[SMM Metal Morning reference] the metal rose and the US dollar fell back | the import volume of electrolytic copper continued to decline month-on-month in July | list of important metals information

SMM Morning Review

Minutes of SMM Steel Morning meeting: last Friday, Liantie continued to be weak and volatile, and the port spot market was basically stable in early trading. Mineral prices fell continuously, some businesses cherish sales sentiment rose, take a single discussion; steel mills yesterday continued the pace of rigid demand procurement. Some steel mills consider that iron ore prices are still in the process of falling, at this stage procurement enthusiasm is not high, continue low inventory operation.

[minutes of SMM Steel Morning meeting] the sixth round of coke rally is about to be launched.

Each variety of early review point of view is being updated, please refresh later to check ~!

The market closed overnight.

The annual meeting of the central bank in Jackson Hole is due this week, and investors are preparing for future market turmoil. The dollar fell on Monday after its biggest weekly gain in more than two months last week. Poor data in the United States suggest that the Fed is unlikely to withdraw loose monetary policy any time soon.

The weaker dollar led to a rebound in the metals market, which rallied, and copper jumped, as investors took advantage of falling prices in anticipation of a recovery in global growth and low-carbon demand in the global economy. Shanghai copper rose 0.1.42%, Shanghai aluminum fell 0.02%, Shanghai lead rose 0.13%, Shanghai nickel rose 0.23%, Shanghai tin rose 0.72%, and Shanghai zinc rose 0.02%. [overnight market] crude oil from the general rise in metals has stopped falling and rebounded | the Nasdaq is at an all-time high.

This week's Jackson Hole global central bank annual meeting will be held online from August 26 to 28, during which Federal Reserve Chairman Colin Powell will deliver a speech. Recently, when the Fed will cut its size has become a hot topic in the market, so the market is looking forward to finding a clue in Powell's speech.

Today's macro focus is on the total annualized sales of new homes after the quarterly adjustment in the United States in July and the final quarterly rate of GDP after the quarterly adjustment in Germany in the second quarter.

[macro outlook] focus on the total annualized sales of new homes in the United States after the quarterly adjustment in July

U. S. stocks closed higher on Monday, with the Nasdaq setting an all-time intraday and closing record. Boosted by the news that FDA fully approved a novel coronavirus vaccine for the first time, reopening concept stocks generally climbed. Markets are focusing on this week's annual meeting of the Federal Reserve in Jackson Hole, looking for clues about scaling back its bond-buying program. The Nasdaq rose as high as 14963.47 on Monday, while the S & P rose to 4489.88, both hitting new intraday highs. The Dow rose 215.63 points, or 0.61%, to 35335.71; the Nasdaq rose 227.99 points, or 1.55%, to 14942.65; and the S & P 500 rose 37.86 points, or 0.85%, to 4479.53.

In terms of crude oil, both WTI crude oil and ICE Brent crude oil ended their seven-day losing streak on Monday and recorded the biggest one-day percentage gains since March 24. Bargain hunters are in a hurry to sweep, pushing up crude oil futures prices.

In precious metals, COMEX futures closed higher on Monday, as the falling dollar prompted investors to buy gold, amid expectations that the Federal Reserve (FED/ Fed) may delay scaling back economic support measures.

LME inventory

Macro focus

[national Health Commission: national cumulative report on vaccination of novel coronavirus 1.946954 billion doses] according to the State Health Commission, as of August 22, 2021, 31 provinces (autonomous regions, municipalities directly under the Central Government) and the Xinjiang production and Construction Corps had reported a total of 1.946954 billion doses of novel coronavirus's vaccine.

[the State Yangtze River Office is compiling the implementation Plan for the Development of the Yangtze River Economic Belt during the 14th five-year Plan] the State Yangtze River Office is taking the lead in compiling the implementation Plan for the Development of the Yangtze River Economic Belt during the 14th five-year Plan. In order to better implement the spirit of General Secretary Xi Jinping's series of important speeches on promoting the development of the Yangtze River Economic Belt, and firmly promote Zhejiang Province to participate in the high-quality development of the Yangtze River Economic Belt during the 14th five-year Plan period, it is proposed to carry out the compilation of Zhejiang implementation plan for the development of the Yangtze River Economic Belt during the 14th five-year Plan. The research contents include: focusing on the improvement of eco-environmental quality, green and low-carbon development, optimization and upgrading of innovation-driven industries, construction of modern comprehensive transportation system, coordinated development of urban and rural areas, high-level opening to the outside world, and cultural protection and inheritance of the Grand Canal and the Yangtze River. carry out research and formulate implementation plans.

[central eco-environmental protection inspection team stationed in Sichuan later this month] on August 17, the Ministry of Ecological Environment issued the "Circular on launching the second round of the fourth batch of central eco-environmental protection inspectors." the central eco-environmental protection inspection team will be officially stationed in late August to carry out an one-month supervision work in Sichuan. We will focus on supervising the implementation of Xi Jinping's thinking on ecological civilization by the provincial party committee and government, the decision and deployment of the CPC Central Committee and the State Council on ecological environment protection, the implementation and responsibility of relevant provincial departments for ecological environment protection, and the implementation of ecological environment protection work of prefectural and municipal party committees and governments.

[Ministry of Commerce: to speed up negotiations on a new free trade agreement is actively considering joining the CPTPP] Vice Minister of Commerce Wang Shouwen said that the Ministry of Commerce will further open wider to the outside world. We will step up efforts to form a network of high-standard free trade zones based on the periphery, radiating "Belt and Road Initiative" and facing the whole world, and implement the strategy of upgrading the free trade zone. In the next stage, we will further upgrade the existing free trade agreements, including the Singapore Free Trade Agreement and the South Korean Free Trade Agreement. At the same time, to speed up the negotiation of new free trade agreements, including free trade agreements between China, Japan and South Korea, China and the GCC, as well as with Israel and Norway, we are actively considering the work of joining the CPTPP.

[Biden stresses the need for the United States to withdraw from Afghanistan and consider sanctions against the Taliban] in an interview with the media on August 22, local time, US President Joe Biden refuted remarks that questioned the timing of his withdrawal from Afghanistan. and stressed the need for the United States to withdraw its troops from Afghanistan. Biden said the 20-year war has killed 2448 Americans and injured 20722. "to continue the war, we need to increase the number of US troops in Afghanistan, and I have decided to end the war in view of the national interest." He said. When asked if he supported the British government's proposed sanctions against the Taliban in Afghanistan, Biden expressed support.

[Pelosi plans to pass the infrastructure bill and Biden's spending bill by October 1.] House Speaker Nancy Pelosi decided on Saturday to pass President Biden's trillions of dollars in infrastructure and social spending agenda by October 1. Earlier, some centrists in the party threatened not to support the resolution. Pelosi warned not to postpone a vote on a $3.5 trillion budget resolution scheduled for next week, or it would threaten the timetable for historic progress and the vision for change shared by Democrats.

Today's focus

[SMM analysis: power cuts in Guangxi have been alleviated but why the inventory of electrolytic copper in Guangdong has declined rapidly] according to our SMM understanding, the recent situation of power cuts in Guangxi has also improved compared with before, and the production of electrolytic copper smelting enterprises has also roughly returned to normal. But why does the inventory of electrolytic copper in Guangdong continue to decline? according to our statistics, as of August 23, the social inventory of electrolytic copper in Guangdong was 37600 tons, down 66199 tons from the high of the year, 27500 tons lower than the same period last year, and the lowest in nearly three years. "check the details.

According to data from the General Administration of Customs, China imported a total of 254500 tons of refined copper (refined copper cathodes with unwrought copper content > 99.9935% and other unwrought refined copper cathodes) in July 2021, a decrease of 3% from the previous month and 54.14% from January to July last year, with a cumulative decrease of 20.71%. "View details

[SMM data domestic electrolytic aluminum social inventory slightly increased by 2000 tons to 743000 tons compared with the previous week.] on August 23, SMM counted domestic electrolytic aluminum social inventory of 743000 tons, a small increase of 2000 tons over the previous week. Gongyi area has concentrated delivery, contributing to the main increase, while inventory in Wuxi and South China Sea continued to decline. Continuous attention should be paid to the impact of the arrival of goods at the place of consumption on short-term inventory fluctuations. "View details

[according to SMM data, China's imports of primary aluminum increased by 15.3% month-on-month in July 2021 (including countries of origin and trade methods). According to the General Administration of Customs, China imported 182200 tons of primary aluminum in July 2021, of which 2742 tons were imported for tariff No. 76011010 and 179470 tons for tariff No. 76011090. In July 2021, raw aluminum imports increased by 15.3% month-on-month, down 1.3% from the same period last year. "View details

[SMM data: weaker lead prices stimulate consumption lead ingots growth further slows] SMM8 March 23: according to SMM research, as of Monday, the total inventory of lead ingots in the five places reached 200000 tons, up 1600 tons from last Friday; 1700 tons higher than Monday. "View details

[SMM data SMM Seven zinc ingots social inventory increased by 1400 tons compared with last Friday] SMM August 23: according to SMM, as of Monday, the total SMM zinc ingot inventory was 130000 tons, an increase of 1400 tons over last Friday (August 20), and an increase of 7500 tons over last Monday (August 16). "View details

[SMM analysis reduction of cobalt raw material imports in July August domestic inventory tension persisted] in July 2021, China's total cobalt raw material imports totaled 7300 tons of metal tons, down 5% from the previous month and 14% from the same period last year. In July, cobalt wet smelting intermediates imported 6700 tons of metal (converted at 27% grade), a month-on-month decrease of 7% and a year-on-year decrease of 12%. In July, the average import price of cobalt wet smelting intermediates was US $49086 per metal ton, down 2 per cent from the previous month and up 96 per cent from a year earlier. In this paper, the import volume and expectation of cobalt raw materials, the corresponding price and the balance of domestic cobalt raw materials are discussed. "View details

[SMM Analysis BYD made great progress in July Tesla plummeted 68%? According to Shanghai Insurance data, sales of new energy vehicles in July were 213500, up 135%, down 2% from 217900 last month, of which 169800 pure electric models were sold, accounting for 79.5%, while plug-in hybrid models were sold 34400, accounting for 16.1%. A total of 9384 hybrid models were sold, accounting for 4.4% of the total sales in that month. "View details

[SMM analysis of whether hot roll gold nine can shine under weak supply and demand] Volume prices have risen steadily and slightly in recent days, due to a slight improvement in trading in recent days. From the point of view of supply and demand, while supply is shrinking, demand is also decreasing. The current consumption data can not show that demand is picking up, and the pattern of weak shocks between supply and demand has not changed. "View details

[SMM analysis Xishadegai molybdenum tailing dam accident repair plan to resume production in the near future] according to SMM understanding, the company has completed the preparation for resumption of production and has the production conditions. The company is communicating with the superior competent department to go through the examination and approval procedures related to resuming work and production, and after the above formalities are completed, the specific time for resuming work can be determined, SMM analysis, after the resumption of production, the company is expected to alleviate the tight situation of domestic molybdenum concentrate supply to a certain extent, at the same time, such a long time shutdown may have a certain impact on production operation and business performance. "View details

According to the latest release of the General Administration of Customs, SMM statistics show that China's forged manganese and manganese products and unwrought manganese in July 2021; the total export volume of scrap and powder was 34642.16 tons, down 33.3% from the previous month, an increase of 58.5% over the same period last year. "View details

Important news of metals and industry

[Congo begins investigation of Tenke Fungurume copper-cobalt mine in Luoyang Molybdenum] the Democratic Republic of the Congo has established a committee to ensure that Luoyang Molybdenum complies with its contractual obligations related to the Tenke Fungurume copper-cobalt project. President Felix Tshisekedi's (Felix Tshisekedi) office authorized an investigation into Luoyang Molybdenum's mineral reserves data and the financing cost of the project earlier this month.

[the First Quantum subsidiary is preparing to renegotiate the concession for the Cobre Panama copper mine] Minera Panam á, a subsidiary of First Quantum Minerals (TSX: FM), issued an announcement over the weekend that it had not yet met with the Panamanian authorities to discuss extending the concession for its Cobre Panam á mine. Once local authorities are ready to participate, management is ready to begin the process, the company said in a statement.

According to the latest customs data, 56300 tons of scrap aluminum were imported in July 2021, down 39 per cent from the same period last year and an increase of 44.77 per cent from the previous month. Imports accumulated 463100 tons from January to July 2021, down 3.7% from the same period last year.

[Shandong Zhanggu: lithium / sodium ion battery production line is ready for mass production] Shandong Zhanggu said on the interactive platform that it is understood that the participating company Ainogang, due to the huge demand for batteries for energy storage, our company will promote the use of water zinc ion batteries to avoid the use of lithium resources, on the one hand, it can avoid the cost increase caused by the huge consumption of lithium resources, on the other hand, Water zinc ion battery is the best choice for energy storage because of its absolute safety and low cost. In addition, the sodium ion battery is only used as a supplement to part of the lithium ion battery at low temperature, and the sodium ion battery is produced in the same line with the lithium ion battery, so the sodium ion battery is only produced under customized conditions. Lithium / sodium ion battery production line has been able to carry out mass production.

[Yiwei LiNeng: Yiwei LiNeng centralized quarantined personnel have now been released] Yiwei LiNeng announcement, Yiwei LiNeng announced that centralized quarantined personnel such as the new Q8 construction site in Yiwei Power District 2 and government investigation contacts have now been released from quarantine and returned to the work area; business activities are not much affected by the epidemic, and the construction site is expected to be delayed by about 30 days, which has not had a significant impact on the company's production and operation, financial status and operating results.

[nearly 60% of the global lithium resources will have a 50% lithium demand gap in the lithium triangle] at present, the biggest application scenario of lithium is the power battery of new energy vehicles, which is one of the core resources of the global carbon neutral layout. The huge market prospect makes lithium resources become the goal of fierce pursuit by all parties of interest. Data show that by 2020, nearly 60% of the world's proven lithium reserves are in Argentina, Chile and Bolivia, so these areas are called the "lithium triangle". The latest data from the International Energy Agency show that by 2030, only relying on existing and under construction lithium production projects, there will be a global lithium demand gap of about 50%.

[China International Capital Corporation: lithium price is expected to enter the "big bull market" salt lake lithium extraction technological progress plays the main theme of industrial innovation] China International Capital Corporation analysis pointed out that the global lithium supply and demand is expected to tighten and gradually become tense from 2021 to 2025, and the lithium price is expected to enter a "big bull market." salt lake lithium resources are large in reserves but low in development, and resource endowments are uneven, and technological progress is the core driving force for the innovation of salt lake lithium extraction industry.

[European steel companies compete to develop green steel] according to the German business newspaper, the future picture of the steel industry is slowly unfolding in Salzjit, Germany. Salzgit Steel recently announced plans to supply green steel to four Mercedes plants this year. Compared with traditional steel, the carbon footprint of green steel will be reduced by 66%.

[China Iron and Steel Association: steel social inventory of 11.92 million tons increased by 10,000 tons month-on-month in mid-August] CISA data show that in mid-August, the social inventory of five major varieties of steel in 20 cities was 11.92 million tons, an increase of 10, 000 tons, or 0.1%, compared with the same period last year. Inventory is relatively stable; an increase of 4.62 million tons over the beginning of the year, an increase of 63.3%; a decrease of 260000 tons, or 2.1%, compared with the same period last year.

[Henan's opinions on speeding up the establishment and improvement of a green and low-carbon circular development economic system] resolutely curb the blind development of the "two high" projects and strictly implement classified control. We will implement zero clearance of backward production capacity and speed up the elimination and withdrawal of backward production capacity in accordance with the rules and regulations. Green transformation will be carried out in iron and steel, coal chemical industry, cement, aluminum processing, glass, refractories and other industries.

Recently, du Huiliang, deputy secretary of the Ordos Municipal CPC Committee and acting mayor, presided over a special meeting to dispatch the city's special rectification of violations of laws and regulations in the field of coal resources, as well as the work of increasing coal production and increasing coal supply, and arrange for the next step of work. Du Huiliang demanded that it is necessary to conscientiously study the relevant policies of the central and autonomous regions on increasing coal production and supply, and make every effort to do a good job in increasing coal production and supply. It is necessary to conscientiously plan the work of building the capacity of coal reserves, and enhance the capacity of macro-control and emergency supply of coal through various forms of spot reserves, capacity reserves, and flexible production.

[sources say the Bayannaoer municipal government has notified that the import of Mongolian coal at Ganqimodu Port will be suspended for two weeks.] according to reliable sources, the increase in the limit of coking coal coke is due to news that due to the traceability of nucleic acid testing, the customs at Ganqimodu Port received notice from the Bayannur Municipal Government that the import of Mongolian coal at Ganqimodu Port would be suspended for two weeks. It is understood that the situation is basically true. So far, Mongolian drivers have stopped nucleic acid testing, and customs clearance of Mongolian coal will be suspended from today, but whether it will be suspended for two weeks remains to be seen.

[the resumption of the opening of the Taijiao Railway will release nearly 10 million tons of coal transport capacity per month] after being interrupted by the severe flood in Henan for 36 days, the Taijiao Railway under the administration of the Zhengzhou Bureau of the Railway has recently resumed operation. The relevant person in charge of the Electric Power Department of the National Energy Administration said that the Taijiao line will be reopened to traffic and will release nearly 10 million tons of coal transport capacity every month.

[Dongyue Silicon: demand is so hot that production capacity has been tight and new orders have been suspended] the reporter learned from Dongyue Silicon that at present, the demand for organosilicon market is strong, and the company's main products such as silicone intermediates, 107 glue and 110 glue are in short supply, resulting in a shortage of production capacity. It is reported that except for the important customers with long-term cooperation, the company no longer accepts new orders. At present, the market price of organosilicon DMC has risen to 3.3-35000 yuan / ton, reaching an all-time high.

[Wanfeng Owei's revenue in the first half of the year exceeded 5.5 billion yuan to give full play to the application advantages of "magnesium alloy-aluminum alloy-high strength steel"] on the evening of August 17th, Wanfeng Owei (002085) released its semi-annual report for 2021. According to the report, Wanfeng Owei's revenue reached 5.547 billion yuan in the first half of 2021, an increase of 25.44 percent over the same period last year, while non-net profit was deducted from 166 million yuan, an increase of 22.32 percent over the same period last year.

[Zhongke Sanhuan's net profit in the first half of the year increased 359.26% in the first half of the year.] recently, Zhongke Sanhuan released its semi-annual report. During the reporting period, the company achieved operating income of 2.793 billion yuan, an increase of 68.18% over the same period last year. The net profit belonging to shareholders of listed companies was 115 million yuan, an increase of 359.26% over the same period last year.

In July 2021, China exported 143 tons of pigments and products with titanium dioxide content ≥ 80%, an increase of 58.20% over the previous month, an increase of 350.33% over the same period last year, and a cumulative increase of 84.35% over the same period last year.

In July 2021, China exported 498 tons of titanium plates, sheets and strips with a thickness greater than 0.8mm, down 20.58 percent from the previous month, an increase of 6.03 percent over the same period last year, and a cumulative increase of 18.62 percent over the same period last year.

Terminal information

[gross profit margin doubled in the first half of the year chip stocks] so far, 25 A-share semiconductor (Shenwan II) companies have disclosed their semi-annual reports. Among them, the revenue growth rate of 17 companies exceeded 50%, accounting for 68%. The profit growth rate of 14 companies doubled, accounting for 56%. Revenue of 23 companies rose month-on-quarter in the second quarter, with 16 companies growing at a rate of more than 20%. Industry insiders believe that with the arrival of the traditional peak season of consumer electronics, the acceleration of 5G construction and the volume of new energy vehicles, the capacity of superimposed chips continues to be in short supply. Under the background of independent control, domestic semiconductor companies usher in development opportunities.

[chip crisis affects GM Electric vehicle production for the first time] GM announced on Aug. 19 that it would extend downtime at several factories responsible for producing crossovers and cars because of a global chip shortage. In addition, the company plans to shut down production at the plant that makes the Chevrolet Bolt EV and Bolt EUV next week, the first time GM has suspended production of electric vehicles since the start of the chip crisis.

[GM expands Bolt EV recall with losses of up to $1 billion] GM said on Aug. 20 that it would expand its recall of Chevrolet Bolt EV models because of the risk of high-voltage batteries catching fire, a move that would cost it $1 billion. The expansion of the recall is a serious blow to GM, which is looking to boost sales of electric vehicles.

[chip shortage affects Volkswagen Group's largest factory to cut production] according to foreign media reports, as the automobile industry is still affected by chip shortages, Volkswagen's factories will encounter some difficulties in restarting after the end of the summer vacation. Volkswagen said it would start only one production shift at its (Wolfsburg) plant in Wolfsburg, Germany, from Aug. 23 to Aug. 27. The plant is the group's largest in the world, employing about 60,000 people.

[TM.US will cut global car production by 40 per cent in September due to chip shortages] Toyota plans to cut global car production by 40 per cent in September from nearly 900000 to about 500000, as chip shortages and the novel coronavirus epidemic in Southeast Asia have disrupted the supply chain. The cut means that production lines at several Japanese factories, including the Takaoka plant in Aichi Prefecture, will be suspended from early next month. Production in North America, China and Europe could fall by tens of thousands.

[Gree Electric Appliance's net profit increased by nearly 50% in the first half of the year. Has its share price fallen below the cost of holding shares in Hillhouse? On the evening of August 22nd, 000651.SZ, the leader of White Power, released its semi-annual report. During the period, the company realized operating income of 91.052 billion yuan, an increase of 31.01% over the same period last year, and realized a net profit of 9.457 billion yuan belonging to shareholders of listed companies, an increase of 48.64% over the same period last year.