SMM News, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department at SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert at the SMM Industry Research Department, and Wu Tao, SMM Copper & Tin Ex-China Marketing Manager, visited the Zambia Chamber of Mines (ZCM), where they received a warm welcome from the leadership of the association. During the visit, the two sides engaged in in-depth discussions on topics including SMM copper prices, the SMM copper concentrates price index, the current status of Zambia's copper mines, and future development prospects. The exchange further deepened mutual trust and consensus between the two sides, laying a solid foundation for deepening cooperation and achieving mutual benefits going forward, and facilitating higher-quality collaborative development in the copper mining and broader mining sectors. Introduction to the Zambia Chamber of Mines Full Name Zambia Chamber of Mines (ZCM) Nature of the Organization The Zambia Chamber of Mines is a voluntary industry association registered by various large and small mining companies and related industry enterprises operating in Zambia. It is governed by its constitution, with a council composed of representatives of member companies serving as its decision-making body. History • Officially established in September 1942, formerly known as the "Northern Rhodesia Chamber of Mines" • Replaced by the Copper Industry Service Bureau (CISB) in 1965 • Operations suspended in 1973 due to the nationalization of the mining industry • Reconstituted and resumed operations following the privatization of Zambia's mining assets in 2000 Core Mission "To safeguard the interests of members, local communities, the nation, and all stakeholders while promoting sustainable and responsible mining development." Membership Categories Members are classified into four categories (A, B, C, and Associate Members), based on the type of mining license held, covering large mines, small mines, exploration enterprises, and mining service organizations. Core Functions • Representing the Zambian mining industry and coordinating communication with the government, regulatory bodies, and international organizations. • Promoting sustainable development, compliance, and responsible mining practices in the mining sector. • Joined the Zambia Extractive Industries Transparency Initiative (ZEITI) in 2008; Zambia achieved EITI compliance in 2012, committed to enhancing transparency and accountability in mining resource development. • Facilitating industry skills development, safety standards building, and international exchanges in the mining sector. Scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. You are welcome to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

Although the silver market is expected to see a sixth consecutive year of annual supply deficit, one market strategist believes this may not be enough to push silver prices back to their January all-time highs. In his latest report on silver, Mike McGlone, senior market strategist at Bloomberg Intelligence, reiterated his relatively mediocre expectations for the precious metal. He stated that silver prices could "meander for years" between $50 and $100. McGlone made the above comments as silver was struggling to sustain a break above initial resistance at $80. While McGlone did not rule out the possibility of silver retesting the $120 high set in January, he noted that rising prices would lead to a fundamental shift in supply-demand dynamics. He stated: "A key takeaway is that the supply deficit will change due to this parabolic price adjustment, and the market could transition into a phase of high-price-driven demand destruction. " McGlone noted that silver's current trajectory resembles parabolic fluctuations seen in other periods. He explained that silver's rally, which began in mid-2025, reached a premium of 2.6 times its 10-year moving average at its peak, strikingly similar to the last parabolic move in 2011. McGlone stated: "We see parallels. Silver was around $79 on April 15, and silver appears set for a prolonged stagnation between $50 and $100. Given the risk of mean reversion, the probability of silver pulling back toward its 10-year moving average near $33 is greater than the probability of it staying above $100. " Meanwhile, McGlone reminded investors that silver's 180-day volatility is more than five times that of the S&P 500. This reading reached its highest level since 1980, when silver topped just below $50 — a high that was matched in 2011 and not surpassed until 2025. Looking ahead, McGlone believes that if the trend reverses, silver could retrace to $50. McGlone's bearish expectations come as the market digests the Silver Institute's annual report, which forecasts this year's annual silver deficit at 46.3 million ounces. However, as silver consumption in PV solar cell panels is expected to decline by 19%, industrial demand this year is expected to fall by 3% . Metals Focus, the research firm responsible for the survey, expects investment demand to be the biggest driver of the silver market this year. The survey showed that, driven by 30 mt of physical inflows into silver exchange-traded products (ETPs), silver investment demand is expected to grow by 18% this year.

Highlights of Future Lead 3M price: As of 17 April, Asian trading session opening in a tight but gradually strengthening range during the early trading, edging higher from around $1,950/t to test levels near $1,959/t and closed at $1960/t. Market activity was moderate, with no major breakout, suggesting traders are positioning cautiously ahead of the next key catalysts. Highlights of the China lead ore market: The lead ore market remains relatively unstable, with pricing still somewhat disordered. High-grade material of lead ore (above 60%) is in tight supply; however, there are no clear signals of a strong upward price trend for lead ore during this time, although competition for ore inventory persists due to the off-season of the lead market.

This week, ferrous metals exhibited a pattern of initial weakness followed by strength. At the beginning of the week, after the U.S.-Iran peace talks failed to reach an agreement, the U.S. military announced it would impose a blockade on all maritime traffic in and out of Iranian ports, pushing international oil prices higher once again. Mid-week, disturbances from iron ore long-term contract negotiations intensified, with market rumors suggesting that restrictions on certain previously limited products had been partially lifted. Subsequently, news emerged of an unexpected shutdown at an Australian refinery, raising market concerns that a diesel supply deficit could trigger mine shutdowns, which in turn would lead to short-term supply tightening. Coupled with rising expectations of a second round of coke price increases, ferrous metals successfully rallied in the latter half of the week...

[Lead-acid Battery Market Dynamics] It is reported that Tianneng Group Guizhou Energy Technology Co., Ltd., located in the Taijiang Economic Development Zone in Guizhou, according to Pang Mingduo, Deputy General Manager of the company: "Currently, the automation rate of the factory's production lines has reached 95%, and capacity has doubled compared to the initial stage. Daily production of new energy batteries has surged from 40,000 units to 135,000 units. Every year, 40,000 mt of waste batteries are recycled and handed over to Guizhou Qizhen Industrial Group Co., Ltd. for processing. The secondary lead they produce can meet 70% of Tianneng's raw material needs."

SMM, April 17: SHFE aluminum 2605 fluctuated downward in the morning session, but overall aluminum prices remained at high levels. Influenced by downstream stockpiling on Friday, overall market purchasing sentiment rose. However, due to high aluminum prices, downstream price acceptance remained low. Mainstream transactions were concentrated around SMM A00 aluminum at -10 yuan/mt to the average price. The east China market shipments sentiment index was 3.71 today, flat MoM; the purchasing sentiment index was 3.05, up 0.09 MoM. Aluminum prices continued to fluctuate at high levels today. The trading atmosphere in the central China market remained relatively subdued, but with the weekend approaching and stockpiling demand, trading volume increased compared to the previous two days. Major traders and retail traders had significant price divergences today, with market prices scattered. Leading major traders quoted between parity with the central China price and a discount of 10 yuan to the central China price, while retail traders quoted at discounts of 30-50 yuan to the central China price. The final concentrated quotation was at a discount of 20 yuan to the central China price. The central China market shipments sentiment index was 2.85 today, flat MoM; the purchasing sentiment index was 2.32, up 0.02 MoM. Inventory side, aluminum ingot inventory in major consumption areas decreased by 1,000 mt MoM today, with destocking mainly driven by Guangdong and Gongyi.