SMM May 23: Metals market: Overnight, domestic market base metals mostly rose. SHFE copper gained 0.58%. SHFE aluminum fell 0.14%, SHFE lead rose 0.3%. SHFE zinc dipped 0.16%. SHFE tin rose 1.09%. SHFE nickel gained 0.49%. In addition, the most-traded alumina futures contract fell 0.77%, and the most-traded foundry aluminum futures contract slipped 0.06%. Overnight, ferrous metals mostly fell. Iron ore was flat at 792.5 yuan/mt, stainless steel rose 0.34%, rebar edged down 0.09%, and hot-rolled coil fell 0.15%. Coking coal and coke: coking coal extended its decline for a third consecutive trading day, falling 1.45%, while coke dropped 0.95%. Overnight overseas metals market, LME base metals rose across the board. LME copper gained 0.18%. LME aluminum rose 0.45%, LME lead rose 0.4%. LME zinc edged up 0.06%. LME tin rose 1.16%. LME nickel gained 0.67%. Overnight precious metals : COMEX gold fell 0.7%, posting a second consecutive weekly decline with a weekly loss of 1.13%; COMEX silver fell 1.06%, declining for two consecutive weeks with a weekly loss of 2.1%. Overnight, the most-traded SHFE gold futures contract fell 0.1%, posting a second consecutive weekly decline with a weekly loss of 2.13%; the most-traded SHFE silver futures contract rose 0.51%, while SHFE silver declined for two consecutive weeks with a weekly loss of 7.81%. As of 8:31 AM on May 23, overnight closing prices: Macro front China: [PBOC: 600 billion yuan MLF operation to be conducted on May 25] PBOC: To maintain ample liquidity in the banking system, on May 25, 2026, the PBOC will conduct a 600 billion yuan MLF operation with a fixed quantity, interest rate tender, and multiple-price winning method, with a maturity of one year. [CSRC: Crackdown on illegal cross-border securities operations; investors' property safety unaffected by the rectification] Xinhua News Agency reported that recently, with the approval of the State Council, the CSRC and seven other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Business Activities." Regarding this rectification, all parties are highly concerned about how the legitimate rights and interests of existing investors will be protected. In this regard, the plan emphasized that investors' property safety will not be affected by the rectification. A CSRC official stated that the plan specified numerous measures to safeguard the legitimate rights and interests of existing investors. For example, a two-year concentrated rectification period will be set up to phase out relevant domestic services of overseas institutions. Overseas institutions are required to properly communicate with investors affected by the rectification measures in China and arrange account disposal to ensure client property safety. [Hong Kong SFC: Enhanced measures to address risks of forged documents and money laundering and raise account opening standards] The Hong Kong SFC issued a circular on May 22, setting out the monitoring measures that should be implemented when opening accounts and maintaining customer relationships. The circular was issued following the SFC's review of account opening practices at 12 securities brokerages. The review identified multiple significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with ex-China intermediaries. (Wallstreetcn) US dollar: The US dollar index rose 0.12% overnight, closing at 99.32. On a weekly basis, the US dollar index posted its second consecutive weekly gain, up 0.04% for the week. The 17th Fed Chairman Warsh was sworn in at the White House on Friday. Warsh stated: "The Fed's mission is to promote price stability and full employment." He said, "When these goals are pursued with wisdom and clarity, independence and resolve, inflation can be lower, economic growth can be stronger, real take-home wages can be higher, America can be more prosperous, and just as importantly, America's standing in the world can be more secure." He added: "To fulfill this mission, I will lead a reform-oriented Fed that learns from past successes and mistakes, breaking free from static frameworks and models while adhering to clear standards of integrity and performance." (Jin10 Data) Fed Governor Waller's hawkish remarks put US Treasury prices under pressure, with money markets fully pricing in a 25-basis-point interest rate hike in 2026. The most significant policy signal on Friday came from Fed Governor Waller. On Friday local time, Fed Governor Waller stated that as the energy shock from the Iran war pushes up prices, he supports making it clear that the Fed's next rate move is as likely to be a hike as an interest rate cut. Waller said his current stance is to remain patient and keep rates unchanged until the impact of the war becomes clearer, but he warned on Friday that he does not rule out the possibility of future rate hikes if inflation does not begin to slow down soon. Waller's remarks were released almost simultaneously with the swearing-in of new Fed Chairman Warsh. The interest rate environment Warsh currently faces is notably more hawkish than the Fed's internal dot plot expectations. (Wall Street CN) "Fed whisperer" Nick Timiraos noted that there were several key moments during Kevin Warsh's swearing-in ceremony at the White House: ① Trump asked Warsh to be "completely independent." Trump said, "(I hope he) doesn't look at me, doesn't look at anybody." ② Just two minutes later, Trump offered some "suggestions" indicating the economic direction he hoped to see: "Strong economic growth doesn't need to be cooled down," "Economic growth does not mean inflation," and "I want the economy to boom to unprecedented levels, because there is indeed some debt to deal with." ③ Trump hinted that the US Fed's decision-making body would "converge." He said other Fed policymakers "will make their own decisions, but they will listen to Kevin throughout," even those "whose positions are slightly different." ④ Warsh referenced Greenspan, not Bernanke. Warsh recalled the historical scene of Greenspan being sworn in at the White House in 1987, and pledged to "begin work with abundant energy and a sense of mission, just as Chairman Greenspan did." He made no mention of former Chairman Bernanke, with whom he had worked for five years during his previous tenure as a governor. (Jin10 Data) In addition, affected by the Iran war, the US consumer confidence index in May fell to a historic low, and long-term inflation expectations also deteriorated significantly. Data showed that the University of Michigan's final reading of the May consumer confidence index dropped to 44.8, with consumers expecting prices to rise at an annualized rate of 3.9% over the next five to ten years, up from 3.5% in April and hitting a seven-month high. They also expected prices to rise 4.8% over the next year. Gasoline prices continued to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach a deal to end the war. The impact of inflation on household budgets, particularly for low-income consumers, poses risks to the future consumption outlook. Joanne Hsu, the survey director, stated: "Cost of living concerns remain the top issue on people's minds, with 57% of respondents spontaneously citing that high prices are eroding their personal finances, up from 50% last month." She stated: "The key point is that consumers appear worried that inflation will not only spread beyond fuel prices to other areas, but that this upward trend could persist well into the future." (Jin10 Data) Regarding other currencies: ECB President Lagarde stated that despite the deepening impact of the Iran conflict, long-term inflation expectations remained broadly in line with the 2% target. Although the energy crisis is pushing up inflation and dragging on the economy, long-term inflation expectations have remained well-anchored overall. The impact of this conflict on medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect transmission effects. (Wall Street Journal) Bank of Japan Governor Ueda Kazuo said that Prime Minister Takaichi Sanae told him during their meeting on Friday that she hoped the BOJ would adopt appropriate policy, taking into account the government's price measures. Ueda Kazuo told reporters after the meeting with Takaichi Sanae at the Prime Minister's residence in Tokyo that it was a routine meeting between the two and that no specific details of monetary policy were discussed. (Wall Street Journal) On the macro front: Data to be released next week include: UK May CBI retail sales balance, US March FHFA house price index MoM, US March S&P/CS 20-city non-seasonally adjusted house price index YoY, US May Conference Board consumer confidence index, US May Dallas Fed business activity index, Australia April non-seasonally adjusted CPI YoY, New Zealand RBNZ interest rate decision through May 27, Switzerland May ZEW investor confidence index, US weekly ADP employment change through May 9, US May Richmond Fed manufacturing index, Eurozone May industrial confidence index, Eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims through May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, US April durable goods orders MoM, US April new home sales annualized, Japan April unemployment rate, France May CPI MoM preliminary, France Q1 GDP YoY final, Germany May seasonally adjusted unemployment change, Germany May seasonally adjusted unemployment rate, Germany May CPI MoM preliminary, Canada March GDP MoM, US May Chicago PMI, and China May official manufacturing PMI. In addition, next week also warrants attention: today 500 billion yuan in 1-year medium-term lending facility (MLF) and 1 billion yuan in 7-day reverse repo expired; BOJ Governor Ueda Kazuo delivers a speech at a monetary policy conference hosted by the BOJ; the RBNZ releases its interest rate decision and monetary policy statement; RBNZ Governor Breiman holds a monetary policy press conference; the ECB publishes the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivers a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivers a speech; Bank of England Governor Bailey delivers a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivers a speech; US Fed Governor Bowman delivers a speech. Additionally, it is worth noting that due to the Memorial Day holiday, the US stock market will be closed on May 25 (next Monday); trading of precious metals and WTI crude oil futures contracts under CME will end early at 02:30 Beijing time on May 26, and trading of US equity and Treasury futures contracts will end early at 01:00 Beijing time on May 26. Due to the Buddha's Birthday holiday, the Hong Kong stock market will be closed on May 25 (next Monday), with southbound and northbound trading suspended; the South Korean stock market will also be closed on the same day. Furthermore, due to the Spring Bank Holiday, the UK stock market will be closed on May 25 (next Monday); trading of Brent crude oil futures contracts under ICE will end early at 01:30 Beijing time on May 26. Investors are advised to take note. (Jin10 Data) Crude oil: Both oil futures rose overnight, with WTI up 0.67% and Brent up 1.62%. On a weekly basis, WTI futures declined 3.98% for the week, and Brent fell 4.59% for the week. Since the ceasefire agreement was reached in April this year, US-Iran negotiations have remained deadlocked, with no comprehensive agreement to end the conflict in sight. Although a draft reportedly "close to being finalized" is emerging, four core obstacles still stand in the way of lasting peace. According to Bloomberg, the Strait of Hormuz, nuclear issues, the Lebanon conflict, and sanctions currently constitute the four core points of divergence in the negotiations. For investors, this war has plunged global energy markets into severe turbulence, and any progress or breakdown in negotiations will impact commodity prices. (Wallstreetcn) Iranian Foreign Ministry spokesperson Baghaei stated on May 22 that it cannot be concluded that a US-Iran agreement is close to being reached, as significant differences remain between the two sides. According to Iranian media reports on May 22, Baghaei, commenting on the visit of senior Pakistani officials to Tehran, said this indicates the current situation has entered a "turning point or decisive stage." He mentioned that Pakistan's Chief of Army Staff Munir had visited Tehran, and related communications are still ongoing. When asked whether this means a change in the negotiation process, Baghaei said it cannot be said that a US-Iran agreement is close to being reached, noting that there are serious and extensive differences between Iran and the US, and that "diplomacy is a time-consuming process." Baghaei said one should not expect to see results within weeks or months through several rounds of back-and-forth consultations. He emphasized that diplomatic negotiations are inherently a long-term process, and both sides are utilizing various opportunities to convey their respective positions. (Xinhua) Baker Hughes data showed that US drilling companies increased the number of oil and natural gas rigs for the fifth consecutive week. The US total oil rig count for the week ending May 22 was 425, compared to the previous value of 415. In addition, Kazakhstan's national oil and natural gas company: Q1 oil production fell 12% YoY to 5.6 million mt. (Jin10 Data) According to Bloomberg, affected by the Iran war, the average US gasoline price has surpassed $4.5 per gallon, with California exceeding $6. Despite high prices, consumers have not significantly reduced fuel purchases. For most Americans, driving to work and picking up children are daily necessities. Gasoline spending is nearly impossible to cut, and consumers can only reduce discretionary spending to balance budgets. Philadelphia resident Avarisse Crawford said she has cut entertainment expenses, replacing steak dinners and bar gatherings with free park activities. The ongoing Middle East tensions continue to push oil prices higher. The effective blockade of the Strait of Hormuz has hindered global crude oil transportation, and US gasoline inventory has fallen to its lowest level for the same period since 2014. Morgan Stanley expects it to hit a seasonal historic low by the end of August. Facing continued climbing oil prices, the Trump administration has successively released strategic petroleum reserves, waived the Jones Act, and discussed implementing a federal gasoline tax holiday, but the effects remain unclear. As the Memorial Day weekend kicks off the summer travel season, upward demand pressure may further strain already tight inventories. (Wallstreetcn) Recommended reading:

The International Copper Study Group (ICSG) released preliminary data on global copper supply and demand for March 2026 in its monthly bulletin published in May 2026. Preliminary data indicated that global copper mine production in Q1 2026 was basically flat, with copper concentrates production declining by 1.1%, offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production. Although global mine production benefited from additional output driven by capacity ramp-up of projects in several countries, significant declines in copper concentrates production in Chile, the DRC, and Indonesia offset global growth. In Indonesia, copper concentrates production at the Grasberg mine fell by 42%, as the severe mud inflow incident that occurred in September last year continued to affect the mine's production. Chile's mine production declined by 5.8%, with increased production at the Collahuasi and Quebrada Blanca mines offset by production cuts at the Spence, El Teniente, Escondida, and Los Pelambres mines. The DRC's mine production is estimated to have grown by only 0.5%: SX-EW production increased by approximately 10%, but was partially offset by a 36% decline in copper concentrates production due to reduced output at the Kamoa mine (affected by the 2025 earthquake event). In Peru, copper mine production grew by 3.3%, primarily driven by increased production at the Antamina, Las Bambas, and Antapaccay mines, which more than offset production declines at Southern Peru Copper, Quellaveco, and Marcobre. Mongolia's copper concentrates production is estimated to have grown by approximately 36%, benefiting from the capacity ramp-up of the Oyu Tolgoi underground project. Preliminary data indicated that global copper cathode production grew by approximately 4.5% in Q1 2026, with primary copper (electrolysis and ore electrodeposition) production increasing by 3.8% and secondary copper (from scrap) production increasing by 7.6%. China and the DRC, which currently account for approximately 60% of global production, saw their combined production increase by an estimated 9% (China 8.8%, DRC 10%). Excluding these two countries, global copper cathode production declined by approximately 1.4%. Chile's copper cathode production fell by 11.7%, with copper cathode (from concentrates) production declining by 24% due to smelter operational constraints and maintenance, and electrodeposition copper production declining by 5.7%. Production in Asia (excluding China) is estimated to have declined by 4%, mainly due to production decreases in Japan, Indonesia, and the Philippines. India's production is estimated to have grown by 25%, benefiting from improved capacity utilization rates and the capacity ramp-up of the Adani smelter. Global secondary refined copper production (from scrap) increased by 7.6%, mainly driven by growth in China. Preliminary data indicated that global apparent refined copper usage grew by 0.8% in Q1 2026. Although global usage excluding China was estimated to have grown by 1.7%, China's apparent demand (excluding bonded warehouse/unreported inventory changes) was estimated to be basically flat, affected by a 40% decline in China's net imports of copper cathode. China currently accounts for approximately 58% of total global refined copper usage. The preliminary global refined copper supply-demand balance indicated an oversupply of 396,000 mt in Q1 2026. In compiling the global market balance, ICSG used China's apparent demand calculation method, which does not account for changes in unreported inventories. However, to facilitate global market analysis, an adjustment item has been added to the attached tables — "Global refined copper balance adjusted for Chinese bonded warehouse inventory changes" — which adjusts the global refined copper balance based on the average bonded warehouse inventory change estimates from two Chinese copper market consultancies. In Q1 2026, the global refined copper balance based on China's apparent usage (excluding bonded warehouse/unreported inventory changes) showed a preliminary oversupply of approximately 396,000 mt, compared with an oversupply of approximately 135,000 mt in the same period of 2025. The global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories showed a market oversupply of approximately 386,000 mt. Copper Prices and Inventories: Based on the average estimates from two independent consultancies, Chinese bonded warehouse inventories were estimated to have decreased by approximately 10,000 mt from the end of 2025 levels during the first three months of 2026. As of the end of April 2026, copper inventories at major metal exchanges (LME, COMEX, SHFE) totaled 1,148,760 mt, the highest level since January 2003. Inventories increased by 404,648 mt, or 55%, from the end of December 2025, with LME up 253,350 mt, Shanghai Futures Exchange up 46,683 mt, and COMEX up 104,615 mt. The LME spot copper average price in April was $12,891.38 per mt, up 3% from the March average price of $12,498.98 per mt. The 2026 copper price high and low were $14,097 per mt (May 13) and $11,826 per mt (March 19), respectively, with a year-to-date average price of $12,947.22 per mt, up 30% from the 2025 average price. Global Refined Copper Supply and Demand Trends Notes: 1/ Refers to apparent usage 2/ Refined copper balance = production - usage 3/ Seasonally adjusted balance data 4/ Global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories (Wenhua Composite)

SMM, May 22: The most-traded SHFE lead 2607 contract opened at 16,700 yuan/mt. During the session, SHFE lead prices fluctuated at highs within a narrow range around the daily moving average, touching a high of 16,770 yuan/mt in the later session, recording a three-day winning streak, up 90 yuan/mt, a gain of 0.54%. This week, regional inventory performance diverged. Smelters in east China delayed shipments and retained stock due to weakening lead prices, while finished product inventories in other regions edged down, and overall industry inventory increased slightly. After delivery completion, lead ingot social inventory pulled back slowly, with a weak degree of destocking. As multiple smelters resumed production, secondary lead output edged up, constraining price increases. On the capital front, bears reducing positions drove the market to recover, and lead prices were expected to move sideways in the short term with a fluctuating trend. Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM May 22 update: SHFE lead fluctuated with initial weakness followed by strength this week, and secondary refined lead quotes continuously switched between premiums and discounts following futures fluctuations. At the beginning of the week, lead prices declined, but smelter quotes remained relatively firm, mainly hovering around parity to slight premiums, with very few market transactions. Mid-week, futures consolidated on the weak side, and smelters held prices firm for shipments, with quotes stable at parity to a premium of 50 yuan/mt, with only rigid demand making sporadic purchases. Later in the week, lead prices rebounded, smelter shipment sentiment diverged, and quotes gradually shifted to discounts of 0-50 yuan/mt, with some still retaining slight premiums. Downstream players mostly digested inventories after restocking on dips earlier, purchase willingness cooled, and overall spot transactions remained sluggish throughout the week. SMM #1 lead ingot spot prices were initially weak then strengthened this week, but downstream battery plants maintained strong wait-and-see sentiment, spot transactions were poor, and smelter loss pressure further expanded. As of May 14, large enterprises posted losses of 290 yuan/mt, and small and medium-sized enterprises posted losses of 496 yuan/mt. As scrap battery raw material inventory pulled back WoW this week, smelter restocking expectations warmed up, and cost-side upward expectations strengthened. Smelting profits are expected to remain under pressure next week, with the loss pattern continuing. In addition, some smelters plan to resume production next week, secondary refined lead supply is set to increase, and spot premiums are expected to converge.

Spot market, this week (May 18–22, 2026), spot lead prices were in the doldrums from the beginning to mid-week, with the price center continuing to shift downward. Spot lead prices fluctuated higher in the latter half of mid-week. Downstream buyers mainly made just-in-time procurement and digested existing inventories, and overall spot trading activity was moderate. Regional side, Henan smelters primarily fulfilled long-term contracts, with spot quotation ranges fluctuating and futures discount ranges gradually narrowing. In Hunan, willingness to sell among market participants diverged, with spot orders largely trading at parity with the average price and only sporadic just-in-time procurement transactions. Smelters in Jiangxi and Anhui quoted at premiums of +120-150 yuan/mt ex-works against the SMM #1 lead average price, with some cargoes seeing moderate transactions. Guangdong smelters previously quoted at premiums mostly in the 150-200 yuan/mt range, but due to insufficient finished product inventories, their overall willingness to sell remained cautious.

[Consumption Gradually Entering Off-Season, Market Mostly Purchasing as Needed] Zinc prices hovered at highs during the week. Die-casting zinc alloy enterprises restocked and stockpiled on dips during the week. Combined with cargo pick-up activities of various enterprises, raw material inventory increased somewhat this week.....

[SMM Platinum and Palladium Weekly Review] This week (May 18 – May 22), the most-traded platinum futures contract PT2606 on China's GFEX opened at 490.1 yuan/gram and closed at 485 yuan/gram, down 17.4 yuan/gram or 3.46% from last week's settlement price, with a highest price of 496.4 yuan/gram and a lowest price of 474.35 yuan/gram; the most-traded palladium futures contract PD2606 opened at 340.35 yuan/gram and closed at 332.2 yuan/gram, down 13.85 yuan/gram or 4.00% from last week's settlement price, with a highest price of 343.95 yuan/gram and a lowest price of 327.65 yuan/gram. In terms of futures trading volume: the most-traded platinum contract PT2606 recorded a total weekly trading volume of 18,633 lots with a total turnover of 9.074 billion yuan and open interest of 7,283 lots, down 2,687 lots WoW. The most-traded palladium contract PD2606 recorded a total weekly trading volume of 14,380 lots with a total turnover of 4.824 billion yuan and open interest of 5,213 lots, down 1,352 lots WoW. Platinum and palladium were in the doldrums this week. Both saw significant declines at the beginning of the week, mainly due to repeated Middle East geopolitical tensions with slow progress in US-Iran negotiations, critically low global crude oil inventories driving oil prices higher, coupled with rising rate hike expectations and rising US Treasury yields, which continued to weigh on precious metals valuations. After Wednesday, as US-Iran tensions eased somewhat, falling oil prices combined with pullbacks in medium- and long-term US Treasury yields led precious metals futures to rebound slightly, but the rebound was limited and failed to recover the ground lost at the beginning of the week. US Fed: Key focus should be on the swearing-in speech to be delivered tonight. Based on Warsh's previous policy stance, if he insists on prioritizing inflation fighting and releases rate hike expectations, precious metals are expected to remain under sustained pressure in the short term. Trade and tariffs: A constructive strategic stability relationship between China and the US was established, with the 10% fentanyl tariff on China removed, the 24% punitive tariff on China extended for another 18-month suspension, and the Section 301 investigation on China's shipbuilding, logistics, and maritime sectors suspended for 18 months, reducing trade and tariff uncertainties. In the near term, key areas to watch remain changes in US-Iran dynamics, GFEX platinum and palladium registered warrants, Warsh's inaugural speech, and trial results of palladium applications in the fiberglass sector.

[Geopolitical Tensions Fluctuate as SHFE and LME Zinc Prices Fluctuate Upward] At the beginning of the week, the tug-of-war between longs and shorts intensified. On the macro front, the Middle East situation remained unresolved and market uncertainty persisted, but the US dollar index retreated from highs. Combined with persistently low ex-China zinc ingot inventory, LME zinc maintained a fluctuating trend......

[Weakening Consumption, Declining Operating Rates of Galvanising Producers]: The operating rate of the galvanizing industry was 59.82% this week, down 0.37 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week. Downstream buyers restocked on dips for rigid demand only, without large-scale stockpiling. Zinc ingot inventory of galvanising enterprises edged up.

This week (May 15-21), the SMM operating rate of copper wire and cable enterprises came in at 66.87%, up 0.97 percentage points WoW and down 15.47 percentage points YoY. Copper prices fell first and then rose during the week. During the price pullback phase, downstream placed orders as needed, briefly boosting a recovery in orders, but order momentum pulled back once copper prices rebounded. On the end-use demand front, some power grid orders were released and some spot orders in the market edged up, while demand in other sectors remained mediocre. Inventory side, raw material inventory increased 3.2% WoW, mainly because enterprises restocked on rigid demand during the copper price pullback. Meanwhile, some downstream enterprises took the opportunity to pick up goods, driving slight destocking, with finished product inventories down 2.51% WoW. Looking ahead to next week, the operating rate is expected to rebound due to production scheduling of new orders. However, enterprises' ability to take orders remains insufficient after copper prices rebounded, limiting overall upside room. Therefore, SMM expects the copper wire and cable operating rate next week (May 22-28) to continue rising 0.89 percentage points WoW to 67.77%.