To adapt to the reshaping of global trade patterns and the commodity supercycle triggered by new quality productive forces, accelerate the implementation of Shanghai’s deployment for building a commodity resource allocation hub in the first year of the "15th Five-Year Plan," further promote the "Action Plan for Strengthening Spot-Futures Linkage to Enhance the Energy Level of Nonferrous Metal Commodities" (18 measures), and elevate the "Shanghai Price" from a regional indicator to an international benchmark, SMM will host the "2026 Shanghai Metals Week" (English: Shanghai Metals Expo, abbreviated as "SME") from November 16 to 19, 2026. Against this backdrop, the 2026 Shanghai Metals Week will be grandly held from November 16 to 19 in Shanghai , SMM joins hands with Sanshui Industrial Co., Ltd. to invite you to attend , and this session of SME Shanghai Metals Week, with the theme of "Cycle Reshaping, Pricing the Future," focuses on core variables such as global macro policy shifts, geopolitical supply chain restructuring, and the metal supercycle, striving to build an annual event as an "information port, pricing benchmark, trading platform, and social network" for the metal and related industries, helping the industry move from passively accepting cycles to actively participating in pricing. Click to register immediately for the conference, and we look forward to meeting you at the event. Sanshui Industrial Co., Ltd.'s main business focuses on seven core categories: copper, aluminum, lead, zinc, tin, nickel, and precious metals. Relying on the geographical advantages of Shanghai and Foshan, robust financial strength, and the extensive management and operational experience of its business team, the company quickly established a reputation for pragmatism and integrity in the industry, and has a large number of high-quality clients in China's core nonferrous metal consumption regions. By providing high-quality products, standardized business operations, and safe and flexible trading models, it offers value-added services to industry chain clients. The company leverages a mature full-domain supply chain layout to fully connect upstream and downstream resources and jointly pursue a new phase of industrial collaborative development. Breaking away from traditional trade models, the company relies on professional teams to provide value-added services such as market analysis and procurement optimization, and combines full-process risk control with flexible financial transaction solutions to strengthen transaction security and service barriers. In 2025, the enterprise's total trade volume exceeded 30 billion yuan, with steady growth across multiple business categories, and its comprehensive strength remained at the forefront of the industry. Sanshui Industrial will adhere to the strategic approach of combining spot trade with financial derivatives, uphold the business philosophy of balancing risk control with operations, persist in the development direction of channel building and internationalization, and continuously expand its business into integrated areas such as commodity industry chain investment and commodity supply chain financial services, developing into a leading domestic integrated commodity industry chain operator and manager. Main Products Address: Suite A, 2/F, No. 2550 Zhongshan North Road, Putuo District, Shanghai Tel: 021-32258953 Contact: Domestic trade: 15821697119 Zhou Long Foreign trade: 17371432429 Chen Yitong SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

Copper shipments into the United States continued to surge as traders sought to capitalize on the price premium between the COMEX and London Metal Exchange (LME) markets ahead of a potential U.S. decision on refined copper import tariffs. According to IHS Markit shipping data, more than 200,000 tonnes of refined copper arrived at U.S. ports during July, marking the highest monthly inflow in more than a decade. Combined inventories held on COMEX and LME facilities in the United States have now exceeded 740,000 tonnes, while additional material remains in storage at U.S. ports awaiting delivery. The movement of metal into the U.S. has tightened availability in other key trading hubs. Market participants reported significant inventory declines at bonded warehouses in Shanghai, where stocks have fallen sharply since the beginning of the year as cargoes have been redirected to the U.S. to capture favorable arbitrage opportunities. The premium of COMEX copper over LME prices has remained well above historical norms, providing sufficient margin to offset transportation, insurance and warehousing costs. The shift comes as the U.S. administration continues to evaluate potential tariffs on refined copper imports. While the timing and scope of any measures remain uncertain, the prospect of future trade restrictions has already reshaped global trade flows and inventory distribution. The continued migration of copper inventories into the United States is tightening physical availability across international markets and supporting a firmer supply outlook outside North America. Any delay, revision or cancellation of proposed U.S. import tariffs could narrow the COMEX-LME price premium, potentially reversing some of the recent inventory movements and increasing short-term price volatility.

To adapt to the reshaping of global trade patterns and the commodity supercycle driven by new quality productive forces, accelerate the implementation of Shanghai’s deployment for building a commodity resource allocation hub in the opening year of the Fifteenth Five-Year Plan, and deepen the promotion of the Action Plan for Strengthening Futures-Spot Linkages to Enhance the Tier of Nonferrous Metal Commodities (18 Measures), elevating the “Shanghai price” from a regional metric to a global benchmark, SMM will host the “Shanghai Metals Expo 2026” (abbreviated as “SME”) from November 16 to 19, 2026. Against this backdrop, Shanghai Metals Expo 2026, scheduled for November 16-19, will be grandly convened in Shanghai . SMM , in partnership with Shanghai Wurui Metals Group Co., Ltd. , cordially invites you to attend . Themed “Reshaping Cycles, Pricing the Future,” this edition of SME Shanghai Metals Expo will focus on core variables such as shifts in global macro policies, the restructuring of geopolitical supply chains, and the metal supercycle. It strives to create an annual gathering that serves as an “information hub, pricing benchmark, trading platform, and industry network” for metals and related sectors, empowering the industry to move from passively enduring cycles to actively participating in pricing. Click the to sign up now. We look forward to meeting you at the conference. Shanghai Wurui Metals Group Co., Ltd., headquartered at the Shanghai Nonferrous Metal Trading Center, specializes in nonferrous metal trading and supply chain services. As one of China’s early practitioners of the futures-spot integration model, it has grown into a large-scale enterprise with a scale approaching RMB100 billion. The company primarily deals in core nonferrous metal varieties such as copper, aluminum, zinc, lithium carbonate, polysilicon, silicon metal, and rare and precious metals, with its copper and aluminum business scales consistently ranking among the industry’s top. Its annual supply volume to end-user factories exceeds 4 million mt, and it has been recognized by the Shanghai Municipal Government as a trade-oriented headquarters and a dual-headquarters enterprise under the headquarters economy for the private sector. Its business covers Shanghai, Taicang, Changsha, Foshan, Hong Kong, Singapore, Dubai, Tanzania, and other locations, and it possesses the industry’s largest spot trading and investment research team, continuously maintaining a leading position. Grounded in trade with client service at its core, the company drives the development of the commodity industry and aims to become a leading nonferrous metal commodity industry service provider in China. It strives to ensure Chinese enterprises do not suffer losses amid severe commodity fluctuations, practices the concept of price management for end-user enterprises, and is committed to becoming a frontrunner among China’s commodity service providers. Address: Unit A, 4th Floor, No. 2550 North Zhongshan Road, Putuo District, Shanghai Tel: 021-3225 8990 Contact: Wang Jiale SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

Copper prices climbed to around US$14,000 per tonne on the London Metal Exchange (LME), reaching their highest level in two months as traders continued to monitor record inflows of copper into the United States ahead of an anticipated decision on refined copper import tariffs. According to foreign media reports, more than 200,000 tonnes of copper arrived at U.S. ports during July, representing the largest monthly inflow recorded by IHS Markit since it began tracking the data in 2014. The surge has significantly increased inventories at U.S. warehouses and ports while reducing the volume of metal available to consumers in other regions. The inflows have continued despite uncertainty over potential U.S. tariffs on refined copper imports. Although the U.S. Commerce Department was expected to submit its recommendations by the end of June, no formal decision has yet been announced. The sustained premium of U.S. copper prices over LME prices has continued to support profitable arbitrage opportunities, encouraging traders to redirect material into the U.S. market. Market Impact: The concentration of copper inventories in the United States is tightening physical availability elsewhere, reinforcing an already constrained global market. With copper prices remaining near historic highs and demand supported by electrification, power infrastructure and advanced manufacturing, any tariff decision that further alters global trade flows could intensify regional supply imbalances and provide additional upside for international copper prices.

As the global photovoltaic (PV) industry enters a new stage of development in 2026, the sector finds itself at a pivotal crossroads defined by both cyclical market adjustment and rapid technological transformation. Having moved beyond an era driven primarily by large-scale capacity expansion, the industry is increasingly focused on improving manufacturing efficiency, accelerating technology upgrades, and strengthening supply chain resilience to support sustainable long-term growth. The continued commercialization of N-type cell technologies, alongside the rapid advancement of Back Contact (BC) products, is reshaping the competitive landscape. At the same time, evolving global trade dynamics and the growing need for localized manufacturing are driving companies to optimize their international strategies and reinforce operational resilience. While short-term supply-demand imbalances continue to present challenges, the long-term outlook for the solar industry remains highly positive, supported by accelerating global decarbonization efforts and ambitious renewable energy targets across major markets. Against this backdrop, companies with strong technological capabilities, reliable manufacturing capacity, and proven execution continue to distinguish themselves as industry leaders. To recognize these outstanding performers, Shanghai Metals Market (SMM) has officially released the 2026 SMM PV Module Tier 1 List , highlighting manufacturers that demonstrate excellence across multiple dimensions of business performance. Built upon SMM's deep industry expertise and comprehensive market research, the Tier 1 evaluation adopts a multi-dimensional assessment framework covering product competitiveness, manufacturing and delivery capability, financial and operational stability, market performance, and long-term sustainability. The objective is to identify enterprises that consistently deliver high-quality products while maintaining resilient operations in an increasingly competitive global market. The companies included in the 2026 SMM PV Module Tier 1 List represent the backbone of today's global photovoltaic industry. Their strong production capabilities, consistent product quality, dependable delivery performance, and commitment to continuous innovation position them as trusted partners for utility-scale, commercial, and distributed solar projects worldwide. More than a recognition of current market leadership, the SMM PV Module Tier 1 List reflects the industry's ongoing transition toward higher standards of quality, innovation, and sustainable development. As technological pathways continue to diversify and international market conditions become increasingly complex, the list serves as an authoritative reference for project developers, investors, EPC contractors, and other industry stakeholders seeking reliable manufacturing partners. Looking ahead, SMM remains committed to supporting the healthy development of the global photovoltaic industry by promoting technological innovation, encouraging fair and rational competition, and fostering continuous improvements in product quality, manufacturing efficiency, and project value. Together with industry partners, SMM believes the solar sector will continue to play a vital role in accelerating the global transition toward a cleaner, more sustainable energy future.

In H1 2026, global lithium battery ESS shipments reached 461.3 GWh, up 71% from 269.7 GWh in the same period last year. The overall market presented a competitive landscape of "the first tier remains dominant, the second and third tiers are locked in a melee, while other enterprises struggle to survive in the cracks.

[SMM Aluminum Express] The World Trade Organization released the latest data showing that global merchandise trade growth in Q1 2026 exceeded expectations. Trade in AI-related electronic components surged, offsetting the negative impact of the Middle East war in the final month of the quarter. On a seasonally adjusted basis, global merchandise trade volume in Q1 this year was up 1.9% QoQ and up 3.2% YoY. Asia's exports and imports in Q1 rose 12.9% and 14.6% YoY, respectively, driven mainly by economies such as China, Singapore, South Korea, and Thailand. North America's exports rose 7% YoY, while imports fell 10.7% YoY. The WTO expects trade data for the next quarter to more fully reflect the trade disruptions in the Strait of Hormuz.

2026 marks the opening year of the “15th Five-Year Plan”. Against the backdrop of intensifying global macro volatility and the deepening advancement of high-quality development in China, the zinc industry is undergoing profound transformation: tightness at the ore end and the release of smelting capacity are creating structural tension; divergence between domestic and overseas inventory reflects the complex dynamics of supply and demand rebalancing; and technological innovation is becoming the key momentum to resolve contradictions and reshape the landscape. Key “15th Five-Year Plan” sectors such as new energy and new-type infrastructure are injecting fresh momentum into traditional zinc consumption, while green, low-carbon development and the circular economy are also accelerating the reshaping of industrial logic under the drive of technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and other relevant parties, SMM the 2026 SMM Zinc Industry Conference and the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 14th Zinc Salts, Zinc Oxide and Secondary Zinc Resources Development Forum, and the Casting Zinc Alloy Development Forum are about to be held in Qingdao, Shandong, from August 6 to 8. Under the theme “Harness Zinc Momentum · Build the Zinc Industry · Embark on a New Journey”, the conference will be driven by a dual engine of macro perspective and fundamentals analysis, closely aligned with the main line of high-quality development under the “15th Five-Year Plan”. It will focus on four key dimensions—macro policy, the supply-demand pattern, global trade, and technological innovation—leveraging technological breakthroughs to drive cost reduction and efficiency improvement, and using collaborative innovation to address market fluctuations, jointly charting a new blueprint for high-quality and sustainable development of the zinc industry.‌ Jiangsu Myande Energy-Saving Evaporation Equipment Co., Ltd. will make a distinguished appearance at this grand event, joining industry peers to discuss industry development trends and work together to propel the zinc industry to new heights. Click to register for the conference now, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! System Solution for Resource Utilization of High-Salinity Wastewater in the Metallurgical Industry From “High-Salinity Burden” to “Resource Gains”—Empowering Green and Intelligent Manufacturing in Zinc Smelting I. Wastewater Treatment Challenges in the Secondary Zinc Industry A large volume of high-salinity wastewater is generated during zinc recovery from zinc-containing scrap, requiring compliant environmental protection treatment with stringent standards. This results in both high investment in environmental protection equipment and high subsequent operating costs, compressing enterprise profit margins. Moreover, secondary waste is generated after environmental protection disposal, adding disposal costs and making it difficult for enterprises to continue bearing the burden. II. Root Causes of Wastewater Treatment In the zinc recovery process for zinc-containing scrap, low-grade zinc oxide must be rinsed to remove chlorides and other impurities in the raw material to avoid affecting the purity of zinc products. In addition to sodium chloride and potassium chloride, the rinsing wastewater also contains sulphate radicals, fluoride, COD, and many other components. Its composition is complex and fluctuates significantly, making wastewater treatment highly challenging. III. Three Core Processes, One-Stop Breakthrough 1. Deep pre-treatment—precisely removes fluorides, heavy metals, and organic matter, ensuring long-term stable operation of the system 2. Evaporation Concentration + Fractional Crystallization—Recovering High-Purity Potassium Chloride and Sodium Chloride, Achieving Salt Resource Recovery 3. Evaporative Condensate Reuse in Production Processes—Self-Circulation of Process Water, Achieving True "Zero Discharge" 4. Dual Benefits Empowering Enterprises Turning high-salinity wastewater into a valuable resource, while achieving environmentally compliant disposal, recovering salt resources, with revenue covering operating costs, shortening the payback period, and enhancing overall economic benefits. Contact Person Zhu Manager 15161877256 Wu Manager 15952706514 Tel: 0514-87843988 Email: zzj@myande.com Website: evap.myande.com Address: No. 199 Ji’an South Road, Yangzhou, Jiangsu Province Product Inquiry QR Code Evaporation Official Website QR Code Official Website QR Code Official WeChat QR Code Long-Press to Scan to Register Now 2026 SMM Zinc Industry Conference

The ongoing delay by the White House on potential refined copper import tariffs under President Donald Trump is accelerating structural dislocations across the global physical copper market. Although the statutory timeline for U.S. Commerce Secretary Howard Lutnick to deliver a recommendation has lapsed without a public ruling, the regulatory ambiguity itself has become a primary driver of global trade dynamics. By keeping the tariff threat active, the U.S. has sustained an elevated delivery premium that continues to incentivize aggressive physical inflows into American ports. Over the past 18 months, this mechanism has allowed the country to build a substantial domestic stockpile of a critical metal essential to both green energy transition and advanced technology sectors. However, this deliberate accumulation has come at the direct expense of liquidity in non-U.S. markets. Physical metal is being systematically diverted away from international hubs, driving rapid inventory drawdowns across both London Metal Exchange and Shanghai Futures Exchange warehouses. As regional pricing premiums widen and trade flows skew disproportionately toward the United States, prolonged tariff uncertainty risks transforming temporary arbitrage plays into a permanent, structural fracture in the global copper market.

[Bearish for Precious Metals] The US Fed held rates but internal divisions intensified, and the hawkish stance remains firm. On July 30, the Fed announced it kept the federal funds rate unchanged at 3.50%-3.75%, marking the fifth consecutive pause in rate hikes. However, the vote was 9:3, with three regional Fed presidents voting for a rate hike—the first time since 2016 that three dissenting votes were cast in unison, highlighting growing hawkish strength within. Fed Chairman Warsh reiterated at the press conference the unwavering commitment to the 2% inflation target and emphasized that if inflation worsens, decisive action will be taken. Market expectations for a September rate hike heated up, extending the duration of high interest rates and continuing to weigh on precious metal valuations. US Treasury yields hit multi-year highs, and elevated real interest rates raised holding costs. Driven by the Fed's hawkish stance and fiscal supply pressures, the 10-year Treasury yield stayed high above 4.6%, while the 30-year yield briefly breached 5.2%, a new high since 2007. The opportunity cost of holding non-interest-bearing precious metals remains elevated, suppressing their appeal for capital. The US dollar index continued to consolidate at highs, while the oil price rebound reinforced the inflation-rate hike linkage. The dollar index consolidated at highs this week in the 101-101.5 range. Although it pulled back slightly after the Fed decision, the overall strength remains intact, directly pressuring precious metals priced in dollars. Meanwhile, escalating Middle East conflicts drove a sharp rebound in international oil prices, with Brent crude returning above $90/barrel. Rising energy prices exacerbated the risk of secondary inflation, in turn reinforcing the logic for the Fed to keep rates high and potentially hike further. Labour market resilience exceeded expectations, supporting prolonged high interest rates. US initial jobless claims for the week ending July 18 fell to 187,000, the lowest since 1969, nearly a 50-year low, showing that the labour market remains quite resilient. Strong employment data reduced the likelihood of Fed rate cuts while providing fundamental support for further rate hikes. The period of real rates staying high was further extended, continuing to suppress the valuation of non-yielding precious metals. [Bullish for Precious Metals] With the US Fed's decision settled, negative factors were fully priced in, driving a sentiment recovery. The outcome of the US Fed maintaining rates unchanged was already fully priced in by the market. Although hawkish signals were sent, no rate hike occurred, leading to a phased release of suppressed bullish sentiment, which drove a slight rebound in precious metals futures. Equity market volatility intensified, with hedging demand rising marginally. This week, US stocks came under increased pullback pressure, with the Nasdaq-100 Index entering a technical correction zone, as tech stocks' earnings expectations and high valuations were under pressure in a high interest rate environment. The rise in equity market volatility drove some funds to increase gold allocations as a risk hedge, providing supplementary support for short-term buying. Global trade frictions fully escalated, with policy uncertainty boosting hedging demand. On July 24, the US officially imposed an additional 10%-12.5% tariff on 60 global trading partners, covering over 99% of total US trade, using Section 301 to replace previous emergency tariffs ruled unconstitutional by the Supreme Court, significantly enhancing legal compliance. Of these, 14 economies were subject to a 10% rate and 46 to a 12.5% rate, with only a few categories such as energy and natural gas exempt. Trade barriers elevated the risk of a global recession, and policy uncertainty drove funds to seek hedging in non-sovereign credit assets like gold, aligning with geopolitical hedging. China's gold ETFs continued to see net inflows, with physical demand forming floor support. China's gold ETFs recorded net inflows for consecutive days, attracting over 300 million yuan in nearly 8 days, reflecting domestic investors' growing demand for gold allocation. Combined with the long-term trend of global central bank gold purchases, physical demand imposed a substantial constraint on the downside room for precious metals. [Macro Summary] This week, the precious metals market saw intense tug-of-war between bulls and bears, overall moving sideways in a narrow range. On one hand, repeated Middle East geopolitical conflicts and escalating global trade frictions provided temporary safe-haven buying support; on the other hand, the strengthened hawkish stance of the US Fed, US Treasury yields and the US dollar index staying high, and oil price rebound pushing up rate hike expectations together exerted sustained pressure. The trending market has not yet clearly emerged, and focus should be on the marginal impacts of changes in September rate hike expectations, the evolution of the Middle East situation, and further escalation of trade frictions.