Silver is having one of its most extraordinary years in modern market history.

There are signs that bond investors are adopting a neutral stance ahead of the US Fed's two-day monetary policy meeting starting this Tuesday, reflecting ongoing market concerns that Trump's trade policies could drag the world's largest economy into a stagflationary scenario. Many fixed-income market traders have indicated that their current operations either maintain alignment with benchmark duration, reduce exposure to long-end duration, or lean more towards holding assets on the short end of the yield curve. "We are in a precarious equilibrium: on one hand, economic concerns are intensifying, with soft data indicators continuing to deteriorate; on the other hand, policy shocks could also impact inflation prospects and deficits," noted Chip Hughey, Managing Director of Fixed Income at Truist Advisory Services, a US trust institution. For these fixed-income traders, maintaining neutrality means matching portfolio duration to the benchmark. For instance, if the benchmark duration is five years, a neutral operation would involve allocating to fixed-income assets with a five-year or similar maturity. Duration, measured in years, is an indicator of the sensitivity of bond prices to changes in interest rates. Typically, when interest rates decline, the prices of high-duration bonds rise more significantly. Previously, bond market investors had extended duration for most of 2024, betting that the Fed would initiate a deep interest rate cut cycle. Long-end bets typically involve buying longer-term bonds based on expectations of declining yields. Powell unlikely to "make a hasty move" Currently, the market widely expects the Federal Open Market Committee (FOMC) to maintain the target range for the federal funds rate at 4.25%-4.50% at this week's policy meeting. The unexpectedly strong April non-farm payrolls data released last Friday provided the Fed with room to hold steady. Since the Fed's March policy meeting, the trade war initiated by the Trump administration has caused a sharp increase in the US's real effective tariff rate, particularly on Chinese goods. This sparked a wave of US Treasury bond selling—between April 3-11, the benchmark 10-year US Treasury yield surged 70 basis points to around 4.6%, before temporarily pulling back to around 4.357%. Many market participants anticipate that Fed Chairman Powell may hint at the post-meeting press conference this week that Trump's tariff shocks could lead to higher inflation and unemployment, and that fears of an economic recession are not far-fetched. An analysis team led by Michael Gapen, Chief US Economist at Morgan Stanley, wrote in a recent research report, "Given the resilience of inflation expectations and the potential for tariff shocks to trigger persistent inflationary effects, the Fed is unlikely to take preemptive action." Since Trump's self-proclaimed "Emancipation Day" for reciprocal tariffs on April 2, he has rolled back some US tariffs, temporarily stabilizing the bond and stock markets. However, investors indicate that overall market anxiety about what comes next has not dissipated. Gregory Peters, Co-Chief Investment Officer of PGIM Fixed Income, which manages $837 billion in assets, stated, "We advise investors to remain cautious and reduce risk exposure." "From the perspective of the yield curve shape, the distribution of tail risks is skewed—I see no upside room and prefer to focus on the short end, as its movements are dominated by Fed policy," Peters explained, adding that the long end, particularly 30-year bonds, is driven by "factors beyond our control and comprehension." However, the market does not expect the Fed to maintain interest rates unchanged for long. According to calculations by LSEG, the benchmark federal funds futures market has priced in nearly an 80% probability of the Fed restarting interest rate cuts at its July 29-30 policy meeting. Meanwhile, the market expects approximately 75 basis points of interest rate cuts for the entire year—equivalent to three 25-basis-point cuts. JPMorgan's latest US Treasury client survey shows that 64% of US bank clients hold a neutral stance, while 24% are net long overall. Jay Barry, Head of Global Interest Rate Strategy at JPMorgan, noted that this net long position in Treasuries is below the peak of 32% seen in the week of April 7. "We are currently maintaining a neutral stance, with a slight bias towards the short end of the curve, as we anticipate that future Fed rate cuts will support short-end bonds," said Anders Persson, Chief Investment Officer and Global Head of Fixed Income at Nuveen. "Given policy uncertainties and the lack of clear market guidance, we are reluctant to make large directional bets."

Titanium powder shines as a handy material—its standout traits fuel its rising call across trades. It's light but packs a mighty punch—perfect for gigs needing top-notch grit and staying power. Plus, it shrugs off rust even in tough spots—and plays nice with human flesh—huge for doctor work. These quirks make titanium powder a must-have for outfits chasing cutting-edge fixes.

Environmental, Social, and Governance (ESG) ideas are now a big deal for green ways in all kinds of trades—including mining. These notions push for cutting down harm to nature, boosting care for folks, and keeping solid rule setups. In mining, that means slashing emissions, handling trash smart, and treating workers fair. When mining outfits grab onto ESG rules, they shine brighter in folks'eyes. Plus, they help keep cash and nature steady for the long haul.

Copper mining has been vital for industrial growth. However, its ecological effects are considerable. Conventional techniques often use sulfide-ore mining. This approach produces large amounts of waste. It also releases damaging pollutants into the surroundings. Acid mine drainage is a key issue. It stems from mining sulfide ores. This process heavily pollutes water sources. Aquatic ecosystems suffer as a result. Local communities face similar threats. Additionally, extracting copper demands huge quantities of energy and water. This boosts greenhouse gas emissions. It also worsens global climate change.

The circular economy brings a fresh take on handling resources. It aims to shrink waste and stretch the reuse of materials. For aluminum, this approach packs a punch because the metal can be reused forever without wearing out. Old linear ways focused on grabbing resources, crafting products, and dumping them. In contrast, the circular economy pushes to keep stuff in use as long as possible. This path fosters greener habits by cutting the need to yank raw materials from the ground and easing harm to nature.

The swift thawing of Arctic ice caps stands out as a clear result of climate change. Higher temperatures worldwide have sped up this process. It affects ecosystems, sea levels, and access to resources in big ways. The Arctic, once seen as a frozen area with little value for business, now shows new possibilities because of these shifts. Yet, this fresh access brings a downside. The delicate Arctic environment faces serious risks from human actions and industry growth.

【Domestic Iron Ore Brief Review: Iron Ore Concentrate Prices in Tangshan May Slightly Rise】The Tangshan iron ore concentrate market is characterized by strong sentiment of wait-and-see among buyers and sellers. Leading steel enterprises have not yet set prices, and some producers are concerned about the future market, thus hesitant to act rashly. The overall operation is currently at a low level, especially in Qianxi and Zunhua areas. Local leading steel mills mostly establish long-term agreements with large mines, resulting in a reduction in spot orders. Some small and medium-sized beneficiation plants have narrow profit margins and face sales difficulties, leading to an increase in shutdowns at mines and beneficiation plants. Additionally, the current scarcity of ROM and the high prices of low-grade ore leave little profit for beneficiation, resulting in low production enthusiasm.

Copper consumption has always been the focus of the industry. To provide a more in-depth and timely reflection of the market situation, the SMM Copper Research Team has been conducting in-depth research on the order volume and production status of enamelled wire enterprises since January 2025, forming weekly operating rate and order intake data.

》View SMM Copper Quotes, Data, and Market Analysis 》Click to View SMM Spot Copper Historical Price Trends Copper consumption has always been the center of industry attention. To provide a deeper and more timely reflection of market conditions, the SMM Copper Research Team has been conducting in-depth investigations into the order volumes and production status of enamelled wire enterprises since January 2025, compiling weekly operating rates and order intake data. From the weekly operating rate data, influenced by the Chinese New Year holiday, the operating rate of the enamelled wire industry hit its lowest level from late January to early February. As the holiday ended, enamelled wire enterprises gradually resumed normal production, with the operating rate steadily rebounding. In March, the operating rate of the enamelled wire industry showed a pattern of jumping initially and then pulling back, with weekly operating rates of 89.5%, 89.2%, 88.1%, and 87.6%, averaging 88.6%, primarily due to interference from copper prices. According to SMM, March is the traditional peak season for the industry. From the demand performance of downstream sectors, market orders have generally reached peak season levels. Since late February, multiple enterprises have reported continuous improvement in orders from downstream sectors such as home appliances, automobiles, new energy, and industrial motors, particularly with outstanding performance in home appliance and automotive orders, boosting the rapid growth of enamelled wire orders. Enamelled wire enterprises have maintained sufficient production schedules. However, as copper prices surged past 80,000 yuan/mt, downstream enterprises faced resistance from losses, significantly slowing down their order placement, which affected the operating rates of enamelled wire enterprises. From a production cost perspective, due to the high costs associated with stopping and starting machines in the enamelled wire industry, most enterprises do not rashly shut down machines even when orders decline temporarily. Therefore, SMM has gathered data on the current week's orders from multiple enterprises, allowing us to more intuitively sense changes in order volumes through weekly order data. From the weekly order data, new orders have been continuously declining since the second week of March, with weekly order volumes showing negative growth MoM, directly reflecting the suppression of consumption by high copper prices. Recently, with the pullback in copper prices, new orders in the enamelled wire industry are expected to return to positive growth. How will orders in the enamelled wire industry perform this week? Will there be growth beyond expectations? SMM will continue to share relevant data on Thursday, which can then be queried on the SMM data terminal.