Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt shortly after the opening bell.

Downstream restocking willingness on dips has decreased, while SHFE tin prices continue to fluctuate upward [SMM Tin Morning News] Macro: (1) GlobalFoundries, a US semiconductor wafer foundry company, has announced plans to invest US$16 billion to enhance its semiconductor manufacturing and advanced packaging capabilities at its facilities in New York and Vermont. (Bullish ★) (2) China South Industries Group Corporation has implemented a spin-off, with its automotive business becoming an independent central state-owned enterprise. (Bullish ★) (3) Jean-Marc Chery, CEO of STMicroelectronics, stated on Wednesday that the French-Italian chipmaker has seen signs of an upturn, with market demand expected to increase, which will boost its performance in the coming quarters. (Bullish ★) (4) Tariffs - ① It is rumored that a US-Canada agreement may be reached next week. Canadian Prime Minister: If negotiations fail, Canada is prepared to take retaliatory measures against the US. ② EU trade officials: Negotiations with the US are progressing steadily in the right direction. ③ UK Prime Minister: Very confident that US tariffs can be reduced in a very short time. ④ US Commerce Secretary: Analysis and formulation of tariff standards for aircraft parts will be completed by month-end; there will be no mutual tariff and barrier reductions with Vietnam. ⑤ Mexico will announce measures to address US steel and aluminum tariffs next week. (Neutral)

According to foreign media reports, on May 13, Vermont Governor Phil Scott announced a suspension of the state's EV sales requirements for passenger cars and medium- and heavy-duty trucks. This decision reflects widespread concerns among US states about California's zero-emission vehicle (ZEV) regulations, with increasing doubts about their feasibility. Previously, Vermont, along with 10 other states including New York, Maryland, and Massachusetts, had adopted California's ZEV regulations. These regulations require automakers to completely ban the sale of pure internal combustion engine (ICE) car models by 2035 and stipulate that ZEVs must account for 35% of 2026 model year light-duty vehicles. Citing warnings from automakers, Scott stated that due to the restrictions imposed by the state's EV regulations, producers might reduce the supply of ICE vehicles to local dealers. Scott said, "It is clear that our existing charging infrastructure falls far short of the mark, and the development of heavy-duty vehicle technology is insufficient to meet the current goals." Maryland Governor Wes Moore also announced last month the postponement of the implementation of these regulations, delaying their effective date to 2028, citing concerns about tariff policies and funding problems for charging infrastructure. The US House of Representatives voted in May this year to pass a resolution aimed at simultaneously repealing two of California's landmark environmental protection policies: the 2035 full electrification plan and the plan to gradually increase the sales share of ZEV heavy-duty trucks. The resolution proposes to revoke the legislative authority granted by the US Environmental Protection Agency (EPA) to these regulations during the tenure of former President Joe Biden. California, on the other hand, insists that under the fast-track approval process, Congress has no authority to overturn decisions made during the Biden administration. It remains unclear when the Senate will consider these bills. Several major automakers have stated that California's new regulations, which require EVs to account for at least 80% and plug-in hybrid models no more than 20% of sales by 2035, are unrealistic and have launched lobbying efforts against them. The California government, however, emphasizes that these regulations are crucial for reducing pollution and alleges that the congressional voting process may be illegal. The Alliance for Automotive Innovation, which represents major automakers such as General Motors, Toyota, Volkswagen, and Hyundai, has warned that automakers might be forced to significantly reduce their total sales to increase the sales share of EVs.

[KoBold, Backed by Gates and Bezos, to Acquire Stake in Congo Lithium Project] KoBold Metals, a mining startup backed by Bill Gates and Jeff Bezos, is expanding its footprint in the Democratic Republic of the Congo (DRC) after reaching a framework agreement with AVZ Minerals to acquire its stake in the Manono lithium mine. The agreement aims to resolve a long-standing ownership dispute and develop one of the world's largest hard-rock lithium deposits, a key component in EV batteries. The Manono project, located in southeastern DRC, has been mired in legal disputes since 2023, when the Congolese government revoked AVZ's mining rights and subsequently awarded a portion of the deposit to China's Zijin Mining. KoBold's proposed acquisition includes a framework for AVZ to receive appropriate compensation for relinquishing its interests, enabling KoBold to develop the southern part of the deposit while Zijin Mining retains control of the northern region. The company said the deal would allow KoBold to invest $1 billion in developing the project and bring its lithium resources to Western markets. This strategic move aligns with the US government's efforts to secure critical mineral supplies and reduce reliance on mineral sources controlled by China. US Senior Advisor for Africa Judd Devermont recently met with DRC President Félix Tshisekedi to discuss strengthening bilateral relations and promoting US investment in the country's mining sector. In February this year, the DRC offered the US exclusive access to critical minerals and infrastructure projects in exchange for security assistance, as its eastern region faces insurgencies backed by neighboring Rwanda. The Manono deposit is estimated to hold 669 million mt of lithium resources, making it a crucial asset in the global transition to clean energy. The acquisition, pending the signing of a final agreement and regulatory approvals, is expected to expedite the development of this critical resource while also benefiting the economic interests of the US and the DRC. KoBold, which focuses on using artificial intelligence to identify undeveloped critical mineral deposits, has approximately 60 active projects across four continents. In Africa, its primary focus is on Zambia, where the company discovered the largest copper deposit in a century last year. Entering the DRC means the company will have operations in two of Africa's largest copper-producing countries. Neither KoBold nor AVZ has disclosed the financial terms of the agreement.The completion of the deal depends on resolving ongoing legal disputes and obtaining necessary approvals from relevant authorities. Source: mining.com 【BYD and Tsingshan Holding Abandon Plans to Build Lithium Plant in Chile】 According to a report by local newspaper Diario Financiero on Wednesday, Chinese automaker BYD and metals giant Tsingshan Holding have abandoned plans to build a lithium processing plant in Chile. BYD has submitted a withdrawal notice to the Ministry of National Assets. Tsingshan Holding informed Corfo, Chile's Economic Development Agency, through its subsidiary Yongqing Technology that it would no longer proceed with its lithium battery project. Corfo confirmed the withdrawal and noted that Tsingshan Holding had not yet been officially registered in Chile. In 2023, Corfo had selected these two companies as strategic investors to develop value-added lithium products, such as cathode materials and batteries. The agreement included obtaining lithium carbonate at preferential prices and with guaranteed supply from SQM (Chile's state-owned partner and the world's second-largest lithium producer) until 2030. In exchange, the two companies committed to investing a total of US$523 million in Chile and creating nearly 1,200 jobs. The collapse in lithium prices, global market instability, and delays in bureaucratic procedures derailed both projects before the contracts could be finalized. BYD was the first to raise concerns. Diario Financiero reported that a year ago, the company had pointed out delays in acquiring land for its US$290 million cathode material plant project in Antofagasta, which was originally planned to produce 50,000 mt of lithium iron phosphate (LFP) annually. The plant was intended to produce cathodes, the most expensive component in EV battery cells. Corfo acknowledged the company's concerns and stated that BYD had requested further information to reassess its plans. BYD, known for producing affordable EVs and having in-house manufacturing capabilities, had originally planned to anchor its LFP cathode material production in northern Chile. Tsingshan Holding, as one of China's largest privately-owned conglomerates, had originally planned to invest US$233 million to build a battery plant in Mejillones, north of Antofagasta. Both projects have now been officially shelved. Chile's current lithium strategy, launched by President Gabriel Boric in 2023, requires companies like Albemarle (NYSE: ALB) and SQM (NYSE: SQM) to allocate a portion of their production at preferential prices to companies willing to invest in local lithium-based technologies. Despite the setback of BYD and Tsingshan Holding's withdrawal, Chile remains a core player in the global lithium market, with production second only to Australia. Source: mining.com [Lake Resources Initiates Strategic Review of Argentine Lithium Project] Australia's Lake Resources announced on Wednesday that it has initiated a strategic review of its flagship Kachi lithium project in Argentina, stating that despite the surge in long-term demand for battery metals, the project's assets remain significantly undervalued. The review aims to explore various options, including selling a stake in the project and the potential sale or merger of the lithium developer. According to the company, the Kachi lithium brine project is the largest independent project in the "Lithium Triangle" region of South America, with total resources exceeding 10.6 million tonnes of lithium carbonate equivalent (LCE). Lake Resources stated that the decision to explore strategic alternatives is also supported by recent cases where companies with lithium projects in Argentina have received proposals that far exceed their current market capitalizations. Source: mining.com [Peloton Minerals Obtains Drilling Permits for North Elko Lithium Project in Nevada] On May 6, 2025, Peloton has obtained two drilling permits from the US Bureau of Land Management (BLM) within the boundaries of the North Elko Lithium Project (NELP) in northeastern Nevada, covering 442 mining claims, 37 square kilometers, or 14.25 square miles. Under these permits, a total of 24 drill pads have been approved, with the possibility of adding more drill pads with BLM approval. One drilling permit covers the eastern region of NELP, and the second permit covers the central and western regions. The maximum disturbance area for each drilling permit is limited to 5 acres (totaling 10 acres). According to the BLM's calculation formula, the total disturbance area for the current drilling plan and drill pads between the two permits is 5.12 acres. In early 2023, the relevant mineral exploration company announced the discovery of significant clay lithium resources in an area adjacent to the NELP mining claims it has held since 2018. Since the discovery, the company has reported an inferred resource of 11.24 million tonnes of LCE, with a grade of 3,010 ppm Li, considered the highest-grade lithium clay resource in North America. NELP is currently in the drilling phase, following surface exploration work conducted by Peloton, including airborne hyperspectral imaging, soil geochemical surveys across the entire mining area, geological mapping, prospecting and sampling, X-ray diffraction analysis of over 500 surface samples, and tTEM surface geophysical surveys. The results of each phase are summarized below: Hyperspectral imaging data shows that lithium-bearing clay layers frequently outcrop at the surface across almost the entire mining area. Soil geochemical analysis indicates elevated lithium anomalies (up to 18 times the background value), covering an area exceeding 25 square kilometers or 9.65 square miles. Geological mapping indicates that NELP is located in an alkaline paleolake environment within a tectonic depression bounded by north-dipping normal faults. X-ray diffraction analysis reveals that NELP is situated within layered alkaline lake sediments and pyroclastic rocks. The mineralogical characteristics of the layered volcanic rocks are consistent with magma that could be a source of lithium. tTEM surface geophysical data show a clay-rich horizon beneath almost the entire {{ore}} property. Source: junior mining network

On April 2, the LME nickel inventory recorded 199,000 mt, remaining unchanged from the previous day. Over the past week, the LME nickel inventory decreased by a total of 2,058 mt, a reduction of 1.02%. Over the past month, the LME nickel inventory increased by a total of 3,858 mt, an increase of 1.98%.

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

JAC Group announced its January 2025 sales report on February 10, revealing a total sales volume of 35,560 vehicles, which surged 35.59% month over month but dropped 9.39% year over year.

Gasgoo conducted a year-end review highlighting key automotive enterprises and component manufacturers. This report takes a retrospective look at Leapmotor's major milestones in 2024.

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

For the first eight months of this year, China's passenger vehicle retail sales totaled 13.472 million units, climbing up 1.9% compared to the same period last year.