Discussion Highlights:

1. Rare Earths (PrNd)

• Supply Side: Operational rates and inventory levels at separation plants.
• Demand Driver: Terminal consumption from permanent magnets in EVs, wind power, and electronics.
• Outlook: Forecasted price range for PrNd oxide & metals.

2. Silver

• Fundamentals: Mine reserve profile and downstream demand from PV and electrical sectors.
• Financial Drivers: Impact of interest rates and monetary factors on prices.
• Outlook: Integrated supply-demand and price forecast.

3. Platinum & Palladium

• Supply & Demand: Primary mine output and key demand from auto-catalysts and glass fiber.
• Market Linkages: Inter-metal correlations and influence of U.S. tariffs/interest rate policies.
• Outlook: Price trajectory analysis.

4. Tungsten

• Policy Focus: Impact of China's tungsten concentrate production quota policy.
• Trade & Demand: Import dynamics and consumption from hard alloys, high-end processing, and PV.
• Outlook: Supply-Demand balance and price forecast.

5. Molybdenum

• Supply Analysis: Global mine reserves and overseas production trends.
• Demand & Margins: Consumption from steel and construction sectors, alongside industry profitability.
• Outlook: Future price trend prediction.