“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

The current macroeconomic backdrop supports the continued strengthening of silver. On the one hand, the situation in the Middle East at the beginning of the week boosted the demand for gold and silver as safe-haven assets. On the other hand, investors sought refuge in silver amid the bullish momentum in precious metals driven by concerns over US inflation and deficits. London silver prices regained the 50-day moving average, targeting $34.87/oz, while domestic silver prices stabilized at 8,200 yuan/kg. [Economic Data] Negative: US EIA crude oil inventories for the week ending May 16 were 1.328 million barrels, compared to the previous week's 3.454 million barrels, and were expected to decrease by 1.277 million barrels. Silver: This week, macroeconomic factors supported the rebound and strengthening of silver prices. As the week drew to a close, spot premiums offered by suppliers saw a slight decline. Both supply and demand in the domestic spot market decreased. Some smelters suspended domestic spot quotes during the week due to factors such as prioritizing export demand. In the Shanghai region, tonne-scale national standard spot silver ingots available for self pick-up were quoted at a premium of 3-5 yuan/kg over TD, while large smelters' spot silver ingots were quoted at a premium of +5 to +8 yuan/kg over TD. Actual transactions at high premium quotes were relatively difficult this week. In addition, the operating rate of silver nitrate production declined in late May, with downstream demand primarily driven by long-term contract cargo pick-up, and the enthusiasm for spot order purchases significantly waned compared to April. PV: This week, the average reference price of solar cell rear-side silver paste ranged from 5,289 to 5,406 yuan/kg; the average reference price of solar cell front-side fingers ranged from 7,968 to 8,144 yuan/kg; and the average reference price of solar cell front-side busbars ranged from 7,918 to 8,094 yuan/kg. 》Check SMM precious metal spot quotes

[SMM Morning Meeting Summary: Decline in Capital Favour, Zinc Prices Fluctuate Downward] Overnight PPI data unexpectedly came in below expectations, the US dollar index fell, but most commodities have essentially entered the holiday period, with prices mainly fluctuating downward.

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Last Friday, April 11, Eastern Time, the US Customs and Border Protection (CBP) quietly released updated tariff rules, exempting import tariffs on categories including automatic data processors, computers, communication equipment, displays and modules, and semiconductor-related goods, unaffected by "reciprocal tariffs." On Saturday, Eastern Time, this exemption information was also confirmed by the White House. However, on Sunday, US President Trump and his senior trade officials released contradictory information, further intensifying confusion over his tariff plans. Trump: No Tariff "Exceptions" On Sunday afternoon, Eastern Time, Trump addressed the exemption news on his social media platform TruthSocial, stating that he would still "focus" on the semiconductor and electronics supply chain in the so-called "national security tariff investigation." "For the unfair trade balances and non-monetary tariff barriers used by other countries against us, no country can 'escape' punishment, " Trump wrote on social media, " No tariff 'exceptions' were announced last Friday... they were just moved to different tariff 'categories.' The fake news media knows this but refuses to report it. In the upcoming national security tariff investigation, we will still focus on semiconductors and the entire electronics supply chain. " Kevin Hassett, Director of the National Economic Council, stated that the US government is investigating semiconductors under Section 232 of the 1962 Trade Expansion Act. He mentioned that this clause allows the president to restrict imports of products deemed critical to US national security after an investigation. "Semiconductors are key and essential components of many defense equipment," Hassett said, "There will be a semiconductor Section 232, we will carefully study these issues and decide which products must be produced domestically." US Trade Representative Jamison Greer also stated on Sunday that although part of the executive order signed by Trump regarding exemptions was titled "Clarification of Exceptions," they are "not real exceptions." Greer said: "The reality is that this supply chain has shifted from the global tariff, reciprocal tariff system to the national security tariff system. " Earlier on Sunday, US Commerce Secretary Howard Lutnick stated on television that the exemptions for electronics and parts are only temporary, and that separate tariffs on electronics "will be introduced soon." "They are exempt from reciprocal tariffs, but they are included in the semiconductor tariffs that may be introduced in a month or two," he said, "So this is not a permanent exemption. (Trump) is just clarifying that these are not things countries can negotiate. These things are about national security, and we need to manufacture them in the US." Trump Faces a Credibility Crisis The latest statements from Trump's team have clearly dashed the hopes of consumers and the market. Tariffs mean that the import prices of US electronic goods will skyrocket, and this cost is usually passed on to consumers. This latest statement has further added to the confusion over Trump's tariff policies. In the past two weeks, Trump's tariff policies have changed multiple times. Democratic lawmakers stated on Sunday that these changes are leading to uncertainty and a credibility crisis for Trump. "President Trump now faces a credibility crisis," New Jersey Democratic Senator Cory Booker said bluntly on Sunday, "We are hearing voices from around the world. People don't know if they can trust him." Massachusetts Democratic Senator Elizabeth Warren warned that trade turmoil and uncertainty will deter businesses from investing in the US: "What we are seeing now is chaos. When Donald Trump keeps switching between red and green lights on tariffs, investors will not invest in the US."

• Sigma Lithium announces the sale of an additional 100,000 tons of high-purity lithium ore fines based on the SMM lithium concentrate price, at a price higher than the previous sale. • The company confirms that mine restart activities are progressing as planned and are expected to be completed by January 2026, consistent with its announcement on January 13, 2026. • Sigma Lithium strongly refutes recent media reports that inaccurately described an administrative procedure initiated by Brazil's Ministry of Labor and Employment regarding the company's waste piles as an "operational ban," labeling such reports as "fake news," and states it has notified relevant authorities. On January 23, Sigma Lithium announced the sale of another 100,000 tons of high-purity lithium ore fines. In its statement, the company reiterated that the remobilization of contractor equipment and personnel at the mine site is progressing according to plan and is expected to be completed in January 2026. The company firmly denied recent media reports that mischaracterized an administrative procedure initiated by the Ministry of Labor and Employment as an "operational ban," calling them "fake news." Regarding speculative reporting by some media based on this procedure about the safety of the company's waste piles, Sigma Lithium clarified that such claims are completely false and emphasized that this administrative procedure does not constitute a material event. High-Purity Lithium Ore Fines Sales Details The transaction was conducted based on the Shanghai Metals Market (SMM) lithium concentrate price, equivalent to an adjusted net price of USD 140 per ton for each 1% Li₂O content (the current SMM price quotation for 1.35% Li₂O content is USD 195 per ton). Sigma Lithium pointed out that the revenue from these high-purity fines sales represents a "green dividend" for its shareholders, made possible by the company's investment in environmental "cutting-edge technology" at its Greentech Plant. This technology enables dry-stacking of tailings and allows for the recovery of lithium by selling high-purity fines. Consequently, Sigma Lithium possesses one of the most environmentally sustainable lithium processing facilities in the industry, integrating dry-stacking, 100% water recirculation, zero use of toxic chemicals in lithium processing, and 100% renewable power supply. Clarification Regarding Inaccurate Media Reports Sigma Lithium has recently been the subject of multiple inaccurate reports. The company stated that this is part of an organized, funded online defamation campaign that has repeatedly disseminated false, inaccurate, and misleading information about the company and its management. The latest reports containing false statements about the Ministry of Labor and Employment's administrative inquiry into the company's waste piles and their safety align with the tactics of this ongoing "fake news cyber-smear campaign": approximately one month after the inquiry's initiation and merely two days after the company's positive operational update on January 13, 2026, several "paid-writer" style online media outlets suddenly published a flood of defamatory articles claiming the company had been shut down by the Ministry or even the "Brazilian Government." These allegations were primarily published by certain Brazilian online media outlets that publish sponsored content and were subsequently republished by some international mainstream online media and news agencies lacking rigorous fact-checking practices. This defamation campaign led to significant volatility in Sigma Lithium's share price on January 16, with trading volume exceeding four times the Nasdaq daily average and the stock price dropping approximately 30%, potentially benefiting short-sellers. The company has reported the matter to relevant authorities, including FINRA (under the U.S. SEC). The Brazilian Ministry of Labor and Employment initiated an administrative inquiry regarding the company's waste piles in mid-December, following a routine health and safety inspection. During this inspection, the Ministry acknowledged the company's outstanding safety record—over two years without a lost-time injury. Sigma Lithium's management believes that this inquiry did not, at its initiation nor does it currently, constitute material information requiring disclosure, and it does not affect the company's operations, including the ongoing mine restart plan. The company's restart plan is expected to sustain approximately 19,000 direct and indirect jobs in the Jequitinhonha Valley region. This objective aligns closely with the purposes of the Brazilian Ministry of Labor and Employment, the Brazilian Government, and Sigma Lithium. Sigma Lithium's commercial success significantly enhances Brazil's leadership in critical minerals, positioning the country as a key player in the global supply chain for Li₂O materials produced in an environmentally and socially sustainable manner, thereby supporting the energy transition.