SMM, July 27:
Metals Market:
As of the midday close, base metals on the domestic market showed mixed performance. SHFE copper edged up 0.31%, while SHFE aluminum edged down. SHFE lead fell 1.11%. SHFE zinc rose 0.3%. SHFE tin gained 1.86%. SHFE nickel slipped 0.42%.
In addition, the most-traded casting aluminum futures contract fell 0.13%, while the most-traded alumina contract rose 0.19%. Lithium carbonate's most-traded contract climbed 0.86%. Silicon metal's most-traded contract was up 0.24%. Polysilicon's most-traded futures contract gained 0.15%.
Ferrous metals mostly rose. Iron ore was up 0.27%, rebar rose 0.33%, and HRC gained 0.55%. Stainless steel fell 0.34%. For coking coal and coke: the most-traded coking coal contract dropped 0.62%, while the most-traded coke contract climbed 0.87%.
In the overseas base metals market, as of 11:40, LME metals showed mixed performance. LME copper rose 0.49%, while LME aluminum fell 0.27%. LME tin and LME zinc both gained less than 0.5%. LME lead edged down. LME nickel slipped 0.32%.
For precious metals, as of 11:40, COMEX gold rose 0.42%, and COMEX silver gained 1.1%. In the domestic precious metals market: SHFE gold rose 0.87%; SHFE silver's most-traded contract surged 2.97%.
Furthermore, as of the midday close, the most-traded platinum futures contract rose 2.31%, and the most-traded palladium futures contract gained 2.22%.
As of the midday close, the most-traded containerized freight index (Europe) futures contract fell 3.02% to 2,750 points.
Selected futures midday quotes as of 11:40 on July 27:
Spot Market and Fundamentals
Silver: Trump suspended airstrikes on Iran, briefly cooling geopolitical tensions. Oil prices plunged, easing inflation and rate-hike expectations, which led to a rebound in precious metals. Spot market maintained parity transactions, with the weak supply-demand pattern persisting. ……
Macro Front
China:
[ NBS: Profits of China's large industrial enterprises grew 18.7% YoY in H1; electronics-related sector profits surged ] On July 27, the National Bureau of Statistics (NBS) released data showing that in H1, against a backdrop of steady industrial production growth and a continued rebound in industrial product prices, the revenue of large industrial enterprises rose 6.5% YoY, accelerating 1.5 percentage points from Q1. Accelerating revenue growth drove profits of large industrial enterprises up 18.7% YoY, a pace 3.2 percentage points faster than in Q1. By sector, mining and manufacturing profits rose 33.5% and 20.1% YoY, respectively, accelerating by 17.3 and 1.0 percentage points from Q1; the power, heat, gas, and water production and supply sector saw a 4.2% decline. In June, profits of China's large industrial enterprises grew 15.1% YoY. In H1, profits of large-scale raw material manufacturers surged 71.7% YoY, boosting overall large industrial enterprise profits by 8.8 percentage points. By industry, driven by favorable demand for non-ferrous metal products such as copper and aluminum, non-ferrous industry profits soared 99.4%, boosting overall large industrial enterprise profits by 4.7 percentage points. Driven by rising prices of products linked to the oil industry chain, the oil processing sector swung from a loss to a profit YoY, and chemical sector profits grew 67.8%.
The PBOC conducted 325.5 billion yuan in 7-day reverse repo operations today at an operation rate of 1.40%. A total of 398.5 billion yuan in reverse repos and 400 billion yuan in MLF mature today.
US Dollar:
As of 11:40, the US dollar index fell 0.26 to 101.22. According to CME's "US Fed Monitor," the probability of the US Fed holding rates steady in July is 63.7%, while the probability of a cumulative 25-basis-point rate hike stands at 36.3%. For September, the probability of rates remaining unchanged is 19.6%, the probability of a cumulative 25-bp hike is 55.2%, and the probability of a 50-bp hike is 25.2%.
Data Front:
Data to be released today include Germany's July IFO Business Climate Index, the UK's July CBI Distributive Trades Survey, US June Durable Goods Orders MoM, and the US July Dallas Fed New Orders Index.
Crude Oil:
As of 11:40, oil prices on both exchanges pulled back sharply, with WTI oil down 4.97% and Brent oil down 3.93%. Oil prices opened sharply lower on Monday as traders assessed Middle East supply risks. The US suspended airstrikes on Iran over the weekend, while the Houthis claimed responsibility for attacks on targets within Saudi Arabia. (Jin10 Data APP)
Spot Market Overview:
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Other metals spot midday reviews to be updated later, please refresh to view~
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