SMM May 14: Metals market: As of the midday close, base metals in the domestic market mostly fell. SHFE copper fell 1.07%. SHFE aluminum fell 0.3%. SHFE lead rose 0.27%, and SHFE zinc rose 0.44%. SHFE tin fell 0.87%. SHFE nickel fell 1.06%. In addition, the most-traded foundry aluminum futures fell 0.3%, and the most-traded alumina contract rose 0.29%. The most-traded lithium carbonate contract fell 2.01%. The most-traded silicon metal contract fell 0.29%. The most-traded polysilicon futures rose 0.49%. Ferrous metals mostly fell. Iron ore fell 0.43%, rebar fell 0.25%, hot-rolled coil edged down, and stainless steel fell 1.52%. Coking coal and coke: the most-traded coking coal contract rose 0.57%, and the most-traded coke contract rose 0.8%. Overseas market base metals, as of 11:41, LME metals fell nearly across the board. LME copper fell 1.08%. LME aluminum fell 0.9%, and LME lead edged up 0.02%. LME zinc edged down. LME tin fell 2.76%. LME nickel fell 1.57%. Precious metals, as of 11:41, COMEX gold fell 0.33%, and COMEX silver fell 2.2%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.04%, and the most-traded SHFE silver contract rose 1.6%. In addition, as of the midday close, the most-traded platinum futures rose 0.28%, and the most-traded palladium futures fell 0.27%. As of the midday close, the most-traded Europe containerized freight index contract fell 4.32%, closing at 2,434 points. As of 11:41 on May 14, midday futures quotes for selected contracts: Spot and Fundamentals Nickel: On May 14, SMM #1 refined nickel prices fell 1,200 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,350 yuan/mt, up 100 yuan/mt from the previous trading day... Macro Front [Xi Jinping: The Essence of China-US Economic and Trade Relations Is Mutual Benefit and Win-Win Cooperation] On the morning of May 14, President Xi Jinping held talks with US President Trump, who was on a state visit to China, at the Great Hall of the People in Beijing. Xi Jinping pointed out that facts have repeatedly proven that there are no winners in a trade war, the essence of China-US economic and trade relations is mutual benefit and win-win cooperation, and equal consultation is the only correct choice in the face of differences and frictions. Yesterday, the economic and trade teams of both sides reached overall balanced and positive outcomes, which is good news for the people of both countries and for the world. Both sides should work together to maintain the current hard-won positive momentum. (CCTV News) [Xi Jinping: Making 2026 a Historic and Landmark Year for China-US Relations That Builds on the Past and Opens Up the Future] On the morning of May 14, President Xi Jinping held talks with US President Trump, who was on a state visit to China, at the Great Hall of the People in Beijing. Xi Jinping emphasized that the common interests between China and the US outweigh their differences, that the success of each is an opportunity for the other, and that stability in China-US relations benefits the world. Both sides should be partners rather than rivals, achieving mutual success and shared prosperity, and forging a path of proper engagement between major countries in the new era. He looked forward to exchanging views with President Trump on major issues concerning both countries and the world, jointly steering the great ship of China-US relations on the right course, and making 2026 a historic and landmark year for China-US relations that builds on the past and opens up the future. (Xinhua) Domestic: [PBOC Reverse Repo Operations Achieved Net Withdrawal of 26.5 Billion Yuan on the Day] The PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 27 billion yuan of 7-day reverse repos matured today, a net withdrawal of 26.5 billion yuan was achieved on the day. US Dollar: As of 11:41, the US dollar index fell 0.01% to 98.48. Driven by a sharp climb in energy prices due to Middle East conflicts, the US April Producer Price Index (PPI) significantly exceeded expectations, posting the largest increase in over three years, and market bets on a Fed rate hike warmed notably. Data released by the US Bureau of Labor Statistics showed: US April PPI was 6% YoY, the highest level since December 2022. Expectations were 4.8%, with the prior value at 4%. US April PPI was 1.4% MoM, the largest single-month increase since March 2022, expectations were 0.5%, with the prior value at 0.5%. US April core PPI was 5.2% YoY (expectations: 4.3%, prior: 3.8%). US April core PPI was 1% MoM (expectations: 0.3%, prior: 0.1%). The money market has now priced in approximately 24 basis points of rate hikes before the Fed's June 2027 policy meeting, up from 21 basis points at Tuesday's close. The market priced in approximately a 50% probability of one rate hike within 2026. (Wallstreetcn) According to the CME "Fed Watch," the market has now priced in a probability of over 30% for a rate hike by December. Following the unexpectedly strong US April PPI data, the market believes it is now almost harder for the US Fed to justify any interest rate cut this year. April PPI rose 1.4%, significantly higher than economists' consensus expectations of 0.5%, indicating inflationary pressures were stronger than expected and reinforcing the market's trend of repricing the interest rate path. (Jin10) Data: Today will see the release of UK Q1 GDP annual rate preliminary reading, UK March three-month GDP monthly rate, UK March manufacturing output monthly rate, Canada March wholesale sales monthly rate, US initial jobless claims for the week ending May 9, US April retail sales monthly rate, US April import price index monthly rate, and other data. In addition, attention should be paid to: 2026 FOMC voter and Minneapolis Fed President Kashkari participating in a discussion hosted by a local chamber of commerce; Bank of Canada releasing monetary policy meeting minutes; 2026 FOMC voter and Dallas Fed President Logan participating in a dialogue on the energy sector; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech on "Payment Innovation and Community Banking"; US President Trump making a state visit to China. Crude oil: As of 11:41, oil prices in both markets edged up slightly, with WTI up 0.42% and Brent up 0.4%. The market continued to monitor developments in US-Iran tensions. US Vice President Vance said on Wednesday local time: "On the negotiations with Iran, I think progress is being made. Currently focused on the diplomatic path, spoke with envoys Witkoff and Kushner this morning. The fundamental question in the negotiations right now is whether we can make enough progress to meet the red line set by Trump. That red line is very simple. He needs to be convinced that we have put enough safeguards in place to ensure Iran never possesses nuclear weapons." When asked about the previously released CPI data, Vance said: "Last month's inflation data was not ideal. The President, I, and the entire team care about the financial well-being of the American people." (Jin10) The OPEC monthly report showed that Saudi Arabia's daily crude oil production fell to 6.316 million barrels in April, the lowest since 1990. Saudi Arabia also reported to OPEC that "actual market supply," excluding volumes injected into reserves, was slightly higher than production, reaching a daily average of 6.879 million barrels. (Wallstreetcn) Hunter Hunt, grandson of Texas oil tycoon HL Hunt, is concerned that damage to Middle Eastern energy infrastructure could lead to a decline in oil production over the coming years. Hunt discussed many Iran war issues, including oil production shutdowns, refinery damage, and the effective closure of the Strait of Hormuz, through which approximately one-fifth of the world's crude oil used to be transported. This is literally the nightmare that no one wants to see in their plans," Hunt said on Wednesday. Hunt rarely speaks publicly. He runs the 91-year-old Hunt Oil Company, which operates globally, including in Yemen and the Kurdish region of Iraq. (Jin Shi Data) Spot Market Overview: ► ► ► ►

SMM May 13 News: Metals market: As of the midday close, base metals in the domestic market generally rose. SHFE copper gained 1.63%. SHFE aluminum rose 0.3%. SHFE lead fell 0.15%. SHFE zinc gained 1.46%. SHFE tin rose 0.08%. SHFE nickel edged down. In addition, the most-traded casting aluminum futures rose 0.15%, the most-traded alumina futures fell 0.71%. The most-traded lithium carbonate futures fell 3.55%. The most-traded silicon metal futures fell 2.74%. The most-traded polysilicon futures fell 0.62%. Ferrous metals mostly fell. Iron ore was flat at 817.5 yuan/mt. Rebar fell 0.7%. Hot-rolled coil fell 0.57%. Stainless steel rose 0.16%. Coking coal and coke: the most-traded coking coal contract fell 2.51%, and the most-traded coke contract fell 1.28%. Overseas base metals, as of 11:41, LME metals rose across the board. LME copper gained 0.6%. LME aluminum rose 0.24%. LME zinc gained 0.4%. LME lead rose 0.3%. LME tin gained 1.29%. LME nickel rose 0.87%. Precious metals, as of 11:41, COMEX gold rose 0.48%, and COMEX silver gained 1.99%. Domestic precious metals: the most-traded SHFE gold contract fell 0.55%, and the most-traded SHFE silver contract rose 1.1%. In addition, as of the midday close, the most-traded platinum futures edged down, and the most-traded palladium futures fell 1.03%. As of the midday close, the most-traded Europe containerized freight index contract rose 3.17%, closing at 2,539.5 points. As of 11:41 on May 13, midday futures quotes for selected contracts: Spot and Fundamentals Copper: Looking ahead to tomorrow, copper prices continue to fluctuate at highs, downstream purchasing sentiment remains subdued, intraday buying and selling sentiment both pulled back, and spot discounts continued to widen. According to SMM, downstream orders continued to decline from the previous day... Macro Front [China-US Economic and Trade Consultations Begin in South Korea] At noon local time on May 13, the economic and trade teams of China and the US began China-US economic and trade consultations at Incheon International Airport in Seoul, South Korea. (Xinhua) Domestic: [PBOC Reverse Repo Operations Achieved Net Withdrawal of 25.5 Billion Yuan on the Day] The PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 26 billion yuan of 7-day reverse repos matured today, a net withdrawal of 25.5 billion yuan was achieved on the day. US dollar: As of 11:41, the US dollar index rose 0.01%, at 98.31. The US CPI rose faster than expected in April, further intensifying concerns about the impact of inflation on the US economy. The Bureau of Labor Statistics reported on Tuesday that, after seasonal adjustment, the overall CPI rose 0.6% MoM and 3.8% YoY. The monthly increase was in line with expectations, but the YoY increase was 0.1 percentage point higher than market expectations. Core CPI, excluding food and energy, rose 0.4% and 2.8% respectively, indicating that although inflation remained well above the US Fed's 2% target, pressure mainly came from non-core areas, especially energy. Energy prices rose 3.8%, once again becoming one of the main drivers of rising inflation; food prices also rose 0.5%. For the full year, energy prices rose 17.9% and food prices rose 3.2%. Gasoline price index was up 28.4% YoY. Although energy, especially gasoline, was the main news focus, inflationary pressures also came from multiple other areas. Housing costs rose 0.6%, tariff-sensitive apparel prices rose 0.6%, airfares rose 2.8% with a YoY increase of 20.7%. Tariffs also appeared to have affected other areas, with household furnishings and related expenditures rising 0.7%. (Jin10 Data) According to the CME "Fed Watch": the probability of the US Fed maintaining rates unchanged through June was 97.1%, with a 2.9% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed maintaining rates unchanged through July was 96%, with a 3.9% probability of a cumulative 25 basis point interest rate cut. (Jin10 Data) A CITIC Securities research report stated that US April inflation continued to run hot, the spillover effects of the Middle East conflict persisted, and compensatory increases in rent inflation pushed up core readings. High inflation continued to erode the real purchasing power of US households, with low-income households facing stronger cost shocks, and real hourly wages YoY turned negative for the first time in three years. We believe the risk of a second wave of US inflation is relatively small, but high oil prices will constrain the room for inflation to pull back within the year. Under the base case scenario, the US Fed is still expected to cut interest rate by 25bps within the year. US Treasuries are currently more suited for trading opportunities. After the strong earnings season nears its conclusion, US equities should be watched for short-term risks of profit-taking. The US dollar index may remain in the doldrums below 100 rather than on a sustained downtrend. Other currencies: According to a latest estimate by the OECD, the Bank of Japan's benchmark interest rate is expected to reach 2% by the end of 2027. The report noted that, assuming inflation remains around 2%, the current interest rate is still close to the lower bound of the neutral rate range for the economy. The report also recommended that the Bank of Japan should continue to gradually raise interest rates to prevent the economy from overheating. The Bank of Japan previously estimated that Japan's nominal neutral interest rate was between 1.1% and 2.5%, but noted that there was significant uncertainty regarding the specific level. (Jin10 Data) On the macro front: Data to be released today include France's Q1 ILO unemployment rate, France's April CPI MoM final reading, eurozone Q1 GDP YoY revised reading, eurozone Q1 seasonally adjusted employment QoQ final reading, eurozone March industrial output MoM, US April PPI YoY, and US April PPI MoM. In addition, attention should be paid to: Chicago Fed President Goolsbee participating in a Q&A session hosted by a local chamber of commerce; 2028 FOMC voter and Boston Fed President Collins delivering a speech at the Boston Economic Club; Vice Premier He Lifeng leading a delegation to South Korea from May 12–13 for trade consultations with the US side; and US President Trump's state visit to China. Crude oil: As of 11:41, oil prices in both markets fell, with WTI down 1.03% and Brent down 1.06%. Iran presented its "entry ticket" for nuclear talks with the US, including unfreezing assets and recognizing sovereignty over the Strait of Hormuz. Trump stated: "When negotiating with Iran, I don't consider the financial situation of the American people. I don't consider anyone." Meanwhile, the US Secretary of Defense said the Iran ceasefire agreement remained in effect. (Jin10 Data) American Petroleum Institute (API) data showed that US crude oil inventory fell for the fourth consecutive week last week, while gasoline inventory increased. US API crude oil inventory for the week ending May 8 was -2.188 million barrels, versus expectations of -1.654 million barrels and a prior reading of -8.141 million barrels. US API gasoline inventory for the week ending May 8 was 502,000 barrels, versus expectations of -2.549 million barrels and a prior reading of -6.107 million barrels. The EIA Short-Term Energy Outlook report indicated that if the Strait of Hormuz were closed through the end of June, crude oil prices would be $20/barrel higher than the current forecast, which assumes reopening by the end of May. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ►

Kazzinc said on Tuesday that its zinc and lead plants at the Ust-Kamenogorsk metallurgical complex in eastern Kazakhstan are operating at reduced capacity following last week’s explosion. The incident occurred at Kazzinc’s zinc plant, killing three people and injuring five others. Kazzinc, Kazakhstan’s largest producer of zinc, lead and precious metals and owned by Glencore, has not disclosed the extent of the impact on output. Clean-up operations and an investigation into the incident are still ongoing.

Gold and silver market update — May 11, 2026 Key Takeaways The gold/silver ratio measures how many ounces of silver it takes to buy one ounce of gold — as of May 11, 2026, it stands at 54.94, down from 62.05 just one week earlier Silver surged 7.1% to $86.10/oz today while gold barely moved at $4,730 — the catalyst is a US-China 90-day tariff truce that directly reprices silver’s industrial demand outlook (prices per nFusion Solutions, ~3:49 PM ET) According to the Silver Institute, silver has run a supply deficit for six consecutive years, with roughly 762 million troy ounces drawn from above-ground stockpiles since 2021 — the structural case for silver was in place long before this week The gold/silver ratio measures how many ounces of silver it takes to buy one ounce of gold. When it falls, silver is outperforming. Right now it’s falling fast — from 62.05 a week ago to 54.94 today — after silver surged 7.1% to $86.10 on a US-China tariff truce. That kind of compression in under a week is rare. It tends to happen when a catalyst hits a metal that was already primed to move. Silver was primed: according to the Silver Institute, it has run a supply deficit for six consecutive years. What Is the Gold/Silver Ratio — and What Does 54.94 Actually Mean? The gold silver ratio doesn’t tell you whether to buy. It tells you relative value. A ratio of 55 means one ounce of gold currently buys 55 ounces of silver, while at 88 — where it stood in early 2024 — silver was cheap relative to gold. The lower the ratio, the more ground silver has reclaimed. In normal markets, the ratio has historically ranged from roughly 40 to 80. Extremes revert. It hit 125 in March 2020 — a pandemic-panic outlier — before compressing back to the mid-60s by August of that year. At 54.94 today, the ratio is near the low end of its historical range. That’s not a buy signal. It’s context: silver has already closed a lot of ground, which makes the next directional move meaningful. Why Is Silver Outperforming Gold Right Now? Two forces hit silver simultaneously this week. They reinforce each other. The first force is trade: the US and China announced a 90-day tariff truce over the weekend. US tariffs on Chinese goods dropped from 145% to 30%; Chinese tariffs on US goods fell from 125% to 10%. For gold, that news is roughly neutral. Silver, however, gets a direct demand signal. According to the Silver Institute, approximately 60% of silver’s annual consumption is industrial — solar panels, electric vehicle batteries, and semiconductors. Most of that supply chain runs through China. When the tariffs came down, traders immediately repriced silver’s demand outlook. The 7% single-session move is that repricing happening in real time. Underlying that trade catalyst is a second, structural force. According to the Silver Institute, silver has run a supply deficit for six consecutive years — the world consumes more than it mines. The 2026 deficit is projected at 46.3 million ounces, up 15% from 2025. Since 2021, roughly 762 million troy ounces have been drawn from above-ground stockpiles. The trade truce lit the match. Six years of deficits was the fuel. Has a Ratio This Low Ever Predicted a Bigger Silver Move? It has — though the setup matters as much as the level. The clearest recent parallel is 2020, when the pandemic pushed the ratio to 125 in March — an extreme by any historical measure. As the shock faded, silver rallied roughly 45% over the following months while the ratio compressed back to the mid-60s by August. The starting point this time is far less extreme. But the direction and velocity are similar. The fair pushback: a 90-day truce is not a trade deal. If US-China negotiations break down before the deadline, silver’s industrial demand thesis softens and the ratio can re-expand quickly. That’s a real risk. But six years of supply deficits, documented by the Silver Institute, don’t evaporate on a failed negotiation. The structural bid existed before this week. All the truce did was remove a ceiling — it didn’t create the floor. What Does the Ratio Tell Long-Term Precious Metals Holders? Not what to do today — what to understand about where we are. Silver’s dual nature is the point. It’s part monetary metal, part industrial feedstock. When real yields fall, gold tends to lead. As industrial activity picks up, silver tends to overshoot. Right now both conditions are present, which is why silver is moving faster. A ratio of 54.94 means silver has been closing the gap with gold since early 2024, when it sat at 88. Fiat currency systems erode purchasing power gradually, through inflation and monetary expansion. Gold and silver both resist that erosion — but they don’t always move in lockstep. The ratio is the scoreboard. Right now, silver is catching up. That’s not alarming. That’s the system working the way it’s supposed to. Prices as of May 11, 2026, approximately 3:49 PM ET. Source： https://goldsilver.com/industry-news/goldsilver-news/why-the-gold-silver-ratio-is-falling-and-what-it-means/

SMM News, May 12: Metals market: As of the midday close, domestic base metals mostly rose. SHFE copper was up 2.51%. SHFE aluminum was up 0.18%. SHFE lead was down 0.99%. SHFE zinc was up 1.8%. SHFE tin was up 1.47%. SHFE nickel was down 0.71%. In addition, the most-traded casting aluminum futures were up 0.19%, and the most-traded alumina futures were down 1.24%. The most-traded lithium carbonate futures were up 1.63%. The most-traded silicon metal futures were down 2.84%. The most-traded polysilicon futures continued the downtrend from the previous two trading days, falling 4.37%. Ferrous metals mostly fell. Iron ore was flat at 820.5 yuan/mt. Rebar was down 0.18%. Hot-rolled coil edged up slightly. Stainless steel was down 0.13%. Coking coal and coke: the most-traded coking coal contract was down 2.54%, and the most-traded coke contract was down 1.21%. Overseas base metals: as of 11:43, LME metals were nearly all lower. LME copper edged up slightly. LME aluminum was down 0.74%. LME zinc edged down slightly. LME lead was down 0.53%. LME tin was down 0.16%. LME nickel was down 1.22%. Precious metals: as of 11:43, COMEX gold was up 0.13%, and COMEX silver was up 1.06%. Domestic precious metals: the most-traded SHFE gold contract was up 0.36%, and the most-traded SHFE silver contract was up 6.43%. In addition, as of the midday close, the most-traded platinum futures were up 2.9%, and the most-traded palladium futures were up 0.44%. As of the midday close, the most-traded Europe containerized freight index contract was up 1.23%, at 2,474.5 points. As of 11:43 on May 12, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 260 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 190 yuan/mt, down 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 120 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,355 yuan/mt, up 1,385 yuan/mt from the previous trading day. The average price of SX-EW copper was 104,325 yuan/mt, up 1,395 yuan/mt from the previous trading day. Spot market: Guangdong inventory increased again today, mainly due to increased arrivals and weak consumption... Macro Front China: The PBOC conducted 500 million yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. No reverse repos matured today. [CICC: China's PPI and CPI are expected to have further upside room on a YoY basis over the next two months] CICC commented on April 2026 price data, noting that PPI rose 1.7% MoM in April, with the YoY increase expanding from 0.5% in the previous month to 2.8%. The PPI increase exceeded expectations, mainly because price gains were highly concentrated in the energy and chemical industry chain. April CPI rose 0.3% MoM, stronger than seasonal patterns, with CPI YoY growth also rebounding from 1.0% in the previous month to 1.2%, primarily driven by energy prices and holiday travel demand. Looking ahead, CICC believes that against the backdrop of ongoing tug-of-war in US-Iran negotiations, international oil prices will most likely fluctuate at highs. Given the time lag in price transmission from oil price shocks, PPI and CPI YoY are expected to still have upside room in the next two months. However, this round of production-side price recovery shows clear structural divergence, with upstream price increases significantly stronger than downstream. In an environment of weak end-use consumption demand, imported cost-push inflation is likely to continue suppressing profitability in mid- to downstream industries. US dollar: As of 11:43, the US dollar index rose 0.21% to 98.14. On May 11 local time, the US Customs and Border Protection announced that the first batch of refunds for illegal tariffs will begin on May 12, with some US enterprises set to receive tax refund funds. The US government launched an online application platform last month, allowing enterprises to apply for refunds of tariffs previously paid but later ruled illegal by the US Supreme Court. US Customs data shows that over 330,000 importers paid a total of approximately $166 billion in related tariffs. As of April 26, at least 75,000 enterprises had submitted refund applications. (CCTV News) The market is focused on copper data to be released tonight, which will help assess the US Fed's interest rate path. According to CME "FedWatch": The probability of the US Fed maintaining rates unchanged through June is 97.7%, with a 2.3% probability of a cumulative 25 basis point cut. The probability of maintaining rates unchanged through July is 94.6%, with a 5.4% probability of a cumulative 25 basis point cut and a 0.1% probability of a cumulative 50 basis point cut. Other currencies: Japanese Finance Minister Katayama Satsuki stated that following her meeting with US Treasury Secretary Bessent in Tokyo, her team is conducting smooth cooperation with the US side in the foreign exchange policy area. Katayama said she would not comment on Bessent's specific remarks. This is Bessent's third visit to Japan since assuming his cabinet position. Markets are closely watching this meeting, as it comes less than two weeks after Tokyo authorities' suspected large-scale yen intervention lasting several days to boost the yen exchange rate. Bessent has previously hinted that he is critical of direct market intervention, instead favoring support for the yen through the Bank of Japan tightening monetary policy. The Japanese authorities likely first intervened in the market on April 30, when the Bank of Japan's decision to keep policy unchanged, combined with hawkish signals released by the US Fed, jointly pushed the yen-to-dollar exchange rate past the 160 level. Data analysis showed that the Japanese authorities may have deployed approximately $24.7 billion in this operation, followed by an additional approximately $30 billion in a subsequent round of intervention. Katayama said she also discussed topics such as artificial intelligence and critical minerals with Bessent. (Jin10 Data) On the macro front: Today saw the release of Germany's April CPI MoM final reading, Germany's May ZEW Economic Sentiment Index, Eurozone May ZEW Economic Sentiment Index, US April NFIB Small Business Optimism Index, US ADP Employment Change for the week ending April 25, US April non-seasonally adjusted CPI YoY, US April seasonally adjusted CPI MoM, US April seasonally adjusted core CPI MoM, and US April non-seasonally adjusted core CPI YoY. In addition, attention should also be paid to: the Bank of Japan releasing the Summary of Opinions from its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams participating in a panel discussion on monetary policy; Vice Premier He Lifeng leading a delegation to South Korea from May 12 to 13 for trade consultations with the US side. Crude oil: As of 11:43, both benchmarks rose, with WTI up 0.95% and Brent up 0.87%. Uncertainty over the prospects of US-Iran negotiations kept market concerns about supply alive, supporting oil prices. The US Strategic Petroleum Reserve (SPR) allocated 53.5 million barrels of crude oil to companies including commodity trader Trafigura Group and US refiner Marathon Petroleum, to help ease the oil price surge triggered by the Iran war. Ahead of the US summer driving peak, the US government is releasing near-record levels of crude oil to the market to push down oil prices. The crude oil will be released from June to August, when refineries will ramp up capacity to meet peak gasoline demand. This second-largest SPR sale in history is also part of a global effort led by the International Energy Agency to bring down oil prices. Last week, the US already released a daily average of 1.22 million barrels of crude oil under the aforementioned framework, setting a historical record. The Trump administration has pledged to release 172 million barrels of crude oil through a so-called "exchange program." Under this mechanism, crude oil is lent to enterprises and must later be returned in physical form. As of now, the US has agreed to release 133.1 million barrels of crude oil. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►

Platinum prices rose sharply intraday, mainly because Peru issued an energy crisis decree, causing Peruvian mines to halt operations and thereby affecting supply, which ignited the silver market. Influenced by the spillover effect from the precious metals sector, platinum and palladium also rose significantly. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 526.05 yuan/gram, up 2.90%, with the SGE Platinum 9995 versus GFEX PT2606 showing an inversion. Spot side, mainstream quotations for spot platinum premiums widened compared to the previous trading day, with traders' morning mainstream quotations at a discount of 3-5 yuan/gram to GFEX PT2606. Transaction side, according to SMM, downstream consumers showed obvious wait-and-see sentiment due to the high absolute prices driven by futures gains. Morning quotations at a GFEX discount of 3-5 yuan/gram saw very few transactions at mainstream quotations, and the overall sluggish trading in the spot market remained unchanged.

[SMM Precious Metals Market News] Indian Prime Minister Modi made a rare appeal to citizens to stop buying gold for at least one year. This move directly impacted domestic jewelry stocks, reflecting the deep-seated challenges facing India's foreign exchange reserves and trade deficit amid the Middle East war. On Sunday (May 10), Modi delivered a speech urging the public to avoid purchasing gold jewelry on any occasion, while also calling for reduced fuel consumption and fewer unnecessary trips outside China. He noted that India spent a significant amount of foreign exchange on gold imports and that citizens should eliminate non-essential consumption.

SMM News, May 12: Metals market: Overnight, domestic market base metals mostly rose. SHFE copper was up 2.35%. SHFE aluminum was up 0.57%, SHFE lead was down 0.24%. SHFE zinc was up 1.33%. SHFE tin was up 1.8%. SHFE nickel was up 0.83%. In addition, the most-traded alumina futures were up 0.53%, and the most-traded foundry aluminum futures were up 0.82%. Overnight, ferrous metals mostly fell. Iron ore was down 0.24%, stainless steel edged down, rebar was down 0.18%, and hot-rolled coil edged up. Coking coal and coke: coking coal was down 0.65%, coke was up 0.19%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 2.84%. LME aluminum was up 2.27%, LME lead was up 0.56%. LME zinc was up 1.19%. LME tin was up 2.31%. LME nickel was up 1.64%. Overnight precious metals : COMEX gold was up 0.31%, COMEX silver was up 7.35%. Overnight, the most-traded SHFE gold contract was up 0.45%, and the most-traded SHFE silver contract was up 6.47%. Gandharv Walia, a columnist for India's Economic Times, said that on Monday, gold prices fell as geopolitical tensions sparked inflation concerns and shifted interest rate expectations. Silver performed differently — silver typically benefits from both industrial and investment demand, and traders increased purchases on expectations of industrial use and price momentum. The market currently expects fluctuations in the precious metals market. US April inflation data will be released this week. Strong inflation data could delay interest rate cuts, which could put pressure on gold again; lower inflation could support gold prices. Global diplomatic efforts on the Iran issue are equally important, as any outcome could affect market sentiment and precious metals prices. On the other hand, silver benefits from industrial demand. The manufacturing and technology sectors require silver for electronic devices and energy systems. If economic activity remains stable, silver may continue to outperform gold. (Jin10) As of 7:18 AM, May 12, overnight closing prices: Macro front China: [The General Office of the State Council Issued the "State Council 2026 Annual Legislative Work Plan"] The State Council Legislative Plan emphasized promoting high-quality development, maintaining high-level security through high-quality legislation, and ensuring the smooth achievement of economic and social development goals during the 15th Five-Year Plan period. First, to build a high-level socialist market economic system and accelerate the construction of a new development pattern, it listed the draft Financial Law, the draft amendment to the Tendering and Bidding Law, and the formulation of regulations on building a unified national market. Second, to strengthen the rule-of-law government and optimize the business environment, it will revise the implementation regulations of the Administrative Reconsideration Law and the procedures for formulating administrative regulations. Third, to accelerate high-level scientific and technological self-reliance and stimulate cultural innovation, it listed the draft amendment to the Teachers Law and the revision of the Internet Information Service Management Measures. Fourth, to strengthen people's livelihood and accelerate green transformation, it listed the draft amendment to the Road Traffic Safety Law, the formulation of water supply regulations, and the revision of the Drug Administration Law implementation regulations. Fifth, to modernize the national security system and build a safer China, it listed the draft amendment to the Earthquake Disaster Prevention and Mitigation Law and the formulation of regulations on production safety hazard investigation and management. Sixth, to strengthen foreign-related legal systems and expand high-level opening-up, it listed the draft amendment to the Customs Law, the formulation of State Council provisions on industry chain and supply chain security, and the revision of the regulations on origin of import and export goods. Meanwhile, the State Council Legislative Plan made arrangements for accelerating comprehensive legislation on the healthy development of artificial intelligence, and outlined plans for legislation urgently needed for further comprehensive deepening of reform, accelerating government function transformation, developing new quality productive forces, safeguarding national security, strengthening foreign-related rule of law, and advancing national defense and military modernization. (Xinhua) [PBOC Q1 Monetary Policy Implementation Report: Continue to Implement Moderately Accommodative Monetary Policy] The People's Bank of China released its Q1 2026 China Monetary Policy Implementation Report. The report stated: continue to implement a moderately accommodative monetary policy. Enhance the foresight, flexibility, and precision of policies, grasp the intensity, pace, and timing of policy implementation based on economic and financial conditions in and outside China and financial market operations, strengthen coordination between monetary and fiscal policies, smooth monetary policy transmission mechanisms, and promote stable economic growth and reasonable price rebound. Flexibly use various monetary policy tools, maintain ample liquidity and relatively accommodative social financing conditions, guide reasonable growth in aggregate financial volume and balanced credit allocation, so that the growth of aggregate social financing and money supply matches economic growth and overall price level targets. [China Automotive Battery Innovation Alliance: Combined Power Battery and ESS Battery Exports Reached 31.7 Gwh in April, up 42% YoY] The latest monthly data from the China Automotive Battery Innovation Alliance showed that in April, affected by the new export tax rebate policy, China's combined power battery and ESS battery exports reached 31.7 Gwh, down 12.3% MoM and up 42.0% YoY, accounting for 19.3% of monthly sales. Among them, power battery exports were 20.2 Gwh, accounting for 63.9% of total exports, down 9.0% MoM and up 40.1% YoY; ESS battery exports were 11.4 Gwh, accounting for 36.1% of total exports, down 17.4% MoM and up 45.4% YoY. [China Chamber of Commerce for Import and Export of Machinery and Electronic Products Submitted Comments on the EU Cybersecurity Act Amendment Draft] Recently, the EU has been pushing to amend the Cybersecurity Act, adding an "ICT Supply Chain Security" chapter to the amendment draft, which introduces numerous restrictive and exclusionary provisions for market access of overseas suppliers. Once implemented, this could seriously hinder fair competition for Chinese enterprises in the EU market. The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) noted the high level of industry concern and fully utilized the EU's legislative review opportunity to submit comments to the European Commission from an industry organization perspective. CCCME also noted that recent EU measures — including the Industrial Accelerator Act and other legislative initiatives, as well as the designation of China as a "high-risk country" in inverter projects at the implementation level — could seriously affect Chinese machinery and electronics enterprises' exports to and operations in the EU. CCCME will closely monitor developments on all fronts and assist domestic enterprises in actively addressing related risks and challenges. (Wallstreetcn) [Baotou Released 16 New Housing Market Policies, to Optimize Housing Provident Fund Support] Baotou officially issued the "Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market." Among the measures, it will optimize housing provident fund support by raising the maximum loan amount for families with two or more children purchasing owner-occupied housing by 10% above the current level (currently, the maximum loan for a single contributor is 700,000 yuan, and for dual-contributor couples, 1.2 million yuan); and support flexible employment workers in voluntarily participating in the housing provident fund system with equal access to housing provident fund policies. US dollar: Overnight, the US dollar index was up 0.08%, closing at 97.94. The US "inflation week" officially kicked off, with CPI (Tuesday), PPI (Wednesday), and import prices (Thursday) all to be released this week, directly affecting judgments on the US Fed's policy path. According to the CME FedWatch tool: the probability of the US Fed keeping rates unchanged through June was 97.7%, with a 2.3% probability of a cumulative 25-basis-point cut. The probability of rates remaining unchanged through July was 94.6%, with a 5.4% probability of a cumulative 25-basis-point cut and a 0.1% probability of a cumulative 50-basis-point cut. Kevin Warsh, Trump's nominee for the next Fed Chairman, cleared a key procedural hurdle in the Senate on Monday local time. Powell's chairmanship will end this Friday. The Senate is expected to vote as early as Tuesday, following Monday's so-called "cloture vote," to confirm Warsh as a Fed Governor for a 14-year term. Senators will then initiate the confirmation process for his concurrent four-year term as Fed Chairman, with a vote possible as early as Wednesday. The Republican-controlled Senate is expected to approve Warsh as the next Fed leader. The US Fed's next meeting — potentially Warsh's first as chairman — is scheduled for June 16-17 local time. (Jin10) Macro: Data to be released today include Germany's April CPI monthly rate final reading, Germany's May ZEW Economic Sentiment Index, Eurozone May ZEW Economic Sentiment Index, US April NFIB Small Business Optimism Index, US weekly ADP employment change for the week ending April 25, US April non-seasonally adjusted CPI annual rate, US April seasonally adjusted CPI monthly rate, US April seasonally adjusted core CPI monthly rate, and US April non-seasonally adjusted core CPI annual rate. In addition, attention should be paid to: the Bank of Japan's release of the summary of opinions from the April monetary policy meeting; permanent FOMC voter and New York Fed President Williams participating in a panel discussion on monetary policy; and Vice Premier He Lifeng leading a delegation to South Korea from May 12-13 for trade consultations with the US side. Crude oil: Overnight, both oil futures rose, with WTI up 2.97% and Brent up 3.25%. US-Iran ceasefire negotiations reached an impasse, and the near-standstill of traffic through the Strait of Hormuz continued to intensify market concerns over energy supply disruptions, pushing oil prices higher. (Wallstreetcn) The US Strategic Petroleum Reserve (SPR) allocated 53.5 million barrels of crude oil to companies including commodity trader Trafigura Group and US refiner Marathon Petroleum to help ease the oil price surge triggered by the Iran war. Ahead of the US summer driving peak, the US government is releasing near-record levels of crude oil to the market to bring down oil prices. The crude oil will be released from June to August, when refineries will ramp up capacity to meet peak gasoline demand. This sale, the second-largest SPR release in history, is also part of a global effort led by the International Energy Agency to bring down oil prices. Last week, the US had already released a record daily average of 1.22 million barrels of crude oil under this framework. The Trump administration pledged to release 172 million barrels of crude oil through a so-called "exchange program." Under this mechanism, crude oil is lent to companies and must later be returned in kind. To date, the US has agreed to release 133.1 million barrels of crude oil. (Jin10)

[SMM Precious Metals Market News] The current volatility of silver is more than five times that of the S&P 500 Index, reaching its highest level since 1980. A futures firm asset management manager noted that silver lacks the support of central bank purchases, has a smaller market size, and is more speculative, leading to exceptionally violent fluctuations during the deleveraging process. On the technical side, $83/oz serves as a key resistance level, while the $76–$78 range constitutes near-term support.

[SMM Precious Metals Market News] Market sources indicated that Peru had issued an emergency decree on the energy crisis. Given that Peru is extremely rich in mineral resources, with its gold, silver, copper, and other mineral reserves ranking among the top in the world, amid the ongoing energy crisis, some small and medium-sized mines with weaker risk resilience, as well as projects already operating at high costs, may face production cuts or even temporary shutdowns. Therefore, close attention should continue to be paid to the supply dynamics of imported silver concentrates and silver-bearing lead concentrates from the Peru region.