SMM August 12 News:
Overnight, LME lead opened at $2,003/mt, fluctuated upward in the Asian session to reach a high of $2,014/mt, then declined steadily in the European session to a low of $1,995/mt before consolidating, ultimately closing at $1,997.5/mt, down $6/mt or 0.3%.
Overnight, the most-traded SHFE lead contract opened at a low of 16,855 yuan/mt, fluctuated upward after the opening, reaching a high of 16,920 yuan/mt, briefly stabilized, then pulled back to the vicinity of the daily average line, and consolidated slightly before the close, ultimately closing at 16,890 yuan/mt, up 5 yuan/mt or 0.03%.
Macro side: US Fed Vice Chair Michelle Bowman expressed support for three interest rate cuts this year and urged the US Fed to initiate an interest rate cut at its September policy meeting. According to CME FedWatch data, investors currently believe there is an 88.9% probability that the US Fed will cut interest rates by 25 basis points in September. Starting from September 30 this year, the US government will no longer provide tax credits for electric vehicles (EVs), and EV sales in the US may plummet after a surge. Domestically, the implementation regulations for the VAT law are open for public comment until September 10; Central Clearing Company: From now on, overseas central bank-like institutions will no longer be required to provide a commitment letter for agreement signing.
