Commodity markets have experienced extreme fluctuations in recent weeks – but not all analysts see this as a shift in sentiment.

[SMM Analysis: Module Scheduled Production Declines at a Faster Rate, with a Significant Drop in Quoted Prices for New Glass Orders in June] The current quoted prices for glass in June are as follows: 2.0mm single-layer coating (12-12.5 yuan/m²); 2.0mm double-layer coating (13-13.5 yuan/m²); 3.2mm single-layer coating (20-21 yuan/m²); 3.2mm double-layer coating (21-22 yuan/m²); and 2.0mm back glass (11-12 yuan/m²). As of now, the quoted prices for glass in the June market have been significantly reduced, with a decrease of 1.5 yuan/m² compared to the same period in May. The intended transaction price has dropped by 1 yuan/m² compared to the same period in May, and the actual price has fallen by approximately 1 yuan/m².

In recent weeks, there has been intense debate about the outlook for the copper market in the second half (H2) of 2025.

[6.3 Lithium Battery News] ►CITIC Securities: Adjusts the forecast for the lithium price range in H2 2025 to 60,000-70,000 yuan/mt ►MIIT and CAAM Successively Comment on the New Round of "Price War" in the Automotive Industry: "Cut-throat Competition" Has No Winners, Nor a Future ►Lopal: Signs a 5 billion yuan sales contract for LFP cathode materials with Eve Energy Malaysia Sdn. Bhd. ►Tibet Mineral Development: Lists Baiyin Zhabuye's equity for transfer again at a 10% discount ►Yongxing Materials: Currently does not sell lepidolite concentrates externally

On May 28 (Wednesday), Chile's National Copper Commission (Cochilco) raised its average copper price forecasts for this year and next, citing improved global prospects following a temporary tariff agreement between China and the US. The commission increased its average copper price forecasts for 2025 and 2026 to $4.30 per pound, up from the previous estimate of $4.25 per pound in its February report. At a press conference, Cochilco's leadership expressed cautious optimism about the copper price outlook, while acknowledging that the global supply situation was tighter than expected and that demand fundamentals were strong. Cochilco stated that the agreement reached between the US and China earlier this month to reduce hefty tariffs for at least 90 days "significantly reduced trade barriers and eased tensions that had affected confidence and global trade dynamics." Cochilco also believes that long-term trends such as the energy transition, power grid expansion, EVs, and ESS will continue to support copper prices. In Q1, production increased at the world's largest copper producers, Codelco and Antofagasta Minerals. Cochilco reported that state-owned Codelco's production grew by 5.2% in April. Despite this, the increase in domestic production did not offset the global decline. Cochilco now expects global supply growth this year to be significantly lower than previously forecasted, at 1.3%, compared to the previous estimate of 4.7% growth. Victor Garay, Cochilco's Mining Market Coordinator, stated that in a market that is effectively balanced, any supply disruptions would directly impact prices. Additionally, Cochilco forecasts that Chile's copper production will increase by 3% this year and continue to rise by 3% in 2026, with an expected output of 5.84 million mt by then. The production guidance is lower than Cochilco's February forecasts, which projected growth rates of 4.6% for 2025 and 3.6% for 2026. Globally, Cochilco forecasts a copper supply deficit of 109,000 mt this year and a slight surplus of 19,000 mt in 2026, with demand expected to grow by 2.3% and 2.8% this year and next, respectively.

Antimony is a critical element to be utilized in most sectors, but the green energy industry has especially put into perspective how significant it is. The metal finds most applications through flame-resistant products, lead-acid batteries, and now energy storage device production. Rapid development of the green energy technologies such as wind and solar energy, and expanded applications of electric vehicles (EVs), all directly contribute towards increased demand for antimony. The special features of antimony render it unavoidable for numerous purposes in green energy.

[SMM Analysis: Leading Enterprises Raise Silicone Product Prices Again, DMC Prices Increased by 500 Yuan/mt] This week, domestic leading enterprises raised the prices of all silicone products again, with DMC prices increasing by 500 yuan/mt WoW. Prices of 107 silicone rubber, silicone oil, and raw silicone rubber rose by 500 yuan/mt during the same period. Other monomer enterprises raised their DMC prices to 14,000 yuan/mt. The overall market price center rose rapidly, moderately stimulating downstream purchasing sentiment. It is expected that domestic market transactions may slightly improve this week.

[SMM Analysis: Silicone Monomer Enterprises Intensify Maintenance, Strengthening DMC Price Support] Recently, maintenance activities at silicone monomer enterprises have increased, leading to stronger support for DMC prices compared to earlier periods. According to SMM statistics, a total of 1.82 million mt of monomer capacity in China is currently under maintenance. In March, some monomer enterprises are expected to undergo further maintenance. The domestic supply side has seen significant reductions, and with the arrival of peak season demand, the supply of silicone DMC is expected to remain tight.

[SMM Analysis: Monomer Enterprises' Joint Efforts to Refrain From Price Cuts Lead to an 800 Yuan/mt Surge in DMC Prices] This week, silicone monomer enterprises rapidly raised DMC quotations, with mainstream enterprises adjusting prices to around 13,500 yuan/mt. However, the pace of increase in the transaction center fell short of expectations. Some downstream enterprises remained mostly on the sidelines and have not fully entered the market for restocking. Additionally, the pre-ordered inventory held by downstream enterprises has not been fully released, and raw materials remain relatively sufficient. As a result, transactions were mainly facilitated through small batches and spot orders.

The policy drive for the transition of the world in cleaner, renewable energy has really triggered an unbeatable surge in the demand for such metals as cobalt, lithium, and nickel. They are very important development factors in electric vehicle economies, batteries, energy-storage systems, and renewable energy technology in general. Indeed, technological development is creating demand for such metals on one hand, while there are major government policies that drive the demand much deeper: from tax breaks and subsidies given to green technologies down to rules covering imports and exports, numerous policy measures reach and set prices of such critical metals.