This week, Pb50 domestic TCs (weekly) rose by 150 yuan/mt Pb WoW, while Pb60 imported TCs (weekly) remained flat at -$170/dmt. In August, TCs were largely stable. Although recent safety inspections at some domestic mines have increased, causing some disruption to mine production, domestic ore-derived lead smelters also underwent maintenance. Coupled with the arrival of imported lead, zinc, and silver ores as supplement, overall standard concentrate TCs were largely stable. Due to the increase in silver prices, TCs of silver-bearing ore declined somewhat, but the payable indicator for silver in lead concentrates has not changed yet.

[SMM Daily Review: Silver Prices Retreat from Highs Ahead of Non-Farm Payrolls Data, Market Awaits Data Guidance] SMM, August 7 – Hawkish comments and job market resilience weighed on silver prices, with the market focused on tonight's non-farm payrolls data. Spot cargo transactions remained weak, the spot-futures price spread was in a stalemate, and traders showed low willingness to offer.

[SMM Silver Weekly Review: Silver Surges 7% This Week; Double Bottom Pattern Emerges; Mixed Outlook Ahead] This week, silver prices moved up unilaterally, gaining 7.08% WoW. Weaker ADP data and US-Iran peace talks drove a pullback in rate hike expectations, but hawkish comments and cautious sentiment ahead of the non-farm payrolls limited gains. Spot supply and demand were both weak, with transactions centered around parity. Inventories edged down, while ETF holdings inched up WoW. A short-term double bottom pattern has taken shape, but the foundation for further upside remains fragile. Watch for guidance from the upcoming non-farm payrolls data.

This week, precious metals first declined then rose. ADP employment data significantly missed expectations, causing rate hike expectations to pull back rapidly, and silver prices rebounded strongly to hit a new high in nearly two months. In the short term, focus on the revision of rate hike expectations by the non-farm payrolls data. In the medium and long term, US debt risks and the turning of the interest rate cycle will continue to support precious metals.

[SMM Daily Review: Weaker ADP Data Boosts Silver Prices; Spot Demand and Trading Sluggish] SMM, August 6 – The US ADP employment hit a new low for the year, expectations for interest rate cuts intensified, and silver prices rebounded. Spot market silver prices rose, suppressing purchase willingness. Transactions were concentrated near parity, and demand remained sluggish.

[SMM Precious Metal Express] US July ADP employment came in at 44,000, below the expected 70,000 and prior 95,000, marking the smallest gain since January. Weaker jobs data reinforced Fed rate-cut expectations, sending spot gold up over $200 from its session low at one point, closing 4.16% higher at $4,247.02/oz — its largest single-day gain since early February. Spot silver climbed above $62/oz, closing up 4.26% at $62.06/oz.