SPOT SILVER TOPS $81/OZ FOR FIRST TIME SINCE APRIL 17, UP 4.74% INTRADAY

Domestic News: 1. Wang Yi meets with Iranian Foreign Minister Araqchi. 2. Ministry of Foreign Affairs: China and the US are maintaining communication regarding President Trump's visit to China. 3. Travel during the May Day holiday reached a record high of 1.517 billion trips. 4. The weighted average interest rate for newly issued commercial personal housing loans nationwide in the first quarter was 3.06%. 5. DeepSeek reportedly valued at $45 billion post-investment? Sources: Negotiations are indeed underway, but the valuation has not yet been finalized. 6. Ministry of Foreign Affairs: China will continue to make efforts to de-escalate tensions in the Taiwan Strait and will continue to do its utmost to safeguard the safety of Chinese-owned ships and Chinese crew members. International News: 1. US April ADP nonfarm payrolls slightly exceeded expectations. 2. US Commerce Secretary testifies behind closed doors in the Epstein case. 3. US gasoline prices hit $4.50, near a record high. 4. SpaceX plans to invest $55 billion in Texas to build a Terafab chip factory. 5. Japanese media: Bessant will visit Japan next week to discuss the weak yen with financial authorities. 6. WTI crude oil fell 6%, Brent crude fell nearly 8%; spot gold rose 3%, silver rose more than 6%; the S&P 500 and Nasdaq continued to hit new highs; US Treasury 2-year bonds fell 7 basis points. 7. Federal Reserve – Moussalem: There are reasonable scenarios indicating that interest rates need to remain stable for some time. Risks are shifting towards inflation; Goolsby: The impact of the Iran war is more like an inflationary shock. 8. Middle East situation – ① US media Axios reports that the US and Iran are close to reaching a one-page, 14-point memorandum to end the conflict and open a 30-day negotiation window. Iranian media says some parts of the report are speculative. The Iranian Foreign Ministry says it is assessing the US's views on Iran's 14-point proposal and has not yet responded. ② Trump: Operation "Epic Fury" will end if Iran complies with its commitments; otherwise, bombing will resume. The US and Iran held "very productive" talks in the past 24 hours. The war with Iran is "very likely to end," and the two sides are close to reaching an agreement. There is no deadline set for the Iran issue; the specific timeframe for reaching an agreement is expected to be one week. ③ It is reported that US Middle East envoy Witkov recently held indirect negotiations with Iranian officials. ④ A senior Iranian lawmaker stated that the Axios report is more like a US wish list than reality. ⑤ The French aircraft carrier Charles de Gaulle sailed towards the Red Sea in preparation for escort duties in the Strait of Hormuz.

Albemarle CEO: Lithium demand appears to be relatively resilient.