[SMM Metal Morning ginseng] Metal Platinum Nickel fell by more than 1.9% * rumors of levying tariffs hit the high level of stainless steel by nearly 1,000 yuan.

[overnight market] Metal Platinum fell by more than 1.9% and the three major stock indexes fell back after hitting new highs.

[macro outlook] pay attention to the changes of EIA refinery inventory in the United States in the week ended July 23rd.

The market closed overnight.

Yesterday, metal on the outer disk fell generally, while Lunni continued its daytime decline, falling more than 2% at one point in intraday trading. Lun Copper fell 0.66 per cent to end a five-day rally as investors suspended heavy bets ahead of the Fed meeting, which is expected to give more direction to monetary policy.

In the outer market, with the exception of Lun copper, Lunni fell 1.93%, Lunxi fell 1.47%, Lunxi lead fell 1.33%, Lunzn zinc fell 1.23%, and Lun aluminum fell 0.78%.

As inflation continues to rise, markets are starting to worry that the Fed's response to high inflation will be too late and too aggressive, which could lead to a rapid rise in interest rates, leading to another recession. Since this week's meeting is held against the backdrop of Federal Reserve Chairman Colin Powell's bet on high-risk policies, Powell is betting that the central bank may keep the Fed's short-term benchmark interest rate near zero until the job market fully recovers without triggering a sustained round of high inflation.

The monthly rate of the FHFA house price index for May in the United States was 1.8, compared with the forecast value of 1.6 and the published value of 1.7. House prices in the United States once again recorded the biggest increase in more than 30 years. Nationwide, the s & p CoreLogic case-Schiller house price index rose 16.6% in may from a year earlier, up from 14.8% in April and accelerating for the 12th month in a row, according to an announcement released on Tuesday.

House prices in May recorded the biggest increase since the data were compiled in 1988, setting a new record set in April. The shortage of housing available in the market and low interest rates have become the incentives to stimulate the rise in house prices. The surge in house prices has made buyers less willing to buy new homes. According to this week's report, sales of new homes in the United States fell unexpectedly in June.

On the dollar side, the dollar fell slightly against a basket of currencies on Tuesday as investors waited for the results of the Fed's two-day meeting this week to look for signals about when the Fed began to scale back its asset purchases.

U. S. stocks fell for the first time in six trading days on Tuesday, and the Fed will hold a monetary policy meeting on Wednesday, the results of which will be announced tomorrow. The market is paying close attention to the spread of Delta mutants and its impact on the economy.

On crude oil, crude oil futures held steady ahead of US inventory data on Tuesday, and despite tighter crude oil supplies and higher vaccination rates, investors remain concerned that global demand will be affected by a surge in novel coronavirus cases.

In precious metals, COMEX gold futures rose slightly on Tuesday, but remained below the key level of $1800 for the second day in a row. Chintan Karnani, head of research at Insignia Consultants, said gold remained within a narrow trading band under the weak dollar ahead of the Fed's announcement of monetary policy on Wednesday, and the meeting is likely to provide details of scaling back the stimulus package. Gold could fall if the Fed suggests an early end to bond purchases in the fourth quarter, boosts the economic outlook and maintains its temporary stance on inflation.

Yesterday afternoon, the size index plunged, the Prev index fell 2.49%, falling below 3400 points, the gem index fell 4.11%, and Kechuang 50 closed down 0.75%. At one point, it rose 4.5% to a new high for the year, and about 3300 stocks fell in the two cities. the turnover broke through trillion yuan for the fifth trading day in a row. Lithium stocks continued to fall in the afternoon, with the Ningde era falling more than 8%, Ganfeng Lithium Industry down 9.8%, and more than 10 stocks, including Yiwei LiNeng, Tibet Everest, Tibet Mining and Skyline shares, fell by the daily limit or more than 10%. Semiconductor chip overall trend is strong, but by the end of the day affected by the general trend of the plate index continued to fall, leaving a long shadow. Targets, PCB, photoresist, MCU chips and so on all showed performance, among which nearly 10 stocks of PCB concept stocks rose by the daily limit or more than 10%. On the disk, semiconductors and components, CRO concept, photoresist, sodium ion battery, salt lake lithium extraction, photovoltaic building integration and other decline. As of the close, the Prev index fell 2.44% to close at 3382 points; the Shenzhen Composite Index fell 3.67% to close at 14093 points; and the gem index fell 4.11% to close at 3232 points.

LME inventory

Macro focus

[ECB Regulatory Committee: the ECB will release economic forecasts and hold policy discussions in September] European Central Bank governing Council Holtzman said that policy discussions will be held in September and currently has reservations about the new policy guidelines. Economic data in the coming weeks will largely influence the ECB's actions.

How does China look forward to Sino-US relations after this visit? Foreign Ministry spokesman Zhao Lijian held a regular press conference and the reporter asked: how does China look forward to Sino-US relations after this visit? Zhao Lijian: Sino-US relations are faced with the choice of where to go. The attitude of the Chinese side is very clear. State Councilor and Foreign Minister Wang Yi once again said that the two sides should find a way of peaceful coexistence and even mutual benefit of the two great powers with different systems, different cultures and different stages of development through dialogue. We hope that the US side will change course and choose to act in the opposite direction with the Chinese side, with mutual respect, fair competition, and peaceful coexistence. A healthy and stable Sino-US relationship is good for both countries and good news for the world.

[national Bureau of Statistics: from January to June, the total profits of industrial enterprises above the national scale reached 4.21833 trillion yuan, an increase of 66.9 percent over the same period last year.] according to the data released by the National Bureau of Statistics, from January to June, the total profits of industrial enterprises above the national scale reached 4.21833 trillion yuan, an increase of 66.9 percent over the same period last year, an increase of 45.5 percent over January to June in 2019, with an average increase of 20.6 percent in two years.

[statistics Bureau: persistently high commodity prices squeeze enterprise profitability space, there are still weaknesses in the supply chain.] Zhu Hong, a senior statistician in the Industry Department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises, saying that on the whole, the profits of industrial enterprises recovered steadily in the first half of the year, and their operating conditions continued to improve. However, it should also be noted that the imbalance in the recovery of enterprise benefits still exists, the profit recovery of private and small and micro enterprises is relatively slow, the persistently high operation of commodity prices squeezes the profit space of enterprises, and there are still weaknesses in the industrial chain supply chain. The next step is to maintain the continuity, stability and sustainability of macro policies, continue to deepen supply-side structural reform, vigorously support the development of the real economy, further do a good job in ensuring supply and price stability, help enterprises to solve difficulties, and promote the sustained and healthy development of the industrial economy.

[the General Administration of Customs released the "14th five-year Plan for Customs Development" involving security, trade, taxation, etc.] on the morning of 27 July, the General Administration of Customs held a press conference and announced the "14th five-year Plan". The Plan mainly consists of three parts and 10 parts, and defines specific development and implementation plans for "Belt and Road Initiative" cooperation, the construction of a free trade zone, public health at ports, the protection of intellectual property rights, national biosafety, and the fight against smuggling. Among them, the Plan defines the work related to health and epidemic prevention at the ports. in the future, a 3D visualization display platform for the global epidemic situation of infectious diseases will be established, and an index-based and event-based risk assessment model for infectious diseases will be established. We will improve the COVID-19 epidemic prevention and control system and form a long-term mechanism. We will make full use of information, intelligence and automation to improve the port inspection and quarantine guarantee system, and speed up the construction of a real-time monitoring and desktop command system for public health emergencies at modern ports.

[Ministry of Ecology and Environment: basically establish a working mechanism for carbon emission environmental impact assessment of construction projects in key industries by the end of this year] the Ministry of Ecological Environment has launched a pilot project of environmental impact assessment on carbon emissions of construction projects in key industries. By the end of December 2021, the pilot areas will issue relevant documents on the environmental impact assessment of carbon emissions of construction projects, study and formulate accounting methods for carbon emissions of construction projects and norms for the compilation of environmental impact reports. Basically establish a working mechanism for environmental impact assessment of carbon emissions of construction projects in key industries. By the end of June 2022, we will basically find out the carbon emission level and emission reduction potential of key industries, explore the technical methods for the evaluation of collaborative management and control of pollutants and carbon emissions in construction projects, and open up the path of overall integration of pollution sources and carbon emission management. realize the synergistic effect of pollution reduction and carbon reduction from the source.

[Li Keqiang gave important instructions on the national teleconference on the optimization of fertility policy] the national teleconference on the optimization of fertility policy was held in Beijing on July 27th. Li Keqiang, member of the standing Committee of the political Bureau of the CPC Central Committee and premier of the State Council, gave important instructions. The instruction points out that the population issue is a basic, overall, and strategic issue related to the development of the Chinese nation. The implementation of the three-child policy and supporting measures is a major decision made by the CPC Central Committee and the State Council according to the situation of population development and changes in China, and a major measure to promote long-term and balanced population development and high-quality development. We must adhere to Xi Jinping's thought of socialism with Chinese characteristics in the new era as the guidance, adhere to the idea of people-centered development, and properly implement the policy of giving birth to three children. We will earnestly improve the level of eugenics and childcare services, speed up the construction of a universal childcare service system, promote the convergence of relevant economic and social policies with fertility policies, and reduce the burden of childbearing, parenting and education among the masses. It is necessary to properly safeguard the legitimate rights and interests of family planning families and establish and improve the omni-directional support and guarantee system for special family planning families. Governments at all levels and relevant departments should formulate specific implementation plans and supporting policies and measures, pay close attention to the implementation of the work, and do a good job of benefiting the country and the people!

[population and Family Planning Law to be amended] on 27 July, I learned from the 98th chairmanship meeting of the standing Committee of the 13th National people's Congress that the draft amendment to the population and Family Planning Law is to be submitted for deliberation at the 30th meeting of the standing Committee of the 13th National people's Congress in August. In June this year, the CPC Central Committee and the State Council issued a decision on optimizing the fertility policy to promote the long-term and balanced development of the population, clearly proposing the implementation of the three-child policy and supporting measures.

[national Health Commission: a total of 1.565872 billion doses of novel coronavirus vaccine were reported nationwide] according to the State Health Commission, as of July 26, 2021, 31 provinces (autonomous regions, municipalities directly under the Central Government) and Xinjiang production and Construction Corps reported a total of 1.565872 billion doses of novel coronavirus vaccine.

Today's focus

[brief Review of SMM Copper Futures: today Shanghai Copper recorded 5 Lianyang trying to return to the Brin track] SMM July 27th: overnight, the main force of Shanghai Copper hit a high of 72000 yuan / ton. After rising about 1,000 yuan, the 09 contract of Shanghai Copper continued its night rally again this morning. After climbing all the way to 72700 yuan / ton, the center of gravity fell slightly to 72500 yuan / ton in the second period of time. "check the details.

Due to the flood in Zhengzhou, the railway shipment of aluminum ingots is still blocked, and some aluminum ingots are overstocked on the way, resulting in low storage volume of aluminum ingots in Gongyi, Wuxi and other places. under the situation of continuous low inventory, the consignors bid up for shipments, and after Shanghai aluminum went up and fell back in the morning, spot transactions concentrated around 40 yuan / ton of discount for that month, and the actual transaction concentration was around 19540-19550 yuan / ton. "View details

[aluminum bar spot daily review: aluminum bar market mixed downstream pick-up sentiment] Today, processing fees in the mainstream aluminum bar market are mixed, but the overall level is still low, with processing fees rising slightly on the basis of falling base prices in Wuxi in eastern China. Wuxi is currently low inventory of aluminum bars, spot circulation is tight, mainly due to floods in Henan caused a number of high-speed railways were blocked. "check the details.

[SMM lead brief Review: Shanghai lead main long positions drag Shanghai lead down to test the first line of Wanliu] lead prices continue to adjust today, primary lead discounts are maintained, downstream rigid demand is mainly purchased, and spot transactions are still light; Lead price downward recycled lead refinery profits shrank, bulk discount slightly narrowed, downstream enterprises to maintain rigid demand to buy, near the end of the month, the market bearish sentiment is strong, spot transactions have not improved. "check the details.

[SMM zinc brief review: zinc futures difficult to close up and still maintain the shock mode] fundamentals, according to SMM news, monthly processing fees are generally increased. The domestic monthly processing fee will be increased from 4150 yuan / ton to 4250 yuan / ton, and the import processing fee will be increased from 80 US dollars / ton to 87.50 US dollars / ton. On the other hand, the extent of accumulation is not large this week, indicating that there is still some support for consumption, which is not light in the off-season, Shanghai Zinc or. "check the details.

[SMM News: Shanghai tin has been cutting positions for two days in a row. If it can not hold up the 230000 mark, the probability of falling back is high. Today, Shanghai tin continued to dip. By the end of the day, the main contract between Shanghai tin and Shanghai tin was 231900 yuan / ton. Last night, Shanghai and tin opened slightly higher and showed a strong performance, with prices taking the initiative to break through with bullish funds entering the market, maintaining a high and narrow horizontal plate after setting a recent high of 236260. After opening today, it rushed to 237060 yuan / ton, but then continued to decline. "View details

[SMM tin brief review: Shanghai tin prices rise or fall in the short term or face adjustment trend] after the price hit a new high, the bulls hesitated slightly, and the price fell back from time to time. In the near future, we need to pay attention to whether there will be short funds to take the initiative to break through the important support level. "View details

[concern: the rumors of imposing tariffs hit stainless steel futures fell sharply.] SMM believes that stainless steel tariff news affects the market, Shanghai nickel speculative funds risk aversion led to a sharp fall in prices, the dollar rose sharply after the close, Lunni also continued to decline. At present, the news is still a rumor that has not yet been confirmed, Shanghai Nickel at night or. "check the details.

[SMM analysis: SS contract high release of nearly 1000 yuan / ton high drop or turn downwards? During the night trading, the stainless steel SS contract reached an innovation high of more than 20, 000 yuan / ton. after opening this morning, there was a high shock in the range of 19700-19800 yuan / ton at the beginning of the day, while at noon, under the guidance of long positions, the SS contract fell sharply, falling as low as 19000 yuan / ton, down to 18925 yuan / ton, followed by a horizontal shock of 19000 yuan / ton, and finally closed at 19045 yuan / ton. It fell by nearly 1000 yuan / ton at a higher level. "check the details.

[SMM comment: India's first financial quarter shows that India's crude steel production increased by 61% compared with the same period last year.] according to SMM understanding and statistics, India's total exports of metal manganese and manganese products to China in the first half of 2021 were 19640 tons, and the total import volume increased by 6.5% in the first half of 2020 compared with the same period last year. The slight increase in the purchase of steelmaking raw materials shows the release of India's demand for steel. However, in the second half of the year, according to some domestic exporters, India is still greatly affected by the late stage of the epidemic. "check the details.

[SMM exclusive: policy production reduction + power restriction affects continuous electric furnace operating rate by 0.61% compared with the previous week] according to SMM's survey of 34 independent electric arc furnace steel mills producing building materials, the operating rate was 70.06% as of July 27, down 0.61% from last week. "check the details.

[SMM hot rolled goods: typhoon "fireworks" transit, short-term market arrival rhythm affected] SMM Steel, July 27, according to SMM statistics, this week estimated that the total market resources arrival volume of 263000 tons, an increase of 3000 tons, an increase of 1%. "check the details.

[SMM Electrolytic Manganese Daily Review: the market supply of limited manganese prices shows strong] SMM on July 27th, the spot factory price including tax in the mainstream area of the manganese triangle surged 1350 yuan / ton compared with Monday, around 21300-21400 yuan / ton; today, the spot factory price in Guangxi, including tax, is around 21300-21500 yuan / ton, up 1350 yuan / ton from Monday's average price. "View details

[SMM Daily Review: there is a great psychological price gap between buyers and sellers for chemical grade silicon monthly order] due to the shortage of clean coal at the raw material end of metal silicon production, most of the chemical grade silicon plants in southwest China have experienced production instability, which is a visual expression of 42m silicon. "check the details.

[SMM analysis: imports of cobalt raw materials increased slightly in June the impact of riots in South Africa is expected to decrease in August] China's total imports of cobalt raw materials in June 2021 totaled 7700 tons of metal tons, an increase of 6% from the previous month and 76% from the same period last year. In June, cobalt wet smelting intermediates imported 7200 tons of metal (converted at 27 per cent grade), an increase of 14 per cent month-on-month and 75 per cent year-on-year. In June, the average import price of cobalt wet smelting intermediates was 50129 US dollars per metal ton, down 7 per cent from the previous month and up 108 per cent from a year earlier. In this paper, the import volume of cobalt raw materials, the corresponding price and the import expectation of cobalt raw materials in the third quarter are discussed. "View details

[SMM magnesium ingot spot KuaiBao: cost support magnesium price rebounded slightly] SMM July 27: today's Fugu area 90 magnesium ingot mainstream factory price 20200 yuan / ton-20300 yuan / ton, 95B magnesium ingot mainstream factory price 21300 yuan / ton-21400 yuan / ton; today's main production area 90 magnesium ingot factory price is 100 yuan / ton higher than yesterday, the detailed quotation and reasons for the rise, please see the following details. . "View details

[SMM Bismuth Industry follow-up report: Yuguang Group launched an open tender for more than 400 tons of bismuth ingots] according to sources related to Yuguang, Yuguang Group will begin public bidding for more than 400 tons of bismuth and about 10 tons of refined indium in the plant today. According to relevant sources, the tender is tentatively scheduled to open at 11:00 on the 30th of this month. "View details

[SMM Daily Review: praseodymium and neodymium prices rebounded again with a mainstream turnover of 590000 yuan / ton] on Tuesday morning, the trading situation in the rare earth market improved slightly. The price of praseodymium and neodymium oxide rebounded again. At present, the mainstream transaction is 590000 yuan / ton, a few high trading volume is 595000 yuan / ton, the overall trading volume is not much; dysprosium oxide mainstream transaction is at 258-2.6 million yuan / ton, individual large factories say that they will not ship goods below 2.6 million yuan / ton. "View details

Important news of metals and industry

[Mingtai Aluminum intends to invest 3.6 billion yuan to build 700000 tons of recycled aluminum production line and aluminum project] Mingtai Aluminum issued an announcement that the company actively responded to the country's call to develop circular economy and, on the basis of the existing recycled aluminum production capacity, it is proposed to invest 3.6 billion yuan to build 700000 tons of recycled aluminum production line and aluminum material project, which will build a comprehensive utilization production line of renewable resources to realize resource utilization and recycling. Help Mingtai aluminum industry to enter the zero-waste era of resource recycling, and promote the low-carbon recycling development of the aluminum industry.

[Rio Tinto plans to cut production at the Canadian smelter to 35 per cent] mining giant (Rio Tinto) said it planned to cut production at its Kittimatt aluminium smelter in British Columbia to 35 per cent because of a strike by the Canadian union Unifor after failed labour negotiations.

[South Korea will expand tax breaks for industries such as semiconductors and batteries] according to a report by Korea Radio International on July 27, the South Korean government has decided to increase the tax preferential treatment for investment in the three major national strategic technologies: semiconductors, batteries and vaccines. Enterprises can get up to 50% tax deduction if they invest in related R & D and up to 20% tax deduction if they invest in facilities.

[Guoxuan Hi-Tech: plans to launch an annual production of 200000 tons of high-end cathode materials project] Guoxuan Hi-Tech announced that the wholly-owned subsidiary signed the "Investment Agreement for the Project with an annual output of 200000 tons of high-end cathode materials" with the Lujiang Management Committee of Hefei, Anhui Province, which is scheduled to be officially put into production in 2025. The annual output value is expected to reach 10 billion yuan after completion. It was announced on the same day that Hefei Guoxuan Hi-Tech, a wholly-owned subsidiary, donated 5 million yuan to the Red Cross Society of Zhengzhou City, Henan Province, through the Anhui Guoxuan Charity Foundation, for flood relief and post-disaster reconstruction. The company has allocated 5 million yuan of special funds to provide free battery maintenance and replacement services for new energy vehicles carrying the company's batteries damaged by the waterlogging disaster in Henan Province.

Another power battery company locks the supply! On the evening of July 26th, Rongbai Technology received a long-term purchase order for high-nickel ternary cathode materials from downstream customers, Funeng Technology. In the second half of 2021 and the whole year of 2022, Funeng Technology will purchase 5505 tons and 30953 tons of high-nickel ternary cathode materials from Rongbai Technology respectively.

[Funeng Technology: signed a framework agreement for the procurement of cathode materials with Rongbai Technology] Funeng Technology announcement, recently, the company and the supplier Rongbai Technology signed a framework agreement for the procurement of cathode materials. The company expects to purchase 5505 tons and 30950 tons of cathode materials from Rongbai Technology in the second half of 2021 and the whole year of 2022. The purchase price will be followed by specific orders.

[new energy industry detonates demand titanium dioxide enterprises scramble to build iron phosphate projects across borders] since the beginning of this year, a number of titanium dioxide production enterprises have made use of their own advantages to layout or strengthen the new energy industry chain, such as iron phosphate, to establish a circular economy and extend the industrial chain. Lithium iron phosphate can be produced. As one of the cathode materials, lithium iron phosphate can be used in power batteries, energy storage devices and other fields. In terms of downstream market demand, according to the China Automotive Power Battery Industry Innovation Alliance, lithium iron phosphate batteries accounted for 32.1% of power battery installations in 2019, rising to 42.3% in the first half of 2021. Lithium iron phosphate is expected to have great growth potential in the future.

Due to insufficient power supply, some silicon plants in Baoshan, Yunnan have been reducing power and load since mid-July, and the situation of power cuts has been upgraded this week. According to SMM, the total number of industrial silicon furnaces built in Baoshan is 31. Up to now, a total of 6 industrial silicon furnaces have been shut down under the influence of two power cuts in Baoshan. At present, a total of 18 industrial silicon furnaces are in normal production. In addition to the shutdown caused by power cuts, 3 industrial silicon furnaces with plans to resume production may not be able to resume production for the time being.

Terminal information

[the United States and Mexico failed to resolve differences in light vehicle trade rules] according to foreign media reports, at a meeting held last week, the United States and Mexico failed to resolve their differences on automobile trade rules, posing a threat to the goal of boosting manufacturing in North America under the new trade agreement. U.S. trade Representative Katherine Tai and Mexican economy Minister Tatiana Clouthier raised the issue at a meeting in Washington on the afternoon of July 22, but the two sides were unable to make a decision, according to people familiar with the matter.

[wafer foundry prices may rise again the supply and demand pattern of the industry is still tight] according to media reports, wafer foundry production capacity is still tight, and UMC will raise its offer again in the first quarter of next year. The 40nm process will increase by about 10% and 15%, and other processes will increase by 5% and 10%. In the global environment of lack of cores, the production capacity of contract manufacturers is almost full, and the high level of demand leads to a mismatch between supply and demand. Several major wafer manufacturers are constantly updating their capital expenditure forecasts to meet market demand.

[MediaTek officially released Xunyi 1300T based on TSMC 6nm process] on July 27th, MediaTek officially launched the new Xunqi 1300T mobile computing platform, which is based on TSMC's 6nm process and has an eight-core CPU architecture with four Arm Cortex-A78 cores.

[North American semiconductor equipment shipments reached a record high of US $3.67 billion in June] according to the International Semiconductor Industry Association ((SEMI)), shipments of North American semiconductor equipment manufacturers continued to climb in June, reaching US $3.67 billion, an increase of 2.3% a month, and an increase of 58.4% over the same period last year, setting an all-time high for six consecutive months.

[risk of fire! LG new energy reexplodes the battery big problem! On Friday, local time, GM said it would conduct a new round of recalls of nearly 69000 Chevrolet Bolt pure electric vehicles worldwide after receiving reports of two fires. GM updated its software on the recalled Bolt electric vehicle in November because of its fire risk, and at least one Bolt electric vehicle has updated its software in two recent fires.

[Cui Dongshu: China's automobile export market continued to strengthen under the impact of the overseas epidemic in the first half of the year] on July 26, Cui Dongshu, secretary general of the Federation of cars, said that under the impact of the overseas epidemic from January to June in 2021, China exported 950000 cars, an increase of 118% over the same period last year. China's export market continues to strengthen. In particular, the shortage of chips is obviously good for China's automobile exports. China's exports to Europe have soared. 79600 sets of new energy have been exported to Europe, mainly to Western Europe, and they have performed well to Australia and other countries.