Platinum prices held up well today, with precious metals futures seeing a technical rebound after being in the doldrums for consecutive sessions. However, lacking macro-driven catalysts, upside room is expected to be limited. In July, the platinum-palladium 232 window will open. If the US imposes tariffs on platinum and palladium after the 180-day negotiation period, it will lend support to prices in the short term. In early trading, the most-traded GFEX platinum futures contract PT2608 closed at 396.95 yuan/g, up 1.03%. The inverted spread between the selling price of SGE platinum 9995 and PT2608 held at around 5 yuan/g. On the spot side, mainstream quotations were at parity to a premium of 1 yuan/g against the PT2608 contract, with premiums basically flat from the previous trading day. Today, the spread between the October and August GFEX platinum futures contracts widened slightly. In early trading, spot platinum suppliers mostly offered premiums of 0.5–1 yuan/g against the most-traded GFEX contract. Later, as futures rose, some suppliers adjusted offers to near parity and deals were concluded, while downstream buyers made small purchases based on orders. Overall, spot platinum trading was normal today.

SMM July 21: Metal markets: As of the midday close, base metals on the domestic market mostly rose. SHFE tin edged up 0.77%. SHFE copper rose 0.99%, while SHFE aluminum fell 0.34%. SHFE zinc gained 0.27%. SHFE lead edged down, and SHFE nickel edged up. Additionally, the most-traded foundry aluminum futures contract fell 0.3%, while the most-traded alumina contract rose 0.78%. The most-traded lithium carbonate contract dropped 4.45%. The most-traded silicon metal contract slipped 0.36%. The most-traded polysilicon futures contract gained 0.22%. Ferrous metals mostly fell. Iron ore dropped 1.39%, rebar and HRC fell 0.84% and 0.73% respectively. Stainless steel rose 0.48%. Coking coal and coke: the most-traded coking coal contract fell 2.58%, and the most-traded coke contract dropped 2.76%. Overseas base metals: As of 11:44, LME metals all rose. LME copper gained 0.14%, LME aluminum rose 0.51%, and LME lead edged up 0.45%. LME zinc and LME tin climbed 0.6% and 0.35% respectively. LME nickel rose 0.59%. Precious metals: As of 11:44, COMEX gold rose 0.83% and COMEX silver gained 1.61%. Domestic precious metals: SHFE gold rose 1.03%; the most-traded SHFE silver contract gained 3.27%. In addition, as of the midday close, the most-traded platinum futures contract rose 1.03% and the most-traded palladium futures contract gained 1.53%. As of the midday close, the most-traded container shipping (European route) futures contract fell 0.73% to 2,792 points. Select futures midday quotes as of 11:44 on July 21: Spot Market and Fundamentals Silver: As US-Iran ceasefire talks showed signs of progress, silver posted a technical rebound but lacked substantial positive drivers, limiting the rebound’s strength. The spot market saw weak supply and demand, with deals near parity and a strong wait-and-see sentiment… Macro Front China: [Ministry of Transport: 15th Five-Year Plan period to focus on promoting low-carbon alternatives for transportation power and driving green transformation of transport infrastructure] Cai Tuanjie, Director General of the Transport Services Department and Chief Safety Officer of the Ministry of Transport, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, efforts will be focused on promoting low-carbon alternatives for transportation power, driving the green transformation of transport infrastructure, accelerating the optimization and adjustment of the transportation structure, continuing to deepen pollution prevention and control, improving the statistical accounting and monitoring system for transportation carbon emissions, and intensifying efforts to advance the green and low-carbon transition in the transportation sector, laying a solid foundation for building a country with a strong transport network and a beautiful China. (Jin10 Data APP) [China to earmark 22 billion yuan to support retirement and renewal of old operating trucks] On July 21, Cai Tuanjie, Director General of the Transport Services Department and Chief Safety Officer of the Ministry of Transport, said at a State Council Information Office press conference that China will continue implementing the retirement and renewal action for old operating trucks in 2026, earmarking 22 billion yuan of ultra-long-term special government bonds to support the retirement and renewal of old operating trucks, with a focus on supporting their replacement with new energy heavy trucks, boosting consumption in the new energy heavy truck market through the intensified program of large-scale equipment upgrades and consumer goods trade-ins. (Xinhua News Agency) [China to build over 3,000 battery charging and swapping stations for electric heavy trucks] On July 21, Cai Tuanjie, Director General of the Transport Services Department and Chief Safety Officer of the Ministry of Transport, said at a State Council Information Office press conference that China will build over 3,000 battery charging and swapping stations for electric heavy trucks, focusing on busy national highways and national/provincial arterial road freight routes; Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing and other city cluster metropolitan areas; and key nodes such as freight hubs, ports, mines, factories, and industrial parks, thereby promoting the connection of these energy replenishment facilities into lines and networks. (Xinhua News Agency) [PBOC reverse repo operations achieve a net injection of 16.5 billion yuan on the day] The PBOC conducted 253 billion yuan of 7-day reverse repo operations today. As 236.5 billion yuan of 7-day reverse repos matured today, a net injection of 16.5 billion yuan was achieved. US dollar: As of 11:44, the US dollar index was flat at 100.97. "Fed mouthpiece" Nick Timiraos noted that based on forecasts converting PPI and CPI data into PCE terms, US June core PCE is expected to post a mild 0.18% increase (3.3% YoY), which would mark the lowest monthly increase since November last year. The headline PCE for June is expected to decline 0.07%, bringing the 12-month YoY rate down to 3.7%. According to CME "Fed Watch": the probability of the US Fed keeping rates unchanged in July is 84.5%, and the probability of a cumulative 25 bp rate hike is 15.5%. The probability of the Fed keeping rates unchanged by September is 36%, while the probability of a cumulative 25 bp hike is 55.1%, and the probability of a cumulative 50 bp hike is 8.9%. Other currencies: FX strategists at Commerzbank stated that given escalating tensions in the Middle East and rising energy prices, the euro should benefit if the ECB strongly signals its willingness to raise rates further. The ECB is expected to keep rates unchanged this week but deliver another hike in September. How clearly the ECB indicates its readiness to continue hiking beyond September will be a decisive factor limiting the euro's downside room against the dollar if the US-Iran conflict escalates further. Strategists at Mitsubishi UFJ noted that the probability of a consecutive rate hike by the ECB this week is extremely low, with even hawkish officials like Bundesbank President Joachim Nagel expressing a preference for keeping rates unchanged. The continued rebound in energy prices supports the forecast for a further 25 bp rate hike in September. Eurozone interest rate markets have almost fully priced in two more rate hikes by the ECB before year-end, pushing short-term interest rates back near their highs for the year. Softer US inflation data has weakened the impact of rising energy prices on expectations for US Fed rate hikes, shifting the interest rate differential in favor of the euro. (Jin10 Data APP) Economic data: Data to be released today include Switzerland's June trade balance, the UK's May ILO three-month unemployment rate, UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, the Eurozone's July ZEW economic sentiment index, and the US ADP employment change for the week ending July 4, among others. Crude oil: As of 11:44, crude oil prices fell on both exchanges, with WTI down 0.34% and Brent down 0.68%. Hopes for progress in US-Iran conflict talks pressured oil prices lower. Despite Tuesday's pullback, the Middle East situation remains a potential market disruptor. Houthi threats to blockade the Red Sea export route keep the market focused on whether Saudi Arabian exports will be affected. BlackRock strategists believe there is currently no evidence that an escalation in the Middle East would cause a sufficient enough shock to economic growth to alter the market's risk appetite stance. (Wall Street CN) Spot Market Roundup: ► ► ► Other metals' spot midday reviews will be updated shortly, please stay tuned~

[SMM Daily Review: US-Iran Situation Fluctuates, Silver Price Sees Technical Rebound, Spot Transactions Maintain Parity] SMM July 21, ceasefire negotiations between the US and Iran show signs of progress. Silver undergoes a technical rebound but lacks substantial positive drivers, limiting the rebound’s strength. The spot market sees weak supply and demand, with transactions near parity and a prevalent wait-and-see sentiment.

SMM July 21 News: Metals Market: Overnight, base metals on the domestic market mostly fell. SHFE copper rose 0.69%, SHFE aluminum fell 0.78%, SHFE lead edged up 0.06%, SHFE zinc fell 0.16%, and SHFE tin fell 0.21%. SHFE nickel fell 0.35%. In addition, the most-traded alumina futures contract fell 0.8%, while the most-traded cast aluminum contract rose 0.63%. Overnight, ferrous metals mostly fell. Stainless steel edged up, iron ore fell 1.12%, rebar fell 0.77%, and hot-rolled coil fell 0.7%. Coking coal and coke: the most-traded coking coal futures contract fell 2.73%, and the most-traded coke futures contract fell 2.23%. Overnight, on the overseas market, LME base metals nearly all moved lower. LME copper rose 0.86%. LME aluminum fell 0.96%, LME lead fell 0.53%, LME zinc fell 0.37%, LME tin fell 0.18%, and LME nickel fell 0.79%. Overnight, Precious Metals : COMEX gold fell 0.17%, and COMEX silver rose 0.6%. Overnight, the most-traded SHFE gold futures contract edged up 0.05%, and the most-traded SHFE silver futures contract continued its upward momentum from the previous trading day, rising 1.13%. As of 7:03 AM on July 21, overnight closing prices: Macro Front China: [Zheng Shanjie chairs private enterprise symposium: accelerate cultivation of new consumption growth points, promote smooth transition between old and new growth drivers] On July 20, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), chaired a private enterprise symposium to communicate with five enterprises—Sanquan Food, HYC (Hua Xing Yuan Chuang), Yeahmobi, Galbot, and Feishang Technology—covering sectors such as food processing, industrial automation test equipment manufacturing, marketing services, humanoid robot R&D, and IoT services. The discussion focused on the H1 economic situation and H2 economic work. The NDRC will thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, leverage the combined effects of existing and incremental policies, accelerate the cultivation of new consumption growth points, continue promoting the implementation of major projects under the 15th Five-Year Plan, promote a smooth transition between old and new growth drivers, accelerate scenario cultivation and openness, further build a high-quality data supply system, and push forward with the construction of a unified national market, continuously strengthening the endogenous driving forces of economic development and stimulating market vitality. [National teleconference on mid-year work progress for consumer goods trade-ins held in Beijing] On July 17, the Ministry of Commerce held a national teleconference on mid-year work progress for consumer goods trade-ins, summarizing the progress and results of policy implementation in H1 and deploying key tasks for the next step. Assistant Minister of Commerce Yuan Xiaoming attended and delivered a speech, and commerce departments from Hebei, Henan, Hubei, and Sichuan made exchange speeches. The meeting noted that since 2026, the Ministry of Commerce has earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, working with various regions and relevant departments to solidly and orderly promote the implementation of the consumer goods trade-in policy, continuously expanding its coverage to benefit over 150 million person-times, effectively driving consumption upgrading and promoting resource recycling, achieving multiple policy effects. The meeting emphasized that all regions and departments should further enhance their political stance, establish and practice a correct view of performance, and meticulously implement the trade-in policy; further intensify efforts, strengthen inter-departmental coordination, widely publicize the policy, and broaden its coverage; and continue to enrich offline consumption scenarios, optimize the process for subsidy review and disbursement, making it easier for the public to participate in and benefit from the policy, thereby enhancing their sense of gain. (Ministry of Commerce website) [Just now, Wu Qing speaks out: fully maintain stable market operations] On the morning of July 21, Wu Qing, Party Secretary and Chairman of the China Securities Regulatory Commission, conducted a survey at a securities business department in Beijing and chaired an investor symposium, engaging in face-to-face exchanges with eight representatives of various investors, including large, medium, and small retail investors, to solicit opinions and suggestions on promoting stable and healthy development of the capital market. [China Coal Transportation and Marketing Association: Key monitored coal enterprises saw decreases in both ten-day production and sales in early July] The China Coal Transportation and Marketing Association released its ten-day coal market dispatch report. In early July, due to stricter safety supervision, mine maintenance, and rainfall in producing areas, overall coal supply contracted somewhat, with key monitored coal enterprises seeing decreases in both ten-day production and sales. Looking at demand by sector: In the power sector, increased rainfall boosted hydropower generation, and combined with increased new energy output, thermal power generation and power plant coal consumption pulled back. The steel industry showed clear off-season characteristics, with weak demand; pig iron production and coal consumption by key monitored coke and steel enterprises were below levels seen in the same period last year. US Dollar: Overnight, the US dollar index continued its upward momentum from the previous two trading days, rising another 0.21% to 100.97. Recurring US-Iran tensions drove wild swings in oil prices, which intensified market concerns about inflation and raised expectations for US Fed interest rate hikes. Fed’s Hammack stated that inflation is too high and broad-based, and persistently high inflation is a greater concern. According to CME "FedWatch": The probability of the Fed keeping rates unchanged in July is 84.5%, while the probability of a cumulative 25-basis-point rate hike is 15.5%. For September, the probability of the Fed keeping rates unchanged is 36%, the probability of a cumulative 25-basis-point hike is 55.1%, and the probability of a cumulative 50-basis-point hike is 8.9%. (Jinshi Data APP) The spread between 10-year and 2-year US Treasury yields will narrow further in the coming months, and rising tensions in the Strait of Hormuz could lead to a full inversion of the yield curve, according to Capital Economics. "One reason for this difference is that short-term real rate expectations have risen more than long-term real rate expectations, likely reflecting strong economic data," Capital Economics also expects that the 2-year and 10-year yield curve will flatten further as investors price in additional rate hikes. "We forecast the Fed will hike rates by 75 basis points over the next year, compared to the 40 basis points currently priced in by markets," they said. (Jinshi Data APP) Macro Front: Today, data releases include Switzerland's June trade balance, the UK's May ILO unemployment rate (3-month), UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, the Eurozone's July ZEW economic sentiment index, and the US weekly change in ADP employment for the week ending July 4, among others. Crude Oil: Overnight, both oil futures contracts continued their upward momentum from the previous trading day, with WTI oil rising 0.78% and Brent oil rising 0.81%. The oil market experienced significant swings on Monday. The ninth round of bombing by Iran pushed oil prices initially higher, but subsequent diplomatic statements regarding a 10-day ceasefire negotiation caused prices to pull back. According to Xinhua News Agency, Trump hinted that the US military would launch a tough retaliation against Iran. However, the Trump administration has not completely ruled out seeking a diplomatic solution. US Secretary of State Rubio stated in an interview on the evening of the 19th that the Trump administration "remains open to diplomatic solutions." According to Xinhua, a senior Iranian official said that mediators in the US-Iran talks have proposed an initiative to Iran aimed at de-escalating the current situation, suggesting a 10-day ceasefire to seek the resumption of the memorandum of understanding reached between the two nations last month. However, a Wallstreetcn article pointed out that shipping in the Strait of Hormuz had nearly stalled, with a Greek shipowner reporting that two oil tankers had been attacked. Data from the monitoring website Hormuz Strait Monitor shows that transits on July 20 were around 12 vessels per day, a plunge of over 89% from the pre-conflict daily average of 110 vessels, severely restricting the shipment of crude oil and LNG. (Wallstreetcn) Additionally, according to Bloomberg, as the US continues to strike Iran, vessels in the Strait of Hormuz are being targeted by Iran, bringing traffic in this vital waterway to a near standstill on Monday. Ship tracking data showed a Marshall Islands-flagged bulk carrier was one of the few vessels apparently attempting to transit the strait, switching off its transponder as it moved from the Persian Gulf toward Omani waters near the strait. An LPG carrier flagged as part of the "dark fleet" involved in Iranian exports also appeared to head toward the strait. Another bulk carrier registered in the Marshall Islands began emitting signals from the Gulf of Oman after previously indicating it was in the Persian Gulf on Sunday morning, suggesting it had transited the Strait of Hormuz with its transponder switched off. (Bloomberg)

July 17, 2026 Gold is trading at $3,992.55 and silver at $55.44 — both at or near multi-month lows. The cause is an oil shock that most investors are filing under the wrong heading. It is not hitting precious metals once, but twice: through interest rate expectations, and through the production costs of the mines. The starting point: 29% below the high Gold tested the $4,000 mark on Thursday, leaving it roughly 29% below the all-time high of $5,595.47 set on 29 January 2026 — the weakest level since November 2025. Silver has fared worse. At $55.44, the white metal sits some 54% below its January peak of around $121. The gold-silver ratio has consequently climbed to 72.0, up from about 69.6 in the middle of the week. Silver, in other words, continues to lose ground in relative terms — a classic sign that what is being traded here is not a precious metals thesis but an interest rate thesis. The first hit: oil drives rate expectations The trigger does not sit in the bullion market. It sits in the Strait of Hormuz. Escalation between the United States and Iran has driven oil prices higher and reinforced concerns that interest rates could remain elevated for longer. Brent stood at $85.92 on 14 July, its highest since 15 June, after gaining 9.6% the previous day. The transit figures speak for themselves: only 57 crossings were recorded from Friday through Sunday — a drop of more than 50% against the prior week. On 15 July, Washington additionally reinstated its naval blockade of Iranian ports. For the Federal Reserve, this is a problem. Softer-than-expected US inflation data has largely ruled out a July rate increase, yet Fed Chair Kevin Warsh reiterated his commitment to restoring price stability. The market remains split: traders currently price roughly a 51% probability of a hike in September — down from about 60% at the start of July. The June dot plot showed nine of 18 participants projecting at least one hike before year-end, eight projecting no change, and one projecting a cut. Warsh submitted no dot of his own. Higher energy prices strengthen the expectation that the Fed will need to keep policy tighter for longer, which reduces the appeal of non-yielding gold. That is the first hit. What makes it notable: an oil-driven inflation impulse arriving while the central bank is boxed in is precisely the textbook stagflationary setup investors buy gold to hedge. For now, the rate channel is beating the crisis channel. The second hit: oil is eating into mining margins This is where it becomes uncomfortable for gold equity investors — and this is the point most analyses skip. On paper, producers are in excellent shape. With gold averaging $4,700 an ounce and AISC below $2,000, sector margins in 2026 sit at historically exceptional levels and are generating record cash flows. Share prices do not reflect that. GDX was trading at $74.82 on 14 July, against a 52-week range of $50.45 to $117.18. Year-to-date, the junior index GDXJ is down 8.61% and GDX down 8.2%. Over one month, the pullback hit the juniors harder at -4.79% versus -3.78% for the seniors. The reason: the market is still grappling with the reality of higher energy costs, which will continue to overshadow gold miners' record-high margins in 2026. Diesel for the fleet, power for the mill, freight for consumables — energy is one of the largest single line items in an AISC calculation. The same oil price that is pressuring gold through rate expectations is therefore pressuring producers a second time through the cost side. For explorers and developers without cash flow, a third effect follows: rising capital costs make financings more expensive at precisely the moment share prices are on the floor. What is holding the floor: the central banks Set against this picture is a remarkably stable pillar of demand. Central banks bought a net 244 tonnes of gold in the first quarter of 2026 — more than in the previous quarter and above the five-year average. Poland added 14 tonnes in April alone (45 tonnes year-to-date), the People's Bank of China extended its buying streak to 18 consecutive months, and the Czech National Bank added 2 tonnes. The decisive detail: this buying continued while gold sat 28% below its January peak. The official sector is not buying the trend. It is buying the allocation. The World Gold Council's survey of 76 central banks, published on 16 June, reinforces the point: 89% expect global central bank gold holdings to increase over the next twelve months, a record 45% plan to add to their own reserves (up from 43% in 2025), and 74% expect the US dollar's share of global reserves to decline over the next five years. Standard Chartered supplies the counterweight. In a note dated 24 June, analyst Suki Cooper put roughly 298 tonnes of ETF gold below its holders' average cost basis at prices around $4,000 — up from 270 tonnes when gold was still above $4,250. That is some $38 billion held by investors whose rational response to any recovery is to exit near breakeven. Those positions are not support. They are a ceiling. Assessment and outlook The forecasting landscape is split accordingly. Morgan Stanley concedes that its $5,200 target for the second half now depends increasingly on a revival in ETF demand; Goldman Sachs has already cut both its December forecast and its ETF demand projections. J.P. Morgan, by contrast, is sticking with $6,300 by year-end. HSBC in January flagged a range of $3,950 to $5,050 for 2026 — the lower bound is being tested today. OCBC, conversely, expects prices to keep falling on rising Treasury yields, a firmer dollar and weaker investor demand. Our reading: the decisive question for the coming weeks is not whether central banks keep buying — they do — but whether the oil price stays where it is. If Brent retreats, the rate pressure and the cost pressure unwind simultaneously, and the miners become the leveraged expression, because record margins would then be valued without the energy caveat. If oil stays elevated, the sector is likely to remain under valuation pressure even with a stable gold price. Two dates frame the question. The FOMC meets on 28 and 29 July — CME data puts the probability of rates being held at 3.50% to 3.75% in July at 66.3%, so the language on September is what matters. Late July into early August brings the World Gold Council's Gold Demand Trends for Q2. That report is the test of whether official-sector demand is still absorbing the ETF outflows. Source： https://goldinvest.de/en/gold-oil-price-double-hit-gold-miners

The Minerals Council South Africa stated that after five consecutive months of growth, South Africa’s mining production in May declined 4.5% YoY, reflecting rising energy costs, heightened global trade uncertainties, and slowing momentum in commodity price gains. Despite the decline in May, total mining production in the first five months of this year still increased 3.5% YoY, but the growth rate has continued to slow, indicating that the recovery momentum of production is not yet solid. Platinum group metals remained the main pillar of growth in South Africa’s mineral sales. From January to May this year, PGMs sales surged 109.4% YoY, while gold sales rose 44.7%, boosting total mineral sales by approximately 100 billion rand compared to the same period last year.

SMM, July 20: Metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE tin rose 1.65%. SHFE copper edged up 0.29%, while SHFE aluminum fell 0.32%. SHFE lead edged up, while SHFE zinc fell 0.63%. SHFE nickel fell 0.13%. In addition, the most-traded cast aluminum futures contract fell 0.3%, while the most-traded alumina contract rose 1.23%. The most-traded lithium carbonate contract fell 1.69%. The most-traded silicon metal contract fell 0.72%. The most-traded polysilicon futures contract fell 1.26%. Ferrous metals mostly fell. Iron ore fell 0.33%, while rebar and hot-rolled coil (HRC) fell 0.45% and 0.54%, respectively. Stainless steel fell 0.27%. Coke and coking coal: the most-traded coking coal contract rose 0.2%, while the most-traded coke contract fell 0.99%. Overseas base metals market, as of 11:45, LME metals mostly rose. LME copper rose 0.2%, LME aluminum fell 0.16%, and LME lead fell 0.21%. LME zinc and LME tin both rose 0.31%. LME nickel rose 0.21%. Precious metals, as of 11:45, COMEX gold rose 0.2%, and COMEX silver rose 1.85%. Domestic precious metals market: SHFE gold rose 0.7%; the most-traded SHFE silver contract rose 2.47%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.33%, and the most-traded palladium futures contract fell 0.84%. As of the midday close, the most-traded containerized freight (European route) contract rose 6.4% to 2,809 points. As of 11:45 on July 20, midday market overview for some futures: Spot Prices and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 170 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 80 yuan/mt, up 30 yuan/mt from the previous trading day; and SX-EW copper was quoted at a premium of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,180 yuan/mt, up 350 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,075 yuan/mt, up 340 yuan/mt from the previous trading day. Spot market: Guangdong inventories saw a significant decline after the weekend, mainly driven by a sharp increase in warehouse withdrawals... Macro Front Domestic front: [MIIT: Continuously Implement the New Round of Work Plans for Stable Growth in Sectors Such as Machinery and Automobiles, While Expanding High-Quality Supply and Effective Demand Across the Board] The State Council Information Office held a press conference to present the industrial and information technology development situation in H1 2026. Wang Weiming, chief engineer of the Ministry of Industry and Information Technology, stated that in H1, the export delivery value of the equipment industry rose 18.2% YoY, contributing nearly 50% to the growth of industrial exports. Next, MIIT will make every effort to promote the transformation and upgrading of the equipment industry. [MIIT: From January to May, new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share] At a press conference held by the State Council Information Office, Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology, said that in the ship and offshore engineering equipment sector, from January to May, China’s new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share. [MIIT: To issue guidelines for building a systematic computing power standards framework, and promote standards such as market-based pricing for computing power] The State Council Information Office held a press conference to brief on industrial and information technology development in 2026 H1. Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director-General of the Information and Communications Development Department, said that next, MIIT will continue to follow a systematic work approach focused on points, chains, networks, surfaces, and systems, optimize the deployment of computing power infrastructure resources, build interconnected and interoperable computing power periods, and improve the efficiency of computing power resource utilization. In terms of strengthening efforts at the “point” level, it will optimize the supply-side deployment of computing power resources, coordinate factors such as industrial development and energy supply, promote the development of intelligent computing clusters and coordinated development between computing power and electricity, create a tiered computing power layout, and strengthen overall monitoring of computing power. In addition, it will issue guidelines for building a systematic computing power standards framework, and promote standards such as evaluation of computing power service capabilities and market-based pricing for computing power. [Unchanged for the 14th consecutive month! July LPR quotes released: 3.5% for 5-year and above, 3% for 1-year] China’s July Loan Prime Rate (LPR) was released on July 20, with both the 1-year and 5-year and above LPR left unchanged. An announcement authorized by the PBOC and released by the National Interbank Funding Center showed that the LPR on July 20, 2026 was: 3.0% for the 1-year LPR and 3.5% for the 5-year and above LPR. The above LPRs are valid until the next LPR release. The 7-day reverse repo rate, the main policy rate, has remained unchanged for 14 consecutive months since it was cut in May 2025; therefore, the pricing basis for this month’s LPR quotes did not change. The last LPR adjustment was in May 2025, when both the 1-year and 5-year and above LPR were lowered by 10 basis points. [PBOC net injected 174.5 billion yuan into the open market today] The PBOC conducted 398.5 billion yuan of 7-day reverse repo operations today at an operating rate of 1.4%, unchanged from the previous level. Reverse repos worth 224 billion yuan matured today. US dollar: As of 11:45, the US dollar index fell 0.04% to 100.71. Oil prices have risen by over 20% this month, reigniting inflation concerns. Fed Chairman Warsh has made it clear that curbing inflation is the top priority. The market is now focused on the upcoming July PMI data this week to judge whether the resilience of the US economy is sufficient to support the Fed's interest rate hikes in September or October. (Wall Street View) According to CME “FedWatch”: the probability of the Fed keeping rates unchanged in July is 85.6%, with a 14.4% probability of a cumulative 25bp hike. The probability of no change in September is 38.5%, with a 53.5% probability of a cumulative 25bp hike and a 7.9% probability of a cumulative 50bp hike. (Jinshi Data APP) Data: Today will see the release of Canada June CPI MoM, US June CB Leading Index MoM, China June year-to-date installed power generation capacity, China June year-to-date installed power generation capacity yearly rate, and more. Crude Oil: As of 11:45 am, oil prices on both exchanges extended gains from the previous trading day, with WTI up 2.24% and Brent up 2.41%. The US-Iran conflict escalated further over the weekend, pushing oil prices higher. According to CCTV News reports, on July 19 local time, US Energy Secretary Wright stated that military operations against Iran will continue until President Trump achieves his military objectives. According to CCTV News, Iranian sources said on the 19th that navigational traffic through the Strait of Hormuz has dropped to zero, and the strait will remain closed as long as the US continues its provocative actions. Furthermore, Morgan Stanley pointed out that Europe faces a diesel supply crunch as a series of significant supply challenges coincide, with refining margins in the region hitting record highs while inventories continue to decline. “The current situation is indeed very tight,” analysts including Martin Ratz said in a July 19 report. “Our supply-demand model shows that European diesel inventories will fall to multi-year lows by year-end.” The analysts stated, “The true bottleneck in the oil system at the moment lies in refining, not crude oil,” noting that some African oil cargoes remain unsold and forward prices in certain parts of the market are trending bearish. “At the center of all this is the diesel market, particularly in Europe.” (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

Platinum prices consolidated on a subdued note today. Last week, US CPI data recorded a MoM decline, but Fed Chairman Warsh revealed a tough stance of zero tolerance towards high inflation during his congressional testimony. The hawkish remarks significantly scaled back the market’s dovish expectations, posing a key headwind to the rise in precious metals. Meanwhile, the renewed escalation of geopolitical tensions between the US and Iran pushed up oil prices, which further slowed the pace of the expected policy pivot retreat, continuing to drag on precious metals prices. In the morning session, the most-traded GFEX platinum contract PT2608 settled at 395.5 yuan/g, down 0.33%. The inverted price spread between the best offer price for SGE platinum 9995 and GFEX PT2608 was maintained at around 5 yuan/g. In the spot market, mainstream quotations for platinum were from parity to a premium of 1 yuan/g against the PT2608 contract, with relatively small changes in premiums/discounts from the previous trading day, or offered at a discount of around 3 yuan/g against the GFEX October contract. The price spread between the GFEX platinum October and August contracts narrowed today, and downstream buyers made small-volume purchases based on orders. Overall, trading in the spot platinum market was subdued today.

[SMM Daily Review: Rate-Hike Expectations Continue to Weigh on Silver, Spot Transactions Stay at Parity] SMM, July 20 – Resilient US employment data combined with lingering inflation risks kept rate-hike expectations elevated, and climbing US Treasury yields further pressured silver prices. In the spot market, both supply and demand were weak, transactions hovered near parity, and wait-and-see sentiment was heavy.

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely broken, and its strategic value has become fully evident. In 2026, the tin market presented an unprecedentedly complex landscape and profound changes: I. The supply-demand pattern was deeply restructured, and strategic attributes rose to an unprecedented level The global tin resources’ static reserve-to-production ratio was only 14 years, with scarcity becoming increasingly prominent. The supply side faced “triple pressure”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints had become the new normal. Meanwhile, the demand structure underwent a fundamental shift, and tin had become a strategic resource connecting traditional manufacturing with the digital future. II. The pricing system broke through historical levels, and the industry ecosystem faced reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough was not only a manifestation of the supply-demand imbalance, but also a sign of value revaluation in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches were all in urgent need of innovative breakthroughs. III. Technology-driven and green transformation gave rise to a new symbiotic ecosystem Digital and intelligent technologies were deeply empowering the tin industry chain. The global green transformation required the tin industry to upgrade toward low-carbonisation and a circular economy, making recycled tin recovery and green smelting processes an inevitable path. Every link of the industry chain had to move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 , held in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Anhui Jinhong Renewable Resources Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the tin industry to new heights. Click the to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Anhui Jinhong Renewable Resources Technology Co., Ltd. was established in 2016 and is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou, Anhui province. The company covered an area of 98 mu, with a total investment of 580 million yuan and a total construction area of more than 20,000 m². It had built an R&D building, a comprehensive recycling workshop, a crude refining workshop, a refining workshop, a rare and precious metals workshop, an oxygen production workshop, raw material and finished product warehouses, auxiliary buildings, and other comprehensive supporting facilities. Anhui Jinhong Renewable Resources Technology Co., Ltd. was the vice chairman unit of the national “Nonferrous Metals Industry Technology Innovation Strategic Alliance”. It currently had more than 100 employees, including more than 10 management and technical professionals, and had a high-level scientific research and development team with strong technical capabilities. It held dozens of invention patents and utility model patents with independent intellectual property rights, as well as four proprietary brand trademarks. The main equipment includes advanced production processes such as vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces, and pyrometallurgy refining, with supporting facilities for flue gas purification, wastewater treatment, and quality testing instruments. It is a key enterprise for the extension and improvement of the renewable resource utilization industry chain in Tianying Science and Technology Park, Jieshou High-tech Zone, Anhui Province. Annually, it can utilize 50,000 mt of hazardous waste containing lead, tin, and antimony, and 80,000 mt of crude lead, producing 8,000 mt of refined tin, 90,000 mt of refined lead, and 8,500 mt of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technology R&D, and sales of precious and rare metals such as lead, tin, and antimony. Anhui Jinhong Renewable Resources Technology Co., Ltd. is charting its development with innovative ideas and a long-term vision. The company will always adhere to the business philosophy of "technology-led, quality-assured, and green-priority" and make every effort to break free from the constraints of "limited perspective and narrow vision." In the future, Anhui Jinhong Renewable Resources Co., Ltd. will strive to improve the image of the lead- and tin-containing scrap recycling industry chain in Jieshou City and aim to become a national first-class model enterprise for comprehensive resource utilization. Established in 2016, Anhui Jinhong Renewable Resources Technology Co., Ltd. is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou City, Anhui Province. Covering an area of 98 mu with a total investment of 580 million yuan and a total construction area of over 20,000 square meters, the company is equipped with a research and development building, comprehensive recycling workshop, crude smelting workshop, refining workshop, precious and rare metal workshop, oxygen production workshop, raw material and finished product warehouses, as well as auxiliary buildings and other complete supporting facilities. Lead-antimony alloy As the vice chairman unit of the national "Non-ferrous Metal Industry Technology Innovation Strategic Alliance", the company employs more than 100 staff members, including over 10 management and technical talents. It boasts a high-level R&D team with strong technical capabilities, holding dozens of invention patents and utility model patents with independent intellectual property rights, as well as 4 independent brand trademarks. The company adopts advanced production processes and equipment including vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces and fire refining systems, supported by complete flue gas purification, wastewater treatment and quality testing equipment. It is a key enterprise committed to extending and improving the renewable resource utilization industrial chain in Tianying Science and Technology Park, Jieshou High-tech Zone. The company can annually process 50,000 tons of lead-tin-antimony hazardous waste and 80,000 tons of crude lead, with an annual output of 8,000 tons of refined tin, 90,000 tons of refined lead and 8,500 tons of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technological R&D and sales of rare and precious metals such as lead, tin and antimony. Lead-Tin Alloy Adhering to innovative concepts and a long-term strategic vision for development, the company always upholds the business philosophy of "technology-oriented, quality-guaranteed and green development-oriented", and strives to break through developmental limitations caused by insufficient strategic positioning and narrow vision. In the future, Anhui Jinhong Renewable Resources Technology Co., Ltd. will focus on optimizing the development pattern of the lead-tin waste renewable resource industry chain in Jieshou City, and endeavor to build itself into a national first-class model enterprise for comprehensive resource utilization. Crude Tin Refined Tin Contact Us Wei Xianghai 18155838588 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference