EUR/USD 1.14084
0.095%
Gold 4128.45
1.247%
Oil 84.906
0.842%
USD/JPY 163.153
-0.020%
GBP/USD 1.33850
0.081%
GBP/JPY 218.387
0.075%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 22, Fu Bingfeng, Executive Vice President and Secretary-General of the China Association of Automobile Manufacturers, stated at the 2026 China Automotive Forum that the new problems and challenges exposed during the transformation of the automotive industry have become pressing issues that the industry urgently needs to address. First, market competition is intensifying, highlighting industry problems. Currently, the growth potential of the domestic automotive market is narrowing, moving towards a new stage of competition for existing market share. Enterprises must adhere to bottom lines, return to rationality, and achieve high-quality and healthy development. Second, the governance system and mechanisms urgently need further improvement to promote the industrys sound and sustainable development. Third, there are still certain shortcomings and gaps in the industrial and supply chains, including insufficient independent control over core technologies and high dependence on foreign sources for key upstream mineral resources. Fourth, globalization still faces many challenges.July 22 – The "15th Five-Year Plan for Forestry and Grassland Protection and Utilization" was released to the public on July 22. The plan proposes that by 2030, decisive victories will be achieved in the three landmark battles of the "Three-North" Project, the integration and optimization of nature reserves will be completed, the quality and service functions of forest, grassland, wetland, and desert ecosystems will be continuously enhanced, the diversified supply and consumption scenarios of forestry and grassland will be further enriched, and the total output value of the forestry and grassland industry will reach a new level. The plan outlines work in areas such as scientifically carrying out large-scale national greening actions, comprehensively promoting the construction of the nature reserve system, cultivating and expanding the forestry and grassland industry, collaboratively strengthening ecological security capacity building, continuously deepening reforms in key areas, and vigorously promoting innovation-driven development and open cooperation.According to Hong Kong Stock Exchange documents, Guangxi Baifei Dairy Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.July 22nd - Tencent announced the full launch of Miora on July 22nd. Miora is described as an AI creative agent with memory, the ability to understand needs, and the capacity to coordinate collaboration among multiple agents.July 22 - Pou Sheng International (03813.HK) announced that it has received notification from Nike that the Groups online sales of Nike products in mainland China will be completely terminated from January 1, 2027. For the fiscal year ended December 31, 2025, revenue from sales through Nikes online platform accounted for approximately 15% of the Groups total revenue, but its contribution to the Groups profits was not significant. The Group will continue to work closely with Nike to jointly optimize the market channel ecosystem and create a higher quality experience for consumers.

Copper price snaps four-day rally despite China's increased metal imports in August

Alina Haynes

Sep 07, 2022 16:38

 截屏2022-09-07 下午4.18.40.png

 

Intraday, the price of copper falls almost 1.5%, representing the greatest day decline of the week as of early Wednesday morning in Europe. In doing so, the red metal breaks the previous three-day recovery from the six-week low.

 

Reuters reported that three-month copper prices on the London Metal Exchange (LME) completed the month of August at $7,801.50 per tonne, up 8.5% from a 20-month low reached on July 15 but still down 19.7% from the beginning of the year.

 

Fears of economic slowdown in the world's largest client, China, as well as the rest of the world, receive considerable attention as the causes are investigated. Increasing market wagers over the Fed's assertiveness are also placing a downward impact on metal prices. In contrast, an increase in China's copper imports should have supported metal prices, but it did not.

 

"According to customs statistics released on Wednesday, China imported 26% more copper in August than a year earlier, as lower prices and stockpiles prompted by power rationing increased demand for foreign supply," said Reuters. In August, China imported a total of 498,188.60 tonnes of unwrought copper and copper products, which included anode, refined, alloy, and semi-finished copper products. Compared to the previous year's amount of 394,017.10 tonnes, this is a two-year low.

 

It should be emphasized that copper buyers are not pleased with the drop in warehouse supplies. Reuters reported that Shanghai Futures Exchange copper warehouse stocks fell to a seven-month low of 31,205 tonnes on August 19.

 

On a separate page, US Treasury rates surge to a new multi-day high, propelling the US Dollar Index (DXY) closer reclaiming the two-decade high. This combines with hawkish Fed forecasts to impact on market sentiment and push the USD/JPY to its highest level in 24 years and the USD/CNH near the critical 7,000 milestone.

 

The US ISM Services PMI increased to 56.9, compared to the market's forecast of 55.1 and the prior reading of 56.7. However, the S&P Global Composite PMI and Services PMI decreased to 44.6 and 43.7, respectively, from early projections of 45.0 and 44.1, respectively. Despite this, the US Dollar Index (DXY) increased upon the announcement and reestablished a 20-year high. The CME's FedWatch Tool indicates a 72.0% chance of a 50 basis point (bps) Fed rate hike in September, up from 57.0% one day ago.

 

Consequently, commodities continue to decline, while US stock futures and Asia-Pacific stocks report losses at the latest.

 

The monthly releases of the US trade balance and Fed Beige Book reports could provide commodity traders with entertainment. However, the next two days will be dominated by the numerous Fed speakers, including Fed Chairman Jerome Powell, who are slated to make public appearances.

Suggestion