"Tin" Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value is being fully highlighted. In 2026, the tin market is presenting an unprecedentedly complex pattern and profound transformation: I. Deep Restructuring of Supply-Demand Patterns with Unprecedented Strategic Importance The global static reserve-to-production ratio for tin resources stands at only 14 years, underscoring growing scarcity. The supply side faces "triple pressure": repeated setbacks in Myanmar’s production resumptions, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC—resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, with tin now a strategic resource bridging traditional manufacturing and the digital future. II. Price Systems Breaking Historical Records and the Industrial Ecosystem Facing Reshaping In early 2026, SHFE tin prices surpassed 470,000 yuan/mt, reaching an all-time high. This price breakthrough not only reflects supply-demand imbalances but also signals a revaluation of the tin industry. Traditional trading models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain, while the global green transition demands a shift toward low-carbon practices and a circular economy. Recycled tin recovery and green smelting processes have become essential paths. All segments of the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026, in Changsha, Hunan, the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. will attend this grand event, engaging with industry peers to explore development trends and jointly propel the tin industry to new heights. Click the registration form to sign up now and join us in witnessing and participating in this landmark, far-reaching industry gathering. Together, let us create a brilliant new chapter! Founded in 2005, Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. is located in Huogudu, Zhadian Town, Gejiu City, Honghe Prefecture, Yunnan Province. With a registered capital of 150 million yuan and over 450 employees, its business scope covers nonferrous metal tin smelting, processing, and sales. The company is equipped with electric furnace crude smelting, bimetallic electrolytic wet process, vacuum furnace, and electric heating continuous melting crystallizer pyrometallurgy refining tin processes, with an annual refined tin (Sn99.95%) production capacity of 6,000 mt. Its "Yunxiang" brand tin ingot is a delivery brand on the Shanghai Futures Exchange. The company holds 46 patents and has been honored with titles such as “National Demonstration Base for Employment of Persons with Disabilities,” “Yunnan Province Specialized, Sophisticated, Distinctive, and Innovative Enterprise,” “Yunnan Province High-Tech Enterprise,” “Yunnan Province Innovative Enterprise,” and “Gejiu City Top 50 Enterprise.” Its corporate bank credit rating is AAA, and it is designated as a price submitter for tin ingot prices by SMM and the International Tin Association. The company ranks among the top ten enterprises in China’s tin smelting industry, with high product recognition, strong social credibility, and significant market share. Established in 2005 and located in Huogudu, Zadian Town, Gejiu City, Honghe Prefecture, Yunnan Province, Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. boasts a registered capital of RMB 150 million and has over 450 employees. The company specializes in the smelting, processing, and sales of nonferrous metal tin. Its production facilities include electric furnace smelting, bimetallic electrolysis hydrometallurgical processes, vacuum furnaces, and electrothermal continuous melting and crystallization machines for pyrometallurgical refining of tin. With an annual production capacity of 6,000 mt of refined tin (Sn99.95%), the company’s "Yunxiang" brand tin ingots are listed as a deliverable brand on the Shanghai Futures Exchange. Gejiu Yunxin holds 46 patents and has been recognized with numerous honors, including the "National Demonstration Base for Employment of Persons with Disabilities," "Yunnan Province Specialized, Sophisticated, Distinctive, and Innovative Enterprise," "Yunnan Province High-Tech Enterprise," "Yunnan Province Innovative Enterprise," and "Gejiu City Top 50 Enterprise." Its corporate bank credit rating is AAA, and it is designated as a price submitter for tin ingot prices by SMM and the International Tin Association. The company ranks among the top ten enterprises in the domestic tin smelting industry, with high product recognition, strong social credibility, and significant market share. Contact Shen Yongji 18608779826 Long press to scan and register now 2026 SMM (16th) Tin Industry Chain Conference

||||Tip: This article is lengthy. You may directly refer to the final section: Core Questions & Answers|||| What is the annual export capacity of Canadian sulfur? Canada’s sulfur export tonnage has followed a trend of decline bottoming out explosive growth. The export volume stood at 3.35 million tons in 2022, 3.12 million tons in 2023, 3.02 million tons in 2024, and surged to a historical peak of 4.25 million tons in 2025. The annualized export tonnage is estimated at 5.22 million tons in 2026.

"Tin" Leads the Future: Industrial Transformation and Value Reconstruction in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely shattered and strategic value has become fully prominent. The tin market in 2026 exhibits an unprecedentedly complex landscape and profound changes: I. Profound Reconstruction of Supply-Demand Patterns, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity increasingly evident. The supply side faces "triple pressures": repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Restructuring In early 2026, SHFE tin price exceeded 470,000 yuan/mt, reaching an all-time high. This price breakthrough is not only a manifestation of supply-demand imbalance but also a marker of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Fostering a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition demands that the tin industry upgrade toward low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming necessary paths. Every link in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, from August 19 to 21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Greentech Technology International Limited will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and together create a brilliant new chapter! Greentech Technology International Limited ("Greentech Technology", stock code: 00195) is a company listed on The Stock Exchange of Hong Kong Limited. On March 4, 2011, the company successfully acquired all equity interests in Baisong Mineral Resources Global Limited ("Baisong Mineral"), becoming a non-ferrous metal resources enterprise primarily engaged in tin ore mining and sales. Since the sale of its insulation materials business on February 29, 2011, the company has focused on the development of non-ferrous metal businesses. Greentech Technology International Limited is listed on The Stock Exchange of Hong Kong Limited. On 4 March 2011, the Company successfully acquired the entire interests of Parksong Mining and Resource Recycling Limited, thereby venturing into the min. Parksong Mining is an investment holding company that conducts tin mining in Tasmania, Australia, through a joint venture, holding a 50% interest in the Renison Mine, the Mount Bischoff open-cut tin project, and the Rentails tailings retreatment project. Among these, the Renison Mine has long been one of the world's major hard-rock tin mines and is also Australia's largest tin-producing mine. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is China's largest tin producer. With its extensive industry experience, Yunnan Tin Group provides strong support in the sale of tin and the production management of the Tasmania tin mines. Parksong Mining is an investment holding company which launches tin mining through a joint venture in Tasmania, Australia. It holds a 50% interest of the Renison quarry, the Mount Bischoff open cut tin project and the Rentails tailings retreatment project. The Renison tin deposit has always been one of the largest hard rock tin deposits in the world and the largest tin mine in Australia. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is the largest tin producer in China. With its extensive tin mining experience, Yunnan Tin Group will provide potent support to our metal tin sale and the production management of the Tasmania mines. Upon the acquisition of the tin mine, the company also strengthened its management and technical teams. With the addition of new management, it assembled a group of experts with unique achievements in geological exploration, mining, mineral processing, and smelting, and recruited a number of professionally trained and experienced engineering and technical personnel from Australia and mainland China to enhance frontline production management. The company believes that the experienced management team can provide valuable advice for its future development in the non-ferrous metals industry, helping to lay a solid foundation for long-term growth and seize industry opportunities as they arise. Along the acquisition of the tin mine, our management and technical teams have also been strengthened. In addition to the joining of new management members, the company was set up as a congregation of professionals with unique contributions in geological exploration, mining, processing, smelting and refining. A batch of technical staff with expertise and practical experience has also been recruited from Australia and mainland China to enhance the management of front-line production. The Company believes that an experienced management team can provide valuable advice on its future development in the non-ferrous metal industry, and will be conducive to building a strong foundation for long-term development and to grasping industrial opportunities. Greentech possesses high-quality and promising projects, strong resource advantages, advanced tin mining technology, and an experienced management team. The Company will focus on the non-ferrous metal industry, seize market opportunities, accelerate its development pace, strive to enhance corporate value, achieve steady growth in revenue and profit, and maximize shareholder returns. Greentech has high quality and promising projects, strong resource advantages, advanced tin mining technologies and an experienced management team. Focusing on the non-ferrous metal industry, the Company will seize business opportunities, step up the pace of development and enhance the value of the Company so as to realize stable growths in revenues and profits and maximize returns to shareholders. Contact Yao Huixing +86 13077486850 Liu Yidi +86 16621280621 Long Press to Scan and Register Now 2026 SMM (16th) Tin Industry Chain Conference

"The heatwave has significantly driven sales growth, especially the PortaSplit air conditioner, which has sold out in some sales channels."

SMM News Release, June 22 According to customs data, China’s total exports of tungsten smelting products and tungsten materials reached approximately 1,063.6 tons in May 2026, down 11.9% month-on-month and 17.9% year-on-year.

Published: Jun 16, 2026 - 2:00 PM (Kitco News) - Central bank demand has been a solid pillar of support for the gold market as prices pushed to all-time highs at the start of the year. According to the latest report from the World Gold Council, official-sector demand is expected to remain robust for the foreseeable future. The WGC 2026 Central Bank Gold Reserves Survey, published Tuesday, showed that 89% of reserve managers expect global central bank gold holdings to increase over the next 12 months, while a record 45% expect their own institutions to add to their reserves. The survey comes at a historic moment for the precious metal. The WGC noted that gold recently surpassed U.S. Treasuries to become the world's largest reserve asset, underscoring a dramatic shift in how official institutions are managing their wealth. In an interview with Kitco News, Shaokai Fan, Global Head of Central Banks at the World Gold Council, said the survey demonstrates that official-sector confidence in gold remains exceptionally strong. "Central banks are still very positive on gold. In fact, more positive than ever," Fan said, noting that the percentage of respondents planning to increase their gold reserves rose to a record 45% this year from 43% in 2025, despite ongoing geopolitical turmoil. The survey itself suggests that central bankers increasingly view gold as a strategic monetary asset rather than a passive legacy holding. Eighty-four percent of respondents expect gold to represent a larger share of global reserves within five years, while 74% expect the U.S. dollar's share of reserves to decline over the same period. The findings reinforce a trend that has transformed reserve management over the last decade. Central banks have purchased an average of 1,000 tonnes of gold annually over the last four years, double the pace seen during the previous decade. Fan said one of the most notable developments is that interest in gold is spreading across a broader group of central banks. "We're seeing newer central banks starting to emerge," he said, pointing to countries such as Indonesia, Malaysia, Guatemala, and El Salvador that have recently entered the market or resumed purchases after years of inactivity. "The base on which central banks are buying is expanding." While emerging-market central banks remain the dominant buyers, Fan noted that interest is no longer confined to developing economies. The survey showed that 18% of advanced-economy central banks also expect to increase their gold holdings over the next year. Fan said central banks are increasingly discussing gold internally as reserve managers evaluate how best to diversify their portfolios amid growing geopolitical and economic uncertainty. "The number of conversations that we've been having over the past one or two years has definitely picked up," he said. "More central banks are approaching us, new central banks are approaching us." The survey found that reserve diversification remains the primary reason for buying gold, followed by the need for a stronger hedge against economic risks and concerns surrounding reserve-currency economies. Thirty-one of the 34 central banks planning to increase gold reserves cited diversification as a key motivation. The survey shows that reserve managers also continue to value gold's traditional monetary characteristics. A record 90% of respondents cited gold's performance during times of crisis as a major reason for holding the metal, while 84% pointed to its role as a long-term store of value and inflation hedge, and 83% highlighted its diversification benefits. Fan said those responses were particularly striking because they came during the latest conflict in the Middle East. "The most relevant factor this year was gold's performance during times of crisis," he said. "If anything, it's even more relevant than before." He added that recent geopolitical tensions have not changed central banks' long-term assessment of the metal. "Central banks are valuing more than ever gold's performance during times of crisis, gold's role as a long-term store of value, gold as a portfolio diversifier, gold being able to be a geopolitical hedge," Fan said. The growing importance of gold is also reflected in participation levels. This year's survey attracted 76 responses, the highest on record and up from 73 last year. Fan said the growing response rate is itself evidence that gold is becoming increasingly important within the official sector. "That fact alone points out that gold is much more relevant, much more front and center as a topic among central banks," he said. Source: https://www.kitco.com/news/article/2026-06-16/record-45-central-banks-plan-increase-gold-holdings-wgc-survey-finds

SMM, June 15: Metal markets: Last Friday’s overnight session saw broad gains across base metals in and outside China, with only LME nickel edging down 0.03%. SHFE tin led the gains, rising 2.19%. LME copper, LME zinc, LME tin and SHFE zinc all gained over 1%: LME copper rose 1.02%, LME zinc rose 1.63%, LME tin rose 1.75% and SHFE zinc rose 1.48%, while the rest of the metals gained less than 1%. In addition, the alumina main contract rose 0.86% and the foundry aluminum main contract rose 0.45%. Last Friday’s overnight session for ferrous metals saw rises across the board except for iron ore, which fell 0.13%. Rebar rose 0.44% and HRC rose 0.59%. On the coking coal and coke front, coking coal rose 0.22% and coke rose 2.73%. Last Friday’s overnight session saw precious metals rebound collectively. COMEX gold rose 3.06% and COMEX silver rose 6.44%. However, due to notable earlier declines, COMEX gold still recorded a weekly loss of 2.87%, marking its second consecutive weekly drop. COMEX silver recorded a weekly loss of 1.42%, marking its fifth consecutive weekly drop. Domestically, SHFE gold rose 2.30% and SHFE silver rose 5.22%. SHFE gold posted a weekly loss of 6.79%, also marking its fifth consecutive weekly drop. SHFE silver plummeted 10.14% for the week, also marking a five-week losing streak. Bank of China issued an announcement, stating that global geopolitics and the US Fed's monetary policy are currently subject to considerable uncertainty. Under the influence of multiple factors, price fluctuations of precious metals in and outside China have further intensified. To protect the interests of clients involved in precious metals-related businesses—such as accumulated gold, accumulated interest gold, account precious metals, two-way account precious metals, and agency services for individual Shanghai Gold Exchange operations—the bank specifically reminds you to guard against market risks, engage in rational investment based on your own financial situation and risk tolerance, reasonably control your precious metals positions, mitigate the impact of short-term price fluctuations through long-term investment, and prevent the risk of capital losses caused by market volatility. As of 8:31 a.m. on June 13, the closing prices from last Friday’s overnight session are as follows: Macro front Domestic front: [PBoC: In the first five months, aggregate social financing rose by 1.748 trillion yuan; new loans stood at 911 billion yuan; May M2 increased 8.6% YoY] PBoC’s preliminary statistics show that the cumulative increase in the aggregate social financing scale for the first five months of 2026 was 17.48 trillion yuan, 1.16 trillion yuan less than the same period last year. Specifically, RMB loans extended to the real economy rose by 9 trillion yuan, a YoY decline of 1.38 trillion yuan; foreign currency loans extended to the real economy, converted into RMB, rose by 115.3 billion yuan, a YoY increase of 211.6 billion yuan; entrusted loans decreased by 103.1 billion yuan, a YoY increase in decline of 91.8 billion yuan; trust loans rose by 5.7 billion yuan, a YoY decline in growth of 57 billion yuan; undiscounted bankers’ acceptances decreased by 17.2 billion yuan, a YoY increase in decline of 151.4 billion yuan; net financing from corporate bonds was 1.67 trillion yuan, a YoY increase of 757.7 billion yuan; net financing from government bonds was 5.67 trillion yuan, a YoY decrease of 634 billion yuan; and domestic stock financing by non-financial enterprises was 230.5 billion yuan, a YoY increase of 79.9 billion yuan. In the first five months, RMB loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan and medium and long-term loans rose by 62.8 billion yuan; loans to enterprises and public institutions grew by 9.63 trillion yuan, with short-term loans up 3.77 trillion yuan, medium and long-term loans up 4.99 trillion yuan, and bill financing up 699.9 billion yuan; loans to non-bank financial institutions decreased by 279.7 billion yuan. PBOC data showed that at end-May, broad money (M2) stood at 353.67 trillion yuan, up 8.6% YoY. Narrow money (M1) totaled 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) reached 14.69 trillion yuan, up 11.9% YoY. Net cash injection in the first five months was 590.7 billion yuan. According to the PBOC website, to maintain ample banking system liquidity, on June 15, 2026, the People’s Bank of China will conduct a 600 billion yuan outright reverse repo operation through fixed-quantity, rate-based tender and multiple-price bidding, with a tenor of 6 months (183 days), maturing on December 15, 2026. US dollar: As of the overnight close last Friday, the US dollar index edged up 0.1% to 99.79, posting a weekly decline of 0.28%, with markets closely watching US-Iran peace talks. Multiple US media reported on the 12th that a senior US administration official said that day the US side is “80% to 85%” confident of signing a memorandum of understanding (MoU) with Iran within the coming days. The official also expressed confidence that Israel would support this US-Iran MoU. According to CNN, CBS and others, the official said on a press conference call, “We are not yet fully at the finish line, but we are very close.” The official noted that the specific venue and date for signing the MoU have not been determined, but US President Trump previously suggested signing it in a European country, which could be an option. (Xinhua) Iranian media reported on the 12th that Foreign Minister Abbas Araghchi stated that once the final stage of negotiations between Iran and the US is completed, the MoU will be signed and announced immediately. The first stage will be signed electronically remotely, “possibly within the next few days.” (Xinhua) HSBC analysts noted in a report that the US dollar exchange rate is currently below levels implied by market expectations for US interest rates. They said the dollar’s reaction has been relatively limited as market expectations recently shifted from anticipated rate cuts to potential rate hikes. They believe this may reflect loose financial conditions in the US and hopes for a resolution to the Middle East conflict. They stated that the dollar requires clear stimulus from monetary policy. If the US Fed fails to support rate hike expectations at this week's meeting, the dollar "could be in trouble." (Jin10 Data App) Traders expect the Fed to keep rates unchanged at 3.5%–3.75%, but see a more than 50% probability of a hike before year-end. Market pricing dialed back slightly after Thursday’s comments from Trump on a potential deal. In other currencies: ING analyst Chris Turner noted that for the EUR/USD exchange rate, the Fed’s upcoming policy meeting may matter more than the ECB’s Thursday rate hike decision. The ECB has signaled further tightening, with markets speculating about another hike in July. However, he stated that because the market has already priced in an aggressive ECB tightening cycle and is reluctant to push that expectation higher, EUR/USD remains below 1.16. Moreover, markets see a possible Fed hike later this year. He indicated that unless the Fed pushes back against this expectation at its Wednesday meeting, the dollar should stay firm. (Jin10 Data App) On the data front: This week, from China, the data to be released include China’s May total retail sales of consumer goods YoY, May industrial value-added above designated size YoY, May share of Swift RMB in global payments, May total electricity consumption YoY (TBD), and May total electricity consumption (TBD). From the US, releases will include the US Fed interest rate decision (upper bound) as of June 17, June NY Empire State manufacturing index, May industrial production MoM, June NAHB housing market index, weekly change in ADP employment as of May 30, May housing starts annualized, May building permits total, May import price index MoM, May retail sales MoM, April business inventories MoM, May pending home sales index MoM, initial jobless claims for the week ending June 13, June Philadelphia Fed manufacturing index, and May Conference Board leading index MoM. From the UK, releases will include May CPI MoM, May retail price index MoM, April three-month ILO unemployment rate, May unemployment rate, May claimant count change, Bank of England rate decision as of June 18, June GfK consumer confidence index, and May seasonally adjusted retail sales MoM. From the eurozone, releases will include April seasonally adjusted trade balance, April industrial production MoM, June ZEW economic sentiment index, May final CPI YoY, May final CPI MoM, and April seasonally adjusted current account. From Switzerland, releases will include the May consumer confidence index, May trade balance, and Swiss National Bank policy rate as of June 18. From Japan, releases will include the Bank of Japan target rate as of June 16 and May core CPI YoY. From Canada, releases will include April wholesale sales MoM and April retail sales MoM. Germany’s June ZEW economic sentiment index, Germany’s May PPI MoM, and the Reserve Bank of Australia rate decision as of June 16 will also be published. Additionally, on June 15, China will see the maturity of 218.5 billion yuan in 7-day reverse repos and 600 billion yuan in six-month outright reverse repos, the National Energy Administration is set to release data on nationwide electricity consumption around the 15th of each month, the National Bureau of Statistics (NBS) will publish the monthly report on residential selling prices in 70 large and medium-sized cities, and the State Council Information Office will hold a press conference on economic performance. The China Academy of Information and Communications Technology (CAICT) will convene a seminar to launch the High-Quality Token Service Capability Climbing Plan (tentative), and China's refined oil products will enter a new pricing window. On June 18, the US Fed's FOMC will release its interest rate decision and summary of economic projections, and Fed Chairman Warsh will hold a monetary policy press conference. ECB President Lagarde will deliver a speech. BOJ Deputy Governor Uchida Shinichi will hold a monetary policy press conference, and the BOJ will announce its interest rate decision. RBA Governor Block will hold a monetary policy press conference. The Swiss National Bank will announce its interest rate decision, and the Bank of England will announce its interest rate decision and minutes. The G7 Summit will open, running until June 17. In the Crude Oil Market: Last Friday, oil prices fell overnight in both markets, with US crude dropping 3.9% and Brent crude dropping 3.96%. Expectations for a US-Iran peace agreement continued to rise, putting oil prices under pressure and pulling them back. On a weekly basis, oil prices also declined, with US crude down 6.9% and Brent crude down 6.76%. In early trading in the US stock market, according to CCTV, Iranian Foreign Minister Abbas Araghchi said the Islamabad memorandum of understanding has never been this close to being reached, causing oil prices to plunge and US stock indices to extend intraday gains. Iranian Foreign Ministry Spokesperson Baghaei stated that the two sides have now reached an understanding on most issues, and Iran is in the final stages of consolidating the MOU text. At midday in the US stock market, CCTV reported that Pakistani Prime Minister Sharif Shehbaz said the final agreed peace agreement text has been completed, and the two countries are moving forward to implement the next steps. Oil prices continued to decline. During the session, US stocks briefly fell after Trump criticized Iran for leaking agreement terms, but then Wall Street News mentioned that the UAE has agreed to unlock large-scale funds to Iran, with the first tranche of about $3 billion already transferred, further boosting optimism about reaching an agreement. (Wall Street News) US Energy Secretary Wright stated that currently about 7 million barrels of oil and fuel pass through the Strait of Hormuz each day, a volume that accounts for about half of the stranded cargo when the Iran conflict first erupted. Wright said that no Iranian crude can currently be shipped through the Strait of Hormuz. He added that if an agreement is reached, he expects all products will be able to pass freely through the Persian Gulf. Wright also noted that if no agreement is reached, the US military will resume transportation along the route. Wright stated that the US will not impose an oil export ban to curb oil prices. (Jinshi Data APP) US Energy Secretary Wright stated on Friday local time that US refiners can still absorb more Venezuelan crude oil. Wright said that Venezuela currently sends about half of its total exports of 1.2 million barrels per day to the US, and this proportion could rise in the coming months. Wright also said that Iran is currently not exporting any oil or refined products. During the Middle East conflict, the US has actively filled the gap in oil exports. (Jinshi Data APP) Triggered by the most severe supply disruption on record from the Iran conflict, US emergency stockpile crude exports have surged to an all-time high. Customs data compiled by Kpler Ltd. show that nearly 22 million barrels of crude from the US Strategic Petroleum Reserve (SPR) have been sold to overseas markets so far this year. This volume has already surpassed the previous record set four years ago. Although exports of crude from the US emergency stockpile are not uncommon, the scale of shipments this year shows that, as the near-closure of the Strait of Hormuz triggers supply disruptions, global markets are increasingly relying on US supplies to weather the crisis. For every three barrels of crude released from the emergency stockpile, roughly one barrel is exported. The volume headed overseas could be even higher, as the Trump administration continues to release the full promised 172 million barrels of crude. This is part of a larger effort by the International Energy Agency (IEA) to help buffer the impact of the Iran war on global energy markets. (Wallstreetcn)

SMM understands that Abu Dhabi National Oil Company (ADNOC) has raised its June 2026 official selling price (OSP) for sulphur to $860/t FOB Ruwais for the Indian subcontinent market, up by $100/t from May. This marks the highest OSP on record, surpassing the previous peak seen in Q2 2008. The extreme supply tightness in the Middle East, driven by ongoing geopolitical disruptions, continues to underpin the bullish market sentiment. Other Middle East suppliers‘ June contract prices: QatarEnergy at $805/t FOB; Kuwait KPC at $805/t FOB.

SHFE tin opened the week with a rally in full swing, pushing prices to within striking distance of an all-time high, primarily driven by supply-side disruptions and the computing power theme. In the last two days, however, the market suddenly reversed course, with prices pulling back sharply in a broad decline that completely erased the week’s earlier gains. What changed in the market’s trading logic? Rise and Fall on the Same Catalyst: Semiconductor Stocks Pull Back As the iteration of large AI models advances and high-end computing power chips are upgraded, the amount of solder required in their production increases. This year, tin’s label as a computing-power metal has continued to strengthen. Amid the AI frenzy, semiconductor indices outside China maintained a sustained rally, which not only boosted demand expectations for tin but also significantly benefited tin prices through the stock-futures linkage effect. However, heights breed danger. After a parabolic surge, chip stocks repeatedly hit new highs. The Philadelphia Semiconductor Index components recently traded at 26 times forward 12-month earnings, well above the 10-year average of 21 times. The AI space became increasingly crowded, and market disagreement grew over the rally’s sustainability. Going forward, whether AI demand effectively spreads and the earnings performance of chip leaders have become the market’s center of focus. The newly released revenue of chipmaker Broadcom missed expectations, cooling the AI fervour to some extent. Overnight, chip stocks suffered a collective sell-off, and today the South Korean stock market plunged, with Samsung Electronics and SK Hynix falling sharply. Against the backdrop of a significant pullback in semiconductor stocks, tin prices were inevitably dragged down, leading the decline in China’s commodity futures market today. The market is now assessing whether AI infrastructure investment has already overdrawn future growth expectations, though some investors remain optimistic. Yesterday, the US Nasdaq index opened lower but rebounded to largely recoup its losses by the close. The overall market style displayed a rotation of funds rather than a mass exodus, making it difficult to argue that the bullish expectations for future semiconductor stocks have completely dissipated. Overseas Central Bank Policy Expectations Turn Hawkish, Liquidity Concerns Intensify Recent US-Iran negotiations have seen repeated developments, but judging by the overall trend in precious and base metals, the market largely ignored the short-term headline noise. The overall trend remained under pressure, mainly weighed down by liquidity concerns. Market expectations for the timing of potential interest rate hikes by European and US central banks are being pulled forward, with multiple factors reinforcing this view. On one hand, US economic data showed resilience. The US ISM Manufacturing PMI rose to 54 in May, a near four-year high and the fifth consecutive month in expansion territory. Some employment data showed improvement, and the labour market maintained its characteristic of "low hiring, low layoffs," providing ample justification for a policy shift. On the other hand, US inflationary pressures are evident. Both the PCE price index and the US Fed’s Beige Book indicated that cooling consumption and rising price pressures have emerged simultaneously across multiple sectors. Uptick in inflation is tightening the outlook for monetary policy. In addition, the overall stance of US Fed officials has turned hawkish. The minutes from the April Federal Reserve meeting showed that the internal assessment has shifted, from previously expecting interest rate cuts later in the year to a greater inclination to maintain current rate levels for an extended period, and even not ruling out a further increase in borrowing costs. Recently, several officials also released hiking signals, stating that if inflation remains persistently high, the possibility of further policy tightening cannot be ruled out. Fundamentals Have Not Shifted, Supply-Side Support Remains Overall, the sharp pullback in SHFE tin over the latest two days was mainly dragged down by liquidity risk and a cooling of the AI frenzy. Tin prices have always exhibited high elasticity. Currently, the futures price has only given back the gains of the preceding two days, with the center not yet moving further downward, which indirectly reflects that support from the tin market’s supply-demand structure still exists. Currently, traditional demand-side tracks remain subdued, while the emerging computing power engine remains robust. Marginal growth keeps demand expectations for the tin market bullish, while ongoing supply-side disruptions bring more upward momentum. Recently, key producing regions including Myanmar, the DRC, and Indonesia have all seen varying degrees of disturbance. Specifically, supply recovery in Myanmar has been slow, hampered by operational restrictions, material approvals, and accidents. The Goma border crossing in the DRC was previously closed due to an Ebola outbreak, raising market concerns about supply disruptions. Indonesia’s export policy outlook carries high uncertainty, with the overall policy direction showing a persistently tightening trend, reflecting deeper resource nationalism and the bottleneck of tin ore flows against the backdrop of resource de-globalization. In summary, current inflationary pressures are intensifying, and interest rate hikes by European and US central banks seem to be on the verge of deployment, making it difficult to expect any easing in liquidity. Commodity trends will remain under pressure. However, the computing power theme is unlikely to fizzle out, and mine-side supply growth is limited, which may restrict near-term downside space. The market retains a bullish outlook for SHFE tin over the medium and long term. (Wenhua, Synthesized)

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