Page 3 - Afuye News Today

The US Fed raised the federal funds rate by 75 basis points to 2.25-2.5% in July.

LME and SHFE base metals closed mostly with gains amid a better-than-expected US labour market, which eased the market fears over a potential economic recession.

SHANGHAI, Aug 8 (SMM) – China’s copper cathode output was 840,000 mt in July, down 2% MoM and up 1.1% YoY, SMM data showed.

SHANGHAI, Jul 18 (SMM) –The SMM RCs of domestic blister copper were 1,150-1,350 yuan/mt in south China in June, down 50 yuan/mt MoM, and also 1,150-1,350 yuan/mt in north China, up 50 yuan/mt MoM, while the RCs of imported blister copper were $140-160/mt CIF, flat MoM. 

The US Federal Reserve has reached a consensus on raising interest rates by 50 basis points each in June and July, but is divided over the path of interest rate hikes after September.

The overall domestic copper cathode output in May was at a low level due to the intensive maintenance. Although two smelters in Shandong resumed production in May, the production of copper did not resume.

The overall domestic copper cathode output in May was at a low level due to the intensive maintenance. Although two smelters in Shandong resumed production in May, the production of copper did not resumed. However, the output in May was slightly higher than expected as the maintenance of some smelters was delayed to June amid the pandemic and poor transportation.

In the overseas market, the manufacturing and retail data released by the US continue to show poor results, and the possibilities of the European Central Bank's interest rate hike in July have increased.

Last week, base metals prices bore pressure from the rising US dollar and the depreciating RMB. The US Fed raised interest rates by 50 basis points as scheduled, and decided to start shrinking its balance sheet in June.

"...deputy governorship candidate of the party until the electoral act decides otherwise. I hope he will trace his steps back to ADP.