The German federal government announced on January 19 (Monday, Berlin time) that it will reintroduce purchase subsidies for electric vehicles (EVs) and hybrid vehicles. Carsten Schneider, Germany’s Federal Minister for the Environment, stated that as part of a large-scale support package for the domestic automotive industry, subsidies totaling up to €3 billion will be provided through 2029 to both individual consumers and companies purchasing new EVs and plug-in hybrid vehicles (PHEVs) sold in the German market.

On Friday, Eastern Time, the US May non-farm payrolls data came in better than expected, easing market concerns about an economic slowdown and triggering a sharp rally in US stocks. All three major indices rose more than 1%, with the S&P 500 closing above 6,000 for the first time since February, though still more than 2% below its all-time high set in February. At the close, the Dow Jones Industrial Average rose 1.05% to 42,762.87; the S&P 500 rose 1.03% to 6,000.36; and the Nasdaq Composite rose 1.20% to 19,529.95. (Minute-by-minute charts of the three major indices, source: TradingView) All three major indices posted gains for the week, with the S&P 500 up 1.5%, the Dow up 1.2%, and the Nasdaq up 2.2%. Thanks to the recent rebound, all three major indices have turned positive for the year. Data released by the US Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 139,000 in May, a slowdown from the previous month's figure but higher than market expectations. The unemployment rate remained unchanged at 4.2%. The jobs report was released as other data suggested that US job growth may be slowing amid uncertainty over trade policy. The latest non-farm payrolls data provided a basis for the US Fed to maintain interest rates unchanged this summer. As a result, traders lowered their expectations for interest rate cuts in the coming months. "The non-farm payrolls data came in better than expected, suggesting that the labour market remains healthy despite a slowing growth trend," said Anthony Saglimbene, chief market strategist at Ameriprise. "There is still uncertainty about the inflationary impact of tariffs, which are expected to start showing up in economic data this summer. The market is now waiting to see the real impact of these factors on growth and earnings in the coming quarters. We're essentially back to where we were in February," Saglimbene said. Circle, the "first stablecoin stock," extended its rally, closing up more than 29% on its second day of trading, with cumulative gains of over 247% in two trading days. Performance of Popular Stocks Major tech stocks rose across the board, with Apple up 1.64%, Microsoft up 0.58%, Nvidia up 1.24%, Google up 3.25%, Amazon up 2.72%, Meta up 1.91%, and Tesla up 3.67%. Among popular Chinese ADRs, gains and losses were mixed. The Nasdaq Golden Dragon China Index fell 0.06%, with Alibaba down 0.48%, JD.com up 0.09%, Pinduoduo up 1.28%, NIO up 0.28%, XPeng Motors down 2.40%, Li Auto up 0.85%, Bilibili up 1.46%, Baidu down 0.05%, NetEase down 1.25%, and Tencent Music up 1.01%. Company News [Tesla Produces 8 Millionth EV at Giga Berlin] On June 6, Tesla announced that its 8 millionth electric vehicle (EV) rolled off the production line at Giga Berlin, with the vehicle being a Model Y. [Lululemon Plunges 20%, Lowers Full-Year Profit Forecast] Athletic apparel brand Lululemon (LULU) closed down 19.80% on Friday, marking its worst single-day performance since March 2020. Lululemon had previously lowered its full-year outlook, projecting Q2 net revenue to be between $2.54 billion and $2.56 billion, falling short of analysts' consensus estimate of $2.57 billion. [Virgin Galactic Announces Potential Resumption of Commercial Spaceflight Services] Virgin Galactic's shares surged over 16% intraday but closed up 2.88%. The company announced that its commercial spaceflight services are expected to resume, signaling a new phase in the restart of its space tourism business. [Fitch Upgrades Uber's Rating to BBB+] Fitch Ratings upgraded Uber's (UBER) long-term issuer default rating (IDR) to "BBB+" and assigned a commercial paper rating of "F1." [Deutsche Bank: Exploring Stablecoin or Tokenized Deposits] In a recent report on Friday, Sabih Behzad, Head of Digital Assets and Currency Transformation at Deutsche Bank, stated that the bank is exploring stablecoins and various forms of tokenized deposits. It is understood that the options being evaluated by Germany's largest bank include issuing its own token or joining industry consortium initiatives, while also exploring the development of its own tokenized deposit solutions for payment purposes. [Switzerland Unveils Banking Reform Proposal; UBS Faces $26 Billion in Additional Capital Requirements] According to the banking reform proposal put forward by the Swiss government, UBS Group will face up to $26 billion in new capital requirements over the next decade. Following months of uncertainty that weighed on the share price of the Zurich-based bank, the Swiss Federal Council announced on Friday that it will require UBS's parent company to fully capitalize its foreign subsidiaries. The Swiss government estimates that this will force UBS to increase capital for its main Swiss operations by up to $23 billion, with the remaining capital to be raised through other measures.

SMM News on May 27: Metal Market: As of the daytime close, among domestic market base metals, only SHFE zinc and SHFE tin rose together, with SHFE zinc up 0.61% and SHFE tin up 0.09%. The rest of the metals declined, with SHFE aluminum down 0.57% and SHFE nickel down 0.55%. The fluctuations in the decline of the remaining metals were relatively small. The main alumina contract fell 2.71%, recording a four-day losing streak. In addition, the main lithium carbonate contract rose 0.86%, the main polysilicon contract fell 1.16%, and the main silicon metal contract fell 3.63%, hitting a record low of 7,440 yuan/mt during the session. The European Containerized Freight Index fell 3.67%. The ferrous metals series collectively declined, with most drops around 1%. Iron ore fell 1.76%, rebar fell 1.23%, and HRC fell 1.33%. In the coking coal and coke segment, coking coal fell 0.12% and coke fell 0.94%. In the overseas market, as of 15:05, base metals in the overseas market collectively declined, with LME nickel leading the decline at 0.51%. LME aluminum fell 0.49%, and LME lead fell 0.43%. The declines in the remaining metals fluctuated slightly. In the precious metals segment, as of 15:05, COMEX gold fell 1.76%, and COMEX silver fell 1.11%. Domestically, SHFE gold fell 1.27%, and SHFE silver fell 0.64%. Market conditions as of 15:05 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial profits of enterprises above designated size nationwide increased by 1.4% from January to April, with new momentum industries showing rapid profit growth ] According to NBS data, from January to April, industrial enterprises above designated size nationwide achieved a total profit of 2,117.02 billion yuan, up 1.4% YoY. Among industrial enterprises above designated size during this period, state-controlled enterprises achieved a total profit of 702.28 billion yuan, down 4.4% YoY; joint-stock enterprises achieved a total profit of 1,559.64 billion yuan, up 1.1% YoY; foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan achieved a total profit of 542.92 billion yuan, up 2.5% YoY; and private enterprises achieved a total profit of 570.68 billion yuan, up 4.3% YoY. Yu Weining, a statistician from the NBS Department of Industry, interpreted the industrial profit data for January to April 2025: Industrial profits of enterprises above designated size accelerated their recovery from January to April, with new momentum industries showing rapid profit growth. 》Click to view details ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 27 was 7.1876 yuan per US dollar. US Dollar Aspect: As of 15:05, the US dollar index rose 0.19% to 99.17. Neel Kashkari, the 2026 FOMC voter and president of the Federal Reserve Bank of Minneapolis, stated that as the US government continues to engage in tariff negotiations with multiple governments, significant shifts in US trade and immigration policies have introduced uncertainties for Federal Reserve officials in taking interest rate actions before September. According to CCTV News, European Central Bank President Christine Lagarde delivered a speech at a forum in Berlin. Lagarde expressed that the current international monetary system, based on the US dollar, is becoming uncertain, and Europe needs to implement reforms in multiple areas to mitigate the impact of changes in the international order. According to CCTV News, on the 26th local time, German Chancellor Merz stated that Germany and other EU countries do not wish to escalate tariff disputes, as tariff hikes would harm German interests. If negotiations between the US and Europe fail to reach a consensus, Germany will have no choice but to retaliate against the US tariff policies. This week, focus on the statements and meeting minutes of Federal Reserve officials, paying attention to the policy signals they release. (Wenhua Comprehensive) Macro Aspects: Today, initial values for the monthly change in US durable goods orders for April, the US Conference Board Consumer Confidence Index for May, the Eurozone Economic Sentiment Index for May, the Eurozone Industrial Sentiment Index for May, the final value of the Eurozone Consumer Confidence Index for May, the German June Gfk Consumer Confidence Index, the UK May CBI Retail Sales Balance, and the Australia ANZ Consumer Confidence Index for the week ending May 25 will be released. Crude Oil Aspects: As of 15:05, oil prices in both markets showed mixed performance, with US oil down 0.02% and Brent oil up 0.08%. This is due to rising expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will decide to increase production at a meeting later this week. Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ), said in a report, "Crude oil prices are falling as the market considers the prospect of increased OPEC supply." OPEC+ may finalise July's production at the meeting, with production potentially increasing by 411,000 barrels per day. According to RIA Novosti, Russian Deputy Prime Minister Alexander Novak stated on Monday that the OPEC+ alliance of oil-producing countries had not yet discussed increasing production by an additional 411,000 barrels per day ahead of the meeting. The organization may finalise production quotas at the ministerial online meeting on May 28. OPEC+ member countries have already agreed to accelerate production increases for the second consecutive month in June. However, US President Trump's decision to extend trade negotiations with the EU until July 9 has alleviated concerns that tariffs might suppress fuel demand, thereby curbing the decline in oil prices. The National Iranian Oil Company (NIOC) stated that Iran has set the official selling price for June light crude oil for Asian buyers at a premium of $1.80 per barrel over the average of Oman/Dubai prices. The company set the price for May at a premium of $1.65 per barrel. According to Iranian state media, Iranian President Masoud Pezeshkian stated on Monday that Iran could survive even without negotiations with the US and despite facing more sanctions. If nuclear negotiations between the US and Iran fail, it could mean that Iran will continue to face sanctions, which will limit Iran's supply and support oil prices. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices fall, aluminum scrap prices follow suit [Daily Review of Aluminum Scrap] ► Aluminum price decline widens, secondary aluminum prices face synchronous pressure [Daily Review of ADC12 Prices] ► Silver prices consolidate, market sentiment remains cautious [SMM Daily Review]

The 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition concluded successfully! SMM, May 26: Metal Market: As of the daytime close, domestic market base metals generally declined, with only SHFE copper and SHFE lead rising together. SHFE copper rose by 0.57%, and SHFE lead rose by 0.12%. SHFE zinc fell by 0.52%, while the rest of the metals dropped slightly. The main alumina contract fell by 3.77%, recording three consecutive days of decline. In addition, the main lithium carbonate contract fell by 2.31%, reaching a new low of 59,920 yuan/mt during the session, the lowest since its futures listing. The main polysilicon contract fell by 3.92%. The main silicon metal contract fell by 3.67%, hitting a record low of 7,605 yuan/mt during the session since its listing. The main European container shipping contract fell by 5.81%. The ferrous metals series declined collectively. Iron ore and HRC both fell by over 2%, with iron ore dropping by 2.21% and HRC by 2.03%, while rebar fell by 1.67%. In the coking coal and coke segment, coking coal fell by 1.96%, and coke fell by 1.72%. In the overseas metal market, the LME metal market was closed for the day due to the Spring Bank Holiday. In precious metals, as of 15:03, COMEX gold fell by 0.78%, while COMEX silver rose by 0.26%. Domestically, SHFE gold rose by 0.29%, and SHFE silver rose by 0.49%. Market conditions as of 15:03 today 》Click to view the SMM Market Dashboard Macro Front Domestic Developments: [8 Departments: Cultivate Around 100 National Leading Enterprises in Digital and Intelligent Supply Chains by 2030] Eight departments, including the Ministry of Commerce, the National Development and Reform Commission (NDRC), the Ministry of Education, the Ministry of Industry and Information Technology, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs, the State Taxation Administration, and the National Data Administration, recently jointly issued the "Special Action Plan for Accelerating the Development of Digital and Intelligent Supply Chains." The "Action Plan" makes forward-looking, comprehensive, and systematic arrangements for the development of digital and intelligent supply chains. It proposes the use of new technologies such as artificial intelligence, the Internet of Things, and blockchain to promote the digital, intelligent, and visual transformation of supply chains with a "one-chain-one-policy" approach. By 2030, a replicable and scalable model for the construction and development of digital and intelligent supply chains will be formed. A deeply embedded, smart, efficient, and autonomous and controllable digital and intelligent supply chain system will be basically established in important industries and key areas. Around 100 national leading enterprises in digital and intelligent supply chains will be cultivated, further enhancing the resilience and security level of China's industrial and supply chains. [PBOC Net Injection of 247 Billion Yuan in Open Market Operations] The People's Bank of China (PBOC) conducted 382 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. With 135 billion yuan of 7-day reverse repo operations maturing today, a net injection of 247 billion yuan was achieved. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on May 26 was 7.1833 yuan per US dollar. US dollar: As of 15:03, the US dollar index fell by 0.29% to 98.81. According to CCTV News, on the 25th (local time), US President Trump stated that the EU had requested an extension of the tariff negotiation deadline until July 9, and he had agreed to this request. Previously, on the 23rd, Trump posted on social media suggesting a 50% tariff on goods from the EU starting from June 1. The annualized total of new home sales in the US in April was 743,000 units, the highest since February 2022. The market had previously expected 693,000 units, with the revised figure for March being 670,000 units and the initial estimate being 724,000 units. Builders have reduced prices to attract buyers, but rising mortgage rates and economic uncertainty remain unfavourable factors for the housing market. Federal Reserve Governor Cook pointed out on Friday that the high tariffs announced by the US government last month triggered financial market volatility but did not lead to a severe US market failure like that during the COVID-19 pandemic. However, she added that this experience would help "us continuously improve our ongoing assessment of the stability of the financial system." Chicago Fed President Goolsbee said in an interview with CNBC that US companies want to see consistent trade policies before making major investments or other decisions, and that President Trump's new threat to impose a 50% tariff on EU imports is a "terrible" proposal for the supply chain. (Wenhua Comprehensive) Macro: Today, the revised reading of the leading indicator change for Japan in March and the year-on-year rate of Spain's PPI in April will be released. In addition, it is worth noting that Fed Chairman Powell will deliver a commencement address at Princeton University's graduation ceremony, and ECB President Lagarde will speak at the Hertie School in Berlin. On May 26 (Monday), due to the Memorial Day holiday in the US and the Spring Bank Holiday in the UK, trading hours in the financial markets will be adjusted. The holiday arrangements for overseas exchanges are as follows (all in Beijing time): 》Public holidays in the UK and US today, holiday arrangements for overseas exchanges at a glance Crude oil: As of 15:03, oil prices in both markets rose together, with US crude oil up 0.29% and Brent crude oil up 0.23%. This follows the extension of the deadline for trade negotiations between the US and the EU by US President Trump, alleviating concerns that US tariffs on the EU could harm the global economy and fuel demand. "Crude oil and US stock index futures surged this morning after US President Trump extended the deadline," said Tony Sycamore, an IG market analyst. Sycamore noted that trade and tariff news, along with ongoing fiscal concerns, would be the main uncertainties affecting risk sentiment and crude oil prices this week. In its closely watched report, US energy services firm Baker Hughes said that the number of oil and natural gas rigs operated by US energy firms fell for the fourth consecutive week this week, reaching the lowest level since November 2021. Data showed that the total number of US oil and natural gas rigs, a leading indicator of future production, decreased by 10 to 566 in the week ending May 23, marking the largest weekly decline since September 2023. It was also the first time since September 2024 that the number of active US oil and natural gas rigs had declined for four consecutive weeks. Baker Hughes said this brought the total number of active rigs down by 34, or 6%, YoY. Oil price gains were capped by expectations that OPEC+, which consists of the Organization of the Petroleum Exporting Countries and its allies, might decide to increase July's oil production by another 411,000 barrels per day (bpd) at its meeting next week. Suvro Sarkar, chief energy analyst at DBS Bank, said that oil was already under pressure from OPEC's strategy of accelerating production increases and a "mini oil price war." He added, "OPEC+'s decision in the coming days could curb oil price gains." This month, it was reported that OPEC+ might scrap the remaining voluntary production cuts of 2.2 million bpd by the end of October, after having already raised its production targets for April, May, and June by about 1 million bpd. Warren Patterson, head of commodities strategy at ING, wrote in a report to clients that OPEC+'s decision to increase production should keep the market well-supplied in the second half of the year. (Comprehensive report from Wenhua) SMM Daily Review ► RMB Exchange Rate Rises, Immediate Losses on Imported ADC12 Narrow Again [Daily Review of ADC12 Prices] ► Manganese Plants Maintain Firm Pricing Sentiment, Spot Prices Remain Stable [SMM EMM Daily Review] ► Silver Prices Test Previous Highs, Downstream Buyers Stock Up at Lower Levels, Trading Sentiment Moderate [SMM Daily Review]

SMM May 26 News: Metal Market: As of the midday close, domestic base metals generally rose, with SHFE tin down 0.31%, SHFE zinc down 0.58%, SHFE aluminum up 0.15%, and SHFE nickel slightly up. SHFE lead rose 0.36%, and SHFE copper rose 0.53%. In addition, alumina fell 4.18%, lithium carbonate fell 2.05%, silicon metal fell 2.53%, and polysilicon rose 0.52%. Most ferrous metals series fell, with iron ore down 2.28% and HRC down 1.94%. Stainless steel rose slightly, while rebar fell 1.57%. In the coking coal and coke sector: coking coal fell 1.47%, and coke fell 1.61%. In the overseas metal market, the LME metal market was closed for the day due to the Spring Bank Holiday. In the precious metals sector, as of 11:47 a.m., COMEX gold fell 0.6%, and COMEX silver rose slightly. Domestically, SHFE gold rose 0.55%, and SHFE silver rose 0.38%. As of the midday close, the most-traded contract for the European container shipping index fell 4.26%, closing at 2,119.3 points. As of 11:47 a.m. on May 26, the midday futures market movements for some contracts were as follows: 》SMM Metal Spot Prices on May 26 Spot and Fundamentals Copper: Today, the spot #1 copper cathode in Guangdong was quoted at a premium of 180-260 yuan/mt against the front-month contract, with an average premium of 220 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,585 yuan/mt, up 525 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,495 yuan/mt, up 525 yuan/mt from the previous trading day. Spot Market: After the weekend, Guangdong's inventory only rose slightly. The market expects inventory to continue to decline in the future, so suppliers did not respond to the rise in copper prices... 》Click for details Macro Front Domestic: [Eight Departments: Cultivate Around 100 National Leading Enterprises in Digital and Intelligent Supply Chains by 2030] Eight departments, including the Ministry of Commerce, the National Development and Reform Commission (NDRC), the Ministry of Education, the Ministry of Industry and Information Technology, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs, the State Taxation Administration, and the National Data Administration, recently jointly issued the "Special Action Plan for Accelerating the Development of Digital and Intelligent Supply Chains." The "Action Plan" makes forward-looking, comprehensive, and systematic arrangements for the development of digital and intelligent supply chains. It proposes the use of new technologies such as artificial intelligence, the Internet of Things, and blockchain to promote the digital, intelligent, and visual transformation of supply chains on a "chain-by-chain" basis. By 2030, a replicable and promotable model for the construction and development of digital and intelligent supply chains will be formed. A deeply embedded, smart, efficient, and independently controllable digital and intelligent supply chain system will be basically established in important industries and key areas. Around 100 national leading enterprises in digital and intelligent supply chains will be cultivated, further enhancing the resilience and security level of China's industrial and supply chains. [The central bank's net injection via open market operations was 247 billion yuan] The central bank conducted 382 billion yuan in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 135 billion yuan in 7-day reverse repos matured today, a net injection of 247 billion yuan was achieved. ► On May 26, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.1833 yuan per US dollar. US dollar: The US dollar index fell to a nearly one-month low. As of 11:47, the US dollar index was down 0.31%, at 98.79. According to CCTV News, on the 25th (local time), US President Trump stated that the EU had requested an extension of the tariff negotiation deadline to July 9, and he had agreed to this request. Trump described the talks with the EU on tariffs as "very pleasant." He said that European Commission President Ursula von der Leyen had stated during the call that day, "We will engage quickly to see if an agreement can be reached." In response, Trump said, "I agreed to her request for an extension." On the 23rd, Trump posted on social media that he proposed imposing a 50% tariff on goods from the EU starting from June 1. He stated that the main purpose of the EU's establishment was to "take advantage of the US in trade," and that negotiations between the US and the EU had "made no progress." Therefore, he proposed imposing a 50% tariff on goods from the EU starting from June 1, 2025. If the goods are manufactured or produced in the US, no tariff will be imposed. Macro: Today, the revised reading for the change in Japan's leading indicators for March and Spain's year-on-year PPI for April will be released. In addition, it is worth noting that Fed Chairman Powell will deliver a commencement address at Princeton University's graduation ceremony, and ECB President Lagarde will speak at the Hertie School in Berlin. On May 26 (Monday), due to Memorial Day holiday in the US and the Spring Bank Holiday in the UK, trading hours in financial markets will be adjusted. The holiday schedule for overseas exchanges is as follows (all times are Beijing time): 》Public holidays in the US and UK today, holiday schedule for overseas exchanges Crude oil: As of 11:47, crude oil futures dropped slightly, with US crude up 0.31% and Brent crude up 0.26%. Earlier, US President Trump extended the deadline for trade negotiations with the EU, alleviating market concerns that US tariffs on the EU could harm the global economy and fuel demand. OPEC is expected to decide at its meeting next week to increase production by another 411,000 barrels per day in July, a forecast that has limited the rise in oil prices. In its closely watched report released last Friday, US energy services company Baker Hughes stated that the number of oil and natural gas rigs operated by US energy firms fell for the fourth consecutive week this week, reaching the lowest level since November 2021. Data showed that, for the week ending May 23, the total number of US oil and natural gas rigs, a leading indicator of future production, decreased by 10 to 566, marking the largest weekly decline since September 2023. It was also the first time since September 2024 that the number of active US oil and natural gas rigs had declined for four consecutive weeks. Data released by the US Commodity Futures Trading Commission (CFTC) last Friday showed that, for the week ending May 20, fund managers reduced their net long positions in US crude oil futures and options by 12,816 contracts to 81,336 contracts. (Webstock Inc.) Spot Market Overview: ► Inventory changes were relatively small over the weekend, and spot premiums remained flat compared to last Friday. [SMM South China Spot Copper] ► Copper prices rose, but demand remained weak, with low market trading activity. [SMM North China Spot Copper] ► Shanghai Zinc: Spot transactions were poor, and premiums remained stable. [SMM Midday Review] ► Ningbo Zinc: Premiums remained high, with attention on subsequent zinc ingot arrivals. [SMM Midday Review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

The 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition has successfully concluded! SMM reported on May 24: Metal Market: Overnight, metals in both domestic and overseas markets generally rose, with only SHFE zinc, SHFE tin, and SHFE nickel in the domestic market falling. SHFE zinc dropped by 0.09%, SHFE tin by 0.1%, and SHFE nickel by 0.26%. The rest of the metals rose, with LME copper and LME lead increasing by over 1%, specifically, LME copper rose by 1.19% and LME lead by 1.22%. The remaining increases were all within 1%. Most ferrous metals series declined, except for stainless steel, which rose by 0.27%. Iron ore fell by 0.76%, HRC by 0.91%. In the coking coal and coke sector, coking coal dropped by 1.59% and coke by 1.32%. In the precious metals sector, as of the overnight close, COMEX gold rose by 1.9%, with a weekly gain of 5.35%, marking its best performance in six weeks. Investors sought refuge in gold amid renewed tariff threats from US President Trump and a weaker US dollar. COMEX silver rose by 1.27%. Domestically, SHFE gold rose by 1.27%, with a weekly gain of 3.76%. SHFE silver rose by 0.62%, with a weekly gain of 1.95%. Independent metal analyst Tai Wong stated, "Trump has been very active in the past 24 hours. He threatened to impose a 50% tariff on the EU starting June 1, while also pressuring Apple and launching an offensive against Harvard University. This has sent the stock market into a slump but has been positive for the gold market." Overnight closing prices as of 8:46 AM on May 24 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [PBOC and SAFE: Funds raised from overseas listings, share reductions, or transfers should, in principle, be repatriated to China] ① The notice proposes that funds raised from overseas listings, share reductions, or transfers can be repatriated in foreign currency or RMB, and relevant funds can be remitted in and out using capital account settlement accounts. ② The use of raised funds within China and foreign exchange risk management for enterprises have become more flexible and convenient. Listed entities can independently choose foreign exchange risk management channels, conducting spot foreign exchange settlement and sales, as well as hedging transactions through banks or securities firms. [MOFCOM: Online sales of digital products increased by 8.4% from January to April, with smart robots and smart home systems growing by 87.6% and 16%, respectively] The head of the Department of E-commerce at the Ministry of Commerce introduced the development of China's e-commerce sector from January to April 2025. Digital consumption growth accelerated, with online sales of digital products increasing by 8.4% according to MOFCOM big data monitoring. Among them, smart robots and smart home systems grew by 87.6% and 16%, respectively. Trade-in products have seen rapid growth, with online sales of 15 categories of home appliances and digital products increasing by 11.5%. Among them, three expanded categories of digital products, including mobile phones, grew by 18.5%. Service consumption has led the growth, driven by factors such as policy efforts, supply optimization, and holiday economy. The monitored online service consumption increased by 12.1%, with online entertainment and online tourism growing by 31.9% and 25.4%, respectively. US dollar: The overnight US dollar index fell by 0.84% to close at 99.1, touching an intraday low of 99.04, the lowest in nearly three weeks. The US dollar's weekly line fell by 1.84% this week, marking the largest weekly decline since April 11. Earlier, the US once again threatened to escalate trade conflicts, proposing to impose a 50% tariff on the EU starting from June 1, prompting investors to sell off the US dollar. This has once again raised concerns about the impact of tariffs on the world economy and global trade. After Moody's downgraded the US debt rating last week, investors' attention has focused on the US's $36 trillion debt and the tax cut bill, which could increase the US debt by several trillion dollars. The bill narrowly passed in the Republican-controlled US House of Representatives and is now submitted to the Senate, where senators may engage in weeks of debate, keeping investor sentiment fragile in the short term. Other currencies: In afternoon trading, the US dollar fell by 1% against the safe-haven Japanese yen to 142.48 yen, after earlier hitting a two-week low. The US dollar fell by 2.2% against the yen this week, on track for its largest weekly decline since April 7. Meanwhile, the yen received a boost. Earlier, Japan announced that its core annual inflation rate in April hit the highest in more than two years, increasing the likelihood of another interest rate hike before the end of the year. This data highlights the dilemma faced by the Bank of Japan, which must address price pressures from rising food prices and economic headwinds from Trump's tariffs. The euro rose by 0.8% against the US dollar to $1.1363. Earlier, the euro touched a two-week high against the US dollar and is on track for its largest weekly gain in six weeks. The British pound rose by 0.9% against the US dollar to $1.3533, after earlier climbing to its highest in more than three years. This week, the pound rose by 1%, marking its largest weekly gain in five weeks. Data: Next week, in China, the year-on-year profit data for industrial enterprises above designated size in April (single month) will be released. In the US, data such as initial jobless claims for the week ending May 24, the preliminary monthly rate of durable goods orders in April, the Conference Board Consumer Confidence Index for May, the revised annualized quarterly rate of real GDP for Q1, the revised annualized quarterly rate of core PCE price index for Q1, the revised annualized quarterly rate of consumer spending for Q1, the revised seasonally adjusted quarterly rate of the implicit GDP deflator for Q1, the monthly rate of the seasonally adjusted pending home sales index for April, the monthly rate of personal spending for April, the annual rate of the PCE price index for April, the annual rate of the core PCE price index for April, the preliminary monthly rate of wholesale inventories for April, the final value of the University of Michigan Consumer Sentiment Index for May, and the Chicago PMI for May will be released. In the Eurozone, data such as the final value of the consumer confidence index for May, the industrial and economic sentiment indices for May, and the annual rate of seasonally adjusted M3 money supply for April will be released. In Germany, data such as the Gfk consumer confidence index for June, the seasonally adjusted unemployment rate for May, the change in the seasonally adjusted number of unemployed persons for May, the annual rate of actual retail sales for April, the monthly rate of actual retail sales for April, and the preliminary annual rate of CPI for May will be released. In Canada, data such as the annualized quarterly rate of GDP for Q1, the seasonally adjusted quarterly rate of GDP for Q1, and the annual rate of seasonally adjusted GDP for March will be released. In addition, the CBI retail sales balance for May in the UK, the ANZ consumer confidence index for the week ending May 25 in Australia, the official cash rate decision for May 28 in New Zealand, the final value of the annual GDP rate for Q1 in France, the official reserve assets for April in Switzerland, the annual rate of Tokyo CPI for May in Japan, and the unemployment rate for April in Japan will all be released. Additionally, the US Fed released the minutes of its May monetary policy meeting. Fed Chairman Powell will deliver a commencement speech at Princeton University's graduation ceremony. European Central Bank President Lagarde will speak at the Hertie School in Berlin. FOMC permanent voter and New York Fed President Williams will participate in a panel discussion at the Bank of Japan Institute for Monetary and Economic Studies conference. The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, and Reserve Bank of New Zealand Governor Orr will hold a monetary policy press conference. On May 30, the Taiwan Stock Exchange in China was closed for the day due to the Dragon Boat Festival holiday. The Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE did not have night session trading on the eve of the Dragon Boat Festival. Crude Oil: As of the overnight close, oil prices in both markets rose together, each gaining 0.92%. International oil prices increased as US buyers covered positions ahead of the three-day Memorial Day long weekend, while concerns about Iran's supply outlook also lingered. The Memorial Day weekend marks the start of the US summer driving season, which is also the period of highest demand for automotive fuels. Next Monday (May 26) is Memorial Day in the US, and US financial markets will be closed. According to Xinhua News Agency, the US and Iran held their fifth round of indirect talks in Rome, the capital of Italy, on the 23rd. The Omani side, which chaired the talks, said that some progress had been made, but no decisive results had been achieved. Flynn said that if the talks failed to reach an agreement, traders were concerned that crude oil supplies might be affected. OPEC, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, will hold a meeting next week and is expected to increase production by another 411,000 barrels per day in July. Media reports this month indicated that the group might lift the remaining portion of its voluntary production cut plan of 2.2 million barrels per day by the end of October, after having already raised its daily production targets for April, May, and June by about 1 million barrels. US energy services company Baker Hughes said in its closely watched report on Friday that the number of oil and natural gas rigs operated by US energy companies fell for the fourth consecutive week this week to the lowest level since November 2021. (Comprehensive report from Wenhua)

**English Translation:** On April 24, during the **CCIE-2025 SMM (20th) Copper Industry Conference & Expo – High-Quality Development Forum for Copper-Based New Materials**, co-hosted by **SMM Information & Technology Co., Ltd. (SMM)**, **SMM Metal Exchange Center**, and **Shandong AIS Information Technology Co., Ltd.**, with **Jiangxi Copper Corporation** and **Yingtan Port Holding Co., Ltd.** as chief sponsors, **Shandong Humon Smelting Co., Ltd.** as a special co-organizer, and **Xinhuang Group** and **Zhongtiaoshan Nonferrous Metals Group Co., Ltd.** as co-organizers, **Prof. Chang Yongqin, a doctoral supervisor from the University of Science and Technology Beijing**, shared insights on the manufacturing and applications of high-temperature-resistant, high-strength, and high-conductivity copper alloys. **Industry Challenges and Current Status** **High-Strength, High-Conductivity Copper Alloy Applications** High-strength, high-conductivity copper alloys combine high strength with excellent electrical/thermal conductivity. They are primarily used in electronics, aviation, aerospace, NEVs, high-speed rail, power transmission, and other fields. **Industry Challenges and Current Status** **Pain Points**: Existing commercial high-strength, high-conductivity copper alloys experience significant drops in strength, fracture toughness, and severe high-temperature creep deformation when operating temperatures rise, failing to meet service requirements. **Critical Needs**: Rapid advancements in nuclear fusion devices, continuous casting crystallisers, IC lead frames, NEV connectors, high-speed rail contact wires, and rocket combustion chamber liners urgently require enhanced high-temperature performance of these alloys, posing a "bottleneck" challenge. **A. No Materials Meet Design Requirements** **Performance Requirements**: High strength, thermal conductivity, elongation, thermal stability, neutron irradiation resistance, and low tritium retention. **Pain Point**: Elevated service temperatures cause drastic reductions in strength, fracture toughness, and severe creep deformation, failing to meet component design needs. **B. Existing Products Require Upgrades** **R&D Needs**: Development of copper alloys with high strength, thermal conductivity, stability, and creep resistance at elevated temperatures. **Pain Point**: Rising currents in NEV connectors increase material heating and operational temperatures, leading to degraded alloy performance and creep deformation, which cannot meet service demands. **Projected Demand**: Domestic NEV connector demand for copper alloys is expected to reach **291,000 mt** by 2025, with a CAGR of 21.9% from 2021-2025. NEV connectors alone will require **247,000 mt** of copper alloys by 2025. **Requirements**: High electrical conductivity and anti-aging performance at high temperatures are critical to ensure reliable operation, safety, extended lifespan, efficiency, and cost reduction. **Melting Process for High-Temperature-Resistant, High-Strength, High-Conductivity Copper Alloys** **Potential Customers**: Fusion reactor divertors, continuous casting crystallisers, rocket combustion liners, NEV connectors, IC lead frames, and resistance welding electrodes. **R&D Breakthroughs**: The developed alloy addresses the urgent need for high-performance heat sink materials in fusion reactors and offers broad applications in industries like crystallisers, rocket liners, and NEVs, with significant market potential. **Core Technologies**: 1. Precise control of element volatilization/loss via optimized vacuum melting parameters. 2. Thermomechanical processing tailored to composition for microstructure/performance control. 3. Innovative "multi-riser" mold design to improve yield. **Composition Optimization Advantages** **Objective**: Achieve high strength, electrical/thermal conductivity, and adequate plasticity at elevated temperatures. **Challenge**: Balancing strength and electrical/thermal conductivity. **Solution**: Composition design and thermomechanical processing to impede dislocation/grain boundary movement, ensuring stable microstructure and performance at high temperatures. **Innovations**: 1. **Multi-functional alloying elements**: High-temperature solid solubility in copper, low-temperature precipitation of high-melting-point phases, reduced stacking fault energy (promoting twinning). 2. **Element coupling**: Combined V and Ti additions form stable Laves phases, enhancing high-temperature performance while minimizing conductivity loss. 3. **RE oxide additions**: Multicomponent interactions strengthen, toughen, and purify the alloy. 4. **Second-phase refinement**: Bimodal nano-precipitates form coherent/semi-coherent structures with the matrix, blocking dislocations; uniformly distributed Laves phases at grain boundaries impede grain motion. 5. **Low-Σ grain boundaries**: Introducing low-Σ (coincidence site lattice) boundaries improves machinability and plasticity. **Synergistic enhancement of high-temperature strength and thermal conductivity achieved.** **2.1 High-Temperature-Resistant, High-Strength, High-Conductivity Copper Alloy – CuCrZrTiV** - **Elevated temperature performance**: Service temperature exceeds C18150 by 100°C; lifespan at 450°C is 9× longer. - **Mid-temperature brittleness resolved**. - **Excellent irradiation resistance**: Post-3 dpa Cu ion irradiation, only 5 nm faulted tetrahedra and 3.5 nm dislocation loops observed. - **450°C/50 MPa creep rate: 2.89×10⁻¹⁰ s⁻¹; 450°C tensile strength: 371 MPa (14.6% elongation); thermal conductivity >300 W/m·K; superior thermal stability vs. IG-CuCrZr.** Additional alloys discussed: CuCrZrHf (anti-creep) and CuHfSc (ultra-high conductivity). **Mastered Core Technologies** **Key Products**: High-temperature-resistant, high-strength, high-conductivity copper alloys. **Validation**: 50 kg batch production and testing completed; deployed in ITER and continuous casting crystallisers. **Powder Metallurgy Process for High-Temperature-Resistant Alloys** **3.1 Ultra-High-Strength Cu-W Alloy** - Room-temperature tensile strength ≥795 MPa; 450°C strength ≥289 MPa; softening temperature >1050°C (near copper’s melting point); no hardness degradation after 700°C/400 h annealing. **Innovation**: Achieved record-high strength (795 MPa) with excellent thermal stability. **3.2 Ultra-High-Temperature Ta-Series Alloy** - CuTaZrY softening temperature exceeds 850°C (GlidCop-Al15 baseline) by ≥200°C. **Stability Mechanism**: Bimodal shell-core nano-precipitates pin grain boundaries and dislocations. **Conclusions** 1. **CuCrZrTiV alloy**: 450°C tensile strength reaches 395 MPa (exceeding IG-CuCrZr), with 600°C softening temperature (200°C higher than IG-CuCrZr) and resolved mid-temperature brittleness. 2. **CuCrZrHf alloy**: Balances thermal stability, conductivity, and creep resistance. 3. **CuHfSc alloy**: 623 MPa room-temperature strength, 95% IACS conductivity. 4. **Cu-W alloy**: 795 MPa strength (highest reported) with ductility and conductivity superior to existing PM copper alloys. 5. **CuTaZrY alloy**: Highest-reported softening temperature (>1050°C), 200°C above GlidCop-Al15, with high strength and thermal conductivity. **View the CCIE-2025 SMM (20th) Copper Industry Conference & Expo Feature Report**

On Thursday, April 24, local time, the German government revised down its economic growth forecast for this year, predicting that its GDP would stagnate after two consecutive years of contraction. Outgoing German Minister of Economy Habeck stated in a press release in Berlin on Thursday that Germany's economic growth rate this year could be zero, lower than the 0.3% growth forecast in January. In October last year, the German government had predicted a 1.1% growth rate for this year. As the largest economy in Europe, Germany has experienced two consecutive years of economic contraction, making it the only G7 member that failed to achieve economic growth in the past two years. Habeck attributed Germany's persistent economic weakness to the uncertainty caused by the trade war initiated by US President Trump, weak export demand, and declining competitiveness. For a long time, Germany has relied on exports to drive economic growth, leading the world in high-end manufacturing sectors such as industrial machinery and luxury cars. Trump's tariff policies have further increased the risks faced by German exports, as he previously imposed a 20% reciprocal tariff on the EU. Germany is the US's largest trading partner in Europe, with a record trade surplus of 70 billion euros with the US in 2024. "Given Germany's deep integration into global supply chains and high degree of openness to foreign trade, the new wave of US trade protectionism could have significant direct and indirect impacts on our economic growth," he said. Habeck called for negotiations to resolve the transatlantic trade dispute. Habeck also noted that since early November last year, Germany has not had a governing majority in parliament, and a new government has yet to be formally formed after the February elections. In the February elections, the conservative Union Party (composed of the CDU and CSU) won the most seats. The German parliament is scheduled to meet on May 6, and if the parties of the new government approve the coalition agreement reached earlier this month, the parliament will vote to elect CDU leader Merz as the new chancellor. Previously, the Union Party had reached a coalition agreement with the center-left Social Democratic Party. Last month, the Union Party, together with the SPD and the Greens, pushed through an investment plan aimed at significantly increasing defense and infrastructure spending in an attempt to boost the economy. However, Habeck stated that the economic boost from these fiscal stimulus measures would not be felt until next year, when growth is expected to reach 1%. German Central Bank President Nagel was more pessimistic, saying in a media interview on Wednesday that if Trump's tariff policies are fully implemented, the German economy could contract for the third consecutive year this year.

Capacity side, the domestic alkaline electrolyzer market maintained 35.77GW this week, with no new capacity added. In terms of deliveries, as of April 24, 2025, Asens Hydrogen Energy delivered one 1,000 Nm³/H alkaline electrolyzer to Australia last week, while Xibei Hydrogen Energy delivered one 1,000 Nm³/H unit to a green hydrogen project in Jilin. For PEM, HydroVolta delivered one 50 Nm³/h unit to Europe last week. As of March 20, 2025, domestic companies (including overseas deliveries) have delivered a total of 10MW of alkaline electrolyzers (data sourced from public information). Electrolyzer orders side, as of this week, the bid winner for the third batch of auxiliary equipment (hydrogen production system) procurement project of the 2x1,000MW ultra-supercritical unit project of Shaanxi Coal Xinyang was announced. The bid winner is Beijing Power Equipment Group, with the winning product being one 1,000 Nm³ alkaline electrolyzer. Additionally, LONGi Hydrogen recently signed a supply agreement with Saudi Arabia's NEOM for the world's largest single green hydrogen project, confirming at least one 2,000 Nm³ alkaline electrolyzer order. As of April 10, 2025, a total of at least 47 orders for 1,000 Nm³/H units and one 2,000 Nm³ alkaline electrolyzer have been confirmed, including 10 units for Xingong Green Hydrogen, 16 units for Sungrow Hydrogen, 12 units for CRRC Zhuzhou, 8 units for Sany Hydrogen, and 1 unit for Beijing Power Equipment Group. 1. Siemens Launches World's First 10MW Alkaline Electrolyzer Prototype Siemens Energy showcased a new generation of alkaline electrolyzers at its Berlin factory in Germany, with a single unit power of 10MW and DC power consumption as low as 4.3 kWh/Nm³. Mass production is planned for 2026. 2. Plug Power Signs PEM Electrolyzer Technology Licensing Agreement with Siemens US-based Plug Power has been granted permission to use Siemens' proton exchange membrane (PEM) electrolyzer patent technology. The two parties will collaborate to develop modular electrolyzer systems suitable for heavy industries. 3. China Energy Engineering Signs 200MW Electrolyzer Export Contract for the Middle East A subsidiary of China Energy Engineering has reached an agreement with Saudi Arabia's ACWA Power to provide 200MW alkaline electrolyzers and supporting equipment for the NEOM green hydrogen project in Saudi Arabia. 4. ITM Power Secures 100MW Electrolyzer Deployment Order from UK National Grid UK-based ITM Power announced it has won the bid for the National Grid's "Green Hydrogen Hub" project, providing 100MW PEM electrolyzers for northern England, with operations planned to commence in 2027. 5. USTC Team Develops Solid Oxide Electrolyzer Pilot Device The University of Science and Technology of China completed continuous operation testing of a solid oxide electrolyzer (SOEC) at its Hefei laboratory, achieving an electrolysis efficiency of 85%. The goal is to advance industrialization by 2026. 6. Toshiba Launches Japan's First 1GW Electrolyzer Manufacturing Base Toshiba has established a new electrolyzer factory in Fukushima Prefecture, with an initial capacity of 500MW/year, focusing on offshore wind power coupled hydrogen production. The capacity is expected to double by 2026.

【Tesla's Berlin Gigafactory Produces 500,000th Model Y】 April 1 – Tesla announced on social media that its Berlin-Brandenburg Gigafactory in Germany has rolled out the 500,000th Model Y, marking a significant production milestone.