[SMM Metal Breakfast] lead battery steadily increases support lead price * thread rise is still expected * Argentina will raise mining royalties

[overnight] Lun Copper rose more than 2%. Aluminum rose more than 1% to recover the high price of gold lost this month.

"[macro outlook] follow the ZEW Economic Prosperity Index for August in August. in the evening, the annual rate of PPI in the United States in July is released.

Today's focus

[SMM analysis: power consumption weakening plate and strip operating rate decreased month on month] in July, the overall operating rate of copper plate, strip and foil enterprises was 64.99%, down 0.90% from the previous month, and 3.67% lower than the same period last year. The operating rate of copper plate, strip and foil enterprises is expected to be 65.49% in August, up 0.50 percentage points from the previous month. "View details

[Guangdong Electrolytic Copper inventory] as of Aug. 10, the inventory of electrolytic copper in Guangdong warehouse was 60364 tons, up 6917 tons from last Friday, the highest level since April 20, and the highest in the same period in history.

[aluminum options and zinc options are listed on the Shanghai Futures Exchange] Aluminum options and zinc options are officially listed and traded on the Shanghai Futures Exchange. Now the last issue has launched copper and gold, aluminum, zinc four options. Trafigura, Chinalco International Trade, Cofco Qidfeng (Beijing) Trading and other companies have become the first batch of unit customers of aluminum options and zinc options. Aluminum and zinc are important kinds of metals in non-ferrous metals industry, which are widely used in construction, transportation, power electronics, consumer goods and other industries and fields. Over the years, China's aluminum and zinc production, processing and consumption are ranked first in the world, there are many upstream and downstream enterprises in the industrial chain, and there is a strong demand for risk management. "View details

[SMM analysis: consumption expectation is zinc price main thrust lead battery stable support lead price] although the lead and zinc price appears correction, but SMM believes that the short-term price trend is still strong. The main reason for the lead bullish is the optimistic expectation of lead battery consumption. In July, the operating rate of lead batteries continued to rise, enterprise orders were OK, profits of finished batteries were gradually repaired, and production enthusiasm was good. According to SMM research, as of August 7, the operating rate of lead batteries was 72.1%, up 2.47% from the week of July 31. Lead battery enterprises are expected to increase steadily in August and continue to provide support for the strengthening of lead prices. "View details

[SMM Seven zinc ingots social inventory dropped 9400 tons compared with last Friday] according to SMM, as of Monday, the total SMM zinc ingot inventory was 182700 tons, down 9400 tons from last Friday and 19200 tons from last Monday. Inventory in the seven places decreased significantly over the weekend, mainly in Tianjin and Guangdong. The downstream demand in the Shanghai area is relatively stable, the arrival of goods has not changed obviously, and the inventory has not changed much; over the weekend, some goods in Guangdong have been transferred to Tianjin and other places, and the market arrival has also declined, with a large decline in inventory; in Tianjin, the railway transportation is affected by the steel storeroom at the station, and the supply of goods from Guangdong and Shanghai has not yet arrived, so the market is still dominated by consumption of inventory. Overall, the original inventory in Shanghai, Guangdong and Tianjin fell by 8800 tons, while the inventory in seven places across the country dropped by 9400 tons.

[SMM Analysis: can Shanghai Nickel strengthen again after losing two days of gains under pressure? Due to the slowdown in the pace of imports, the previous trend of accumulating pure nickel has been improved, warehouse orders are still sufficient, but Russian nickel spot has tightened, the narrowing of spot discount will stimulate the domestic gradual digestion of warehouse receipt inventory; The short-term fundamentals of nickel pig iron and its only downstream stainless steel are good, stainless steel prices have risen steadily, steel mill profits have improved slightly, and stainless steel production in China and Indonesia has reached high levels, which has also boosted the focus of negotiations between nickel pig iron and imported nickel mines. After the current nickel price has been pushed to a high level, the fundamentals follow up better, while the macro situation is complex. Shanghai Nickel opened trading on Monday with a sharp fall. Recent advances in vaccine research have boosted the market mentality, and the currency will remain under loose stimulus, with inflation expectations for dollar-denominated commodities unchanged. This week, Shanghai Nickel will gradually consolidate to the five-day moving average line of 113000 yuan / ton, and it is still expected to strengthen and explore. It is estimated that Shanghai Nickel will be 112000-120000 yuan / ton and Lunni will be 14100-14900 US dollars / ton. "View details

[SMM data: lithium carbonate production in July 2020] China's lithium carbonate production in July 2020 was 14800 tons, an increase of 0.3% month-on-month and 18.5% year-on-year. The cumulative output from January to July was 88200 tons, an increase of 8.2% over the same period last year. "View details

[SMM Cobalt Sulfate spot KuaiBao] the current mainstream price in the market is 5.3-58000 yuan / ton, an average price of 500 yuan / ton higher than that of the previous working day. Today, the quotations of some suppliers rose slightly, from 5.80-59000 yuan / ton to 6-62000 yuan / ton. Today, the cash transaction of 56000 yuan / ton in the market, which translates to an acceptance price of about 5.80-59000 yuan / ton. Customer feedback, its recent cobalt sulfate signing prices are 59,000-60000 yuan / ton, for more than 100 tons of transactions. According to the latest research production data, China produced about 3500 tons of cobalt sulfate in August, and the market demand for cobalt sulfate is expected to be 3800 tons. Due to the extremely low inventory of cobalt sulfate in the market, superimposed by factors such as tight inventory of cobalt raw materials in domestic smelters and rising prices, the transaction price of cobalt sulfate may rise slightly further, but combined with downstream ternary precursors and ternary materials, the current price increase is relatively low. and the order expectation of the power battery plant in the second half of the year is not optimistic, and the transaction price of cobalt sulfate is expected to be about 60,000 yuan / ton.

[SMM analysis: thread pull-up callback in place in the afternoon? It is still possible to rise! Driven by iron ore futures hitting an one-year high last week and macro data continuing to pick up, the main thread contract hit a nearly one-year high of 3888 yuan / ton on the 7th. But after that, due to the iron ore risk warning letter issued by the company and the low market acceptance of high prices, long profits left and other factors, ferrous metals fell back as a whole, and threaded futures continued to decline on the first day of the week, but the decline continued to narrow. Overall, it can be considered that the thread is basically tuned in place at present. From a fundamental point of view, there is no doubt that the spot fundamentals of rebar continue to improve, demand is picking up slowly under stable supply, inventories have stopped growing to falling, and the impact of weather factors on terminal demand is also improving marginally. After the market terminal has digested the current high price, the thread may rise again. "View details

[Shandong Province issued a document to further promote the merger and reorganization of steel enterprises] the official website of the Shandong Provincial Development and Reform Commission recently issued a notice on forwarding the Circular on doing a good job in eliminating excess capacity in key areas in 2020, requiring further promoting the merger and reorganization of iron and steel enterprises, optimizing the layout of the iron and steel industry, completing the replacement of steel production capacity in passageway cities on time, and increasing the proportion of production capacity in coastal areas and the proportion of high-quality steel production. Strive to achieve collectivization and high-end development of the iron and steel industry in Shandong Province.

[northern rare earths] the northern rare earths have completed the industrial layout of 30, 000 tons of magnetic materials, 15000 tons of polishing materials, 3000 tons of hydrogen storage materials, 1000 tons of luminous materials, and 50, 000 cubic meters of catalytic materials. Among them, the production capacity of magnetic materials and polishing materials ranks first in the world. At the same time, selectively develop rare earth terminal application products and enter the LED industry. With the extension of the industrial chain, the company has realized a new pattern of coordinated development of the whole industrial chain from raw material enterprises to raw materials, materials and terminal applications.

[northern rare earths: striving to be the leader of China's rare earth industry] as China's leading rare earth enterprises, northern rare earths take the development of the industry as their own responsibility, actively advocate the implementation of strategic reserves, rational protection, development and utilization of resources. Many national key projects, such as the "long March" series of carrier rockets, the "Shenzhou" series of spacecraft, the "China Lunar Exploration Project" and the "manned spaceflight", are inseparable from the key materials and devices developed and produced by rare earths in the north. With the "strength of new state-owned enterprises", northern rare earths are constantly racing forward in the direction of striving to be the leader of China's rare earth industry. "View details

Important news of metals and industry

[Shanghai Copper fell to an one-month low due to inconclusive US stimulus negotiations] Shanghai Copper fell to a more than one-month low on Monday, as did Lunchong as US policy makers approved a new fiscal support plan to support the US economy hit by the novel coronavirus epidemic. There is considerable uncertainty. The main September copper contract on the Shanghai Futures Exchange fell to 49580 yuan per ton in intraday trading, the lowest level since July 8. The contract fell 2.61% to 50090 yuan per ton at midday. "View details

[Fitch: global copper production grew at an average annual rate of about 3.1 per cent from 2020 to 2029] Fitch said in a forecast that global copper production would grow at an average annual rate of 3.1 per cent in 2020-2029, bringing total production to 26.8 million tons. Chilean production is expected to fall slightly by 0.5 per cent to 5.89 million tonnes. Downside risks to production will come from declining ore grades, adverse weather, protests and union strikes. Affected by novel coronavirus's epidemic, SMM expects global copper production growth to slow from about 2 per cent to-0.3 per cent in 2020 and to 6.6 per cent in 2021. "View details

[Tianshan Aluminum Company plans to raise 5 billion yuan to strengthen the construction of industrial chain] the annual report of Tianshan Aluminum Company shows that in the first half of the year, the output of primary aluminum is 558600 tons, the output of high purity aluminum is 8200 tons, the output of alumina is 340000 tons, the power generation is 6.67 billion degrees, and the output of pre-baked anodes is 156000 tons. The gross profit margin of the company's own aluminum ingots reached 24.92%, and the net cash flow generated by operating activities was 1.566 billion yuan, an increase of 84.55% over the same period last year. The company intends to raise 5 billion yuan this time. Fund-raising projects include: Guangxi Jingxi Tiangui alumina project, Xinjiang Tianzhan new material ultra-high purity aluminum phase I and R & D center project, as well as supplementary liquidity and repayment of bank loans.

[new breakthrough in roasting start-up technology of aluminum reduction cell] on July 28, China Nonferrous Metals Industry Association organized an evaluation meeting of scientific and technological achievements in Zhengzhou, Henan Province. the scientific and technological achievements of "aluminum reduction cell nonlinear roasting technology and complete sets of equipment" jointly completed by Zhengzhou Light Metallurgical Science and Technology Co., Ltd., Zhengzhou Zhongshi Sail Technology Co., Ltd and Chongqing Tiantai Aluminum Industry Co., Ltd. The expert group believes that the project has the characteristics of low cost, high efficiency, uniform and controllable heating, and prolonging the life of the electrolytic cell, which provides a strong technical support for realizing the green, energy-saving and healthy development of the aluminum industry, and the overall technology of the project has reached the international leading level. It is suggested to speed up the promotion and application. "View details

[Shenhuo shares' net profit soared 334.49% month-on-month in the second quarter, raw material price drop cost dropped] A few days ago, Shenhuo shares disclosed its half-year performance in 2020, KuaiBao, the company's operating income in the first half of the year was 8.81 billion yuan, down 5.87% from the same period last year, and the net profit was 213 million yuan, down 23.67% from the same period last year. Compared with the first quarter of 2020, the total profit of the company in the second quarter of 2020 was 238.1191 million yuan, an increase of 58.76% over the previous year, and the net profit attributed to the owner of the parent company was 172.9558 million yuan, an increase of 334.49%. "View details

[the largest aluminum alloy overbridge in China was unveiled in Chifeng] recently, three aluminum alloy flyovers built by Liuye Science and Technology heavy Industry were unveiled on the streets of Chifeng City, Inner Mongolia. These aluminum alloy flyovers sparkle with silver during the day and bright neon at night, becoming a beautiful scenery in Chifeng City, attracting local citizens to stop to take photos. Among them, the aluminum alloy flyover at the intersection of Chifeng Commercial Building is the largest aluminum alloy flyover with the largest scale and raw materials in China. "View details

[mining quarterly report: Sherritt: second-quarter nickel production increased by 4147 tons compared with the same period last year] recently, Sherritt released its second-quarter results, saying that with the outbreak of the COVID-19 pandemic in the first quarter, the nickel market improved in the second quarter of 2020, while economic and manufacturing activity in China and Europe resumed. In terms of nickel production, the Moa joint venture produced 4147 tons of finished nickel in the quarter, up 4 per cent from 3969 tons in the second quarter of 2019, with sales of 4169 tons, up 2 per cent from a year earlier. "View details

[mining Quarterly report: Anglo American: nickel production in the first half of the year increased 11% compared with the same period last year] recently, Anglo American reported an 11% increase in nickel production in the first half of 2020 to 21700 tons (first half of 2019: 19600 tons). This is due to improved operational stability and the completion of Barro Alto's planned shutdown in the first half of 2019. The production guidance in 2020 will remain unchanged at 42000-44000 tons, depending on the extent of further disruptions related to Covid-19. "View details

[Argentina will increase mining royalties may affect lithium salt project] recently, members of the Argentine legislature proposed to increase mining royalties from the current 2% to 51%. The increase in mining royalties will affect Galaxy Resources' Sal de Vida Lithium Salt Project, which operates on Hombre Muerto Salt Lake, Livent's Fenix Project and NRG Metals' Hombre Muerto North Project. Hombre Muerto is part of the so-called "lithium triangle" and consists of Salar de Uyuni Salt Lake in Bolivia and Salar de Atacama Salt Lake in Chile. These salt lakes contain most of the world's lithium reserves, of which about 50% and 70% of lithium supply comes from Salar de Atacama and Hombre Muerto salt lakes.

[lithium miner Albemarle:EV battery demand weakens and two operations will be suspended in September.] US lithium producer Albemarle said last week that it would temporarily close two operations, the Silver Peak lithium mine in Nevada and the Kings Mountain lithium hydroxide production plant in North Carolina, until the end of the year because of weaker demand for (EV)-powered batteries for electric vehicles. Scott Tozier, the chief financial officer, said on an earnings call on Thursday that the company plans to restart the two assets in early 2021. "View details

[Yinghe Technology: the company's newly signed orders for lithium power equipment in the first half of the year exceeded 1 billion yuan] Yinghe Technology said on the interactive platform that the company's newly signed orders for lithium power equipment in the first half of the year exceeded 1 billion yuan, and was optimistic about the orders for lithium power equipment in the second half of the year. The company has order cooperation with BYD, CATL, Funeng, Guoxuan, Guangyu, LG, Tesla, Wanxiang, Xinwanda and other well-known customers at home and abroad. Among them, cooperate with Tesla for the prototype, and maintain continuous communication.

[Fitch: South African palladium production will shrink by 8.7 per cent this year while Russian production will grow by 2.5 per cent] Fitch Solutions says Russian palladium production is expected to grow by 2020 because the industry has not been disrupted by the epidemic. Despite the gradual lifting of the blockade, most of South Africa's palladium and gold mines are still underproduction, and Fitch expects South Africa's palladium production to shrink by 8.7 per cent this year, while Russia's palladium production is expected to grow by 2.5 per cent. "View details

[Baotou rare Earth High-tech Zone strengthens rare Earth Industry by relying on innovative Development] relevant statistics show that from January to May, 37 rare earth enterprises above the scale of Baotou rare Earth High-tech Zone achieved a cumulative total industrial output value of 4.265 billion yuan, an increase of 7.7% over the same period last year. The output of rare earth compounds, rare earth metals, rare earth permanent magnet alloys, permanent magnet blanks and polishing powder increased by about 16%, 15%, 67%, 19% and 8% respectively compared with the same period last year. "View details

[Jinli permanent Magnet terminates part of the original initial public offering] Jiangxi Jinli permanent Magnet Technology Co., Ltd. held the 23rd meeting of the second board of directors and the 18th meeting of the second board of supervisors on August 7, 2020. The motion on terminating the implementation of some of the proposed investment projects raised by the original initial public offering was examined and adopted. "View details

[governor of Ontario, Canada: the United States plans to impose tariffs on Canadian steel] Doug Ford (Doug Ford), governor of Ontario, Canada, harshly criticized Trump's resumption of tariffs on Canadian aluminum products at a news conference in Toronto, saying it was bad behind Canada and an act of betraying allies. Doug Ford also revealed that the United States also plans to impose tariffs on Canadian steel. "the United States will impose tariffs on 40 kinds of steel by a certain percentage (I'm not sure what percentage it is)." "View details

[Yintai Gold: every 100 yuan / g increase in gold price will increase the company's profit by about 500 million yuan.] Yintai Gold said that according to the company's annual gold output of about 7 tons, every 100 yuan / gram increase in gold price can increase the company's profit by about 500 million yuan.

Macro focus

Domestic:

Bureau of Statistics: in July, CPI rose 2.7% year-on-year, 0.6% month-on-month, 2.4% lower than last year, and 0.4% month-on-month. In July, food prices rose 13.2%, an increase of 2.1%, affecting CPI to rise by about 2.68%. Consumer demand for pork continued to increase in July, while floods in many places had a certain impact on the transportation of live pigs, and supply was still tight. Pork prices rose 10.3% month-on-month, an increase of 6.7 percentage points over the previous month. Core CPI, excluding food and energy prices, rose 0.5% from a year earlier, down 0.4% from last month.

Hao Peng, director of SASAC: in the first half of the year, the economic performance of central enterprises was better than expected, indicators were repaired month by month, effective investment was accelerated, and social responsibility was demonstrated. Although the performance of central enterprises in the first half of the year was better than expected, the risks and challenges should not be underestimated. In the second half of the year, we are determined to make up for the losses caused by the epidemic, strive for sustained and rapid growth in the efficiency of the vast majority of central enterprises, and strive to achieve positive growth in the overall efficiency of central enterprises. The three-year Action Plan for the Reform of State-owned Enterprises (2020-2022), examined and adopted at the 14th meeting of the Central Committee for Comprehensive deepening Reform, will be issued and implemented soon.

Yunnan Meteorological Bureau and Natural Resources Department jointly issued a level II early warning of geological hazards and meteorological risks. Under the influence of continuous rainfall or local heavy precipitation, it is estimated that in the next 24 hours, the meteorological risk grade of geological disasters in southeast Lijiang, southwest of Diqing, north of Nujiang, northwest of Baoshan, most of Dehong, west of Lincang, north and southeast of Pu'er and southwest of Honghe is grade Ⅱ (high risk). It is prone to geological disasters such as landslides, debris flows and collapses.

CBIC: in the first half of the year, the original insurance premium income of insurance companies was 2.7 trillion yuan, an increase of 6.5% over the same period last year. Reparations and payments totaled 630.8 billion yuan, an increase of 1.2 percent over the same period last year, and 23.9 billion new insurance policies were added, an increase of 28.0 percent over the same period last year.

Shenzhen Securities Regulatory Bureau comprehensively standardizes fund sales behavior. According to the website of Shenzhen Securities Regulatory Bureau, since the beginning of this year, Shenzhen Securities Regulatory Bureau has attached great importance to the standardization of fund sales behavior and the supervision of independent fund sales organizations. through scientific and technological supervision, accountability in accordance with the law, training and research and other means, we will take more measures to promote the standardized and healthy development of the fund sales industry in the jurisdiction. First, the supervision of science and technology to improve the efficiency of supervision. Second, we should investigate and handle them quickly and deal with them strictly in accordance with the law. The third is to train and escort and supervise the development of compliance. Fourth, in-depth research, find out the current situation of the industry.

Abroad:

According to CME Fed Watch, the probability of the Fed keeping interest rates in the 0% won 0.25% range in September is 100%, and the probability of raising interest rates by 25 basis points to 0.25% is 0%. The probability of keeping interest rates in the 0% won 0.25% range in November is 100%, and the probability of raising interest rates by 25 basis points is 0%.

[Fed research suggests that average inflation targets may be a more effective policy tool.] economists at the San Francisco Fed believe that in the current environment, low inflation has forced the central bank to keep interest rates low, limiting policy choices in times of crisis, so targeting average inflation may be an effective tool. Economists Renuka Diwan, Sylvain Leduc and Thomas Mertens called the tool "a monetary policy framework well suited to the current environment" in an economic research report released on Monday. The Fed began a framework review of its policy strategy last year, and the average inflation target is one of the options being studied. "the average inflation targeting framework can reduce inflation and downward pressure on output, thereby anchoring inflation expectations closer to or even reaching the target," economists wrote. "

[World Health Organization (WHO): I believe that a safe and effective novel coronavirus vaccine will be obtained] World Health Organization (WHO) held COVID-19 's regular press conference on August 10 local time. Michael Ryan, head of World Health Organization (WHO) 's health emergency project, said that great progress has been made in novel coronavirus's vaccine research and development. Thanks to all the research and development personnel who are committed to this, it is believed that a safe and effective novel coronavirus vaccine will be obtained. The challenge is how to increase production and distribution.

Terminal information

[13925 5G base stations built in Hebei completed 80.3% of the annual construction task] according to the official website of Hebei Provincial Communications Administration, by the end of July, Hebei Province had built a total of 13925 5G base stations, of which 12045 were newly completed this year, accounting for 80.3% of the annual construction task.

[HKUST Intelligence: the original car charging piles provided by the company to new energy vehicle manufacturers such as Ulai and Geely have entered or are about to enter the state of mass production.] on August 10, HKUST Intelligence said on the interactive platform that the original car charging piles carried out by the company to Ulai, Volkswagen, Geely, Tianji and other new energy vehicle manufacturers have entered or are about to enter the state of mass production and supply, and the supply has increased steadily. The company will continue to vigorously expand the new forces of car-building and other positioning of high-end car companies, model customers.

[Baofeng Energy semiannual report: net profit in the first half of the year increased by 10.75% over the same period last year] on August 10, Baofeng Energy released its semi-annual report for 2020, with an operating income of 7.52 billion yuan during the reporting period, an increase of 15.35% over the same period last year. The net profit attributed to the owner of the parent company was 2.092 billion yuan, an increase of 10.75% over the same period last year.

[large family laser: lithography machine has received a small number of orders] large family laser said on Aug. 10 that the company has received a small number of orders in the research and development of lithography project resolution of 3-5 μ m, mainly focusing on discrete devices, LED and other applications.

[real estate] Ningbo Housing and Construction Bureau and other five departments: carry out a three-month special rectification of the real estate market throughout the city, further standardize the business behavior of real estate development enterprises and intermediary agencies, and safeguard the legitimate rights and interests of the masses. we will promote the steady and healthy development of the real estate market. The focus of this rectification work is to investigate and deal with the improper business behavior of real estate development enterprises and their employees, and the improper business behavior of real estate intermediary agencies and their employees.

[automobile] China Automobile Circulation Association: in July, the comprehensive inventory coefficient of automobile dealers was 1.91, up 9.4% from the same period last year and 10% from the previous month, and the inventory level was above the warning line. At the same time, there were six brands with inventory depth of more than 2.5 months in July, of which the three brands with the highest inventory depth were Jaguar Land Rover, Beijing Hyundai and Geely.

Related market

[CNNC Tianwan Nuclear Power Unit 5 was successfully connected to the grid for the first time] according to CNNC news, on August 8, Tianwan Nuclear Power Unit 5 was successfully connected to the grid for the first time, and all technical indicators met the design requirements, marking that Tianwan Nuclear Power Unit 5 has officially entered the grid-connected commissioning stage, laying a solid foundation for subsequent units to be put into commercial operation. With the successful connection of Tianwan Nuclear Power Unit 5 to the grid for the first time, the number of units with generating capacity in Tianwan Nuclear Power Base has reached five. At the same time, Tianwan Nuclear Power Unit 5 has also become the first nuclear power unit connected to the grid in China Nuclear Power Group and even in the field of domestic nuclear power construction this year.

[Sinopec: becoming the rotating Chairman of the partner Club of the Beijing Winter Olympic Games] according to Sinopec, on August 8, the Beijing Organizing Committee for the Winter Olympic Games held a general meeting of the partner club of the 2022 Winter Olympic Games to replace the rotating chairman. Under the double-chairman system, Sinopec and China Unicom took over the baton from Yili Group and became the rotating chairman of the partner Club of the Beijing Winter Olympic Games, launching a joint initiative to "come up with wisdom to cheer for the Green Winter Olympic Games".

[northeast Energy Regulatory Administration: step up self-inspection and inspection of water sources and ash fields of hydropower stations and thermal power plants] recently, the Northeast Energy Regulatory Administration, together with the Jilin Provincial Energy Bureau, organized a video conference on flood control and drought relief for key electric power enterprises in Jilin Province. The Jilin Business Office of the Northeast Energy Regulatory Bureau stressed that it is necessary to persist in promoting epidemic prevention and control and flood control and flood fighting work, earnestly achieve "two-handed grasp, no mistakes", and formulate specific work plans in the light of the actual conditions of each unit; further establish and improve the flood control and flood fighting organization system and emergency management, clarify work responsibilities, compaction responsibilities layer by layer; It is necessary to put an end to careless thinking, strengthen the building of the contingent and the guarantee of materials for flood control, strengthen monitoring, forecasting and early warning, do a good job in actual combat drills, and be ready to meet major flood situations at any time; it is necessary to strengthen the investigation of hidden dangers, especially to strengthen self-inspection and inspection of the water sources and ash fields of hydropower stations and thermal power plants, so as to ensure the safety of electric power in flood season.

[interest rate] overnight shibor was 2.1290%, up 7.20 basis points. In 7 days, shibor was at 2.202%, down 0.30 basis points. Three-month shibor was 2.6010%, down 0.20 basis points.

[the Baltic dry index rose to a three-week high] the Baltic dry index rose 5 points or 0.3% to 1506 points on Monday, the highest in nearly three weeks, as Panamanian ship rates rose to a more than nine-month high. The capesize index fell 26 points, or 1.1%, to 2375, with an average daily profit of $215 to $19697. The Panamanian shipping index rose 37 points, or 2.4%, to 1600, its highest level in more than nine months, and average daily profit rose $330 to $14400.

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