"[overnight market] during the weakening period of the US dollar, gold rose slightly, and most of the domestic metals failed to recover the 43 mark.

"[macro outlook] focus on the announcement of their PMIs by many countries and the interest rate decision of the RBA.

Today's focus

[note: the most stringent repeal law came the outbreak of environmental protection concept stocks! As the final year of promoting the reform of the solid waste import management system, on June 30, 2020, the Ministry of Ecology and Environment held a regular press conference, and spokesman Liu Youbin explicitly mentioned that "starting from 2021, the import of solid waste will be completely banned and the Ministry of Ecology and Environment will no longer accept and approve applications related to solid waste import." Accordingly, the newly revised Law on the Prevention and Control of Environmental pollution by solid waste will come into force on September 1 this year. "View details

[SMM analysis: the entry of aluminum ash into the ground of the new "solid waste Law" tomorrow endangers the restriction of imported waste aluminum) starting from tomorrow, the newly revised "solid waste Prevention and Control Law" (hereinafter referred to as the "solid waste Law") will be officially launched, and the new "solid waste Law" adds supervision contents such as medical waste, sludge, garbage classification, construction waste, and disposable plastic products, as well as a stricter monitoring and punishment mechanism for hazardous waste treatment. It is called "the strictest solid waste law in history". So what is the impact on the aluminum industry? The author believes that in addition to the conventional need to pay attention to the strengthening of environmental supervision, we should also focus on the restrictions on the import of aluminum ash endangering the import of waste aluminum. "View details

[the total amount of electrolytic aluminum social inventory varies between regions is stable.] SMM statistics on August 31st domestic electrolytic aluminum social inventory (including SHFE warehouse receipts): 121000 tons in Shanghai, 24.2 tons in Wuxi, 179000 tons in the South China Sea, 84000 tons in Hangzhou, 67000 tons in Gongyi, 54000 tons in Tianjin, 2000 tons in Chongqing, 6000 tons in Linyi, and a total of 755000 tons of aluminum ingots in the place of consumption. It held steady at 755000 tons compared with last Thursday.

[September purchase price of prebaked anodes in an aluminum factory in Shandong] according to SMM, the purchase price of prebaked anodes in a large aluminum plant in Shandong rose 80 yuan / ton in September, with a quotation of 2840 yuan / ton.

[SMM monthly outlook: environmental factors limit the rise of Shanghai zinc, but zinc prices are still expected in September] since August, the Shanghai zinc index has shown an overall upward trend, with a peak of 20325 yuan / tonne. In late August, the Shanghai zinc index mainly fluctuated at a high level, closing at 19865 yuan / ton as of today, with a 4.36% increase in the month. Looking forward to September: the macro mood is still optimistic and zinc prices can still be expected, but in the short term, environmental protection in the lower reaches of Tianjin has an impact on consumption, or limit the height of domestic zinc prices, the follow-up should pay attention to the impact of environmental protection and inventory changes. "View details

[SMM seven zinc ingots social inventory increased by 2100 tons compared with last Friday] according to SMM, as of Monday, the total inventory of SMM seven zinc ingots was 179300 tons, an increase of 2100 tons over last Friday and 4600 tons over last Monday. Over the weekend, inventories in seven places increased as a whole, Tianjin and Shanghai increased, and inventory in Guangdong continued to be eliminated, but the decline slowed down. The arrival volume of the smelter in Shanghai increased over the weekend, and the inventory accumulated slightly; the bargain purchase in the lower reaches of Guangdong led to the exit of the warehouse, the arrival volume of individual brands of zinc ingots also increased, and the overall inventory decreased steadily; the production restriction of environmental protection in the lower reaches of Tianjin affected demand, and after the railway transportation was smooth, the market arrived stably, and inventory continued to increase. On the whole, the original inventory in Shanghai, Guangdong and Tianjin increased by 2400 tons, while the inventory in seven places across the country increased by 2100 tons.

[SMM monthly Outlook: supply tightening demand small increase short-term tin price is expected to be bullish] looking back at the trend of tin price in August, it fell in the first ten days to the middle of the day, and the decline was temporary and horizontal, and the tin price began to rise again at the end of the month. By the day's close on August 31st, the main price of Shanghai tin had been quoted at 145250 yuan / ton, basically recovering all the decline since August 12. Compared with the closing price of 146600 yuan / ton on the first trading day of August, it fell 1350 yuan / ton. The monthly decline was 0.9%. In the short term, the price of tin is more favorable in terms of macro, fundamental and technical aspects. In the medium term, we should always pay attention to Sino-US relations and foreign epidemic control, which will eventually affect the source and export volume of tin mines, and loose relief will support tin prices to a certain extent; fundamentals within 2-3 months, there is a certain supply support below tin prices. "View details

[manganese prices significantly increased the wait-and-see mood of steel in the market at the beginning of the week] on August 31, the spot ex-factory price including tax in the mainstream area of the manganese triangle was around 10200-10400 yuan / ton, up 100 yuan / ton from the average price last Friday; the spot ex-factory price including tax in Guangxi is around 10300-10500 / ton, which is 100 yuan / ton higher than the average market price last Friday. At the beginning of the week, the domestic spot factory price of electrolytic manganese, including tax, was significantly increased by 100 yuan / ton compared with last Friday, and the negotiation range was mostly concentrated at about 10400 yuan / ton. at the end of the month, the bidding of steel mills opened, and the negotiation of manganese factories intended to raise the price. At present, only a few steel mills have been quantitatively priced through bidding, and the phenomenon of centralized procurement has not yet appeared in the market. In addition, the demand for manganese products in overseas markets is relatively low at the end of August, and the increase in manganese prices driven by domestic demand is limited. The current price section of electrolytic manganese is supported by the production cost, and it will continue to develop steadily and slightly upwards in the short term.

[SMM data: the spot rising trend of electrolytic manganese at the end of August ended with the release of rigid demand and the manganese price continued to be firm] according to SMM statistics, the average factory price of domestic spot electrolytic manganese resources including tax in August was 10093 yuan / ton, of which the spot quotations of manganese triangle and Guangxi in mid-early August were basically stable between 10100 and 10300 yuan / ton, and the overall transaction atmosphere was relatively light, coupled with the small number of overseas signatures in mid-August. The SMM of manganese prices in the early stage is expected to have limited room to increase, but due to the support of production costs, manufacturers have lost supply for a long time. In late August, the month-on-month increase in individual domestic steel pricing was about 280 yuan / ton, increasing the price sentiment of most of the manganese factories. Therefore, from the beginning of August to Monday, the ex-factory price of spot resources in the main producing areas of electrolytic manganese has increased by more than 200 yuan / ton. SMM expects that manganese prices in early September may be driven by domestic demand for steel to stabilize the small and medium upward trend. "View details

Semi-annual report of metal enterprises

[Feikaida's net profit for the first half of 2020 increased by 28.2851 million] Today Feikaida released its half-yearly report for 2020, showing that the company's operating income in the first half of 2020 was 1292001695.82 yuan, an increase of 0.72 percent over the same period last year, and the net profit belonging to shareholders of listed companies was 28285101.75 yuan, an increase of 45.84 percent over the same period last year. Data show that today Feikaida is mainly engaged in the research and development, design, manufacture and sales of aluminum alloy wheels.

[Jiang Copper's revenue growth of 39.93% in half a year, the six core competitiveness is still strong] the operating income in the first half of 2020 was 146.985 billion yuan, an increase of 41.942 billion yuan over the same period last year, an increase of 39.93%. The increase in operating income was mainly due to the consolidation of Hengbang and changes in sales volume. The net profit attributed to shareholders of listed companies was 745 million yuan, a decrease of 555 million yuan or 42.68% over the same period last year, mainly due to the influence of the epidemic situation of COVID-19 and the severe economic situation, the price of main products fell compared with the same period last year, and the terminal demand for copper was weak. and take into account the impairment of assets related to the mining industry and other factors. "View details

[Dingsheng New Materials' first-half net profit decreased by 111.18% compared with the same period last year. Jiangsu Dingsheng New Energy Materials Co., Ltd. recently released a semi-annual report. During the reporting period, the operating income was 5.649 billion yuan, of which the main business income was 5.615 billion yuan, an increase of 4.07% over the same period last year. The total profit was-9.019 million yuan, a decrease of 106.02% over the same period last year; The net profit was-14.1478 million yuan, down 112.27% from the same period last year, and the net profit attributed to the parent company was-12.5497 million yuan, down 111.18% from the same period last year. Dingsheng New material's main business is the research and development, production and sales of aluminum plate, strip and foil, the main products are air conditioning foil, single zero foil, double zero foil, aluminum strip, new energy battery foil and so on.

[Tianqi Lithium Industry posted a net profit loss of 460.15% in the first half of the year, with a completed production capacity of 1.34 million tons / year.] on August 30, Tianqi Lithium Industry disclosed its semi-annual report for 2020 that in the first half of this year, the company realized operating income of 1.879 billion yuan, a decrease of 27.44% compared with the same period last year. The net profit loss belonging to shareholders of listed companies was 697 million yuan, down 460.15% from the same period last year. According to the China Daily, Tianqi Lithium Mine business, lithium compound and derivatives business contributed 1.047 billion yuan and 831 million yuan respectively to the company's operating income during the reporting period, with year-on-year changes of 0.82% and-46.41% respectively. "View details

[Luoyang Molybdenum Industry's first-half net profit increased 24.7% year-on-year TFM Copper production increased 2.8% year-on-year] A few days ago, Luoyang Molybdenum Industry released its mid-term results for 2020, with operating income of 46.7 billion yuan, an increase of 368% over the same period last year, net profit of 1.008 billion yuan, an increase of 24.7% over the same period last year, and operating net cash flow of 4.25 billion yuan, an increase of 90.7% over the same period last year. During the reporting period, the production and operation of all business sectors of the company was stable. Copper metal output of TFM copper and cobalt business in Congo (DRC) increased by 2.80% year on year, and niobium metal production in Brazil increased by 17.32% year on year. "View details

According to the results released a few days ago, the company achieved an operating income of 2481844645.56 yuan in the first half of 2020, an increase of 83.05% over the same period last year. The net profit belonging to shareholders of listed companies reached 7034172.10 yuan, an increase of 5025.16% over the same period last year. "View details

[Shandong Gold's first-half profit increased by 98.22% due to the sharp rise in gold prices] Shandong Gold recently released a semi-annual report for 2020, showing that the company achieved operating income of 33.051 billion yuan in the first half of 2020, an increase of 1.119 billion yuan, or 3.50%, over the same period last year. The total profit was 1.69 billion yuan, an increase of 783 million yuan, an increase of 86.33%. The net profit attributed to shareholders of listed companies was 1.153 billion yuan, an increase of 571 million yuan, or 98.22%, over the same period last year. "View details

In the first half of this year, the company's overseas shipments of multiple cathode materials accounted for more than 50% of the company's total shipments of multiple cathode materials, "recently, Dangsheng Technology said that if divided by income, three of its top five customers in the first half of this year were overseas customers. Although affected by the epidemic, the business of the entire industry has been affected to a certain extent, but due to the continuous increase in electrification support in Europe, North America and other regions, the demand for overseas lithium battery materials is breaking out rapidly, and when rising science and technology seize the opportunity, the speed of lithium battery materials "going to sea" further accelerated in the first half of the year, and remarkable results have been achieved in overseas market expansion. "View details

[Zijin Mining increased 34.85% year on year and 5.93% year on year] in the first half of the year, the epidemic crisis superimposed the world economic recession. Against the background of declining performance of most industrial enterprises, Zijin Mining flexibly responded to market changes and realized deduction of non-net profit of about 2.42 billion yuan, an increase of 46% over the same period last year, and operating cash flow of about 6.46 billion yuan, an increase of 47% over the same period last year. Show great resilience and vitality to deal with complex situations. "View details

Important news of metals and industry

[Freeport Indonesia Grasberg copper and gold mine workers' protest ended last Friday] it is reported that Freeport Indonesian Grasberg copper and gold workers reached an agreement with Freeport Indonesia Branch (Freeport-McMoran Inc) on Friday and ended the protest. According to a worker representative named Yonpis Tabuni, the workers' requests have been met and a written agreement has been signed with the company, thus ending the protest. "View details

[Rio Tinto: Oyu Tolgoi copper ore will achieve sustainable production from October 2022 to June 2023] Rio Tinto said in a statement on Monday that Mongolia's Oyu Tolgoi underground copper project is expected to achieve its first sustainable production between October 2022 and June 2023. The company will complete its final estimate later this year, so the schedule and cost budget for the project are likely to change. It is reported that the Mongolian government owns a 34 per cent stake in the Oyu Tolgoi project. Rio Tinto is the operator of the project, with 51 per cent of turquoise Mountain Resources holding the remaining 66 per cent. "View details

[Zhengwei Huaneng high-end cable project with an annual production capacity of 60,000 tons of high-precision copper wire] on the morning of August 29, the start of the Zhengwei Huaneng high-end cable project and the commissioning ceremony of the 60,000-ton high-precision copper wire project was held in Longtan Industrial Park in Yulin. Zhengwei Huaneng high-end cable project has a total investment of 6 billion yuan, with an annual output of 100000 tons of copper wire series and 80,000 km UHV cable series. The main products are precision copper wire, anti-rat anti-ant cable, anti-rat anti-ant cable material and high-speed rail, ship, national power grid cable, etc., supporting the construction of a rat-proof and anti-ant material laboratory, with an annual business income of more than 11 billion yuan after the completion of the project. "View details

[Zhongzhou Aluminum Analysis and testing Center successfully passed CNAS review] at the beginning of August, the (CNAS) evaluation panel of China National Accreditation Committee reevaluated and passed the national accredited laboratory of Chinalco Zhongzhou Aluminum Co., Ltd. The analysis and testing center is mainly responsible for the analysis and inspection of raw fuel materials and finished products of Zhongzhou Aluminum Co., Ltd. In the past two years, the center has successively carried out training in testing methods, the use of instruments and equipment, safety skills, and improved operation skills. "View details

[Lanzhou New area aluminum foil project with an annual output of 200000 tons will be completed and put into production in July next year] at present, 822 cast-in-place piles have been completed in the second aluminum foil workshop, 206cap foundations have been completed, the main structure of steel structure installation has been capped, 100 cast-in-place piles have been completed in the quality inspection building, and the four-story main body has been capped. The project is expected to be completed and put into production in July next year. The project, with an investment of 2 billion yuan, mainly produces single-zero foil, double-zero foil and other products such as air-conditioning foil, household foil, pharmaceutical foil and battery foil. Among them, 65000 tons of air conditioning foil, 70, 000 tons of household foil, 15000 tons of medicinal foil, 10, 000 tons of battery foil, 20, 000 tons of double-zero aluminum foil for packaging, and 20, 000 tons of wide-width single-zero foil for various other uses.

[Baosteel Desheng: No. 1 reheating furnace of 1780mm hot rolling project ignited smoothly] 11:18 on August 28, 2020, Baosteel Desheng 1780mm hot rolling project held a grand ignition and drying ceremony in front of the No.1 reheating furnace. Company leaders, functional departments, hot rolling project team and construction units, supervision units and other units attended the ceremony. Since the construction of pile foundation on November 28, 2018, the hot rolling project has been carried out in an orderly manner. On December 20, 2019, the construction of the heating furnace began, during which it was affected by the epidemic. The formal construction began on March 8, 2020. With the cooperation of all the participating units, the construction of the No. 1 heating furnace was completed in a short period of 5 months. "View details

[Fitch: global gold production will grow by 2.5 per cent in 2029] according to a report by Fitch (Fitch Solutions), global gold production will grow from 106 million ounces in 2020 to 133 million ounces in 2029, an average annual growth rate of 2.5 per cent, compared with an average annual growth rate of 1.2 per cent between 2016 and 2019. Some market analysts believe that Russia's gold production will lead the growth, with the country's gold production jumping from 11.3 million ounces in 2020 to 15.5 million ounces in 2029. "View details

[Hegang Group World's highest speed 100 meters heavy rail construction Beijing-Tangshan intercity railway project] recently, more than 2000 tons of 60N specification U71MnG 100-meter high-speed heavy rail smoothly off the line, rail performance indicators fully meet the requirements of TB/T 3276-2011 standard. 350 km / h high-speed heavy rail is currently the highest speed heavy rail in the world. This product is ordered by Beijing Railway Bureau of China Railway Corporation and will be used in the construction of Beijing-Tangshan intercity railway. "View details

[the United States reduces the ceiling of steel quotas imported from Brazil] according to a statement issued on Friday, US President Donald Trump is planning to lower the quota ceiling for specific steel products imported from Brazil in view of the downturn in the US steel market. the announcement does not specify what steel products are, and there are still specific products that can be exempted. Trump said the epidemic has accelerated the contraction of the US steel market, with a significant decline in US steel imports from most countries so far this year, but only a slight decline in imports from Brazil. "View details

[raw material Industry Department went to Baotou to investigate the development of rare earth industry] from August 25 to 27, the raw material industry department went to Baotou to carry out a special investigation on rare earths. On-the-spot inspection of the main eastern mining area of Bayan Obo and the production enterprises of rare earths, Tianhe magnetic materials and Yingshi diluted magnetism in the north, to understand in detail the development of rare earth resources development and application industry, Hold discussion and exchange with Inner Mongolia Autonomous region Department of Industry and Information Technology, Baotou Municipal Government, Northern rare Earth and other units. "View details

Macro focus

Bureau of Statistics: in August, the manufacturing PMI was 51.0%, slightly down 0.1% from the previous month, while the non-manufacturing PMI was 55.2%, up 1.0% from the previous month, and was above the tipping point for six consecutive months.

The political Bureau of the CPC Central Committee: measures should be taken in accordance with local conditions, classified measures should be adopted, and laws should be respected to improve the ecological environment of the Yellow River basin. It is necessary to vigorously promote the intensive and economical utilization of water resources in the Yellow River and regard water resources as the greatest rigid constraint in order to save water and expand the space for development. It is necessary to take effective measures to promote the high-quality development of the Yellow River basin, speed up the transformation of kinetic energy between the new and the old, build a modern industrial system with distinctive advantages, optimize the pattern of urban development, and promote rural revitalization.

Central bank: on Monday, the reverse repurchase operation of 20 billion yuan for seven days was launched, and the winning interest rate was 2.20%. On that day, 100 billion yuan of reverse repurchase expired.

Us Treasury Secretary Nuchin: if the trillion-dollar bailout is not enough, we can do more. It is hoped that McConnell will introduce another aid bill for COVID-19 next week.

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%.

The central bank of Colombia cut its key lending rate by 25 basis points to 2%. The inflation rate is expected to be 1% 2% at the end of the year. Colombia's GDP is likely to grow by more than 4 per cent next year. Economists predict that interest rates will be raised next year. Colombia's GDP is expected to return to 2019 levels in 2022.

On the evening of August 31, Philippine President Duterte held a meeting with the government's joint anti-epidemic working group and decided to maintain the "general community quarantine" state in the capital Metro Manila and Bragan province, Badayan province, Tacloban city and Bakolod city from September 1 to September 30, but the city of Iligan in the south of Mindanao will be upgraded to an "improved version of enhanced community isolation". Other areas will maintain the lowest level of "improved general community isolation".

Terminal information

Ministry of Industry and Information Technology: from January to July, the added value of the above-scale electronic information manufacturing industry increased by 6.7% compared with the same period last year. In July, the added value of the above-scale electronic information manufacturing industry increased by 11.8 percent compared with the same period last year; the added value of the communications equipment manufacturing industry increased by 13.4 percent year-on-year; and the export delivery value increased by 9.1 percent.

[the first production line of BYD's "blade battery" is expected to be trial-produced by the end of the year] recently, buildings 4 and 5 of the main production plant of the BYD power battery production base in BYD Township, as the production base of "blade battery", have been capped. It is expected that the equipment of the "blade battery" production line will be installed before October 15, and the first production line will be trial-produced before December 15. In April next year, four "blade battery" production lines in the first phase of the project will be put into full production.

[automobile] Weilai: the additional offering has increased by 18% to 88.5 million shares at a price of US $17, and the total financing is expected to exceed US $1.7 billion, making it the largest rights issue in China's high-end smart electric vehicle industry. The amount raised is mainly used to increase the stake in Weilai China, to exercise the share buyback rights of Weilai China, the research and development of self-driving technology and the expansion of the global market. After this round of financing, the cash reserve of Lulai will exceed 20 billion yuan.

[automobile] China Automobile Circulation Association: in August, the inventory early warning index of automobile dealers was 52.8%, down 9.9% from the previous month and 0.5% from the same period last year. The inventory early warning index is above the boom and bust line, and the prosperity of the automobile circulation industry has improved, but it is still in a depressed range.

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