BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

June 22, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

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

 China trade: China’s third batch of trade data has been released over the weekend, covering May.

Net imports of non-monetary gold increased 73% y/y to reach 151.3 tonnes, the highest since George Heppel Analyst

March 2024. Meanwhile, silver imports have faded since the removal of VAT rebates on April 1, george.heppel@bmo.com +44 (0)20 7664 8106

falling by 20% y/y to 215.4 tonnes last month. Imports of platinum declined 12% y/y to 11.0

Alona Yunda Senior Associate tonnes and palladium imports soared 210% y/y to 4.5 tonnes.

alona.yunda@bmo.com +44 (0)20 7664 8122

 China metals output: NBS official production data shows Chinese refined copper production

Walid Hasanzadeh Associate gained 2.2% y/y in May. Furthermore, zinc output increased 9.4% y/y, while lead volumes

declined 5.4% y/y. Elsewhere, solar cell production in China fell 6.2% y/y last month. walid.hasanzadeh@bmo.com +44 (0)20 7872 1565

 Hong Kong stockpiling gold for clearing system launch: Long held ambitions for an Asian trading Legal Entity: BMO Capital Markets Limited

hub to rival London’s are gaining pace with Hong Kong’s new gold clearing system expected to

be launched in July. The Financial Services and Treasury Bureau have been consulting the market LME Index (LMEX)

and participating banks (including 11 local and international banks so far) to formulate a 6,100

6,000

framework and rules of the clearing system. Clearing banks will need to build up sufficient 5,900

bullion capacity in order to participate. Mainland China and Hong Kong are the two largest 5,800

destinations for UK gold exports, with trade data showing UK’s exports to Hong Kong up by 6% 5,700