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SMM Analysis: Since late June, copper premiums cif China have been climbing. Spot premiums for registered copper arriving at China's ports from late July to August have recently breached triple digits, continuously setting new yearly highs...

Published Wed, Jul 22 20264:41 PM EDT John Paulson, the hedge fund manager who made billions betting against the U.S. housing market before turning bullish on gold, said he believes the precious metal is only in the early stages of a long-term rally. “I do think we’re in the beginnings or the early stages of a long-term bull market for gold,” Paulson said on CNBC’s “The Exchange” Wednesday. “As people lose faith in paper currencies, gold as an alternative will continue to grow.” Paulson, whose wager against subprime mortgages became one of the most profitable trades in Wall Street history, shifted his focus to gold in 2009, arguing that the unprecedented fiscal and monetary stimulus following the financial crisis would ultimately weaken the U.S. dollar. Since then, gold prices have roughly quadrupled, topping the $5,000 threshold before pulling back. The billionaire investor said demand for bullion continues to broaden, led by central banks that have been adding to their reserves alongside growing private-sector interest. “Gold is becoming the most apt reserve currency in the world, replacing fiat currencies,” Paulson said. “The demand from central banks, for instance, has continued to grow, as has the private sector.” Paulson also argued that investors stand to benefit more from owning gold miners than bullion itself, particularly companies with large undeveloped reserves. “I think the greatest way to invest is to invest in early-stage gold stocks,” he said. Paulson made the comments as NovaGold Resources announced it would acquire Paulson Advisers’ 40% stake in the Donlin Gold project in Alaska. Paulson, who serves as co-chairman of NovaGold, said the company offers investors leveraged exposure to rising gold prices because of its sizable resource base. “NovaGold has 40 million ounces of gold indicated and measured resources and reserves at the market [capitalization] of $4.2 billion,” Paulson said. “I think the best way to play gold is through stocks like NovaGold, if not NovaGold itself.” Source： https://www.cnbc.com/2026/07/22/john-paulson-says-we-are-in-early-stages-of-a-long-term-bull-market-for-gold.html

A delegation from Shanghai Metals Market (SMM) paid a visit to Xingfa Aluminium's Vietnan factory — Xingfa Vietnam, on July 20, 2026, and both sides engaged in-depth discussions covering the aluminum pricing mechanism in Vietnam, building international credibility, and coordinated industrial development. The delegation includes Logan Lu, SMM CEO, Kexin Lou, Director of Aluminum Fabrication, Lexi Chen, Key Account Manager for Overseas Information Sales, and CHIN KHAI YUEN, Senior Overseas Aluminum Analyst. Pushing for the Establishment of Globally Recognized Aluminum Price Benchmark in Vietnam During the visit, both sides analysed the current pricing landscape in Vietnam’s aluminum market. At present, Vietnam lacks internationally recognized aluminum price benchmark of its own. Foreign trades are mostly settled in US dollars based on LME plus MJP premiums, while domestic deals convert USD prices into Vietnamese Dong. Local players, including Chinese, Japanese, South Korean and Vietnamese enterprises, typically conclude contracts via LME + premium/discount pricing or fixed-price agreements before currency conversion. This fragmented pricing structure raises transaction costs and hinders the internationalisation of Vietnam’s aluminum sector. SMM noted that developing a widely accepted Vietnam aluminum pricing benchmark is critical to boosting pricing transparency and facilitating cross-border trade, and ranks high on SMM’s work agenda. To this end, SMM will conduct extensive surveys on major aluminum manufacturers in Vietnam, including Xingfa. SMM will officially launch the SMM Vietnam Aluminum Prices alongside a detailed methodology briefing at the SMM AICE 2026 Southeast Asia (Vietnam) Aluminum Conference in Ho Chi Minh City on 19–20 November . The two parties also exchanged views on primary aluminum supply and demand across Southeast Asia and the impacts of CBAM on the aluminum industry. In particular, CBAM and international carbon certification have emerged as core concerns for global aluminum participants. SMM will host a dedicated session at the AICE 2026 Southeast Asia (Vietnam) Aluminum Conference and invite international experts to share their insights. Deepening Southeast Asian Footprint: SMM Accelerates Market Rollout in Vietnam Since the beginning of this year, SMM has accelerated the establishment of its price service system in the Southeast Asian market. As of July 3, 2026, SMM has added a series of Southeast Asian 6063 aluminum billet processing fee price points and CIF Southeast Asia premium price points, with the Vietnam 6063 (non-homogenized) aluminum billet processing fees and price points already officially launched. In addition, the Vietnam Metal Recycling Forum (VMRF) visited SMM's headquarters in Shanghai on July 10, where the two parties reached multiple cooperation agreements on recycled metals industry chain services. Through localized collaboration and international resource integration, SMM is providing more accurate and authoritative data support for the aluminum industry chain in Vietnam and Southeast Asia. During this visit to Xingfa, the two parties reached multiple consensuses on aluminum price data collection, marketing promotion, and industry event organization. SMM stated that it will invite more international participants—including representatives from the Middle East, Indonesia, Malaysia, RUSAL, and Australian aluminum smelters—to jointly participate in the development of Vietnam aluminum pricing, promoting regional market integration. This survey has further deepened the strategic cooperation between SMM and Xingfa Aluminium and has also injected new momentum into the standardization and internationalization of Vietnam's aluminum pricing system. About Xingfa Aluminium Founded in 1984, Guangdong Xingfa Aluminium Co., Ltd. is a leading large-scale enterprise specialising in aluminum extrusion products in China. In 2011, Guangxin Holdings Group acquired a stake in Xingfa Aluminium, pioneering mixed ownership between state-owned and private capital within China’s aluminum extrusion sector and ushering in a new phase of steady expansion. Xingfa now operates nine production bases. In China, seven modern facilities are located in Sanshui and Nanhai (Foshan), Foshan Precision Manufacturing, Yichun (Jiangxi), Chengdu (Sichuan), Qinyang (Henan) and Huzhou (Zhejiang). Its global production network covers Australia and Vietnam, with growing scale advantages. Xingfa focuses on R&D, production and sales of aluminum extrusions across building and industrial segments. Its construction aluminum extrusions are widely used in high-end architectural curtain walls and system windows. While consolidating its core business, the company has expanded vigorously into industrial aluminum products, developing high-performance items such as new energy vehicle battery trays, crash beams and bus body components. Its products serve diverse sectors including rail transit, new energy vehicles, photovoltaics and electronics. Xingfa is further extending advanced aluminum processing technology into emerging areas such as energy storage and computing infrastructure. In recent years, Xingfa Aluminum has adhered to the principle that manufacturing is the foundation, fully leveraging its leading and driving role as the “chain leader” enterprise in Guangdong’s 100-billion-level high-end aluminum extrusion industry chain. Focusing on breakthroughs in key core technologies, it has promoted the industry chain and value chain towards the mid-to-high end. The company has successively received numerous honors, including the National Manufacturing Single Champion Enterprise, National Intellectual Property Demonstration Enterprise, National Technological Innovation Demonstration Enterprise, National Enterprise Technology Center, and National Green Factory. In 2025, Xingfa Aluminium ranked 475th in the Top 500 Chinese Manufacturing Enterprises, 147th in the Top 500 Guangdong Enterprises, and 32nd in the Top 500 Guangdong Manufacturing Enterprises. Join the Conversation at SMM AICE 2026