Platinum prices moved sideways intraday. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 531.75 yuan/gram, up 0.28%. The SGE Pt9995–GFEX PT2606 spread remained inverted, but SGE Pt9995 saw no transactions in the morning session. Spot side, mainstream quotations for spot platinum premiums were largely unchanged from the previous trading day. Morning mainstream quotations from traders were at a discount of 3–5 yuan/gram to GFEX PT2606, with some platinum warrants held at firm prices for sale. Transaction side, according to SMM, downstream buyers indicated that platinum prices remained near recent highs, purchasing sentiment was weak, and a wait-and-see approach prevailed. Morning mainstream quotations at a GFEX discount of 3–5 yuan/gram saw almost no transactions. Some enterprises chose to slightly widen discounts but still found it difficult to close deals. Platinum warrants also saw scarce transactions due to high asking prices, and the spot market overall remained in the doldrums.

As of this Thursday, the SMM average price of battery-grade nickel sulphate remained generally stable. Demand side, some enterprises saw a recovery in their production schedules this month and still had certain raw material demand, but as nickel prices pulled back, downstream buyers had not yet initiated large-scale procurement after the holiday. Supply side, as nickel prices, MHP payables, and auxiliary material prices remained high this week, some producers faced relatively high spot costs, and nickel salt quotations stayed high. Looking ahead, nickel salt cost support remains relatively strong in the near term, and attention should be paid to the cost support from nickel prices and intermediate products going forward. Inventory side, upstream nickel salt smelter inventory index rose from 5.6 days to 8.2 days this week, downstream precursor plant inventory index declined from 10 days to 9.6 days, and integrated enterprise inventory index stayed at 6.8 days. In terms of buying and selling strength, upstream nickel salt smelter Willingness to Sell Sentiment Factor stayed at 2 this week, downstream precursor plant procurement sentiment factor declined from 2.6 to 2.5, and integrated enterprise sentiment factor declined from 2.6 to 2.4. (Historical data can be accessed via the database)

[Ex-China Supply Disruptions Combined with Macro Recovery Strengthen Upside Momentum for Aluminum Prices] The risk of ex-China aluminum supply disruptions has not yet subsided, and the ex-China aluminum ingot supply-demand gap will continue to provide support for aluminum prices. Meanwhile, tightened invoicing has restricted aluminum ingot spot liquidity, and a weakening spot market will limit upside room for domestic aluminum prices. However, since April, China's export orders have remained positive, and combined with recent macro tailwinds, a turning point in China's social inventory is expected to emerge, boosting upside momentum for aluminum prices.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Prices Remained Stagnant, Rigid Cost Support Was Significant] May 14: This week, China's graphitisation tolling services prices maintained a stalemate. Cost side, graphitisation toll processing costs continued to fluctuate at highs.

Futures: Overnight, LME lead opened at $1,996.5/mt, briefly touching a low of $1,995.5/mt during the Asian session. LME lead continued to rise firmly after entering the European session, reaching a high of $2,016/mt near the close, and ultimately settled at $2,004/mt, up 0.33%, refreshing a nearly 4-month high. Overnight, the most-traded SHFE lead 2606 contract opened at 16,655 yuan/mt, then moved sideways, with a low of 16,625 yuan/mt and a high of 16,675 yuan/mt during the session, ultimately settling at 16,640 yuan/mt, up 0.15%. On the macro front: US Fed's Collins: If inflation does not ease, rate hikes may be needed. US April PPI surged 1.4% MoM and 6% YoY, both the largest increases since 2022. OPEC lowered its 2026 global oil demand growth expectations from 1.38 million bpd to 1.17 million bpd. US President Trump arrived in Beijing to begin his visit to China. He Lifeng held economic and trade consultations with US Treasury Secretary Bessent in South Korea. China's State Administration for Market Regulation: launched a special campaign to remove obstacles hindering the unified market and fair competition. : SHFE lead remained in the doldrums. Suppliers offered limited quotations, with some waiting for delivery and others seeing rising wait-and-see sentiment. Additionally, cargoes self-picked up from primary lead smelters also saw relatively fewer quotations. Secondary lead side, regional supply disparities persisted, with smelters showing strong reluctance to sell at low prices. Some smelters held prices firm for shipments, with secondary refined lead quoted at premiums of 0~+50 yuan/mt against SMM #1 lead average price on an ex-works basis. Downstream enterprises made just-in-time procurement, with inquiry enthusiasm still present and some purchasing on dips as needed, but market trading activity weakened compared to yesterday. Inventory: On May 13, LME lead inventory decreased by 250 mt to 265,300 mt. As of May 11, SMM five-region lead ingot social inventory increased by approximately 2,200 mt WoW. Lead price forecast for today: Ex-China lead ingot inventory continued to decline, while the LME Cash-3M spread maintained a slight contango. Combined with the persistently tight spot market supply in Southeast Asia, LME lead is expected to hold up well. In addition, uncertainty surrounding overseas geopolitical factors remains significant, and their impact on the market warrants continued attention. Although domestic spot lead prices received a slight boost from LME lead's movement, upward momentum remained insufficient due to weak end-use consumption. Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM, May 13: According to SMM, Shandong Humon Smelting Co., Ltd. launched a public tender for the sale of its high-purity tellurium head and tail materials starting today. According to official information, the quantity is 3,000 kg, packaged in iron drums, with delivery on a buyer self pick-up basis. Freight is borne by the buyer, and the buyer must pick up goods before May 20, 2026. The delivery location is Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City, Shandong Province). Sales contact: Wang Peng, Tel: 17616212861 Currently, no starting price has been set for the tender. Instead, the highest bidder wins. Buyers shall fill in their quotations based on their own circumstances. If the buyer's quotation does not meet the seller's reserve price, the seller reserves the right to refuse the sale, and the seller holds all rights of final interpretation. To ensure the timeliness of quotations, the inquiry form, a copy of the participating party's business license, and invoicing information (stamped with official seal) should be sent back to 17616212861@163.com before 11:30 AM on May 14, 2026, and participants should promptly contact Shandong Humon Smelting Co., Ltd. personnel to confirm receipt.

SMM May 13: SHFE aluminum 2606 contract fluctuated upward in the morning session, with the overall price center rising compared to the previous trading day. Some sellers held prices firm today. End-users mainly made just-in-time procurement, and traders' buying sentiment improved. The mainstream spot cargo quotations ranged from SMM A00 aluminum average price to SMM A00 minus 10 yuan/mt. The shipment sentiment index in east China was 2.96 today, up 0.10 MoM; the purchasing sentiment index was 2.86, up 0.06 MoM. The overall trading atmosphere in the central China market remained sluggish today. Aluminum prices rebounded slightly, and buying sentiment was basically flat compared to the previous day. Insufficient invoice quotas and limited orders continued to suppress buying sentiment of downstream processing enterprises. The actual transaction price range in the central China market remained relatively stable, hovering between parity and a discount of 10 yuan to the central China price. The shipment sentiment index in central China was 2.82 today, flat MoM; the purchasing sentiment index was 2.28, flat MoM. Inventory side, aluminum ingot inventory in major consumption areas fell 0.45 MoM today, with all three regions showing a destocking trend.

Futures: Overnight, LME lead opened at $1,987/mt and fluctuated downward to a low of $1,972.5/mt during the Asian session. Driven by concerns over ore supply disruptions due to energy shortages in Peru, LME lead rallied firmly during the European session, touching a high of $1,998/mt near the close and ultimately settling at $1,997.5/mt, up 0.45%. Overnight, the most-traded SHFE lead 2606 contract opened at 16,595 yuan/mt, briefly touched a high of 16,605 yuan/mt at the start, then fluctuated downward to a low of 16,520 yuan/mt before moving sideways near the close, ultimately settling at 16,525 yuan/mt, down 0.33%, marking a fifth consecutive decline. On the macro front: A US appeals court stayed an unfavorable ruling on Trump's 10% global tariffs. India raised the basic customs duty on gold and silver imports from 5% to 10%. Indian banks proactively paid customs duties to resume gold and silver imports, completing customs clearance of 9 mt of gold and 34 mt of silver in May. Russia cut its 2026 crude oil production forecast by 14.2 million mt to 511 million mt, and its export forecast by 4.5 million mt to 237.2 million mt. The US overall CPI annual rate for April was 3.8%, exceeding the expected 3.7% and hitting the highest level since May 2023, with the energy index contributing over 40% of the overall increase. : As the SHFE lead price center shifted further downward, suppliers sold along with the market, with some lowering discounts for shipments. However, affected by the crackdown on "invoice-based tax arbitrage," some trading companies had their invoicing quotas reduced, restricting lead market trading. Primary lead from smelters in the form of cargoes self-picked up from production site was increasingly directed toward downstream enterprises. Additionally, as secondary lead losses widened, smelters showed strong hold back from selling sentiment, with notably fewer spot order quotations. Mainstream production areas quoted secondary refined lead at premiums of +0~+50 yuan/mt over SMM #1 lead on an ex-factory basis. Downstream enterprises maintained just-in-time procurement, with inquiry enthusiasm rising compared to the previous day. However, given the weak lead price trend, apart from some downstream enterprises that purchased as needed, most preferred to wait and see. Inventory: On May 12, LME lead inventory decreased by 375 mt to 265,550 mt. As of May 11, SMM five-region lead ingot social inventory increased by approximately 2,200 mt WoW. Lead price forecast for today: The SHFE lead 2605 contract will enter delivery this week. Suppliers continued to transfer lead ingots to delivery warehouses, and lead ingot social inventory maintained its upward trend, surpassing the 70,000 mt mark again for the first time in nearly two months. Recently, the lead-acid battery market remained in off-season mode, and primary lead supply was stable to rising. In particular, following the sharp rally in SHFE lead last week, downstream enterprises were reluctant to purchase at high prices, and the spread between futures and spot prices widened to above 200 yuan/mt. Suppliers' willingness to ship to delivery warehouse increased. Lead ingot social inventory is expected to continue rising before delivery is completed, with notable resistance for lead prices. Data Source Statement: All data other than publicly available information is SMM processed data based on publicly available information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.

[Dragged Down by Strong Supply and Weak Demand, Magnesium Prices Fell] Magnesium prices were in the doldrums today. Producers' quotes remained firm in the morning session, but some producers cut prices for shipments in the afternoon, with low-priced supplies increasing. Downstream wait-and-see sentiment was strong, with buyers making just-in-time procurement only, and the market showed a pattern of strong supply and weak demand.

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.