[Live Broadcast of Silver Conference: Economic Situation Analysis, Precious Metal Price Interpretation, Prospects for PV Applications, and Sharing of Cutting-Edge Technologies in the Industry] ► Basic Analysis of the Current Economic Situation ► Analysis of China's Copper, Lead, and Zinc Resource Security Capabilities ► Trend Analysis of Silver and Gold Prices ► Current Status and Prospects of Silver Applications in the PV Industry ► Exploring Cutting-Edge Solutions for Innovative PV Silver Recovery Technologies ► Exploring the Innovation-Driven Advancements in Cutting-Edge Technologies and Intelligent Equipment for Precious Metal Recovery and Refining ► Roundtable Discussion: Current Opportunities and Challenges for Silver ► Current Status and Development Trends of China's Silver Nitrate Industry Technology Market ► Global Demand and Trend Prospects for PV Silver Paste

[SMM Aluminum Morning Meeting Summary: Favourable macro front and continuous destocking in the fundamental aspects drive domestic aluminum prices to fluctuate upward] On the macro front, China's domestic supportive policies remain unchanged, and positive progress has been made in the Sino-US tariff negotiations, which may drive up the futures market. In terms of the fundamental aspects, the continuous destocking of domestic aluminum ingots provides support for aluminum prices. Subsequently, the rush to meet deadlines during the window period of Sino-US trade may continue to boost consumption, providing further support for the upward movement of aluminum prices. It is expected that domestic aluminum prices will mainly fluctuate upward in the short term.

Declining demand and cost pressures led to a drop in the operating rate of secondary aluminum producers in April [SMM Analysis]

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 14 May, 2025

[SMM Spot Aluminum Midday Review: Aluminum Price Stands Above 20,000 Yuan/mt Threshold, Market Trading Weakens]

According to SMM statistics, in terms of domestic aluminum billet inventory in two regions, the inventory of aluminum billet in Guangdong was 77,300 mt, and the inventory of aluminum billet in Wuxi was 15,200 mt, totaling 92,500 mt, a decrease of 3,700 mt MoM. As aluminum prices continued to climb, the performance of processing fees was weak, with varying degrees of reductions in different regions. Suppliers took the initiative to lower processing fees in an attempt to sell their products, while downstream buyers showed caution in purchasing due to fear of high prices, resulting in insufficient trading sentiment. Today, the aluminum billet market in Foshan reported processing fees of 310/360 yuan/mt, a decrease of 50 yuan/mt; the Wuxi market reported processing fees of 330/380 yuan/mt, with a decrease of 30 yuan/mt from 120 yuan/mt (assuming "120" refers to a previous price level, though this is not entirely clear from the context); the Nanchang region reported processing fees of 350/400 yuan/mt, a decrease of 50 yuan/mt. (Unit: yuan/mt)