry of Finance issued an announcement on tax incentives for re-exported cross-border e-commerce goods. : SHFE lead stopped falling and stabilized, but as the Chinese New Year holiday approached, logistics vehicles halted in some regions, leading to reduced shipments and quotations from suppliers. Only some cargoes self-picked up from primary lead smelters were quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price ex-works. In the secondary lead sector, more smelters were on holiday and reluctant to sell at low prices, with most enterprises suspending quotations; a few secondary refined lead offers were at discounts of 25 yuan/mt to premiums of 50 yuan/mt against the SMM #1 lead average price ex-works. Downstream enterprises generally entered the year-end wrap-up phase, with minimal inquiries, resulting in thin trading in the spot market. Inventory: On February 9, LME lead inventory decreased by 100 mt to 232,750 mt. As of February 9, SMM lead ingot social inventory across five regions rose to a five-month high. Today's lead price forecast: With previously in-transit lead ingots by rail concentratedly arriving at warehouses, social inventory of lead ingots increased significantly, mainly reflected in Jiangsu and Zhejiang region warehouses. Last week, lead prices fell, prompting lead-acid battery enterprises to conduct relatively concentrated stockpiling of lead ingots, leading to a noticeable decline in lead smelters' in-factory inventory. This week being the last before the Chinese New Year, the final batch of lead-acid battery enterprises will enter the holiday state, further weakening lead consumption. Meanwhile, with the start of the Spring Festival travel season, migrant workers have returned to their hometowns, and the number of vehicles in operation has gradually decreased. Currently, some regions no longer support road transportation. It is expected that the growth momentum of social inventory for lead ingots will slow down, and the inventory buildup of lead ingots is anticipated to be more reflected in the smelters' plant inventories. Overall, lead prices are in the doldrums ahead of the holiday. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice.

According to the Ministry of Industry and Information Technology's WeChat update, on February 13, the Ministry of Industry and Information Technology convened a plenary meeting of the Leading Group for the Development of the Low-Altitude Industry. The meeting focused on thoroughly studying and implementing the important instructions and directives of General Secretary Xi Jinping, and discussed and arranged key tasks to promote the safe, orderly, and healthy development of the low-altitude industry. Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry, and Head of the Leading Group for the Development of the Low-Altitude Industry, presided over the meeting and delivered a speech. Xin Guobin, Member of the Party Leadership Group and Vice Minister, and Xie Shaofeng, Chief Engineer, attended the meeting. The meeting noted that during the 14th Five-Year Plan period, China's low-altitude industry has achieved positive results, with accelerated breakthroughs in technology and equipment, and diversified expansion in application scenarios. During the 15th Five-Year Plan period, it is essential to earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, fully recognize the new situation facing the development of China's low-altitude industry, balance development and security, adhere to both policy support and reform innovation, promote the deep integration of technological innovation and industrial innovation, strengthen the leading role of enterprises in innovation, accelerate the cultivation of industrial clusters, and build an intelligent, green, and integrated industrial system, to steadily advance the safe, orderly, and healthy development of the low-altitude industry. The meeting emphasized the need to effectively strengthen top-level planning, carry out planning formulation work well, increase policy support for the innovative development of the low-altitude industry, accelerate preliminary research on standards, and establish a sound industrial standard system. Efforts should be made to firmly build a security foundation, strengthen management in the manufacturing sector, attach great importance to low-altitude radio security, cybersecurity, and data security, and establish a test and verification systems for low-altitude equipment. It is necessary to actively promote integrated innovation, strengthen research on fundamental and common technologies in the industry, deepen the synergy between low-altitude equipment and industries such as new energy and new-generation information technology, and accelerate the empowerment of artificial intelligence. A favorable environment should be vigorously fostered, with orderly expansion of application scenarios, strengthening scenario-driven upgrades of equipment, deepening high-level international cooperation, and consolidating the talent foundation for the industry, to provide strong support for the development of the low-altitude economy as a strategic emerging industry. Heads of relevant departments, subordinate units, and affiliated universities of the Ministry attended the meeting and delivered exchange speeches.

Last week, the overseas rare earth market exhibited distinct characteristics, including accelerated exploration of futures financialization, diversified development of global resource projects, deepened supply chain strategies in major consumer countries, progress in alternative technology R&D, and continuous expansion of international cooperation networks. Next week, as China enters the Chinese New Year holiday, overseas markets will maintain this pace of advancement.

Utah paid $30 million for a bankrupt magnesium plant—but not the $100 million cleanup. Its toxic legacy seeps toward the Great Salt Lake, unpaid. Across the Atlantic, Austria’s LKR cracked magnesium’s code: alloy ZAX210 now shapes into wire for medical implants and 3D printing. Two faces of the same metal: one buried in liability, the other alight with possibility.

According to CMOC's official WeChat: Recently, after CMOC completed the acquisition of the Brazilian gold mine project, four gold mines located in Maranhão, Bahia, and Minas Gerais states immediately entered full operation. In January this year, except for the RDM gold mine which had its crusher maintenance, originally scheduled for February, moved up to January, affecting production, the Aurizona, Santa Luz, and Fazenda gold mines all exceeded their monthly production targets. Previously, to smoothly take over the Brazilian gold mine project, CMOC Brazil promptly initiated preparations, working with the project team to systematically review comprehensive, technical, operational, and financial aspects, advancing work handover, process integration, and system alignment according to a list, while simultaneously conducting cultural promotion and ideological communication for front-line employees. The handover was not simply about "changing the sign." Through the niobium and phosphate sector employees, CMOC Brazil conveyed the company's corporate culture, management philosophy and model, and strategic development vision to the original team, allowing them to familiarize themselves and integrate into the new work environment early, enhancing understanding and trust, and welcoming the new phase with a more positive and composed mindset. This approach of "preparing in advance and stabilizing hearts first" helped the gold mine project employees maintain a stable mindset and normal work pace during the transition period. Their quick recognition of the company's management philosophy naturally followed. After completing the handover, the company's management and technical teams conducted a two-week systematic survey of the four gold mines, thoroughly understanding the current status of each production and operation link. The four gold mines taken over span three major states in Brazil, with the farthest mine being over 2,100 kilometers apart in a straight line, geographically dispersed, with inconvenient transportation and significant climate differences. Facing these objective challenges, the company, through on-site surveys, discussions, and specialized seminars, quickly grasped the frontline demands and critical issues needing urgent resolution. Based on this, five main tasks for 2026 were identified: in production organization, ensuring safe and stable operations at all mines to meet monthly and annual plans, while also preparing for resource succession; in exploration and reserve increase, scientifically and reasonably arranging geological exploration, seizing opportunities to expand and upgrade, providing technical support for extending the service life and expanding the scale of the mines, and systematically exploring greenfield projects to lay the foundation for long-term development; in capital expenditure, systematically planning and prioritizing key projects such as tailings dam safety upgrades; additionally, strengthening financial and asset management to ensure compliant operations; optimizing contract and service procurement management systems, initiating tenders for key projects, and achieving a smooth transition in management processes. Through comprehensive takeover and stable production and operation in January, the Brazilian gold mines have entered a new phase of autonomous operation. In the future, based on the development philosophy of safety, greenness, harmony, and sharing, Brazil's gold mines will continue to optimize management in addressing local challenges, laying a solid foundation for sustainable development.

As of February 12, 2026, LME zinc ingot inventory continued to decline to 103,500 mt, while the LME Cash-3M contango narrowed from over $40/mt in January to below $20/mt. At the same time, due to the Chinese New Year holiday, many downstream zinc enterprises suspended operations, leading to a continued buildup in domestic zinc ingot inventory to over 160,000 mt.