"overnight Financial data Review: China's Social Finance rose below expectations to 8.5% of M2 growth in July, causing a sharp fall in emerging market currencies.
Outlook for Today's Financial data: focus on six pieces of China data this morning if Germany's second quarter GDP is optimistic and may be able to support the euro
[SMM Copper Morning News] Social Finance data are not as strong as expected.
[SMM Aluminum Morning News] High US dollar pressure Shanghai Aluminum to maintain volatile trend
[SMM lead Morning News] after the rebound, Shanghai lead continues to weaken within a day, or it may be difficult to change the weak pattern.
[SMM Zinc Morning News] bearish mood fermentation during the day zinc price or weak finishing
[SMM Ni Morning News] Phase Ni may continue to be weak and the center of gravity will move down.
[SMM Tin Morning News] High US dollar index fluctuates tin prices both inside and outside the market.
[SMM Steel Morning News] July Financial data Review-Credit release increases and Social Finance falls back
[to avoid a 25% tariff, Chinese scrap metal recyclers are eager to resell US shipments.] Chinese scrap copper processors and importers are eager to transfer or resell US scrap metal shipments destined for China, following a deepening trade war between China and the United States. China imposes a 25% tariff on copper imports from the United States. In the first quarter of this year, almost 2200 batches of scrap copper shipments were shipped from the United States to China each month, an average of about 20 tons per ship. The importers will have to sell at a discount to attract buyers, the sources said.
[Chile prepares for a possible strike at the Escondida copper mine] on Aug. 13, the Chilean copper industry is preparing for a possible strike at Escondida, the world's largest copper mine, as government-led mediation ends. Escondida's union and BHP Billiton, an Anglo-Australian miner, may have agreed to a contract deal by Monday night, which has been closely watched by other miners and international markets. Negotiations have been held in strict confidentiality, but a union source told Reuters that everything about the outcome of the Escondida negotiations would be "known" today.
The main trade union at Chile's Caserones Copper Mine said on Monday that the two sides had agreed to extend the government's mediation of labor negotiations until Thursday. Jose Zambra, a spokesman for the Caserones union, said the deal meant that 98.5 per cent of workers agreed to go on strike in Sunday's vote. "We want our employees to thank us for our competitive offer, especially given that the company is still looking to set achievable production targets and control costs," Lumina said in a statement to Reuters.
[Boer Copper Mine exports copper to China for the first time] in the past seven months, Boer Copper Mine has exported 17560 tons of copper and other metal products to foreign markets, up 25 per cent from a year earlier, with foreign exchange earnings of US $125 million. The traditional exporting countries of Bor Copper Mine are Croatia, Turkey, Bulgaria, Germany and so on. In July, the company exported 750 tons of copper to China for the first time.
(New Century Resources), an Australian new century resources company, said last week that it had resumed mining at the Queensland century zinc mine. And began hydraulic mining in the mining area. The project is currently initially estimated to have a mining life of 6.3 years, and Century Zinc has an annual production capacity of about 264000 tons of zinc and 3 million ounces of silver. New Century Resources is also exploring and evaluating the development potential of the mine resources in order to extend the life of the mine and increase the overall output.
[capacity removal focus: break the system obstruction to speed up the clearance of zombie enterprises] Economic Information News: the next step to remove production capacity is to break the system obstruction and speed up the clearance of zombie enterprises. At present, local governments and enterprises have taken action, and the State Council will carry out relevant supervision and inspection in late August. Before the end of the year, we will study the effective disposal of "zombie enterprises", market-oriented debt-to-equity swap, merger and reorganization and other policies. "View detail
[Ministry of Natural Resources: severely crack down on unlicensed exploration and exploitation, mining beyond approved mining areas, etc.] on 13 August, The General Office of the Ministry of Natural Resources issued a circular on the implementation of the spirit of the national production safety teleconference to carry out in-depth work related to production safety. The Circular mentioned that the local departments in charge of natural resources at all levels should continue to maintain a high pressure situation and severely crack down on unlicensed exploration and mining, mining beyond the scope of approved mining areas, and so on. We will actively cooperate with the public security departments in carrying out special actions to crack down on crimes committed by guns and explosives, and strictly prevent safety accidents caused by illegal exploration and exploitation of mineral resources. "View detail
[Shandong Iron and Steel was quickly questioned by the exchange because of the "blue sky defense war" to terminate the reorganization. Shandong Iron and Steel issued an announcement on the evening of August 13 to terminate the major asset restructuring. From March 27, Shandong Iron and Steel began to suspend trading and restructuring, the company plans to issue shares to buy 100% stake in Yongfeng Iron and Steel, 100% stake in Yongfeng Zibo and 37.99% stake in Rizhao Company, but due to the restructuring process, The State Council has issued a three-year action plan for the "Blue Sky Defense War," and Shandong Province plans to issue a plan for the development of the iron and steel industry in Shandong Province, bringing greater uncertainty to the production, operation, and evaluation value of the underlying assets. The restructuring parties failed to agree on the terms of cooperation, transaction price, etc., Shandong Iron and Steel decided to stop planning the restructuring. The Shanghai Stock Exchange asked the company quickly that night, asking the company to elaborate on the specific impact of the environmental policy changes on the underlying assets, and asked the company to explain that after entering the restructuring process, Whether the risk of environmental protection policy change in the iron and steel industry has been fully considered, whether the relocation and shutdown of the target company brought about by the strictness of environmental protection, process upgrading and so on have been carefully evaluated and demonstrated. "View detail
[Australian mining companies increase investment in lithium exploration] even though lithium prices have fallen, Australian mining companies have increased their investment in lithium exploration, given the future market for power batteries. Australia accounts for half of the world's supply of hard-rock lithium mines, with the rest coming from salt lake-type lithium mines, mainly Argentina, Bolivia and Chile. The analysis shows that the emergence of a large number of hard rock type lithium deposits is the reason why the price of lithium carbonate has fallen by 44% so far this year.
[Russia is considering raising taxes on mining and metals companies] Russia is considering raising government budgets by raising taxes on profitable mining and metals companies in order to achieve Putin's new six-year term goal. The Russian government needs to increase budget revenue. The Russian government has announced that it will increase VAT from 2019.
Notice: tin market in the first half of the year a huge shock, the market people directly call do not understand! What are the fundamentals of tin city? What elements do you need to focus on in the future? On August 30-31, 2018, at the eighth Tin Industry chain Summit Forum hosted by Shanghai Colored Network in Shenzhen, there will be many macroeconomic, tin industry experts and scholars to uncover layers of fog for everyone to discuss the future of tin city. "Click to enter the registration channel
Metal and Industry News
[MIIT, NDRC: notice on serious capacity replacement and strict prohibition of new production capacity in the cement flat glass industry] strictly put cement clinker and flat glass construction projects at the source of filing, Construction projects with new cement clinker and flat glass production capacity shall not be recorded in any other name or in any way; All relevant departments and institutions shall not handle land supply, energy assessment, environmental impact assessment examination and approval, new credit support and other related business.
The Ministry of Ecology and Environment recently issued a draft of the Action Plan for the Comprehensive Control of Air pollution in Beijing, Tianjin, Hebei and its surrounding areas from 2018 to 2019, which is aimed at tackling key problems in the autumn and winter of 2018-2019. the Ministry of Ecology and Environment recently issued a draft of the Action Plan for the Comprehensive Control of Air pollution in Beijing, Tianjin and Hebei and its surrounding areas. People in the industry believe that the government continues to maintain a high-pressure situation on environmental protection, and the impact of the industry is different. This year's plan is more stringent than last year, and the production limit is likely to be extended. The impact of cross-peak on the production of steel plants in winter may be increased compared with last year, the prosperity of the coke industry is expected to improve with the stricter environmental requirements, and the catalytic effect of policy expectations on the price of aluminum industry chain is worthy of attention. "View detail
[central Bank of Peru: Peruvian copper exports hit a record in June 2018] on August 13, according to data on the Peruvian central bank's website, Peru's copper export profits in June this year were compared with US $1.19 billion in June last year. Copper revenues in June also exceeded the country's record of $1.5 billion in September 2017. In June, Peru made a profit of $670 million on gold exports and $223 million on zinc exports.
[Asiamet Resources: Indonesia Copper Project Feasibility study is nearing completion] Asiamet Resources said Friday that the feasibility study for the Beruang Kanan Main copper project in Indonesia is expected to be completed this quarter. The company said it was working on the design and planning of the main remaining areas of the mine, as well as research on the costs of ore heap leaching and investment and production.
[Norilsk: Electric vehicle Industry boom will boost nickel demand] (Norilsk Nickel), a Russian Norilsk nickel company, said on Monday that demand for nickel is expected to increase with the development of the electric vehicle industry. It also led investors and battery makers to hoard nickel stocks, pushing up international nickel prices. Norilsk nickel said it expects the global nickel supply and demand gap to widen to 124000 tons this year.
[sea of Clouds: the company's magnesium alloy products can be used for 3D printing] the company says it supplies Foxconn magnesium and aluminum alloys. The company supplies magnesium and aluminum alloys to Xiaomi parts suppliers. The company's magnesium alloy products can be used in 3D printing as raw materials.
SMM learned that due to the arrival of the local melon and fruit season, the number of vehicles transporting fruits has increased, taking up part of the silicon transport capacity of metals, and the freight rates of outgoing vehicles in some areas of Liangshan have been increased. Such as Mianning to Guangzhou automobile freight increased by 50 yuan / ton compared with last week, and it is difficult to find a car.
[78 gas-related environmental problems were found in the Ministry of Environment's daily inspection of Beijing, Tianjin, Hebei and 204 surrounding counties and cities] from 2018 to 2019, the work of strengthening supervision and inspection in key areas of the Blue Sky Defense War continued, and 200 inspection teams carried out supervision and inspection in accordance with the requirements of the work plan. The 78 gas-related environmental problems include 1 gas-related "scattered pollution" enterprises outside the list, 10 coal-fired boilers should be eliminated off the list, and 9 industrial enterprises have not installed air pollution prevention and control facilities. There are 4 problems in the abnormal operation of air pollution prevention and control facilities in industrial enterprises, 6 problems in the treatment of VOCs, and 6 problems in the unorganized emission of industrial dust.
Before Brexit came true, the bubble in the UK property market burst. Average property prices in the UK fell for five months in July, with prices rising at an annualised rate of 1.6 per cent, the slowest pace in at least six years. Volume and prices fell in London, the country's hottest property market, with sales down 7.3% in the second quarter from a year earlier. The uncertainty of Brexit and the Bank of England's rate hike are still putting pressure on the housing market.
[property market] from the central to local regulatory departments at all levels, the pace of regulation and control of the property market is speeding up, and the intensity is increasing. At the critical moment when the real estate market is rolling up the mountain, the consequence of taking a break and stopping is that the regulatory achievements of the previous stage have come to nothing. In the current situation of high macro leverage ratio, the hope that the real estate market once again assumed the important task of stable growth is tantamount to drinking poison to quench thirst.
[property market] Nanjing Real Estate Market Comprehensive Law Enforcement Office issued the Circular on adjusting the Housing purchase restriction Policy of Enterprises and institutions in our City. The circular requires that, from now on, the sale of commercial housing to enterprises and institutions and other institutions shall be suspended within the scope of the city.
[property market] Nanjing Housing Security and Real Estate Bureau and other 11 departments announced that they will carry out a special campaign to rectify the real estate market throughout the city from August to the end of December this year. The inspection will focus on four types of market violations, that is, the real estate market does not regulate business behavior, as well as false real estate advertising and so on.
[5G] on August 13, Beijing Unicom released the "5G NEXT" plan, and the first batch of 5G stations in Beijing were officially launched, which marked the beginning of the construction of the 5G mobile communication network in Beijing, and the capital is entering the 5G era.
[Saudi Fund is considering increasing its stake in Tesla] according to sources, Saudi Arabia's public investment fund (PIF) is considering increasing its stake in Tesla after Tesla CEO Musk put forward a privatization proposal last week. Saudi officials have accelerated discussions to increase their stake in Tesla, and Saudi Crown Prince Mohamed recently pushed for talks to increase his stake.
[China Information and Communications Institute: shipments in the domestic mobile phone market showed a downward trend from January to July] from January to July, the domestic mobile phone market shipped 233 million units, down 17.3 percent from the same period last year. Of these, the domestic mobile phone market shipped 36.975 million units in July, down 14.1 percent from the same period last year and up 1 percent from the previous month. Although mobile phone shipments rose slightly by 1% from the previous month, they still showed a downward trend compared with the same period last year.
[infrastructure investment heats up and excavators go crazy again] after July, excavators can be described as a "machine". Orders from manufacturers have doubled, customers continue to demand orders, and "out of stock" has become the norm according to the statistics of trade associations. From January to July, a total of 25 mainframe manufacturers sold a total of 131246 mining machinery products, an increase of 58.7 per cent over the same period last year. Sales in the domestic market were 120492, up 54.8 per cent from a year earlier. Export sales were 10681 units, up 118.7 per cent from a year earlier. Of these, a total of 11123 mining machinery products were sold in July, an increase of 45.3 per cent over the same period last year. "
A spokesman for the Commerce Department said: the Foreign Investment risk Assessment Modernization Act of the United States has been used as the Defense Authorization Act for the fiscal year 2019. Part of the bill was signed into law by President Trump. The Chinese side will conduct a comprehensive assessment of the contents of the bill and will closely track the impact on Chinese enterprises in the process of implementing the bill. Chinese and American enterprises have a strong will and great potential to deepen investment cooperation. The two governments should respond to the voices of enterprises and provide a good environment and stable expectations. The US side should treat Chinese investors objectively and fairly and avoid national security review as an obstacle to investment cooperation between Chinese and US enterprises.
In the past, infrastructure investment was mainly concentrated in railway, road and other transportation fields, as well as traditional infrastructure sectors such as energy. At present, there has been a structural contradiction between supply and demand in these areas. With the transformation of the overall economy from old kinetic energy to new kinetic energy, the "complementary board" of infrastructure investment should naturally conform to this trend and find out the new kinetic energy in the infrastructure plate, such as accurately getting rid of poverty, rural revitalization, new infrastructure, energy structure optimization, and so on. Or it can be a starting point in the future. From a regional point of view, the underdeveloped areas will become the focus of "making up for the shortcomings". In China's central and western rural areas and other underdeveloped areas, the infrastructure is still relatively backward, which is one of the important "shortcomings" of the economy and people's livelihood.
On Monday, the onshore renminbi opened at 6.8762 against the dollar, down nearly 300 points from the previous day and night. The renminbi's midpoint fell 234 points to 6.8629, its lowest level since May 31, 2017, and the onshore renminbi closed down 430 points at night. The offshore renminbi fell below 6.89 against the dollar and fell more than 330 points at one point in nighttime trading below 6.90.
The non-performing loan ratio of commercial banks was 1.86% at the end of the second quarter, the highest level since March 2009, but down from the end of May. Analysts said that the outbreak of credit default in April-May led to a sharp rise in the defect rate, but the easing of pressure in June and the accelerated disposal of non-performing loans still led to a fall in the defect rate at the end of the quarter.
Europe and the United States:
[German Minister of economy and Energy issued a severe criticism: the US tariff and sanctions policy is destroying jobs and economic growth] according to Reuters on August 12, Peter Altmeier, Germany's economy and energy minister, has severely criticized US President Donald Trump's tariffs and sanctions, saying they are destroying jobs and economic growth. He also said Europe would not succumb to US pressure on Iran. "View detail
On Monday, Argentina's central bank unexpectedly announced a 500bp increase in the seven-day Leliq rate to 45 per cent and kept it at least until October, narrowing the peso's decline but still closing down 2.3 per cent. Earlier, the peso fell 2.5 per cent to 30 pesos against the dollar, an all-time low, amid the impact of the Turkish financial crisis on emerging market currencies and concerns about the expansion of Argentina's anti-corruption investigation.
On Monday morning, the Turkish lira plummeted again against the dollar, hitting 7.24 for the first time. After that, the Bank of Turkey issued a statement on the same day that "all necessary measures will be taken to maintain financial stability," narrowing the lira's decline, rising to about $6.50 at one point and then falling to about 6.9.
In addition to spreading to emerging markets, Italy was the first developed country to be hit by spillover effects. The yield on the 10-year Italian bond was the highest since the anti-establishment government was formed in June and the spread over the 10-year German bond was the widest since mid-May. In addition to external risks, there are concerns that Italy's budget deficit violates EU rules.
Venezuela and Saudi Arabia have decided to establish closer bilateral relations in order to promote a further recovery in international oil prices, the Venezuelan national oil company said. Last week, Saudi Arabia's ambassador to Venezuela, Saade Bin Abdullah Saade, met with Venezuelan Oil Minister Manuel to discuss energy cooperation initiatives.
[crude oil] Saudi Arabia promised to sharply increase crude oil production to make up for the decline in Iranian exports, but Saudi Arabia appears to have cut production in July. Saudi crude oil production in July was just 10.387 million barrels a day, down 52800 barrels a day from June. Despite the decline in Saudi crude oil production, countries such as Iraq maintained high levels of crude oil production, and OPEC crude oil production increased in July.
[major breakthroughs have been made in the preparation of Ni-Pt targets for Semiconductor Devices in Yunnan Province] A major breakthrough has been made in the preparation and industrialization of Ni-Pt targets for semiconductor devices, a special project of the Yunnan Provincial International Cooperation Program. The production line has been established and good economic benefits have been obtained. the Ni-Pt target has replaced the imported products and exported to overseas.
With the launch of the Model 3, Tesla needs to support the growing number of new cars. Even before these supercharging stations were put into use, 99 per cent of Americans were within 240km of supercharging stations, Tesla said. In addition, Tesla CEO Elon Musk said he intended to disclose the source code of Tesla's car safety software so that all carmakers can use it free of charge.
[Shanxi Coking: semi-annual net profit increased by 40 times] Shanxi Coking disclosed semi-annual report. In the first half of the year, the company achieved operating income of 3.508 billion yuan, an increase of 31.33% over the same period last year, and the net profit attributable to the shareholders of listed companies was 823 million yuan, an increase of 4038.96% over the same period last year. The company made a profit of 19.89 million yuan in the same period last year. The company said that in the first half of the year, the steel industry downstream of the company resolved excess capacity, structural de-production work carried out in an orderly manner, coal and steel capacity to show the initial market standardization effect.
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