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.

On April 16 (Thursday), the DRC, through a state-backed marketing agency, increased the volume of copper it plans to sell to the US to 500,000 mt, a fivefold increase from its initial commitment in January. As first reported by Semafor, the deal was led by state-owned mining company Gécamines, with sales conducted through a joint venture with Mercuria Energy Group and backed by the U.S. International Development Finance Corporation. The deal aimed to sell copper produced from Gécamines' minority stakes in major operations including Kamoto Copper Company and Tenke Fungurume Mining. The expanded agreement underscored the DRC's growing influence in the global copper market while intensifying competition for control over critical minerals supply chains. The Kinshasa government is seeking to convert passive shareholdings into direct revenue and gain greater commercial control. Gécamines has been working to convert its stakes in some of the country's largest mines into physical copper that can be sold independently. Its holdings include Glencore's Kamoto Copper Company and Tenke Fungurume, operated by Chinese enterprises — one of the world's highest-grade copper-cobalt deposits. Although the partnership aimed to enhance transparency and control, Mercuria remained the seller of record while Gécamines established its internal trading division. Analysts noted that this transformation required substantial investment in financing, insurance, and risk management, as well as access to physical markets. The DRC's copper production surged to 3.5 million mt in 2025, consolidating its position as the world's second-largest supplier after Chile. The production growth was driven by record copper prices and surging demand fueled by the expansion of EVs, renewable energy, and data centers. (Wenhua Composite)

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...

Today DCE iron ore futures exhibited a firm trend, with the most active I2609 contract ultimately settling at 778.5 RMB per tonne, representing an increase of 0.39 per cent from the previous trading session.

[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."

According to market reports, European stainless mills are facing mounting cost pressure from both geopolitics and raw materials. Concerns linked to the US-Iran conflict are adding uncertainty to energy and input costs, while 304 scrap has climbed to €1,400/t delivered across most EU countries this month. The continued rise in costs is becoming a key support factor for higher stainless steel prices in Europe.