ANZ Lowers RBA Rate Forecast, Expects Australia to Keep Interest Rates Unchanged until August

According to customs data, China's aluminium extrusion export volume (HS code 76041010, 76041090, 76042100, 76042910, 76042990) stood at 81,800 mt in August 2022, a month-on-month decrease of 11,500 mt or 12.4% and a year-on-year drop of 3.42%.

The dollar index and the euro both slipped on Thursday in choppy trading as investors waited on a speech by Federal Reserve Chairman Jerome Powell on Friday for further clues about the ongoing pace of the U.S. central bank’s rate hikes.

According to the General Administration of Customs, China imported a total of 51,037.4 of primary aluminium in July, with imports with HS code 76011010 and 76011090 standing at 85.4 mt and 50,951.9 mt respectively.

The import volume of nickel ore from the Philippines was limited mainly because downstream stainless steel plants and NPI plants reduced the production due to losses amid a sluggish domestic market, resulting in shrinking demand for nickel ore.

The dollar eased against most major currencies on Thursday as support from the Federal Reserve’s hawkish messaging subsided a day before hotly anticipated U.S. jobs data, even as pessimism about a protracted recession ebbed.

According to customs data, China exported 51,300 mt of copper plate and strip from January to June in 2022, a year-on-year increase of 56.45%. Exports in June stood at 10,027.16 mt, up 84.11% YoY. China imported 53,200 mt of copper plate and strip in the first half year, a year-on-year decrease of 18.01%.

To sum up, under the circumstances of normal supply in China, petcoke arriving at ports will fall 100,000-300,000 mt in July amid downstream purchases on rigid demand and poor industrial profitability.

The dollar retraced from a 20-year high and the euro broke back above parity, following a brief dip below, after data on Wednesday showed U.S. consumer price inflation surged to a more than 40-year high in June.

The U.S. dollar was up 0.35% at 136.165 yen, gaining support from a strong rebound in the 10-year Treasury yield, which jumped to 2.9780% in Tokyo on Tuesday from the lowest since May at 2.7910% on Friday.

G7 agreed to set price cap on Russian energy imports