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DA Davidson raised its price target for TSMC (TSM.N) from $450 to $500.The Hang Seng Tech Index fell further to 4%, while the Hang Seng Index is currently down 1.88%.July 17th - According to statistics from the Guangdong Branch of the General Administration of Customs, Guangdongs total import and export volume of goods reached 5.49 trillion yuan in the first half of the year, exceeding 5 trillion yuan for the first time in the same period, representing a 20.8% increase. This accounts for 21.6% of the national foreign trade, with a trade increment of 944.71 billion yuan, contributing 25.6% to the national foreign trade growth. Guangdong ranks first in the country in terms of share, increment, and contribution. Exports reached 3.22 trillion yuan, up 11.6%; imports reached 2.27 trillion yuan, up 36.8%. The monthly import and export volume in June exceeded one trillion yuan for the first time in history. Guangdongs exports of electromechanical products reached 2.27 trillion yuan, up 16%, accounting for over 70% of the provinces total exports, an increase of 2.7 percentage points compared to the same period last year. Among them, integrated circuit exports reached 266.7 billion yuan, up 61.4%; computer and component exports reached 246.12 billion yuan, up 14.6%. High-end manufacturing demonstrated strong international competitiveness, with exports of drones, high-end machine tools, and industrial robots increasing by 24.6%, 20.1%, and 16.8%, respectively. Exports of green and low-carbon products are impressive, with exports of lithium batteries and electric vehicles increasing by 42.7% and 35.3%, respectively.July 17th - The State Administration for Market Regulation announced today that the mandatory national standard "Safety Requirements for Elevator Manufacturing and Installation Part 3: Elevator Delivery Verification" is now open for public comment. This national standard clarifies the basic content and requirements for delivery verification of general passenger elevators and freight elevators. Building upon this, it also includes specific requirements for explosion-proof electrical components and waterproof protection of electrical equipment for special elevator types such as explosion-proof elevators and firefighter elevators, ensuring the standards applicability and specificity and meeting the actual needs of industry self-inspection.July 17th – The 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai. SpiritAI, a company focused on building a general-purpose embodied brain, showcased its latest advancements in embodied brains, robot bodies, and application scenarios. At the embodied brain level, SpiritAI publicly demonstrated long-range, complex tasks such as living room organization and desktop tidying for the first time at the conference. The Moz1 robot, equipped with SpiritAIs self-developed Spiritv1.6, can autonomously complete task decomposition, continuous planning, and dynamic adjustment based on a single natural language command, demonstrating its upgraded capabilities in long-range reasoning and complex task execution. Regarding bodies and application scenarios, SpiritAIs Moz2 robot made its debut. Unlike the Moz1, which primarily focuses on industrial scenarios, the Moz2 focuses on commercial service scenarios such as supermarkets, hotels, and office buildings, further expanding the application boundaries of robots.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

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Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

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