The rally that propelled gold and silver to record-breaking highs in 2025 could pick up again if a U.S.-Iran peace deal is reached, market watchers told CNBC as prices ticked higher on Thursday.

SMM News on May 16: After a prolonged period of stability and firmness, antimony prices experienced a certain decline this week. Although the fundamental supply and demand dynamics in the antimony market have remained relatively unchanged, the significant suspension of imported ore entering the domestic market has led to a severe shortage of domestic antimony raw materials. Additionally, the overall inventory of antimony products among domestic manufacturers is at historically low levels, prompting manufacturers to continue stabilizing their quotes. In the domestic end-use market for antimony products, whether for flame retardants or PV applications, orders have remained basically stable. Although there has been no recent improvement in orders from the end-user side, they have also not deteriorated, with an overall good pace of just-in-time procurement. However, due to the recent intermingling of bullish and bearish market news, the sentiment in the hot money market has become chaotic, leading to the entry of some low-priced supplies into the market. As of now, the SMM average prices for antimony are as follows: 2# low-bismuth antimony ingot at 228,500 yuan/mt, 1# antimony ingot at 232,500 yuan/mt, 0# antimony ingot at 236,500 yuan/mt, and the average price for 2# high-bismuth antimony ingot at 225,500 yuan/mt. As for the market prices of antimony trioxide this week, as of now, the SMM average prices for antimony trioxide are: 99.5% purity at 198,500 yuan/mt and 99.8% purity at 210,000 yuan/mt. Additionally, according to SMM's assessment, the overall production of antimony ingots (including antimony ingots, crude antimony conversion, antimony cathode, etc.) in China in April 2025 is expected to decline significantly by around 10% MoM compared to the previous month. Specifically, among the 33 surveyed entities currently assessed by SMM, 8 manufacturers have halted production, a decrease of 4 from the previous month; 21 manufacturers have experienced a reduction in production, an increase of 4 from the previous month; and 4 manufacturers have maintained basically normal production levels, unchanged from the previous month. From the perspective of antimony ingot production, antimony production in April declined again after rebounding in March, a phenomenon considered normal by many market participants. This is attributed to the ongoing inability of many overseas ore sources to enter the domestic market, coupled with the poor progress of mining operations at northern ore sources, with many mines still in the process of gradual recovery or remaining suspended. Currently, many market participants indicate that the overall supply of domestic raw materials remains tight, and the reluctance of antimony ore suppliers to sell is still evident. Many manufacturers state that their current inventory levels are still in a phase of reduction. If the future increase in domestic mine raw material supply can alleviate the raw material shortage, production in May may show signs of recovery; otherwise, the reduction in market inventory will continue. Market participants anticipate that the national antimony ingot production in May 2025 is likely to decline compared to April, although a stable production level is also a possibility. However, based on the current situation, the likelihood of an increase appears relatively small. Furthermore, according to SMM's assessment, the production of first-grade sodium pyroantimonate in China in April 2025 is expected to decline by around 1.8% MoM compared to the previous month, remaining basically stable after a significant rebound in the previous month. Many market participants consider this a normal phenomenon. Since antimony prices began to rise continuously from the end of February, orders for glass factories have also started to increase. The production increase of many manufacturers in March was also related to receiving more orders, and it is reasonable for this situation to continue into April. Looking at other detailed data, among the 11 survey respondents from SMM, in April, 2 manufacturers were in a state of shutdown or commissioning, 4 sodium pyroantimonate manufacturers experienced an increase in production, and 2 manufacturers saw a significant decline in production. As a result, the overall production remained basically stable, with a slight decline. Market participants expect that the national production of sodium pyroantimonate in May is unlikely to continue to decline compared to April, and it is more likely to remain flat or increase slightly. 》View SMM historical prices of bismuth

》Check SMM minor metal quotes, data, and market analysis 》Subscribe to view historical spot prices of SMM titanium SMM News on May 16: This week , indium prices continued to decline rapidly. Although there have been relatively small changes in the fundamental aspects of the indium market since May, market demand has remained sluggish. The enthusiasm for purchasing in the downstream end-user sector of ITO targets has been weak, coupled with the wait-and-see attitude of speculative capital. Currently, bearish sentiment has dominated the market, and the negotiable margin for manufacturers' selling prices has been continuously expanding. However, transactions remain sluggish, with market prices continuing to decline at a relatively fast pace this week. From the perspective of market supply and demand, there has been no essential change in the supply-demand pattern. However, overall, there is a strong wait-and-see attitude in both the end-user and capital markets. As of the end of this week, the SMM refined indium price ranged from 2,480 to 2,530 yuan/kg. The tender market has also been very sluggish recently. According to official information obtained by SMM, Guangxi Huaxi Mining conducted a public tender sale for indium ingots in May 2025 today, with a starting price of no less than 2,520 yuan/kg. Before bidding, please be sure to comply with the requirements of the "Service Management Measures of Guangxi Sunshine Procurement Service Platform" and other relevant documents. Bidders are required to pay a bid bond: Two hundred and fifty thousand yuan (￥250,000.00), which should be paid through the bank account registered on the Guangxi Sunshine Procurement Service Platform and in accordance with system prompts. The bid bonds of unsuccessful bidders will be refunded within 5 days after the announcement of the transaction results. (3) The final successful bidder will be determined based on the principles of "price priority and time priority." During the bidding process, bidders should make their bids seriously and solemnly. Once a bid is accepted, it cannot be revoked. Name of the Purchaser: Guangxi Huaxi Nonferrous Metals Co., Ltd. Address: Within the warehouse of Laibin Huaxi Smelting Co., Ltd. Contact Person and Phone Number: Huang Zongtong 18878997989. Address of Guangxi Sunshine Procurement Service Platform: Guangxi State-owned Assets Trading Center, No. 18 Fenglin Road, Qingxiu District, Nanning City. Contact Person: Guangxi Sunshine Procurement Service Platform. Contact Information: 0771-5581051/0771-5715031. Market participants have indicated that although the current tight supply of crude indium raw materials in the market persists, due to the lack of effective recovery in end-use demand and the withdrawal of hot money from market speculation, many market participants still maintain a relatively pessimistic outlook on prices in May. 》Check SMM historical indium prices

The humanoid robot craze continues, with upstream parts producers taking the lead in cashing in on the industry's dividends. Today, robotics concept stocks surged, with Tuosida and others hitting the daily limit. Wuzhou Xinchun, Saifutian, and Baoxin Technology also hit the daily limit in the afternoon, while Taier Shares, Keli'er, Wanxiang Qianchao, Chunguang Technology, and Tuosida had previously hit the daily limit. Effort, Weiergao, Tongxin Transmission, and Mannst among others rose by more than 10%. Recently, Wang Xingxing revealed during a speech at the 6th Shanghai Innovation and Entrepreneurship Youth 50 Forum that humanoid robot companies, including Unitree, are currently in good shape. "Many companies are swamped with orders," Wang said. He also mentioned that Unitree Technology is currently short-staffed across all positions. Hot money is pouring into the primary market, with new startups emerging one after another. In the secondary market, concept stock companies are seeing their share prices soar. Humanoid robots are undoubtedly the most iconic emerging industry in 2025. As robots gradually transition from dancing and somersaulting in labs to industrial applications, the greater challenge lies in achieving mass production to form a commercial closed loop. What customers need are robots that can truly create value, with a focus on return on investment, rather than mere showmanship or performance. Previously, Tesla founder Elon Musk stated that in 2025, over 1,000 humanoid robots, Optimus, will be produced and trial-run in Tesla's own factories to prepare for full-scale mass production. An industry insider told the *Science and Technology Innovation Board Daily* that currently, Zhiyuan Robotics and Leju Robotics are among the top in terms of industry shipments. In a previous interview with the *Science and Technology Innovation Board Daily*, Yao Maoqing, partner of Zhiyuan Robotics and president of the Embodied Intelligence Business Unit, introduced that Zhiyuan plans to maintain robot shipments in the thousands this year, with revenue expected to grow severalfold. Leju also aims to deliver over 1,000 humanoid robots this year, with a minimum guaranteed delivery of 500 units. Unitree Robotics, on the other hand, has been inundated with orders, with a typical delivery date of two months. The *Science and Technology Innovation Board Daily* learned from Fourier Intelligence that, as of Q1 2025, Fourier Intelligence had delivered over 10,000 robots in total. The overall shipment and delivery target for 2025 is in the thousands, with a goal of delivering 300 bipedal humanoid robots. Recently, Fourier Intelligence and the Shanghai International Medical Center officially unveiled the "Embodied Intelligence Rehabilitation Hub." The two sides will engage in comprehensive cooperation around the construction of application standards for embodied intelligent robots in rehabilitation medical scenarios, the co-creation of rehabilitation programs, and scientific research, jointly building the first domestic demonstration base for embodied intelligent rehabilitation. At the same time, Fourier Intelligence signed a strategic cooperation agreement with Tongji University. The two sides will leverage their respective strengths to carry out joint R&D, talent cultivation, and scenario co-construction, accelerating the transformation of advanced technologies from theory to practical application.Fourier Intelligence also signed a strategic cooperation agreement with the National-Local Joint Humanoid Robot Innovation Center to jointly promote the innovative application of embodied intelligence technology in the fields of rehabilitation healthcare and industrial services. This also marked Fourier Intelligence's first step in exploring embodied intelligence + elderly care in collaboration with industry partners. A reporter from the *China Securities Journal* learned from UBTECH Robotics that today, Huawei and UBTECH Robotics officially signed a comprehensive cooperation agreement in Shenzhen. The two parties will carry out innovative cooperation in the fields of embodied intelligence and humanoid robots, covering product R&D, scenario applications, and industrial systems. The agreement stipulates that the two parties will leverage Huawei's capabilities, including Ascend, Kunpeng, Huawei Cloud, and large models, as well as Huawei's experience in R&D, production, and supply, and combine them with UBTECH Robotics' full-stack humanoid robot technology to drive the transition of humanoid robots from laboratory innovation to efficiency improvements and scalable deployment in industrial, home, and other scenarios. Huawei will rely on its full-stack AI infrastructure capabilities to support UBTECH Robotics in establishing an embodied intelligence innovation center. The two parties will also collaborate on developing joint demonstration solutions for "humanoid robots + smart factories" based on specific scenarios, as well as on developing home service humanoid robots (including bipedal and wheeled humanoid robots). In late April, UBTECH Robotics officially signed a large-scale procurement contract for bipedal humanoid robots with the purchasing party. The products involved are mainly the industrial humanoid robot Walker S1 and the commercial version humanoid robot Walker C. The relevant products will be used in production and manufacturing processes at automotive factories, as well as in commercial reception and other areas. This is the first time globally that a humanoid robot enterprise has signed a small-batch procurement contract for humanoid robots in a factory manufacturing scenario. However, due to limited capacity, it is difficult to replicate demand scenarios on a large scale, making it challenging to form a viable business loop. As a result, many industry insiders remain cautious about the current shipment situation of humanoid robots. A CFO of a humanoid robot company in Shanghai told a reporter from the *China Securities Journal* that currently, the company already has a backlog of orders for several hundred units. However, due to capacity constraints, the CFO remains cautiously optimistic about shipments. "On the one hand, the company's own capacity is insufficient, and on the other hand, there are issues with the stability of parts. Therefore, shipments are relatively cautious," the CFO also mentioned that the vast majority of humanoid robot enterprises do not ship their products to real, valuable application scenarios. Since it is difficult for scenarios to meet customer value needs, it is also challenging to form a viable business loop for humanoid robot shipments. He Bin, Dean of the School of Electronic and Information Engineering at Tongji University, believes that embodied intelligence drives AI development towards physical space projects through human behavior, enabling information interaction in the physical space.AI technology integrates physics with technology, with numerous cutting-edge fields that are highly popular. From the perspectives of AI and personnel, enterprises face challenges ranging from foundational models to practical key data technologies, data acquisition, and algorithm applications. Driven by capital and integrated with various scenarios, especially the application of special mechanical products, there is potential for breakthrough development in the future. Li Jing, a professor and doctoral supervisor at the Shanghai Key Laboratory of Intelligent Manufacturing and Robotics, Shanghai University, stated that embodied intelligent operation models differ from general large models. The large model represents a new paradigm for embodied intelligence, encompassing environmental perception, decision-making, and enforcement. Humanoid robots have become a hot topic due to their generalization capabilities, enabling them to achieve more functions based on model data foundations and strong enforcement. Li Jing believes that from a robotics professional perspective, motion control of humanoid robots is a key focus. Currently, there are shortcomings in this area both domestically and overseas. For instance, while the improvement of cerebellar functions and the ability to stand and walk are important, enhancing generalization capabilities in unstructured environments, including breakthroughs in safety under human-robot functional binding and flexible control of whole-body motion, is a long-term process that also limits application scenarios.