On June 16th, Australian miner Polymetals Resources Ltd announced that commercial production has commenced at its Endeavor silver-zinc mine, located in Cobar, New South Wales. The production of both silver-lead and zinc concentrates is now underway, with stable plant operations and ongoing optimisation of grinding and flotation circuits. The company stated that prepayment for zinc concentrate will be received in June, marking the project's first cashflow, while the first shipment is scheduled for early July. Deliveries of silver-lead concentrate will follow shortly thereafter. Access to high-grade silver ore in the upper levels is progressing, with first ore extraction expected in August. The operation is set to ramp up throughout the second half of 2025, targeting nameplate capacity of 1.2 million tonnes of ore per year. Once a major producer in Australia, the Endeavor mine has been successfully restarted over the past nine months with strong cost control. The board expressed satisfaction with current progress and is optimistic about delivering long-term value to shareholders and the Cobar region. If operations proceed smoothly, the mine is expected to produce approximately 20,000 tonnes of zinc in concentrate in 2025.

SMM May 23 News: Recently, Zhuzhou Smelter Group Co., Ltd. released its performance announcements for Q1 2025 and the full year of 2024. In Q1 2025, the company achieved a total revenue of 4.803 billion yuan, up 8.5% YoY. Net profit attributable to shareholders of the publicly listed firm reached 277 million yuan, up 74.07% YoY. Regarding the reasons for the YoY increase in Q1 performance, Zhuzhou Smelter Group stated that precious metals, represented by gold, fluctuated at highs and continuously hit new highs in Q1 this year, bringing a profit-boosting effect to the company. Currently, the global precious metals market is influenced by expectations of interest rate cuts in developed economies, geopolitical risks, and growth in industrial demand, leading to a sustained upward trend in the prices of gold, silver, and other precious metals. The company significantly improved its unit output value and profit contribution by extracting precious metals through mining and refining externally purchased raw materials. According to public information, Zhuzhou Smelter Group is mainly engaged in the smelting, processing, and sales of zinc, lead, and their alloys, while also involved in comprehensive recovery of rare and precious metals, R&D of new materials, and other fields. The company's main smelting products include zinc ingots, hot-dip galvanizing alloys, foundry zinc alloys, lead ingots, lead-based alloys, gold, silver, etc. By-products include sulphuric acid, copper matte, antimony white powder, etc. Mineral products include copper concentrates and gold-sulfur concentrates, as well as minor products such as bismuth ingots, tellurium ingots, cadmium ingots, and indium ingots. On the evening of April 10, Zhuzhou Smelter Group released its 2024 annual report. According to the announcement, in 2024, the company achieved a total operating revenue of approximately 19.759 billion yuan, up 1.82% YoY. Net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, reached approximately 730 million yuan, up 29.71% YoY. The net cash flow generated from operating activities was 1.107 billion yuan, up 60.32% YoY, indicating high operational quality. Zhuzhou Smelter Group stated that the company's operating performance demonstrated strong resilience. Despite the continued sluggishness of processing fees in the market, the smelting segment achieved the annual profit target, while the mining segment achieved increased profits and revenue. Production volumes of copper, lead, and zinc concentrates, gold, and other products all reached new highs, with significant growth in total annual profit and net profit. According to the annual report data, in 2024, Zhuzhou Smelter Group produced approximately 640,000 mt of zinc and zinc alloys and approximately 640,000 mt of sulphuric acid, and completed the production of approximately 100,000 mt of lead and lead alloys, remaining in the first tier of domestic lead and zinc production. Meanwhile, the company achieved a gold production of 3,710.30 kg, up 8.05% YoY, and gold sales of 4,074.96 kg, up 36.42% YoY. Taking the lead and zinc industry as an example, reviewing the market situation over the past year, the supply of lead and zinc concentrates was tight in 2024, with processing fees for lead and zinc concentrates falling repeatedly throughout the year, all dropping below historical lows. According to SMM historical price data, domestic zinc concentrate TCs plummeted to 1,450 yuan/mt (metal content) on August 2, 2024, while imported zinc concentrate TCs fell to -$40/dmt on August 16, 2024, both hitting record lows. In 2024, due to ore shortages and narrowing profit margins, domestic smelters even called for "joint production cuts." Regarding lead concentrate TCs, they also continued to decline amid tight lead concentrate supply in the market. On July 26, 2024, the average domestic lead concentrate TC fell to 550 yuan/mt (metal content), hitting a record low. The lowest imported lead concentrate TC reached -$50/dmt on the same day, also marking a historic low for negative TCs. Even in July 2024, due to insufficient lead concentrate supply, scrap batteries temporarily became a common raw material for secondary lead smelters and some primary lead smelters. The lead paste extracted from dismantled scrap batteries by primary lead smelters became a major source of raw material supplementation. Against this backdrop, Zhuzhou Smelter Group still achieved its annual profit targets on the smelting side, increased profits and revenue on the mining side, and set new production records for copper, lead, and zinc concentrates, as well as gold. Its risk-resistance capabilities are beyond doubt. As a byproduct of lead-zinc ore smelting, gold performed exceptionally well in 2024, with precious metal prices surging strongly throughout the year. International gold and silver prices repeatedly hit record highs. Driven by stronger-than-expected US economic performance and the market's "Trump trade," the US dollar index surged after Trump's election victory, while the RMB depreciated sharply against the US dollar amid potential tariff pressures. Overall, gold and silver prices underperformed overseas markets during the year, with SHFE gold rising approximately 30% and SHFE silver increasing around 32%. However, after entering 2025, the tight supply of zinc concentrates has significantly eased. As of May 16, domestic zinc concentrate TCs have rebounded to 3,300-3,700 yuan/mt (metal content), with an average price of 3,500 yuan/mt (metal content). This represents a 2,050 yuan/mt (metal content) increase from the previous historic low of 1,450 yuan/mt (metal content), marking a 141.38% surge. 》Click to view SMM spot quotes for zinc products In fact, as early as October 2024, with the rebound in SMM's seven-port inventory and a slight increase in domestic imported ore circulation, domestic zinc concentrate supply received some supplementation. Moreover, zinc prices remained high in October, driving up mine profits. Coupled with gradual improvements in raw material inventories at some domestic smelters, the market sentiment was strongly bullish. Based on these factors, some smelters negotiated with mines to raise domestic TCs, leading to a slight rebound in TCs across multiple regions in China in October. After that, domestic smelters continued to operate at low capacity utilization rates, and the days of raw material inventories at smelters continued to recover. In December, domestic zinc concentrate TCs increased slightly on a MoM basis, reversing the previous trend of consecutive declines. In January 2025, the pressure on smelters' raw materials continued to ease. Coupled with the sustained high zinc prices in Q4 2024, smelters were able to negotiate with mines to increase zinc concentrate TCs, leading to a significant increase in domestic zinc concentrate TCs in January. While domestic TCs were rising, smelters showed low purchase willingness for imported zinc ore TCs, which also prompted a noticeable rebound in imported zinc ore TCs. In February, domestic zinc concentrate TCs continued to rise, mainly due to the Chinese New Year holiday, during which some enterprises conducted maintenance and took holidays, leading to a decrease in overall production. This boosted the continuous rebound in both domestic and imported TCs. Additionally, smelters continued to refuse to budge on prices to achieve profitability. The days of raw material inventories at domestic smelters remained at around 28 days, indicating a relatively high level of raw material stocking. Coupled with the intermittent opening of the import window, the port arrivals of zinc concentrates increased, and port inventories once surged to over 400,000 mt, replenishing smelters' raw material inventories and maintaining them at a high level overall. Under the combined influence of these factors, the supply of zinc concentrates in February was loose, and TCs continued to rise. Entering March, driven by the supplement of imported ore and the expectation of the gradual resumption of production at domestic mines, domestic smelters continued to raise their TCs quotes. As of March 28, domestic zinc concentrate TCs increased to 3,400 yuan/mt (metal content). In the past two months, the increase in domestic zinc concentrate TCs has significantly slowed down. SMM learned that although some smelters will conduct maintenance in May and smelters continue to refuse to budge on prices, considering profit factors, miners have a strong willingness to keep zinc concentrate TCs flat in May. Under continuous negotiations between the two parties, the increase in zinc concentrate TCs in May compared to April is limited. Looking ahead, despite the significant increase in overseas zinc mine output this year, there is no obvious increase in domestic zinc mine output except for Huoshaoyun. Moreover, with improved profits, smelters are highly motivated to produce, and new smelters put into operation in Q2 in China are also gradually ramping up production. With both supply and demand increasing, there may be limited room for future increases in domestic zinc concentrate TCs, and it is necessary to continuously monitor the subsequent inflow of imported zinc ore. In addition, the announcement also mentioned that the company has a lead-zinc-copper mining and beneficiation capacity of 860,000 mt, with relatively high lead-zinc geological grades, making it a well-endowed mine in China with a certain advantageous position. From the perspective of resource value, lead-zinc mines are rich in gold and silver, with high value per ton of ore. According to the data from the annual reserve report of the Shuikoushan Lead-Zinc Mine mining right, the Kangjiawan mining area under the Shuikoushan Lead-Zinc Mine mining right has a reserved resource volume of 11.807 million mt and a reserve volume of 4.953 million mt, placing its overall mine value among the top in the country. The company has a production capacity of 860,000 mt for lead-zinc-copper mining and beneficiation, 680,000 mt for zinc products, and 100,000 mt for lead products. It also comprehensively recovers various rare and precious metals such as copper, gold, silver, bismuth, indium, cadmium, and tellurium. Relying on the copper-lead-zinc industrial base, it has significant industrial synergy advantages. In 2025, the company aims to produce 643,000 mt of zinc and zinc alloy products, 103,500 mt of lead and lead alloy products, 860,000 mt of raw ore from mines, 3.8 mt of gold, and 295 mt of silver. In terms of mines, the company holds the mining rights for the Shuikoushan Lead-Zinc Mine and the Baifang Copper Mine, operating three mines (the Kangjiawan Mine and the Lead-Zinc Mine both fall under the Shuikoushan Lead-Zinc Mine mining rights) and one beneficiation plant, with an annual raw ore mining and beneficiation capacity of 860,000 mt. In zinc smelting, it has a zinc smelting capacity of 300,000 mt, a deep-processing capacity of 380,000 mt for zinc-based alloys, and a total zinc product capacity of 680,000 mt, ranking among the top in the country. In lead smelting, it operates two lead and precious metal smelters, with a production capacity of 100,000 mt for lead smelting, 4,500 kg of gold, and 470 mt of silver.

[Silver Storm Advances Financing for La Parrilla Silver Mine Restart] Canadian miner Silver Storm Mining Ltd. has announced significant progress in securing financing for the restart of operations at its La Parrilla Silver Mine Complex in Durango, Mexico. The company has received several indicative term sheets from major trading houses for multi-year offtake agreements covering lead and zinc concentrates, alongside proposals from conventional lenders.These financing proposals include structured prepayment or project-linked facilities aimed at supporting near-term restart efforts. Key terms under consideration include: 1. Total funding between US$15 million and US$17 million, 2. Facility tenors ranging from 36 to 48 months, 3. Interest rates tied to the 3-month SOFR benchmark plus a standard market premium. All offers remain subject to customary conditions, such as satisfactory due diligence, full offtake commitments for production over the loan term, acceptable collateral arrangements, and final credit approvals. There is no certainty that binding agreements will be finalized or that financing will proceed on acceptable terms.

According to the 2024 annual report of Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., the company's mines held zinc metal resources of 7.13 million mt as of 2024. In 2024, the company's mining enterprises produced 265,000 mt of lead and zinc concentrate metal content, up 0.84% YoY. Among them, domestic mining enterprises produced 161,300 mt of lead and zinc ore metal content, down 5.33% YoY. The company's smelters produced 871,500 mt of copper, lead, and zinc products, up 3.26% YoY. Among them, lead and zinc products amounted to 439,800 mt, down 0.27% YoY.

According to the 2024 annual report of Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., the company's mines held zinc metal resources of 7.13 million mt as of 2024. In 2024, the company's mining enterprises produced 265,000 mt of lead and zinc concentrate metal content, up 0.84% YoY, of which domestic mining enterprises produced 161,300 mt of lead and zinc ore metal content, down 5.33% YoY. The company's smelters produced 871,500 mt of copper, lead, and zinc products, up 3.26% YoY, of which lead and zinc products accounted for 439,800 mt, down 0.27% YoY.

【SMM Flash News】According to the 2024 annual report of Jin Hui Co., Ltd., the company produced 61,500 mt in metal content of zinc concentrates and 20,700 mt in metal content of lead concentrates (including silver) during the reporting period, down 3.66% and 3.15% YoY, respectively. In 2025, the company is expected to produce over 100,000 mt in metal content of lead and zinc concentrates.

【SMM Express】According to the 2024 annual report of Jin Hui Co., Ltd., the company produced 61,500 mt in metal content of zinc concentrates and 20,700 mt in metal content of lead concentrates (including silver) during the reporting period, representing YoY decreases of 3.66% and 3.15%, respectively. In 2025, the company is expected to produce over 100,000 mt in metal content of lead and zinc concentrates.

》【Live】2025 Global Supply-Demand Balance Analysis of Lead and Zinc Concentrates, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live at the Lead-Zinc Summit】 SMM, April 11: Metal Market: At the close of the day, domestic base metals collectively rose, with SHFE tin leading the gains at up 3.62%. Other metals, except SHFE aluminum, rose more than 1%: SHFE copper up 1.79%, SHFE nickel up 1.95%, SHFE lead up 1.14%, and SHFE zinc up 1.25%. SHFE aluminum rose 0.41%. Alumina main contract fell 0.14%. In addition, lithium carbonate main contract fell 0.54%, silicon metal main contract fell 1.2%, polysilicon main contract fell 1.55%, and European container shipping main contract fell 1.97%. Overseas, as of 15:03, base metals generally rose, with LME tin up 1.03% leading the gains, while other metals rose less than 1%. In the ferrous metals series, stainless steel rose 0.4%, iron ore rose 0.71%, and rebar rose 0.26%. In coking coal and coke, coking coal fell 2.72%, and coke fell 1.42%. In precious metals, as of 15:03, COMEX gold rose 1.32%, hitting a record high of $3,241.5/oz, marking its fourth consecutive gain. COMEX silver rose 1.55%, recording its fifth consecutive gain. Domestically, SHFE gold rose 2.71%, hitting a record high of 763.62 yuan/gram, and SHFE silver rose 1.62%. Market as of 15:03 today 》Click to view SMM Market Dashboard Macro Front: Domestic: 【China Semiconductor Industry Association: "Integrated Circuit" Origin Determined by Four-Digit Tariff Code Change Principle, i.e., Wafer Fab Location Recognized as Origin】 The China Semiconductor Industry Association issued an urgent notice on the "Origin" determination rules for semiconductor products on April 11. According to the General Administration of Customs, the origin of "integrated circuits" is determined by the four-digit tariff code change principle, i.e., the wafer fab location is recognized as the origin. It is recommended that the origin of "integrated circuits," whether packaged or unpackaged, be declared based on the location of the wafer fab during import customs clearance. ► On April 11, the central parity rate of the RMB in the interbank foreign exchange market was 7.2087 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.71% to 100.22, hitting a low of 99.64. Data from the US Bureau of Labor Statistics showed that the US March CPI fell 0.1% MoM, unexpectedly negative, the lowest since May 2020, well below the market expectation of 0.1%. The US March CPI rose 2.4% YoY, below expectations and previous values. The US March core CPI rose 2.8% YoY, falling for the second consecutive month, the lowest since March 2021; core CPI rose 0.1% MoM, the lowest since June 2024. After the data release, traders bet that the US Fed will resume rate cuts in June and may lower the policy rate by a full percentage point by year-end. However, the report was not enough to ease market concerns, as inflation risks significantly increased after the full tariff impact. Several US Fed officials spoke intensively, emphasizing attention to inflation upside risks, warning that tariffs could trigger persistent price pressures, and hinting at no rush to cut rates in the short term. On April 10, Boston Fed President Collins stated that the US Fed may lower rates later this year, but tariff-driven inflation could delay further cuts; Dallas Fed President Logan believed that maintaining stable rates temporarily is the best approach while waiting for clearer economic impacts from tariffs; Goolsbee described tariffs as stagflationary shocks, posing challenges to the US Fed as there is no universal solution to such shocks. Data from the US Labor Department on Thursday showed that US consumer prices unexpectedly fell in March, but inflation improvement is unlikely to persist due to tariffs. Traders currently bet that the US Fed will resume rate cuts in June and may lower rates by a full percentage point by the end of 2025. Attention is on the US PPI data to be released tonight. (Wenhua Comprehensive) Data: 【PBOC Deputy Governor Xuan Changneng Attends and Chairs ASEAN+3 Finance and Central Bank Deputies Meeting: The Meeting Discussed the Impact of US Tariff Policies on Global and Regional Macroeconomic Situations】 PBOC Deputy Governor Xuan Changneng attended the ASEAN+3 (10+3) Finance and Central Bank Deputies Meeting in Kuala Lumpur, Malaysia, from April 8 to 9, 2025, and chaired related discussions as the co-chair of the 10+3 financial cooperation mechanism. The meeting discussed the impact of US tariff policies on global and regional macroeconomic situations, improvements to the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the ASEAN+3 Macroeconomic Research Office (AMRO), reaching a series of consensuses on deepening regional policy coordination and strengthening regional financial safety nets. The meeting unanimously passed the legal arrangements for RMB contributions under the CMIM mechanism. The finance and central bank deputies of China, Japan, and South Korea held a meeting during the same period, exchanging views on the economic situation and regional financial cooperation. Xuan Changneng highlighted that, facing the challenges of rising global uncertainty, the PBOC will implement a moderately loose monetary policy, support stable financial market operations, and consolidate the momentum of economic recovery. Additionally, Xuan Changneng held bilateral talks with South Korea's Deputy Finance Minister Choi Ji-young, South Korea's Central Bank Deputy Governor Kwon Min-soo, and Singapore's Monetary Authority Deputy Managing Director Leong Sing Chiong, exchanging views on the impact of global uncertainty on various countries. (Cailian Press) Today, the UK February GDP MoM, UK February Industrial Production MoM, UK February Industrial Production YoY, UK February Goods Trade Balance (seasonally adjusted), UK February Trade Balance (seasonally adjusted), Germany April CPI YoY (preliminary), Switzerland March Consumer Confidence Index (seasonally adjusted), China March M2 Money Supply YoY (April 11-17, time uncertain), China March Social Financing Scale (YTD), China March New Yuan Loans (YTD), US March PPI YoY, US March Core PPI YoY, and US April University of Michigan Consumer Sentiment Index (preliminary) will be released. Additionally, noteworthy events include: 2025 FOMC voter and Chicago Fed President Goolsbee speaking at the New York Economic Club; ECB President Lagarde speaking at the Eurogroup press conference; 2025 FOMC voter and St. Louis Fed President Moussalem speaking on the US economy and monetary policy; FOMC permanent voter and New York Fed President Williams speaking on the economic outlook and monetary policy. Crude Oil: As of 15:03, oil prices in both markets rose, with US oil up 1.22% and Brent oil up 1.2%, but weekly performance may mark the second consecutive week of decline due to concerns that trade conflicts will weaken economic growth, severely impacting oil consumption. BMI analysts stated in a report on Friday that oil prices are expected to remain under pressure as investors assess ongoing trade conflicts. ANZ senior commodity strategist Daniel Hynes said in a report on Friday that concerns about a global economic slowdown are weighing on oil prices. He added that the bank predicts a 1% drop in oil consumption if global economic growth falls below 3%. The US Energy Information Administration (EIA) on Thursday lowered its global economic growth forecast and warned that tariffs could severely impact oil prices, while also lowering US and global oil demand estimates for this year and next. BMI analysts stated that the OPEC+ meeting on May 5 could be critical, potentially signaling the group's willingness to intervene to maintain market stability. Analysts said, "If the meeting announces further production increases, it could trigger a new wave of sell-offs." (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Retreat Sharply Again, Secondary Aluminum Prices Narrowly Follow【ADC12 Price Daily Review】 ► 【SMM Nickel Sulphate Daily Review】April 11: Nickel Sulphate Prices Remain Stable ► 【SMM MHP Daily Review】April 11: Indonesian MHP Prices Pull Back ► Silver Rises Slightly, Market Activity Slows Ahead of Weekend【SMM Daily Review】

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook and Trading Opportunities 》Impact of New National Standards on the EV Industry, Current Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc Development【Live at Lead-Zinc Summit】 ► Price Spread Between Futures Contracts Remains Wide, Suppliers Lower Prices for Shipment, Overall Trading Activity Weak【SMM Spot Copper in South China】 ► Contract Rollover and Delivery Date Approaches, Spot Premiums/Discounts Drop Significantly【SMM Spot Copper in North China】 ► Spot Premiums/Discounts in Guangdong Copper Spot Market at Different Time Intervals on April 11 (Fourth Interval: 10:45)【SMM Price】 》Click to Enter SMM Official Website for Daily Quotes 》Order and View Historical Price Trends of SMM Metal Spot （Recommended to View on PC）

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live from Lead-Zinc Summit】 SMM, April 10: Metal Market: By the close of the day, domestic base metals, except for SHFE tin, all rose, with SHFE copper leading the gains with a surge of 3.86%. SHFE zinc and SHFE nickel both rose over 2%, with SHFE zinc up 2.92% and SHFE nickel up 2.26%. SHFE aluminum and SHFE lead both rose over 1%, with SHFE aluminum up 1.85% and SHFE lead up 1.97%. Alumina main contract rose 1.27%. In addition, lithium carbonate main contract rose 1.53%, polysilicon main contract rose 1.01%, and silicon metal main contract rose 0.84%. The main contract for European container shipping surged 14.47%. In the overseas market, as of 15:03, overseas metals collectively rallied, with LME tin leading the gains with a surge of 5.23%. LME nickel rose 4.62%, and LME copper rose 4.35%. LME lead and LME zinc both rose over 3%, with LME lead up 3.15% and LME zinc up 3.38%. LME aluminum rose 2.98%. In the ferrous metals series, except for stainless steel, all rose, with stainless steel down 0.28%. Iron ore rose 3.06%, HRC and rebar both rose 2.01%. In the coking coal and coke sector, coking coal fell 0.38%, while coke rose 1.91%. In the precious metals sector, as of 15:03, COMEX gold rose 1.85%, and COMEX silver rose 2.5%. Domestically, SHFE gold rose 3.21%, and SHFE silver rose 3.44%. Marex analyst Edward Meir said: "If we enter a period of slow growth (which is our base case scenario), we believe interest rates will eventually fall and push gold higher, while inflation concerns will persist for most of the year due to tariffs. It is indeed possible to see $3,200 by the end of the month, or even earlier." Market as of 15:03 today 》Click to view SMM Market Dashboard Macro Front Domestic: 【NBS: March CPI Down 0.1% YoY, YoY Decline Narrowed Significantly; PPI Down 2.5% YoY】 Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for March 2025: In March, the Consumer Price Index (CPI) fell 0.4% MoM and 0.1% YoY, with the YoY decline narrowing significantly; the Producer Price Index (PPI) fell 0.4% MoM and 2.5% YoY. This was mainly affected by seasonal and international input factors. From a marginal perspective, the policy effects of boosting consumer demand have further emerged, with core CPI rebounding significantly, up 0.5% YoY. The supply-demand structure has improved, and prices have shown some positive changes. 》Click for details 【China’s SME Development Index at 89.5 in Q1, Highest Since 2020】 The China Association of Small and Medium Enterprises released today (10th) that in Q1 2025, China’s SME Development Index rose significantly, reaching the highest level since 2020. In Q1, China’s SME Development Index was 89.5, up 0.5 points from Q4 last year. SMEs in social services, industry, transportation, and information technology software performed the best. The operating rate of SMEs continued to rise, with the proportion of fully operational enterprises up 11 percentage points compared to Q4 last year. ► On April 10, the central parity rate of the RMB in the interbank foreign exchange market was 7.2092 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.2%. The minutes of the US Fed meeting released on April 9 showed that at the March Federal Open Market Committee (FOMC) monetary policy meeting, Fed officials noted the risk of stagflation in the economy. According to the FOMC meeting minutes from March 18-19, almost all Fed officials believed that inflation risks were tilted to the upside, while employment risks were tilted to the downside. Currently, traders are awaiting the US Consumer Price Index (CPI) to be released later today, as well as the Producer Price Index (PPI) on Friday. Data: Today, China’s March M2 money supply YoY (time uncertain from 0410-0417), China’s March social financing aggregate year-to-date, China’s March new yuan loans year-to-date, US March CPI YoY unadjusted, US March core CPI YoY unadjusted, US initial jobless claims for the week ending April 5, and US continuing jobless claims for the week ending March 29 will be released. Additionally, it is worth noting: 2027 FOMC voter and Richmond Fed President Barkin participates in a dialogue at the Washington Economic Club; the Fed releases the minutes of its March monetary policy meeting; RBA Governor Bullock speaks; the Bundesbank releases its monthly report; 2025 FOMC voter and Kansas City Fed President Schmid speaks on the economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin delivers a speech titled "Navigating Economic Fog" at a summit and participates in a Q&A session. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 0.43% and Brent oil down 0.53%, as trade concerns lingered and industry reports showed an increase in US crude oil inventories. The US Energy Information Administration (EIA) released an inventory report on Wednesday showing that in the week ending April 4, US commercial crude oil inventories increased by 2.6 million barrels to 442.3 million barrels, nearly double the market’s expected increase of 1.4 million barrels. IG market strategist Yeap Jun Rong said: "We expect oil prices to resume their downward trend once the optimism around the recent tariff suspension fades. Demand-side headwinds remain." Investors are also watching mixed supply-side factors. ANZ Research analysts said on Thursday: "Prices received some support after Keystone declared force majeure on oil shipments." But they warned that signs of increased OPEC supply pose downside risks to the oil market. The Caspian Pipeline Consortium (CPC) said on Wednesday that one of the two Black Sea mooring points that had been closed has resumed crude oil loading. (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Rebounded Significantly, Secondary Aluminum Followed with Weak Enthusiasm【ADC12 Price Daily Review】 ► EMM Market Stalled, Spot Market Remained Stable【SMM EMM Daily Review】 ► Aluminum Prices Surged, Aluminum Scrap Followed the Rise【Aluminum Scrap Daily Review】 ► April 10: SHFE Aluminum Stopped Falling and Rebounded, Aluminum Billet Trading Remained Unoptimistic【Aluminum Billet Spot Daily Review】 ► Silver Rebounded After Negative Factors Exhausted, Market Trading Active【SMM Daily Review】 ► Rare Earth Prices Continued Fluctuating Trend, Market Trading Cooled Down【SMM Rare Earth Daily Review】 ► US Tariff Policy Eased, Stainless Steel Market Remained Stable and Watchful【SMM Stainless Steel Spot Daily Review】