BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

May 12, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

helen.amos@bmo.com +44 (0)20 7664 8180

 China launches new round of environment inspections: In the latest batch of environmental

inspections, China has deployed seven “central ecological and environmental” inspection teams George Heppel Analyst

to conduct one-month inspections across several regions. Under the ambition of building a george.heppel@bmo.com +44 (0)20 7664 8106

“Beautiful China” and promoting “coordinated regional development, high-quality growth, and

Alona Yunda Senior Associate green transformation”, the teams will set up dedicated telephone hotlines and postal mailboxes

for the public to submit reports and complaints regarding any environmental protection issues. alona.yunda@bmo.com +44 (0)20 7664 8122

As in the past, inspection programmes can sometimes result in reduced industrial output. Abigail Knight Senior Associate

Liaoning is a significant province for steel production, Guangxi for steel and non-ferrous, abigail.knight@bmo.com +44 (0)20 7246 5448

Guangdong for non-ferrous, and Xinjiang for thermal coal and aluminium.

Legal Entity: BMO Capital Markets Limited

 No plan to raise India gold import duties: Following the unusual call from India PM Modi for

citizens to stop buying gold jewellery for a year, yesterday a government official also said that LME Index (LMEX) there was no plan to increase import duties on gold and silver. The status of import duties has

6,000

recently been a source of uncertainty, possibly weighing on import volumes along with 5,900

administrative delays in issuing banks with import licenses. Gold prices continue to trade within a 5,800

narrow range, with daily moves largely synchronised with USD and treasury yields.