[SMM Daily Review: Silver Prices Rise for Four Straight Days, Spot Premiums Steady, Trading Weak] SMM June 17: The second phase of the US-Iran agreement was implemented, crude oil plunged, dragging down commodities, while gold's consecutive gains provided support. Spot premiums held steady, consumption was weak, and the market awaited guidance from the US Fed's interest rate decision.

[SMM Flash] A magnitude 6.3 earthquake struck Dachaidan, Haixi, Qinghai on June 16, 2026. According to SMM, lithium chemical production in most areas of Qinghai has not been affected for the time being. SMM will continue to follow up on subsequent impacts.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,744/mt, dipped to $13,725/mt shortly after the opening, then its price center fluctuated upward to touch $13,822.5/mt, followed by wild swings and finally closed at $13,796.5/mt, up 0.61%. Trading volume reached 16,600 lots, open interest stood at 263,000 lots, a decrease of 3,509 lots from the previous trading day, manifested as bearish position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 105,490 yuan/mt, hitting a high of 105,700 yuan/mt right after the opening, then its price center fluctuated downward all the way, touching a low of 105,060 yuan/mt near the end of trading, and finally closed at 105,210 yuan/mt, down 0.14%. Trading volume reached 25,000 lots, open interest stood at 147,000 lots, a decrease of 1,715 lots from the previous trading day, manifested as bullish position reduction.

Stardust Power announced on June 16 that it has commenced site engineering activities at its lithium refinery project in Muskogee, Oklahoma, marking a further step from the FEL-3 front-end engineering stage toward execution-level design. According to the company, Brown & Root has been engaged to carry out related geotechnical work, including site borings and subsurface investigations. The work is intended to assess underground conditions at key locations across the site and provide supporting data for subsequent civil design, foundation design, procurement and construction planning.According to Stardust Power’s previous plan, the Muskogee lithium refinery is designed to produce up to 50,000 mt/year of battery-grade lithium carbonate. Once completed, the project is expected to become one of the largest lithium refining facilities in the US. SMM believes this progress indicates that US domestic lithium refining projects are continuing to move toward engineering execution. However, the project remains at the site engineering and execution-design preparation stage, and further attention should be paid to financing progress, final investment decision, commencement of major construction and the actual delivery schedule.

Fast Technology, June 17 news: According to media reports, the team of Tan Hairen from Nanjing University, together with Renshuo Solar Energy (Suzhou) Co., Ltd., has achieved an important breakthrough in the field of all-perovskite tandem PV technology. The research team successfully fabricated a large-area all-perovskite tandem PV module, which was certified by the Japan Electrical Safety & Environment Technology Laboratories (JET) with a photoelectric conversion efficiency as high as 26.2%, setting a new world record for all-perovskite tandem modules of the same area class. The module has an area of 65 square centimeters and adopts a tunneling recombination junction structure without a hole transport layer. The team innovatively replaced the traditional ultra-thin metal composite layer with a nanocrystalline functional layer, and removed the PEDOT:PSS hole transport layer, achieving structural reconstruction of the interface connection layer.

[Geopolitical Risk Premium Exits Market, Aluminum Prices Under Short-Term Pressure and Volatility] On the macro front, the US and Iran have completed signing an electronic MOU. Expectations of geopolitical easing continue to materialize, market panic over the Middle East conflict continues to fade, and the geopolitical risk premium for commodities has weakened significantly. US May CPI rose 4.2% YoY, hitting a three-year high, while core CPI also strengthened. The market continues to bet on the Fed restarting rate hikes within the year, and expectations of tightening liquidity continue to suppress metal valuations. On the fundamentals side, the Middle East conflict caused involuntary production cuts in overseas aluminum capacity. Expectations of a global supply deficit continue to widen, and coupled with expectations of rising energy costs, this provides strong bottom support for LME aluminum. China’s inventory destocking trend has been established, and the destocking logic continues to be realized. The rebound in the proportion of liquid aluminum, support from export demand, and supply normalization compressing aluminum ingot formation—these three fundamental factors jointly drive the continuation of destocking. SMM maintains its forecast that inventory will fall to around 1.28 million mt by late June, and may further approach 1.2 million mt by end-June/early July, bringing some support to aluminum prices. However, the pressure from high domestic inventory remains relatively pronounced. Coupled with the currently bearish macro sentiment dominating the market, short-term domestic aluminum prices are mainly in the doldrums, with volatile adjustments.

According to foreign media reports, based on applications from multiple enterprises including Hindalco Industries and SRF Altech, India has decided to extend the anti-dumping duties on aluminum foil with a thickness of up to 80 microns imported from China, Malaysia, Thailand, and Indonesia until December 15, 2026. Previously, on September 29, 2025, the Directorate General of Trade Remedies (DGTR) of India's Ministry of Commerce and Industry had initiated a sunset review of aluminum foil imports from these four countries.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for N-type recharging polysilicon is 32-34.2 yuan/kg. Polysilicon prices remain generally weak. A few large-volume orders are currently under negotiation, with the market watching for subsequent outcomes and policy developments. Wafers: Market prices for 183mm wafers stand at 0.88-0.9 yuan/piece, 210RN wafers at 0.98-1.00 yuan/piece, and 210N wafers at 1.16-1.20 yuan/piece. The low-end prices of 183mm and 210N wafers also show a downward trend, widening the price range across all wafer sizes. Top-tier players are holding prices, while smaller enterprises have concluded deals at lower prices.

[SMM Tin Morning Brief: the most-traded SHFE tin contract opened slightly higher in the night session and then pulled back, while spot market trading was overall thin.]

SMM, June 17: Overnight, LME lead opened at $1,970/mt and fluctuated downward during the Asian session. After entering the European session, it dipped to $1,962/mt. On the eve of the US Fed’s interest rate decision, the US dollar index fluctuated lower, and LME lead released pressure and rebounded. It touched a high of $1,983.5/mt late in the session and finally closed at $1,982.5/mt, up 0.71%. Overnight, the most-traded SHFE lead 2607 contract opened higher with a gap at 16,350 yuan/mt, briefly touching a low of 16,320 yuan/mt in early trading. Boosted by the rise in LME lead, it touched a high of 16,425 yuan/mt late in the session. The KDJ opening widened, and it finally closed at 16,415 yuan/mt, up 0.64%. Transactions of cargoes self-picked up from production site at primary lead smelters weakened, while secondary lead smelters added new maintenance, leaving uncertainty on the supply side. Downstream battery producers maintained just-in-time procurement. Some enterprises, as their lead ingot inventory was sufficient for just-in-time production and supplemented by pick-up goods under long-term contract, stopped spot order purchases. With the Dragon Boat Festival holiday approaching, beware of the drag on lead prices from a market with both weak supply and weak demand.