May 27, 2026 While precious metal prices on the exchanges appear to be stagnating, the physical market is showing unprecedented momentum. The British Royal Mint reports the highest trading activity in its history for the past fiscal year. While short-term interest rate fears are slowing down the paper markets, physical investors are consistently using the consolidation to diversify their portfolios—with almost unprecedented momentum in the silver segment. Online trading at the state-owned mint reached an all-time high. Although the Royal Mint traditionally does not disclose absolute tonnages, the percentage increases quarter-over-quarter illustrate the scale: Gold Boom: Sales of capital gains tax-free gold bars and products rose by 94% compared to the same quarter last year. Silver sensation: Demand for physical silver bars skyrocketed by 1,000% during the same period. Online activity: Transaction volume on royalmint.com climbed by 130% year-over-year. The Silver Phenomenon: Profit-taking Meets Massive Buyer Demand Silver attracted particular attention in the first quarter (January through March). Due to the temporarily high prices, some investors locked in profits, causing the value of silver products sold back to the Royal Mint to rise by a spectacular 3,300%. However, there was no broad market pullback. Buyers continued to clearly dominate the market: For every ounce of silver that customers sold back to the Royal Mint, two ounces were newly purchased (a buy-to-sell ratio of 2:1). This underscores the fundamental and long-term optimistic stance of physical investors toward the silver trend. Structural Change: Record Number of New Customers and Digitalization The record figures are based on a massive expansion of the investor base in the 2025/26 fiscal year: Customer Growth: The number of active precious metal buyers and sellers on the platform rose by 49%. New Customer Ratio: A sensational 60% of all active customers in the past year were first-time buyers. The fourth quarter marked the quarter with the highest number of new customers in the history of the Royal Mint. DigiGold as a Driver: The duty- and VAT-free digital offering “DigiGold” is establishing itself as a key pillar and already accounted for 54% of all transactions. The precious metals market is showing a clear dichotomy: on the one hand, there are short-term macroeconomic headwinds such as interest rates. On the other hand, there is a determined, long-term-oriented group of buyers. Stuart O’Reilly, Private Wealth Consultant at the Royal Mint, sees this as a fundamental and lasting shift in asset allocation: Private investors are increasingly viewing gold and silver not as speculative investments, but as strategic protection against inflation and stock market volatility. In his view, the fact that the influx of new customers continues despite the recent price consolidation demonstrates the long-term investment horizon of this new generation of investors. Source： https://goldinvest.de/en/gold-and-silver-royal-mint-reports-unprecedented-demand-for-physical-precious-metals

May 31, 2026 Over the past two weeks, the price of gold has failed to recover further. Instead, its failure to break through the falling 50-day moving average increased downward pressure, causing gold to be pushed back down to $4,366 this morning—and thus to the 200-day moving average—amid the resurgent Iran crisis. Silver presents a similar picture; here, even lower price targets are in play. Overall, precious metals have been in a healthy but treacherous and confusing correction since the end of January, one that is likely not yet over. The ongoing conflict in the Middle East remains the dominant and highly unpredictable risk factor for commodity and financial markets . A sustainable solution does not appear to be in sight. Rather, physical oil and gas shipments through the Strait of Hormuz remain well below pre-crisis levels. Europe’s reserves have so far cushioned the supply bottlenecks but are now nearing depletion. As long as the logistical bottlenecks remain unresolved, volatility will stay high. In addition, the vulnerability of financial markets is increasing. Short-term signs of peace can abruptly push oil prices down, while setbacks or military escalations drive them back up just as quickly—an environment in which precious metals are also suffering. On the macro side, however, the dilemma for risk assets is intensifying, particularly for the heavily overbought stock markets. The recent price increases caused by rising energy prices heighten the risk of accelerating inflation, meaning central banks could be forced to raise interest rates and tighten monetary policy. Whether the central banks can actually implement this at all, given the complex and fragile starting point, remains questionable, however. However, the mere expectation of higher real interest rates could put further pressure on the gold price, even if this interest rate trend ultimately fails to materialize. At the same time, rising energy prices are supporting the inflation outlook and, in the long term, the demand for inflation-protected assets . China continues to shift into gold Chinese holdings of U.S. Treasury bonds, as of May 25, 2026. © Bloomberg At the same time, China’s holdings of U.S. Treasuries have fallen to their lowest level since 2008, while official gold reserves continue to rise. China is thus consistently shifting assets from dollars to gold. However, the decline in Treasury holdings is also, to some extent, a matter of accounting. A significant portion of China’s reserves was apparently held through custodians such as Belgium or transferred to the balance sheets of state-owned banks. Economically, the exposure to U.S. Treasury bonds thus remains, even if it no longer appears directly under China’s name in official statistics. The composition has therefore changed more significantly than the actual risk. What is changing, however, is the nature of sovereign risk management. Like other strategically minded nations, China is gradually reducing its vulnerability to assets carrying political counterparty risk. While U.S. Treasuries are liquid and deeply traded, they ultimately remain claims within a Western-dominated financial system. Under extreme conditions, they can be frozen or subject to sanctions. Gold, on the other hand, has no issuer, no counterparty risk, no digital barriers to access, and has been money for millennia. The Chinese are not seeking an abrupt exit from the Western financial system, but rather a reduction in dependence and greater freedom of action. Nevertheless, the price of gold has been in a correction since the end of January, which, in our view, is more than justified and, above all, healthy following the spectacular gains of the past three and a half years. Semiconductor Boom vs. Dot-Com Bubble, May 27, 2026. © The Great Martis The only real cause for concern is that stock markets have recently surged into parabolic price movements amid a very fragile, geopolitically strained environment. The AI rally has driven semiconductor stocks in particular into completely overvalued territory: The semiconductor sector is currently more overbought than it has been in twenty years. NVIDIA is trading at a trailing P/E ratio of around 33 and has posted a 44% gain in the last two months alone. Micron Technology has seen its share price rise by 1,450% over the past 14 months! Margin levels (i.e., speculative trading on credit) stand at approximately $1.3 trillion (5.2% of GDP), exceeding the peak levels of 2008 and the dot-com era. Should a reversal and correction occur here, precious metals are likely to be dragged down with them in a temporary liquidity crunch. That is why we would like to mention our worst-case scenario of $3,500 for the gold price once again at this point. Gold – Our price target “200-day line” was reached today Gold in US dollars, daily chart as of May 28, 2026. © GOLD.DE As suspected, the falling 50-day line ($4,628) has stopped the gold price twice on its way up over the past six weeks. In light of this difficult-to-overcome and psychologically burdensome barrier, a new, sharp downward wave began on May 12, which today reached our repeatedly mentioned price target in the form of the 200-day line ($4,392). This means that, in our view, the bulk of the correction potential for the gold price has been exhausted for now. We had consistently emphasized that the first support level at the 200-day moving average of $4,100 from March 23 did not constitute a sufficiently solid foundation. However, the problem is that the silver price has not yet reached its 200-day moving average (US$66.56) during the correction that has been underway since late January, and no real panic has yet been observed in the precious metals sector. Despite the already oversold conditions in the gold market, we would therefore not be surprised to see the correction continue down to the lower Bollinger Band on the weekly chart ($4,289). Overall, the price action reflects a typical spring correction. We already see buying opportunities again between $4,250 and $4,400. We initially expect a bottom to form in this range, which should then lay the foundation for a foreseeable recovery and the summer rally. Conclusion: Gold – Correction Continues, Buying Opportunities Ahead Gold and silver have been undergoing a healthy but not yet complete correction since late January: Gold failed twice at the falling 50-day moving average and has now fallen back to its 200-day moving average. Silver, on the other hand, still faces significantly more downside risk, as the 200-day moving average has not yet been tested at all. Although a test of the lower weekly Bollinger Bands around $4,280 on the gold market would therefore not be surprising, we already see attractive entry prices between $4,250 and $4,400. However, macroeconomic and geopolitical risks remain high and are increasing volatility in the short term: The Iran crisis and the ongoing bottlenecks through the Strait of Hormuz continue to weigh on commodity and energy markets and weaken Europe’s security of supply. In the long term, however, China’s shift from U.S. Treasuries to gold supports demand for precious metals. Only a broad-based sell-off in the heavily overbought stock markets—driven by high margin leverage and an overheated semiconductor/AI rally—could also put gold under significant short-term pressure in the event of a liquidity crunch; our worst-case scenario therefore remains $3,500. Source： https://goldinvest.de/en/gold-correction-continues-buying-opportunities-are-emerging

STMicroelectronics, a major manufacturer of MCUs and power semiconductors, issued a "Price Adjustment Notification" to clients on May 28, announcing that it would raise prices on selected products effective June 28, 2026. This marked the company's second price increase announcement this year, following the one made on March 24. With only two months between the two announcements, STMicroelectronics' decision to raise prices again underscored the continued intensification of pressure on the cost side.

Bank of England Governor Bailey released a clearly dovish signal, stating that against the backdrop of a weak economy, the central bank can tolerate inflation running above the 2% target for a period — a statement that significantly cooled market expectations for a June rate hike. On May 29, Bailey spoke at an economic conference in Reykjavik, Iceland, explicitly stating that "tolerating inflation temporarily above target to support the real economy, against a backdrop of a weak real economy and uncertainty about the scale and duration of the shock, is the appropriate way to handle this trade-off." However, he warned that this tolerance would diminish should signs of second-round effects emerge. The above remarks suggest Bailey is unlikely to support a rate hike at the Monetary Policy Committee's June 18 meeting. Market reactions adjusted accordingly — the interest rate swap market currently prices in only one 25-basis-point rate hike by the end of 2026, whereas as recently as late April, markets had expected three rate hikes this year. The surge in energy prices triggered by Middle East tensions has put the UK at risk of a second cost-of-living crisis in less than five years. Bailey's speech indicated that the Bank of England is prioritizing the prevention of further economic deterioration, but the high uncertainty surrounding the inflation outlook continues to keep policymakers treading carefully. Removal of Interest Rate Cut Expectations Has Constituted Substantive Tightening Bailey stated that by abandoning the previously market-expected path of interest rate cuts, the Bank of England has effectively tightened policy to a considerable degree. Before the US and Israeli attack on Iran in late February, investors had expected the Bank of England to cut interest rates by 50 basis points this year in two moves. After the conflict broke out, expectations reversed to rate hikes of an equivalent magnitude. This shift in expectations drove a sharp climb in UK gilt yields, which in turn raised borrowing costs for households and enterprises. "By taking the expected rate cuts off the table, we have significantly tightened policy relative to market expectations, and that is already having an impact on the economy," Bailey said. This means that even if the central bank holds rates steady, the substantive tightening of financial conditions is already working to cool inflation, providing a rationale for standing pat. Economy Under Pressure: Consumption and Investment Both Contract Amid Energy Shock The rise in energy prices stemming from the Middle East conflict is dragging on the UK economy across multiple dimensions. The latest data showed that consumer spending declined, enterprises delayed investment, accumulated inventory, and cut staff, with high energy costs and domestic political uncertainty compounding each other, notably weakening economic momentum. Purchasing managers' survey data also corroborated this trend — surveys released this month showed that business activity slowed sharply after a strong start to the year. Meanwhile, the labour market continued to loosen, with Bailey stating during the Q&A session that "the picture of a gradual softening in the labour market is coming through quite consistently." UK inflation fell to 2.8% in April from 3.3% in March, but analysts noted that this was largely attributable to one-off measures announced by the government in November, and the Bank of England expects inflation to rebound in the coming months. Second-Round Effects: The Core Variable in the Policy Dilemma Although Bailey leaned toward keeping rates stable, he remained highly vigilant about the risk of second-round effects — where energy price shocks trigger significant wage increases, which in turn drive enterprises to raise prices again, creating an inflationary spiral. Bailey acknowledged that there were divisions within the Monetary Policy Committee on this issue. Some members worried that UK wage growth next year could be too rapid, while more dovish colleagues argued that rising unemployment would suppress this risk. Bailey noted that since most wage agreements this year were negotiated before the conflict broke out, the wage data available to the central bank in the coming months would be very limited, potentially leading to a situation where inflation expectations rise without a corresponding acceleration in wage growth. He also cited the lesson from four years ago as a warning — when inflation triggered by the Russia-Ukraine conflict once surged to double digits. "Because second-round effects take longer to transmit, the case for looking through indirect effects is actually weaker; if indirect effects persist for too long, unless monetary policy responds in a timely manner, inflation will remain above target for an extended period," Bailey said. Market Reaction: Rate Hike Expectations Cooled Significantly Throughout May, market expectations for Bank of England rate hikes declined substantially. The interest rate swap market currently prices in only one 25-basis-point rate hike by the end of 2026, a notable shift compared with the three rate hikes expected in late April. Initial market reaction following Bailey's speech was mediocre. He was subsequently set to be interviewed by Stephanie Flanders, Bloomberg's Editor-in-Chief for Economics and Government Affairs, which may provide further policy clues. The Monetary Policy Committee meeting on June 18 will be the next important period. Bailey's remarks provided a fairly clear signal for holding rates steady, but the evolution of the inflation outlook — particularly energy price trends and wage data — will remain the key variables determining the policy direction.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained a Sideways Trend During the Night Session, with Low Market Trading Activity]

Around May 23, 2026, import and export data for cobalt and lithium battery industry chain-related products in April were released in a concentrated manner. Data showed that China's spodumene imports in April reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY. Lithium carbonate imports, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY....... SMM compiled the import and export data for battery materials, as detailed below: Upstream Lithium Concentrates In April 2026, China's spodumene imports reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY, equivalent to approximately 63,000 mt of LCE. Customs data showed that April spodumene imports pulled back MoM from March, reaching 758,000 mt in physical content. By source country, Australian ore port arrivals returned to relatively normal levels, with over 350,000 mt arriving this month, up 38.9% MoM; Zimbabwe's earlier shipments arrived in the month at 102,000 mt, down 9.2% MoM; South Africa and Nigeria saw some contraction in monthly port arrivals, while ore from Mali had almost no notable port arrivals this month due to shipping schedule impacts. Notably, spodumene ore powder sold by Brazil in early 2026 arrived at ports this month, driving a significant increase in port arrivals from this country. Additionally, after SMM screening, the month's incoming ore was equivalent to 63,000 mt of LCE. Among the incoming ore, lithium concentrates accounted for 67%, with the share edging down MoM, mainly because apart from Australia , ore from other source countries contained some relatively low-grade ore. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing, according to SMM spot quotes, spot prices for spodumene concentrates (CIF China) fluctuated upward in April. As of April 30, the spot price for spodumene concentrates (CIF China) rose to $2,540/mt, up $221/mt from the month-end March price of $2,313/mt, a gain of 9.81%. According to SMM, lithium carbonate prices continued to rise in April, and spodumene concentrates prices rose in tandem with salt prices, with gains exceeding those of lithium carbonate itself, causing non-integrated enterprises that purchased externally spodumene concentrates to suffer losses, with spot profitability remaining in deficit. In April, spot circulation of lepidolite concentrates relatively eased. Meanwhile, as lithium carbonate prices rose, processing fees for non-integrated enterprises also increased accordingly, preserving a certain profit margin for their processing operations and enabling these enterprises to achieve spot profitability. However, recently, spodumene concentrates prices adjusted in tandem with lithium carbonate price fluctuations, and the price transaction center shifted downward. According to SMM's latest findings, disrupted by rumors of production resumptions at Jiangxi mines this week, lithium carbonate futures and spot prices declined, further dragging down the overall transaction center. Currently, lithium mines showed a weak willingness to make shipments, and transactions were mostly concentrated between traders and buyers. Port lithium ore inventory continued to decline. Going forward, attention should still be paid to the potential tight lithium ore supply triggered by high operating rates in the lithium chemicals industry, and lithium ore prices were expected to hold up well. Lithium Carbonate According to customs data, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and 15% YoY. Of this, 21,000 mt was imported from Chile (65% of total imports), 9,555 mt from Argentina (29%), and 1,100 mt from Indonesia (3%). From January to April, China's cumulative lithium carbonate imports reached 116,000 mt, up 47% YoY cumulatively. In April, China exported 370 mt of lithium carbonate, down 17% MoM and 50% YoY. From January to April, China's cumulative lithium carbonate exports totaled 1,886 mt, up 7% YoY cumulatively. In April, China imported 17,942 mt of lithium sulfate, up 9% MoM and 296% YoY. From January to April, China's cumulative lithium sulfate imports reached 58,900 mt, up 121% YoY cumulatively. According to SMM spot quotes, spot lithium carbonate prices generally trended upward in April. As of April 30, the spot lithium carbonate price rose to 177,000 yuan/mt, up 14,000 yuan/mt or 8.59% from 163,000 yuan/mt on March 31. According to SMM analysis, China's lithium carbonate prices followed a "V-shaped" trend of first declining then rising in April, with the monthly average price up 6% MoM. In the first ten days, geopolitical disruptions in the Middle East intensified global risk-aversion sentiment, causing non-ferrous metals and lithium carbonate prices to fluctuate downward. In the mid-to-late period, driven by Zimbabwe's export ban, Jiangxi mine license renewals, and rising costs, prices began to rebound and fluctuate upward, with the month-end price center shifting notably higher. Upstream and downstream purchasing remained stagnant, with the psychological price spread widening week by week. Upstream producers held prices firm and held back from selling, maintaining high offer prices; downstream buyers made just-in-time procurement only, with psychological price levels concentrated at 155,000-175,000 yuan/mt, restocking on dips only when prices fell rapidly. In April, battery-grade spot lithium carbonate prices dropped to around 155,500 yuan/mt in the first ten days, then rallied all the way to 177,000 yuan/mt by month-end. As of May 29, domestic battery-grade spot lithium carbonate was quoted at 174,000-181,000 yuan/mt, with an average price of 177,500 yuan/mt. Lithium Hydroxide According to customs data, in April 2026, China imported 6,689 mt of lithium hydroxide, up 9% MoM and up four times YoY. Of this, 2,252 mt were imported from South Korea, accounting for 34% of total imports; 1,706 mt came from Indonesia, accounting for approximately 25% of imports; and the remaining 40% came from Australia and Chile. In April, China exported 5,535 mt of lithium hydroxide, up 76% MoM and up 31% YoY, of which 3,915 mt were exported to South Korea and 864 mt to Japan. Continued sluggish ternary cathode material output outside China limited the absorption capacity for lithium hydroxide in markets outside China, resulting in a slight surplus in markets outside China, which in turn widened the price spread between domestic and overseas markets. Meanwhile, as suppliers outside China had previously signed long-term supply agreements with domestic traders, they were able to continuously dump lithium hydroxide into the Chinese market. Under the combined effect of these factors, the trade pattern of lithium hydroxide continued to reverse (shifting from net exports to net imports). Source: China Customs, compiled by SMM Battery Materials LiPF6 According to China Customs data, in April 2026, China's cumulative LiPF6 exports totaled approximately 868 mt, down approximately 80.9% MoM, while cumulative imports were approximately 96 mt. Export side, China's LiPF6 exports in April 2026 were approximately 868 mt, down approximately 80.9% MoM from March and down approximately 33.2% YoY. Specifically, as the LiPF6 export VAT rebate policy was officially abolished starting April 1, 2026, enterprises rushed to export in advance in March, and electrolyte enterprises outside China built up certain inventory, leading to MoM declines in China's exports to multiple major destination countries in April. Exports to Poland were 337.5 mt (down approximately 80.4% MoM), South Korea 81.804 mt (down approximately 92.56% MoM), Czech Republic 150 mt (down approximately 67.43% MoM), and the US 101.908 mt (down approximately 61.7% MoM). Only exports to Japan increased — 191.37 mt (up approximately 50.77% MoM). Artificial Graphite In April 2026, China's artificial graphite imports were 757 mt, up 12.4% MoM and down 32.9% YoY. Average import price side, in April 2026, the average import price of artificial graphite in China was 75,941 yuan/mt, up 23.1% MoM and up 14.6% YoY. In April 2026, China's artificial graphite exports totaled 45,895 mt, up 22.3% MoM but down 21% YoY. In terms of average export price, in April 2026, the average export price of China's artificial graphite was 9,214 yuan/mt, down 6.6% MoM but up 0.26% YoY. Exports from the top five exporting provinces rose 21% MoM from the previous month, with two provinces seeing export volume increases of over 35% MoM, and another province recording a 20% MoM increase. Import market, orders from downstream power battery enterprises in China gradually recovered in April. Combined with the phased tightness in spot capacity of leading anode enterprises, restocking demand was released, boosting artificial graphite imports to rebound from weakness on a MoM basis. However, import volumes remained down YoY, primarily because China's anode industry had ample overall capacity with supply still in surplus, domestic self-sufficiency continued to strengthen, and the industry's reliance on imported raw materials and finished products steadily declined. Flake Graphite In April 2026, China's flake graphite imports totaled 3,178 mt, down 19% MoM and down 45% YoY. Data source: China Customs, SMM In April 2026, China's flake graphite exports totaled 4,093 mt, down 50% MoM and down 54% YoY. Export market, the flake graphite export tax rebate policy was officially canceled this month, directly squeezing profit margins for foreign trade enterprises and significantly dampening overall export willingness. Meanwhile, the approval pace for flake graphite export licenses slowed down, hindering foreign trade shipments processes. Coupled with weak ex-China end-use demand, multiple bearish factors combined to directly drive a sharp decline in industry export volumes. The import market also continued to weaken. Goods originally intended for exports shifted to domestic sales circulation, with increasingly abundant local supply sources in China. Market enthusiasm for import procurement was insufficient, ultimately causing imports to decline in tandem this month. Phosphate Ore On May 20, 2026, according to customs data, China's phosphate ore imports totaled 207,000 mt in April 2026. April imports rose 13.5% from 182,000 mt in March. Total import value in April was $19.741 million, up 35.7% MoM from $14.552 million in March. The average unit price was $95.5/mt, up 19.6% from $79.9/mt in March. Import commentary: In May, Egypt's phosphate ore exports faced "policy tightening and weakening demand."On May 13, Egypt's Ministry of Petroleum and Mineral Resources announced that it would no longer sign any new phosphate ore export contracts. Previously, Egyptian Prime Minister Mustafa Madbouly stated clearly at a meeting on May 10 that the government was pushing for a transition from raw material exports to the manufacturing of high-value-added products such as phosphate fertiliser. Already signed long-term contracts would not be affected. This is expected to push up import prices and may affect imports. Cobalt Cobalt Hydrometallurgy Intermediate Products In April 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,247 mt in physical content, down 26% MoM and down 98% YoY. Among them, imports from the DRC were approximately 945 mt in physical content, down 43% MoM and down 98% YoY. In April 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $17,187/mt in physical content, up 2.63% MoM. It was learned that most miners had completed the Q4 2025 quota approvals, but the Q1 2026 quota approvals slowed down again due to sampling, detection and other procedural issues. In addition, transportation capacity in the DRC was tight. Fleets, driven by economic considerations, prioritised the transport of oil products and chemicals that were in production shortage, followed by other metals with shorter turnover cycles, and cobalt among non-ferrous metals came last, meaning cobalt faced significant transportation capacity issues. Constrained by the above factors, miners mainly focused on building in-transit inventory and had not yet arranged concentrated vessel bookings, and the arrival of large batches of intermediate products at ports may continue to be delayed. Unwrought Cobalt In April 2026, China's unwrought cobalt imports were approximately 1,334 mt, up 39% MoM and up 59% YoY. In April, refined cobalt imports mainly came from Indonesia, Russia, and Madagascar, with imports of 462 mt, 457 mt, and 182 mt respectively. The main reason for the increase this month was that domestic smelters lacked intermediate product raw materials and imported cobalt slabs and cobalt briquettes for re-dissolution to ensure normal production. In terms of average import prices, the average import price of China's unwrought cobalt in April 2026 was $52,724/mt, up 4.72% MoM. Cumulative imports from January to April 2026 totalled 5,916 mt, up 153% YoY cumulatively. Export side, China's unwrought cobalt exports in April 2026 were approximately 218 mt, down 47% MoM and down 95% YoY. By country, China's exports to the US dropped significantly, with April exports to the US at 35 mt, down 87.5% MoM. The main reason was that demand for alloy-grade refined cobalt in the US pulled back in April, and ex-China branded refined cobalt was already sufficient to meet regional demand, with some refined cobalt traders redirecting their destinations from the US back to China. Average export price, the average export price of China's unwrought cobalt in April 2026 was $54,590/mt, up 5.80% MoM. Cumulative exports from January to April 2026 totaled 1,792 mt, down 76% YoY.

SMM June 1 Update: Metals market: Last Friday's overnight session saw base metals collectively decline in both domestic and overseas markets. LME copper and LME tin both led the decline with a 0.98% drop. SHFE zinc fell 0.86%, while declines in other metals were relatively small. The alumina front-month contract closed flat at 2,888 yuan/mt, and the foundry aluminum front-month contract fell 0.26%. Last Friday's overnight ferrous metals session showed mixed performance. Stainless steel fell 0.74%, and iron ore dropped 0.26%. Hot-rolled coil and rebar both rose around 0.2%. In coking coal and coke, coking coal rose 0.7% and coke rose 0.89%. Last Friday's overnight precious metals session: COMEX gold rose 0.83%, up 1.03% on the week but down 1.29% on the month, marking a third consecutive monthly decline. COMEX silver fell 0.43% overnight last Friday, down 0.81% on the week but up 2.1% on the month. In China, SHFE gold rose 1.61%, down 0.23% on the week and down 1.61% on the month, also recording a third consecutive monthly decline alongside the overseas market. SHFE silver rose 0.64% overnight last Friday, down 1.23% on the week but up 3.08% on the month. As of 8:25 AM on May 30, last Friday's overnight closing prices: Macro Front China: From January to April, total operating revenue of national state-owned and state-holding enterprises fell 0.5% YoY, while total profits rose 1.9% YoY. Specifically, total operating revenue was 26.27 trillion yuan, and total profits were 1.37 trillion yuan. Taxes payable rose 3.9% YoY to 2.12 trillion yuan. At the end of April, the asset-liability ratio of state-owned enterprises was 65.5%, up 0.4 percentage points YoY. (Xinhua News Agency) On May 29, it was reported that in Q1, China's integrated circuit exports reached $72.47 billion, up 77.5% YoY, of which memory product exports reached $45.99 billion, up 174.2% YoY. The surge in memory product exports also transmitted to supply chain service segments. The head of a logistics company said that since the beginning of this year, the company's orders related to memory exports had doubled, with large orders exceeding 100 million yuan per transaction increasing significantly. Industry insiders noted that the explosive growth in memory product exports was driven by both cyclical factors of tight global supply and demand, as well as structural industrial changes including industry chain upgrades and market share gains in China's domestic memory sector. The Deputy Secretary General of the Shenzhen Electronics Chamber of Commerce said that compared with March last year, memory prices had risen nearly tenfold, with some even seeing more than tenfold increases. The rise was mainly due to the significant price increases, which drove up the total (export) value. Domestic brand prices had a significant price spread compared with ex-China brands, making them very competitive. (CCTV Finance) [MIIT and Six Other Departments: Encouraging Equipment Manufacturing in Aerospace, Shipbuilding, Automotive, Robotics and Other Sectors] On May 29, the General Office of the Ministry of Culture and Tourism, the General Office of the Central Publicity Department, the General Office of MIIT, the General Office of the Ministry of Education, the General Office of the State-owned Assets Supervision and Administration Commission of the State Council, the General Office of the National Cultural Heritage Administration, and the General Office of the All-China Federation of Trade Unions jointly issued a notice on promoting industrial culture, protecting industrial heritage, and developing industrial tourism. The notice mentioned enriching the supply of industrial tourism products. It encouraged the active development of industrial heritage tourism, promoting the revitalization and utilization of industrial sites through creative design, new business format integration, and facade renovation, and developing new scenarios, formats, and models for industrial tourism. It vigorously promoted "factory tours," encouraging enterprises in equipment manufacturing sectors such as aerospace, shipbuilding, automotive, and robotics, consumer goods industries such as textiles and apparel, arts and crafts, and food processing, as well as e-commerce logistics, to innovatively launch programs including production process observation, simulated operations, hands-on experiences, and product customization, while ensuring production safety and confidentiality requirements, to create themed sightseeing factories. It called for the orderly expansion of smart industrial tourism, supporting the use of BeiDou, artificial intelligence, ultra-high-definition video, virtual reality, autonomous driving, and other digital technologies and equipment to create immersive and intelligent industrial tourism experiences. It supported industrial tourism venues in developing themed commerce, immersive experiences, specialty markets, and other formats to create "industrial tourism+" consumption scenarios. It encouraged localities to launch a batch of high-quality industrial tourism routes and brands with regional and industry characteristics. It encouraged industrial enterprises to strengthen product promotion, expand product sales, and build stronger enterprise brands through industrial tourism. The Shanghai International Energy Exchange announced adjustments to the daily price limit for crude oil and low-sulfur fuel oil futures contracts to 17%, the hedging position trading margin ratio to 18%, and the general position trading margin ratio to 19%; it also adjusted trading limits for related crude oil and low-sulfur fuel oil futures contracts. US dollar: As of last Friday's overnight close, the US dollar index fell 0.07% to 98.93, down 0.39% on the week but up 0.85% on the month. Optimistic expectations about the extension of the ceasefire agreement between the US and Iran weakened safe-haven demand. The US April PCE price index rose 3.8% YoY, the highest level since May 2023, in line with expectations, compared with the previous reading of 3.5%. The US April core PCE price index rose 3.3% YoY, hitting a new high since November 2023, also in line with expectations, compared with the previous reading of 3.2%. Additionally, separate data released by the Bureau of Economic Analysis showed that the US economy grew at an annualized rate of 1.6% in Q1, below the preliminary data. The initial estimate released last month showed growth of 2%. The data indicated that US consumers became more cautious amid cost-of-living pressures and uneven labor market performance. The Middle East conflict pushed up fuel and other raw material prices, with the impact transmitting through the broader economy and sending consumer confidence to record lows. Meanwhile, this inflation data is likely to further reinforce warnings from some US Fed officials that the US Fed would need to consider raising interest rates if price pressures fail to ease. Kevin Warsh, who was just sworn in as Fed Chairman on May 22, may need to convince other officials that inflation expectations can be controlled without rate hikes. (Wallstreetcn) Minneapolis Fed President Kashkari stated that it was too early to conclude that interest rates need to rise, but he believed the US Fed should keep all policy options on the table. He said it was too early to conclude that an immediate rate hike was needed. He noted the need to continue monitoring economic data and developments in the Middle East conflict before considering whether policy adjustments were necessary. Kashkari pointed out that under both the most optimistic and most pessimistic scenarios, inflation could remain significantly elevated for an extended period. He was closely monitoring this risk, as well as the possibility that inflation expectations could become unanchored. (Wallstreetcn) US Fed Vice Chair for Supervision Michelle Bowman stated that it was too early to judge the impact of the Iran conflict on inflation, and policymakers needed to look through temporary price shocks. She supported officials retaining language in their statement after last month's policy meeting that hinted at the possibility of further interest rate cuts. She said that as she thought about the future path of monetary policy, she wanted a clearer understanding of the economic impact of the Middle East conflict and the persistence of those effects. As long as credibility in the commitment to achieving the inflation target was maintained, it was appropriate to look through temporarily elevated inflation primarily driven by rising energy prices. She expected the "one-off" impact of tariffs implemented by US President Trump to fade. (Wallstreetcn) Macro front: This week, China is set to release data including China's May RatingDog Manufacturing PMI and China's May RatingDog Services PMI. The US is set to release data including the US May S&P Global Manufacturing PMI final, US May ISM Manufacturing PMI, US April construction spending MoM, US April JOLTs job openings, US May ADP employment, US May S&P Global Services PMI final, US May ISM Non-Manufacturing PMI, US April factory orders MoM, US May Challenger job cuts, US initial jobless claims for the week ending May 30, US May unemployment rate, US May seasonally adjusted non-farm payrolls, US May average hourly earnings YoY, and US May average hourly earnings MoM. The UK is set to release data including UK May Nationwide house price index MoM, UK May Manufacturing PMI final, UK April central bank mortgage approvals, UK May Services PMI final, and UK May Halifax seasonally adjusted house price index MoM. The Eurozone is set to release data including Eurozone May Manufacturing PMI final, Eurozone April unemployment rate, Eurozone May CPI YoY preliminary, Eurozone May CPI MoM preliminary, Eurozone May Services PMI final, Eurozone April PPI MoM, Eurozone April retail sales MoM, Eurozone Q1 GDP YoY revised, and Eurozone Q1 seasonally adjusted employment QoQ final. Switzerland is set to release data including Swiss April real retail sales YoY, Swiss April trade balance, Swiss May CPI MoM, and Swiss May seasonally adjusted unemployment rate. France is set to release data including France May Manufacturing PMI final, France May Services PMI final, France April industrial output MoM, and France April trade balance. Germany is set to release data including Germany May Manufacturing PMI final and Germany May Services PMI final. In addition, Australia Q1 GDP YoY and Canada May employment figures will also be released. Crude oil: As of last Friday's overnight close, oil prices in both markets fell, with WTI down 1.28% and Brent down 0.87%. On a weekly basis, oil prices suffered heavy losses, with WTI down 9.15% and Brent down 8.3%, both recording a second consecutive weekly decline and the largest weekly drop since April. WTI fell 16.47% on the month and Brent fell 16.77% on the month, with WTI posting its largest monthly decline since November 2021 and Brent its largest monthly decline since March 2020. According to Xinhua News Agency, US President Trump said on the 29th that the US and Iran had reached agreement on secondary issues beyond Iran's nuclear program and Strait of Hormuz passage, sending crude oil prices lower. The oil market in May underwent a clear three-phase evolution: Early month (May 1-6): Oil prices pulled back slightly from near four-year highs, but Brent briefly surged to around $114 after OPEC+ announced a modest production increase and shipping attacks, before plunging to the $101-106 range following signals of US-Iran de-escalation. Mid-month (May 7-20): Oil prices oscillated as ceasefire breakdowns alternated with mediation progress, with the continued blockade of the Strait of Hormuz maintaining an elevated risk premium. Month-end (May 21-29): Driven by reports of a US-Iran agreement in principle to reopen the strait, Brent briefly fell to the $93-100 low range, WTI touched $88-92, and Brent closed around $92. (Wallstreetcn) Nevertheless, analysts emphasized that until the conflict truly ends and the strait resumes normal passage, global crude oil inventories will continue to be depleted by approximately 10 to 14 million barrels per day, and physical market fundamentals remain tight. The decline in oil prices driven by ceasefire expectations reflected more the pricing of future supply recovery rather than a fundamental change in the current supply-demand pattern. (Wallstreetcn) Recent reports revealed that calculations by Goldman Sachs showed global crude oil inventories could fall below the equivalent of 100 days of global demand as early as the end of May. Goldman Sachs estimated that as of the end of April, global crude oil inventories were equivalent to approximately 101 days of global demand, and were expected to decline to 98 days by the end of May. Of this, "visible inventories" observable through satellites and other means were estimated at only 73 days of demand. Reports indicated that currently only a few vessels can pass through the Strait of Hormuz each day, resulting in a daily global crude oil supply loss exceeding 10 million barrels. (Wallstreetcn)

On May 28, 2026, Australian-listed lithium company Galan Lithium Limited (ASX: GLN) announced that the wet plant commissioning of its wholly-owned Hombre Muerto West (HMW) lithium brine project in Catamarca Province, Argentina, had been successfully completed. The first batch of processed lithium chloride (LiCl) had been fed into the final evaporation ponds, officially entering the production optimization phase, with lithium chloride concentrates production and sales expected in H2 2026. First Batch of Processed Brine Delivered. The Phase 1 construction of the HMW project was completed in March 2026, and after mechanical and electrical commissioning, the project smoothly entered wet plant commissioning. The nanofiltration plant first processed raw brine at low pressure, then processed pre-concentrated brine containing approximately 0.5% lithium at high pressure. Independent laboratory detection confirmed that the impurity separation performance fully met design specifications. The processed lithium chloride has now been fed into evaporation ponds, where approximately 3 months of evaporation and concentration will produce lithium chloride concentrates with 6% lithium content for exports under agreement. Stable mass production has not yet been achieved; upon completion of optimization, the project will steadily reach the Phase 1 designed capacity of 4,000 mt LCE per year. Galan Lithium Limited is a lithium exploration and development enterprise listed on the Australian Securities Exchange. Its core assets are the HMW and Candelas world-class lithium brine projects at the Hombre Muerto salar in Argentina. The company also holds an exploration license for Greenbushes South in Western Australia, adjacent to the tier-one Greenbushes lithium mine.

On 28 May 2026, Australian listed lithium company Galan Lithium Limited (ASX:GLN) announced the successful completion of wet plant commissioning at its wholly‑owned Hombre Muerto West (HMW) lithium brine project in Catamarca Province, Argentina. The first batch of processed lithium chloride (LiCl) has been injected into the final evaporation ponds, marking the official start of the production optimisation phase. The company expects to achieve production and sales of concentrated lithium chloride in the second half of 2026. Core Progress: Commissioning Completed, Mass Production Imminent The first phase of the HMW project was completed in March 2026. After mechanical and electrical commissioning, the wet plant successfully entered the commissioning phase. During the process, the nano‑filtration plant first treated raw brine at low pressure, then treated pre‑concentrated brine with approximately 0.5% lithium at high pressure. Independent laboratory tests confirmed that impurity separation met all design specifications. The processed lithium chloride has now been transferred to evaporation ponds, where it will be concentrated over about three months to produce a 6% lithium chloride concentrate, which will be sold under existing offtake agreements. The project is currently in the production optimisation and ramp‑up phase, and stable mass production has not yet been achieved. Once optimisation is complete, the project will steadily reach its Phase 1 design capacity of 4,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE). The evaporation ponds already hold a brine inventory equivalent to approximately 10,000 tonnes of LCE, providing ample raw material to support the ramp‑up and ensure continuous production. Capacity Expansion: Phase 1 Expansion + Four‑Stage Plan Targeting 60,000 tpa LCE Galan is steadily advancing its capacity expansion, with a clear long‑term growth roadmap. Phase 1 is planned to increase from 4,000 tpa LCE to 5,200 tpa LCE, with evaporation pond construction to begin shortly and completion expected in the first half of 2027. The nano‑filtration plant is designed flexibly to support the expanded capacity. Looking further ahead, the company already holds a construction permit for Phase 2 (21,000 tpa LCE) and plans a four‑stage expansion, with a final target of 60,000 tpa LCE. The HMW project’s resource base ranks among the top ten lithium projects globally, providing a solid foundation for long‑term stable production and supply. Project Advantages: Premium Asset with Low Costs and Policy Support As Galan’s flagship project, HMW offers multiple core competitive strengths. First, it features industry‑leading brine purity — among the lowest impurity levels of any published lithium brine resource in Argentina. Second, it enjoys a significant cost advantage, positioning it in the first quartile of the industry cost curve once in production. Third, the project has been awarded RIGI preferential status, providing 30 years of fiscal stability and income tax benefits. Finally, it is located in the renowned “lithium triangle” of South America, within the Hombre Muerto salar, giving it exceptional resource endowment. Near‑Term Goals: Four Key Priorities As it enters the production phase, Galan is focusing on four key tasks: 1) ramping up to Phase 1’s design capacity of 4,000 tpa LCE; 2) shipping the first batch of lithium chloride concentrate to Authium Limited; 3) commencing construction of evaporation ponds for the Phase 1 expansion to 5,200 tpa LCE; and 4) continuing planning and financing for the Phase 2 project. With these goals being steadily achieved, Galan is well positioned to take an increasingly important role in the global lithium supply landscape.

China's market regulator has revised CCC certification rules for power banks, adding mandatory standard GB 47372-2026 Safety Technical Specification for Power Banks. Key safety tests now include thermal abuse and nail penetration. The new rules refine quality assurance and product consistency requirements for manufacturers, introduce classified supervision, and strengthen post-certification oversight. A transition period applies until March 31, 2027. During this time, certification may be based on either old or new rules as per enterprise preference. From April 1, 2027, only the new rules will apply. Existing CCC certificates for power banks and their internal lithium batteries must be converted before April 1, 2027.