Lead ฺBullion & Circular Economy – Toward a Sustainable Future with Recycled Lead: Primary Energy Supporting the Industry’s Future BY SO OK TRADING

Silver Supercycle 2026 – The Golden Era of Silver Power Driving Green Tech & AI In 2026, silver has transcended its role as a mere “safe-haven asset” to become a strategic metal at the heart of the global transition to clean energy and the AI revolution. In January, silver hit a record all-time high of $121.62 February saw a dramatic Flash Crash down to $71 As of April 2026, silver is consolidating at $70–$75, building a new base for the next rally China has emerged as the price-setter of the global silver market, importing over 790 tons in the first two months of 2026 and enforcing strict export controls. Silver is now classified as a strategic resource, powering: Solar PV: New TOPCon and HJT panels use 30–50% more silver Electric Vehicles (EVs): Silver usage nearly doubles compared to gasoline cars AI & Data Centers: Essential for chips, high-performance computing, and 5G/6G infrastructure ✨ Key Message: “Silver is no longer just a precious metal – it is the power of the future. Driving Green Tech and AI, 2026 marks the Supercycle everyone must watch.” SOOK TRADING – Your Trusted Business Partner FAST • SHARP • RELIABLE

An analysis of the aluminum market in 2026 indicates a likely continued market deficit and upward price pressure, driven by constrained supply and resilient demand from green energy sectors. However, significant volatility is expected due to policy uncertainties and the potential for new Indonesian supply to eventually balance the market. Key Drivers and Projections for 2026 Supply Side Analysis Capacity Constraints: China's primary aluminum output is approaching its self-imposed 45 million-tonne capacity cap, limiting global supply growth. Power Challenges: Smelters outside of China face intense competition for power from energy-intensive sectors like AI data centers, which are willing to pay higher prices for long-term contracts. This has kept significant capacity offline in Europe and the US. Production Disruptions: Outages and potential shutdowns at existing smelters in Iceland and Mozambique further tighten the market. Scrap Supply Pressure: The EU's planned implementation of the Carbon Border Adjustment Mechanism (CBAM) and potential scrap export tariffs in spring 2026 are expected to impact global scrap flows, creating regional shortages and price volatility. New Capacity: Indonesia is a key source of new supply, with several projects in the pipeline. However, analysts suggest the pace of the ramp-up may be slower than expected due to infrastructure and policy challenges, meaning it is unlikely to fully offset near-term tightness. Demand Side Analysis Green Transition Demand: Demand from "green" sectors such as solar panels, new energy vehicles, and energy transition infrastructure remains strong, providing fundamental support for the market. Substitution Effect: Aluminum's wide price discount relative to copper has encouraged substitution in electrical applications, acting as a tailwind for demand and prices. Construction and Automotive: The construction and automotive industries continue to be major consumers, with growing demand for lightweight, low-carbon aluminum products. Price Forecasts and Volatility The market is expected to remain in a deficit in 2026, with estimates ranging from 200,000 to 600,000 tonnes. This structural tightness is leading most analysts to forecast sustained or rising prices. Bullish Views: Analysts at Bank of America project prices of $3,000/tonne as early as 2026. J.P. Morgan also expects prices to approach $3,000/tonne in Q1 2026. ING forecasts an average price of $2,900/tonne for the year. Bearish/Conservative Views: Goldman Sachs is an outlier, forecasting prices to decline to $2,350/tonne by Q4 2026, anticipating a market surplus later in the year. SMM forecasts a "high first, then lower" pattern, with prices finding equilibrium in the $2,700–$2,800/tonne range by year-end. Premiums: Regional premiums, particularly the US Midwest premium, are expected to remain high and volatile due to tariffs and regional supply dynamics, creating a disconnect from the LME benchmark price. In essence, 2026 is projected to be a year of high volatility where participants need to focus on scenario readiness rather than relying on a single price forecast, as geopolitical and energy policies significantly influence regional supply and costs