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On August 18th, the General Office of the Sichuan Provincial Peoples Government recently issued the "Implementation Opinions on Accelerating the Integration of the Three Networks: Transportation Network, Logistics Network, and Data Network." The opinions propose to orderly promote the development and expansion of unmanned logistics. Unmanned logistics scenarios will be expanded in areas such as urban and rural distribution, trunk transportation, industrial park short-haul transportation, warehousing and sorting, and loading and unloading. The opinions also actively cultivate intelligent air-ground collaborative scenarios combining "unmanned vehicles + drones" and "manned vehicles + drones." Focusing on the "new three categories" of products—lithium batteries, photovoltaic modules, and new energy vehicles—the opinions promote the government and market to collaboratively build a carbon emission accounting and carbon footprint management system, guide enterprises to establish carbon asset management systems and participate in carbon trading, and drive the green and low-carbon transformation of the entire production, distribution, and consumption industries.According to the latest data from the General Administration of Customs, China exported 6.02 million tons of steel plates in July 2026, a year-on-year decrease of 1.8%; cumulative exports from January to July reached 38.26 million tons, a year-on-year decrease of 9.9%.According to data from the General Administration of Customs, China imported 791 tons of polysilicon in July 2026, a year-on-year decrease of 32.4%; cumulative imports from January to July totaled 8,572 tons, a year-on-year decrease of 30.8%.According to data from the General Administration of Customs, China imported 42.73 million tons of coal and lignite in July 2026, a year-on-year increase of 20.3%; cumulative imports from January to July reached 268.11 million tons, a year-on-year increase of 4.3%. On the export side, China exported 770,000 tons of coal and lignite in July, a year-on-year decrease of 1.6%; cumulative exports from January to July reached 3.53 million tons, a year-on-year decrease of 14.1%.On August 18th, three analysts from DBS Groups research department stated in a commentary that the Bank of Japan (BOJ) may accelerate its interest rate hike pace from the current once every six months to once every three to four months. The analysts noted, "We have moved up our expectation for the BOJs next rate hike to September, and anticipate two more rate hikes each in the first and second quarters of 2027, bringing the overnight call rate to 1.75% by mid-2027." They also pointed out that the BOJs recent statements have become more hawkish, and the Japanese government seems less opposed to raising rates earlier than anticipated. DBS Group also raised its 2026 GDP growth forecast for Japan from 0.5% to 0.9%, and its 2027 GDP growth forecast from 0.5% to 1.0%.

Copper Increases on China's Reopening, While Gold Remains Flat Ahead of Payrolls

Skylar Williams

Jan 06, 2023 11:43

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Gold prices remained at seven-month highs on Friday as markets awaited a crucial nonfarm payrolls report from the United States, while copper prices reversed weekly losses in response to China's easing of new anti-COVID measures.


After a series of significant rate hikes by the Federal Reserve in 2022, it is projected that nonfarm payrolls in the United States slowed marginally in December, signaling a slight softening of the labor market. Nevertheless, given that the number has consistently surpassed forecasts for eight straight months, speculators fear that any indication of labor market resiliency will provide the Federal Reserve with more flexibility for further aggressive steps.


As of 19:50 E.T., spot gold climbed 0.1% to $1,834.53 per ounce, while gold futures declined 0.1% to $1,839.25 per ounce (00:50 GMT). Nevertheless, it was anticipated that both assets would gain 0.5% this week, marking their third consecutive week in the black.


Recent Fed indications that the central bank will likely raise interest rates at a slower pace in 2023, following a series of quick rises in the preceding year, have boosted the price of gold. Fears of an imminent recession in 2023 increased the demand for safe-haven assets, which drove up the price of metal.


Nevertheless, central bank policymakers have indicated that they will likely retain higher interest rates for an extended length of time, with inflation control as their major priority. Given that inflation is well above the Fed's target rate of 2%, there is a great deal of uncertainty about where U.S. interest rates will peak.


In order to temper its aggressive stance, the Fed has also signaled that it will seek a softening of the labor market. Nevertheless, despite headwinds from a slowing economy, the U.S. labor market has been resilient thus far.


Gold significantly outperformed other precious metals over the week due to demand for safe-haven assets. This week, platinum futures decreased by 1.3%, and silver futures decreased by nearly 3%.


Copper prices were stable among industrial metals following a dramatic reversal of recent declines on Thursday, when the Chinese government said that the Hong Kong border will reopen on January 8.


The action signals a relaxation of other anti-COVID rules in China and has bolstered hopes for a nationwide reopening. Copper futures remained flat at $3.8252 per pound and poised for a third straight week of gains following Thursday's gain of more than 2%.


Despite this, China has witnessed an exceptional spike in COVID-19 cases since December, when limitations were relaxed. Analysts have warned that this trend could delay the reopening of the larger market and cause volatility in the near future.


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