Glencore ferrochrome operation in South Africa initially accepted an offer for cheaper electricity as the company and the state negotiate the restart of the firm’s smelters https://t.co/7QJFgsYVhw ...

Chilean authorities dismantled a criminal network dedicated to large-scale copper theft, following a multi-agency investigation known as “Operation High Voltage” https://t.co/Y5sVXkFGeR ...

The system was never designed for you to win. Full of market manipulation.We saw it on OIL and METALS, GOLD and SILVER.Gold pumps → you buy → you sit → you earn nothing.Meanwhile banks leverage the same assets behind the scenes.Let’s talk about it. 👇 ...

Summary of Jiangxi Copper (0358.HK) Post FY25 Results Conference Call Company Overview - **Company**: Jiangxi Copper - **Industry**: Copper mining and smelting Key Points 1. Feasibility Study of SolGold - Jiangxi Copper is conducting a feasibility study for the SolGold project following its acquisition in March 2026 - The management anticipates the feasibility study to be completed in 2026, with the mine expected to commence operations in 2030, which is a delay compared to previous plans that aimed for an earlier small pit opening [3][1] 2. Tax Rate Adjustment - The tax rate for Jiangxi Copper was adjusted to 25% for 2025, as the company no longer meets the criteria for high-tech enterprises that qualify for a 15% tax rate - This adjustment affects four copper mines, including the Dexing copper mine, and the Guixi copper smelter [2][1] 3. Smelting Business Profitability - Despite negative spot TC/RC (treatment and refining charges), copper smelters remain profitable due to high sulfuric acid prices - There is reluctance among copper concentrate producers to sign annual long-term contracts at zero for 2026, resulting in a lower percentage of contracts signed year-over-year for Jiangxi Copper [4][1] 4. Raw Material Sources - In 2025, copper concentrate and crude copper each accounted for 50% of the total raw materials for copper cathodes - Approximately 70-80% of copper concentrate is sourced from overseas, with 80% of that under annual long-term contracts; the remainder is sourced domestically, including around 200,000 tons of self-produced copper concentrate [5][1] 5. Sulfuric Acid Production - The production of sulfuric acid is approximately 3 tons per ton of copper cathode output when using copper concentrate as raw material - Current sulfuric acid prices exceed RMB 1,000 per ton [6][1] 6. Valuation and Market Outlook - Jiangxi Copper's H-shares are valued at HK$54.1 per share based on a combination of DCF and P/B fair values - The DCF valuation yields an NPV-per-share of HK$53.2, while the P/B valuation suggests a fair value of HK$55.0 [9][1] 7. Risks to Target Price - Potential risks that could hinder the shares from reaching the target price include: 1. A slowdown in China's grid investment or a more significant decline in property demand, leading to weaker copper prices 2. Lower than expected sulfuric acid prices 3. Rising mining or smelting costs [10][1] 8. Investment Recommendations - The current share price is HK$34.10, with a target price of HK$54.10, indicating an expected return of 58.7% and a total expected return of 61.4%, including a dividend yield of 2.8% [7][1] Additional Insights - The management's strategic shift in developing the SolGold project as a whole rather than in phases may reflect a more comprehensive approach to resource extraction and project management - The adjustment in tax rates could impact future profitability and investment strategies, necessitating close monitoring of regulatory changes in the industry [2][1][3][1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel: Continue to fluctuate. Spot prices fell slightly on Tuesday with reduced trading volume. The industry's weekly production, sales, and inventory improved, but the improvement rate decreased. Plate demand has reached the seasonal peak, while building materials still have room to grow. Due to increased geopolitical differences, the strong cost support logic has weakened, and the unilateral trend has turned to a fluctuating pattern. Consider long basis or cash - futures positive arbitrage opportunities [2]. - Ferrosilicon and Silicomanganese: Supply - demand situation has improved, and costs are supported. The supply of ferrosilicon increased slightly last week, while the production of silicomanganese decreased. Steel mill demand improved significantly, and non - steel demand also provided marginal support. Ferrosilicon inventory decreased, and silicomanganese inventory increased slightly, with overall inventory pressure under control. Manganese ore prices are strong, providing cost support [2][4]. - Coking Coal and Coke: The sentiment in the spot market has further cooled. Auction failure rates are high, and prices are mainly falling. The high oil price story is affecting the market, and the actual price increase of coke is slower than expected, leading to a cooling of the bullish sentiment. Consider taking profits on the previously recommended coke hedging strategy [5]. - Iron Ore: Prices are mainly in a high - level fluctuation. Due to the undetermined negotiation between Sinosteel and BHP, prices are unlikely to drop significantly in the short term. Without new restrictive policies, prices are also difficult to break through upwards. It is not recommended to chase long positions on the iron ore futures [6]. 3. Summary by Related Catalogs Futures Market - **Closing Prices and Changes**: On March 31, for far - month contracts, RB2610 closed at 3146.00 yuan/ton, down 19.00 yuan (- 0.60%); HC2610 closed at 3310.00 yuan/ton, down 9.00 yuan (- 0.27%); J2609 closed at 1787.00 yuan/ton, down 56.00 yuan (- 3.04%); JM2609 closed at 1278.00 yuan/ton, down 79.50 yuan (- 5.86%). For near - month contracts, RB2605 closed at 3121.00 yuan/ton, down 15.00 yuan (- 0.48%); HC2605 closed at 3294.00 yuan/ton, down 11.00 yuan (- 0.33%); J2605 closed at 1701.50 yuan/ton, down 55.00 yuan (- 3.13%); JM2605 closed at 1148.50 yuan/ton, down 69.50 yuan (- 5.71%) [1]. - **Spread and Ratio**: On March 31, the coil - rebar spread was 173.00 yuan/ton, up 4.00 yuan; the rebar - ore ratio was 3.86, unchanged; the coal - coke ratio was 1.48, up 0.04; the rebar disk profit was - 120.70 yuan/ton, up 16.25 yuan; the coking disk profit was 174.00 yuan/ton, up 35.12 yuan [1]. Spot Market - **Steel**: On March 31, Shanghai rebar was 3200.00 yuan/ton, down 50.00 yuan; Tianjin rebar was 3190.00 yuan/ton, down 40.00 yuan; Guangzhou rebar was 3420.00 yuan/ton, unchanged; Tangshan billet was 2980.00 yuan/ton, unchanged; Shanghai hot - rolled coil was 3270.00 yuan/ton, down 10.00 yuan; Hangzhou hot - rolled coil was 3290.00 yuan/ton, unchanged; Guangzhou hot - rolled coil was 3290.00 yuan/ton, down 30.00 yuan [1]. - **Other**: On March 31, Qingdao Port's Super Special Powder was 670.00 yuan/ton, unchanged; Ganqimao Du's coking coal was 1310.00 yuan/ton, unchanged; Qingdao Port's quasi - first - grade coke was 1430.00 yuan/ton, unchanged; Qingdao Port's PB was 785.00 yuan/ton, down 7.00 yuan [1]. Investment Strategies - Steel: Unilateral position should be on the sidelines. Gradually enter the long basis opportunity for hot - rolled coils [7]. - Ferrosilicon and Silicomanganese: Adopt the strategy of short - term long positions on dips [7]. - Coking Coal and Coke: Unilateral position should be on the sidelines. Take profits on the previously recommended cash - futures positive arbitrage positions [7].

Group 1: Iron Ore Market Dynamics - Iron ore prices advanced significantly, marking the largest monthly gain since September 2024, driven by tropical storms in Australia and a pricing dispute between China's state-run buyer and BHP Group [1][4] - Singapore futures for iron ore rose by 1.3% on a recent Wednesday, concluding March with a gain of over 7%, ending the month at $105.48 per ton [1] - Dalian iron ore futures also saw an increase, climbing nearly 8% last month, reflecting a positive market sentiment [1] Group 2: Supply Chain Concerns - The market is currently focused on a potential diesel shortage in Australia due to the ongoing war in West Asia and the cyclone season, which may impact mining operations [2][3] - Smaller producer Fenix Resources Ltd. indicated that fuel constraints are beginning to affect operations across the sector, although major miners have not commented on potential disruptions [2] - Analyst Bancy Bai noted that while small and medium-sized mines may experience lower mining and transportation efficiency due to diesel shortages, the overall impact on mining operations remains limited for now [3] Group 3: Operational Impact and Forecasts - Rio Tinto Group reported that Australia's cyclone season has affected approximately 8 million tons of output, but the company expects to recover about half of this amount and has maintained its full-year guidance [5] - Shipments from Rio Tinto's Cape Lambert A export terminal, which was damaged by Tropical Storm Narelle, are anticipated to resume shortly [5] - The Australian Minerals Council is seeking approval for large miners to collaborate on fuel security strategies in response to growing concerns about diesel shortages [6]

Core Viewpoint - Aqua Metals, Inc. has made significant advancements in 2025, focusing on the commercialization of its AquaRefining™ technology, expanding its product offerings, strengthening its financial position, and enhancing its role in the domestic critical minerals supply chain [1][3]. Technology Advancement and Product Expansion - The company refined its commercialization strategy for its first AquaRefining™ Campus (ARC) and expanded capabilities across lithium, nickel, and mixed hydroxide products [2]. - Achieved a major milestone by producing the first cathode active material made from 100% domestically sourced, recycled nickel, which is undergoing qualification by a tier-one battery manufacturer [6]. - Demonstrated pilot-scale processing of lithium iron phosphate (LFP) battery materials into battery-grade lithium carbonate, showcasing a viable recycling pathway [6]. - Produced lithium carbonate with fluorine content below 30 ppm, representing best-in-class quality in the recycling sector [6]. - Expanded product platform with the development of nickel carbonate and initial samples aligned to partner requirements, creating additional revenue pathways [6]. Strategic Partnerships and Market Development - Continued engagement with Lion Energy on a potential transaction that could expand Aqua Metals' commercial platform and strategic reach across the battery value chain [6]. - Signed a multi-year supply agreement with 6K Energy for battery-grade nickel metal and lithium carbonate [12]. - Established a non-binding LOI with Westwin Elements for a potential supply of recycled nickel carbonate [12]. - Signed an MOU with Impossible Metals to evaluate seabed mineral collection combined with AquaRefining™ for critical minerals production [12]. - Showcased technology to leading battery industry stakeholders, validating market interest and engagement [12]. Financial and Corporate Progress - Strengthened liquidity through asset sales, reduced operating burn, and capital raises, eliminating long-term debt [12]. - Raised $13.0 million in October 2025, with total new funding of approximately $17.1 million, providing runway for advancing engineering and site selection for the first commercial-scale facility [12]. - Reported cash and cash equivalents of approximately $10.8 million as of December 31, 2025, compared to $4.1 million in 2024 [17]. - Executed a reverse stock split to regain compliance with Nasdaq's minimum bid price requirement [12]. - Strengthened the Board of Directors and completed a CFO transition to align financial leadership with the company's growth phase [12]. Leadership, Governance, and Intellectual Property - Received a foundational U.S. patent covering critical aspects of its lithium battery recycling technology, enhancing the AquaRefining™ intellectual property portfolio [12]. - Filed a provisional patent application for an innovative low-cost leaching technology for mined manganese ores and deep-sea nodules [12].

Nvidia - Nvidia's stock is experiencing a rebound, currently trading above the $170 level, with a 4% increase today [2][3] - The stock is down approximately 7% year-to-date and 17% from its all-time highs last October, indicating a consolidation phase between $170 and $195 [3] - A $2 billion investment into Marbell Technologies is expected to enhance Nvidia's ability to sell more GPUs and technology [3] - Nvidia's forward PE ratio, despite 70% year-over-year revenue growth, is comparable to the S&P 500, which does not exhibit similar growth [4] - Bullish options activity was noted with a trader purchasing 10,000 of the 180/190 strike call spread, indicating expectations for a price increase [5][6] Western Digital - Western Digital's stock is experiencing a positive trend following a Bernstein upgrade to outperform, with a new price target set at $340, up from $170 [8] - The stock has seen a significant increase of over 550% year-over-year and remains up over 50% this year [9][11] - A trader bought over 4,000 April 24th weekly 315 strike calls, indicating expectations for further upside, with a break-even point above $321.70 [10] Alcoa - Alcoa's stock is up 4% today and has increased 24% year-to-date, nearing four-year highs due to geopolitical tensions affecting aluminum supply [14][15] - The conflict in the Middle East has led to a reduction in low-cost aluminum supply, benefiting Alcoa's profitability and strategic value [16] - A trader purchased over 2,500 June 80 strike calls, with a break-even point just under $84, indicating expectations for significant price movement [17]

Core Viewpoint - Metallium Limited has announced a long-term offtake agreement with Indium Corporation for the supply of critical metals, including gallium and germanium, which are essential for advanced technologies and defense systems [1][4]. Group 1: Agreement Details - The agreement involves Flash Metals USA supplying recovered metals such as gallium, germanium, copper, tin, gold, and indium to Indium Corporation [2]. - The initial term of the offtake agreement is set for 10 years, with automatic five-year renewal periods unless otherwise notified [2]. Group 2: Strategic Importance - The CEO of Metallium emphasized the significance of this agreement in commercializing the U.S. recycling platform for critical metals, highlighting the concentration of midstream processing in limited jurisdictions [4]. - The agreement is expected to enhance Metallium's ability to monetize recovered critical metals as operations scale up, particularly in the context of U.S. strategic supply chain objectives [4]. Group 3: Technology and Operations - Metallium is utilizing its patented Flash Joule Heating technology to recover high-value materials from various feedstocks, including refinery scrap and e-waste [4]. - The company has established its first commercial site in Texas through its subsidiary, Flash Metals USA, aligning with the demand for domestic capabilities in critical metal supply [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For steel, the market is oscillating. There are opportunities to go long on the basis of hot - rolled coils. It's advisable to take a wait - and - see approach for single - side trading and gradually enter the opportunity to go long on the basis of hot - rolled coils for spot - futures trading [5][10] - For ferrosilicon and silicomanganese, the supply - demand situation is improving with cost support. The trading strategy is to go short - term long on dips [6][10] - For coking coal and coke, the spot market sentiment is further cooling. It's recommended to take a wait - and - see approach for single - side trading and stop profiting on the previously recommended spot - futures positive arbitrage positions [7][10] - For iron ore, the price is mainly oscillating at a high level. It's recommended to take a wait - and - see approach and operate within the oscillating range instead of chasing high or low [8][10] 3. Summary According to Related Catalogs Futures Market - **Futures Prices and Changes**: On March 30, for far - month contracts, RB2610 closed at 3168 yuan/ton with a rise of 20 yuan (0.64%); HC2610 at 3323 yuan/ton with a rise of 17 yuan (0.51%); J2609 at 1842 yuan/ton with a rise of 6 yuan (0.33%); JM2609 at 1352.5 yuan/ton with a rise of 3 yuan (0.22%). For near - month contracts, RB2605 closed at 3139 yuan/ton with a rise of 18 yuan (0.58%); HC2605 at 3308 yuan/ton with a rise of 11 yuan (0.33%); J2605 at 1753.5 yuan/ton with a rise of 3.5 yuan (0.20%); JM2605 at 1214 yuan/ton with a fall of 4 yuan (- 0.33%) [1] - **Inter - month Spreads**: On March 30, RB2605 - 2610 was - 29 yuan/ton with a fall of 2 yuan; HC2605 - 2610 was - 15 yuan/ton with a fall of 4 yuan; J2605 - 2609 was 22 yuan/ton with a fall of 2 yuan; JM2605 - 2609 was - 138.5 yuan/ton with a fall of 0.5 yuan [1] - **Spreads, Ratios and Profits**: On March 30, the hot - rolled coil to rebar spread was 169 yuan/ton with a fall of 6 yuan; the rebar to iron ore ratio was 3.86 with a rise of 0.01; the coal to coke ratio was 1.44 with a rise of 0.01; the rebar on - paper profit was - 136.95 yuan/ton with a rise of 12.6 yuan; the coking on - paper profit was 138.88 yuan/ton with a rise of 8.15 yuan [1] Spot Market - **Steel Spot Prices**: On March 30, Shanghai rebar was 3250 yuan/ton with a rise of 50 yuan; Tianjin rebar was 3230 yuan/ton with a rise of 50 yuan; Guangzhou rebar was 3420 yuan/ton with a fall of 50 yuan; Tangshan billet was 2960 yuan/ton with a fall of 20 yuan. Shanghai hot - rolled coil was 3280 yuan/ton with no change; Hangzhou hot - rolled coil was 3290 yuan/ton with no change; Guangzhou hot - rolled coil was 3320 yuan/ton with a rise of 50 yuan; the billet - to - finished - product spread was 290 yuan/ton with a rise of 60 yuan [1] - **Other Spot Prices**: On March 30, the price of ferrosilicon was 670 yuan/ton with no change; silicomanganese was 727 yuan/ton with no change; coking coal at Ganqimao Port (Meng 5 raw coal) was 1141 yuan/ton with a rise of 5 yuan; Meng 5 clean coal at Ganqimao Port was 1308 yuan/ton with no change; Meng 5 clean coal in Hebei Tangshan was 1450 yuan/ton with no change; Qingdao Port quasi - first - grade coke was 1430 yuan/ton with no change; Qingdao Port PB iron ore was 792 yuan/ton with a rise of 4 yuan [1] - **Basis**: On March 30, the HC main - contract basis was - 28 yuan/ton with a fall of 9 yuan; the RB main - contract basis was 111 yuan/ton with a rise of 35 yuan; the J main - contract basis was - 180.87 yuan/ton with a fall of 1.5 yuan; the JM main - contract basis was 126 yuan/ton with a rise of 5 yuan [1] Industry Analysis - **Steel**: The spot price was stable on Monday with a small increase in most regions. The market sentiment was generally stable. The weekly production, sales and inventory showed improvement, and the supply - demand boom could be maintained. The plate apparent demand reached the seasonal peak, while the building materials still had room to grow. The cost support fluctuated due to geopolitical issues, and the single - side trading shifted to an oscillating strategy. There were opportunities to go long on the basis or conduct spot - futures positive arbitrage, with hot - rolled coils being the best choice [5] - **Ferrosilicon and Silicomanganese**: The supply - demand situation improved. The ferrosilicon industry's weekly supply increased slightly, while the silicomanganese production decreased slightly. The steel mill demand improved significantly, and the non - steel demand also provided marginal support. The inventory pressure was controllable, and the cost was supported by the strong coal and manganese ore prices [6] - **Coking Coal and Coke**: The spot market sentiment further cooled. The auction prices mostly fell. The futures market was dominated by the Middle - East situation. The coal - coke 05 contract was weaker than the 09 contract, mainly due to the 05 delivery logic. It was recommended to stop profiting on the previously recommended coke selling hedging strategy as the basis strengthened [7] - **Iron Ore**: The price was oscillating at a high level. It was difficult for the price to decline significantly in the short term due to the undetermined negotiation between China's mines and BHP, and it was also difficult to break through upwards due to high port inventory and oversupply. It was not recommended to chase long on the iron ore futures, and it was advisable to operate within the oscillating range [8]