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On April 25th, sources within the automotive industry revealed that regulatory authorities have clarified the code of conduct for exhibitors at the 2026 Beijing Auto Show, outlining ten prohibited behaviors to guide the automotive industry back to a healthy competitive track focused on technological innovation and high-quality development. The "negative behavior list" explicitly prohibits exaggerated and false advertising, disparaging other companies products, pricing products outside a reasonable range, manipulating online trolls and fan groups to incite conflict, and hyping up events such as "leaders visiting the booth."April 25th - In the first quarter of this year, the Export-Import Bank of China issued over 300 billion yuan in new loans to the foreign trade sector, with 40% directed towards stabilizing foreign trade entities and the foreign trade industrial chain, and 35% directed towards direct import and export trade. The bank prioritized support for the export of products such as artificial intelligence and green electricity equipment, and facilitated the professional and large-scale development of new foreign trade formats and models such as cross-border e-commerce and overseas warehouses.On April 25, according to Irans Fars News Agency, a spokesperson for the Iranian Ministry of Defense stated that thanks to a "completely independent, knowledge-based, and uniquely Iranian" approach, Iran has produced over 1,000 types of weaponry, including missiles and drones. The spokesperson indicated that this production capacity is the result of over 25 years of investment and procurement in Irans defense industry. Even if some production centers are damaged, the nationwide "tangible and intangible" weapons production and supply chain can continue to operate. The spokesperson also stated that approximately 9,000 Iranian companies currently cooperate with the armed forces and the Ministry of Defense.US-Iran-US Conflict: ① Iran 1. Iranian Ambassador to Russia: The US is not taking the US-Iran negotiations seriously. 2. US media: Mojtaba issues orders via letters; decision-making power may have been delegated to the Revolutionary Guard. 3. Despite the US blockade, Iran continues to load oil onto tankers. 4. Iranian Vice President says Iran will retaliate severely against attacks on Iranian energy facilities. 5. Iranian parliamentary officials: Foreign Ministers visit to Pakistan will not involve nuclear talks. 6. Iranian Ministry of Defense: Iran still controls the Strait of Hormuz. 7. Pakistani sources: The plane carrying Iranian Foreign Minister Araqchi arrived at the Nur-Khan Air Base near Islamabad, the capital of Pakistan. 8. Iranian media: Araqchi has no scheduled meetings with the US, but will use Pakistan as an intermediary to convey messages to the US. ② US 1. Given the risk of the current US-Iran ceasefire breaking down, the US military is studying new operational plans, including striking Iranian military forces in the Strait of Hormuz area. 2. US Central Command: The blockade against ships entering and leaving Iranian ports continues. To date, the US military has forced 34 ships to change course. 3. US Defense Secretary: Another aircraft carrier joins the blockade of Iran. 4. Chairman of the Joint Chiefs of Staff, General Kane: Iran attacked five merchant ships and seized two of them. 5. Chairman of the Joint Chiefs of Staff, General Kane: The US will continue to intercept Iranian ships in the Pacific and Indian Oceans. 6. The White House extends shipping waivers to August to alleviate oil shortages. 7. White House: Witkov and Kushner will travel to Pakistan on Saturday morning; Vance will remain in the country on standby. 8. Two sources say the US envoys meeting with Araghchi may take place on Monday, before which Kushner and Witkov will hold separate bilateral talks with Pakistani mediators. ③ Israel 1. Reportedly, Israel conducted airstrikes in Deir Amez, southern Lebanon. 2. Israeli Defense Minister says: Waiting for the US to agree to "completely eliminate the Iranian regime." 3. Israeli Defense Minister reportedly has identified targets for strikes against Iran should the conflict resume. 4. Israel launched airstrikes on several locations in southern Lebanon, killing two people. ⑤ Strait of Hormuz 1. Iran granted transit fee exemptions to Russia and other "friendly" countries in the Strait of Hormuz. 2. US media: Sources say Iran laid more mines in the Strait of Hormuz this week. 3. Iran says hundreds of ships are waiting for passage permits in the Strait of Hormuz. 4. Malaysia is discussing with Iran allowing two oil tankers to pass through Iranian waters. 5. US Defense Secretary acknowledges significant restrictions on shipping in the Strait and warns Iran that laying mines would violate the ceasefire agreement. ⑥ Ceasefire Negotiations 1. Iranian parliamentary official Ayman Shamsayei: Ghalibaf has not resigned and is still diligently fulfilling his duties. Related rumors are being spread for the purpose of disrupting public opinion. 2. According to Irans Tasnim News Agency: Iran and the United States will not hold talks during Foreign Minister Araghchis visit. 3. US media: There are no indications that US Vice President Vance is about to depart for Pakistan. 4. According to Middle Eastern media Al Asharq: A US delegation will arrive in Islamabad within 36 hours to prepare for the second round of talks. 5. The Iranian Foreign Minister will visit Pakistan and two other countries; there are no indications that a second round of US-Iran talks will be held. 6. Iranian Foreign Minister Araqchi: The purpose of this trip is to coordinate with partners. 7. The US Defense Secretary said Iran still has a chance to reach an agreement, but "it is impossible to obtain nuclear weapons." 8. According to Irans Tasnim News Agency: Iranian Foreign Minister Araqchi will travel abroad as the head of a diplomatic delegation. 9. According to CNN: US special envoys Witkov and Kushner will participate in talks with Iranian Foreign Minister Araqchi. 10. Pakistan: The trilateral talks will be assessed after Pakistan meets with Araqchi. ④ Other situations: 1. Kuwait International Airport airspace has reopened. 2. Saudi Arabias alternative oil export routes have not yet been able to maintain full capacity. 3. Spokesperson for the British Prime Minister: British Prime Minister Starmer will not be pressured on the issue of war with Iran. 4. The first shipments from the US following the conflict with Iran may arrive in Japan on Sunday. 5. Israeli airstrikes in several parts of the Gaza Strip have killed 12 people.On April 25, Ibrahim Aziz, chairman of the National Security and Foreign Policy Committee of the Iranian Islamic Parliament, posted on social media early that morning that Iranian Foreign Minister Araqchis visit to Pakistan was solely for discussing bilateral relations and he was not authorized to handle any matters related to the nuclear negotiations. Aziz stated that the nuclear issue remains one of Irans red lines.

Copper pricing remains firmer on anticipation for stimulus and weaker DXY

Daniel Rogers

Sep 06, 2022 15:16

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Reuters reported that the copper contract for three months on the London Metal Exchange (LME) increased 0.3% to $7,678 per tonne by 02:59 GMT, while the most-traded copper contract for October on the Shanghai Futures Exchange (SFE) rose 1.3% to 60,850 yuan ($8,773.45) per tonne.

 

In doing so, the red metal applauds the market's improved sentiment and hopes for additional support, particularly from China. The lower performance of the US Dollar Index (DXY) after it reached a 20-year high the day before is also encouraging for metal purchasers.

 

US 10-year Treasury yields jump 2.5 basis points (bps) to 3.21%, reflecting the sentiment, while S&P 500 Futures extend the week-start recovery to 3,943, up 0.50% intraday as of press time. In addition, market consolidation permitted the DXY to fall from the 20-year high to 109.37, prior to its current rebound to 109.62.

 

During a period of full markets, optimists appeared to have been supported by rumors of more aid packages to spur economic recovery. Nonetheless, the incoming British prime minister, Liz Truss, has a £130 billion energy plan in the works, while the People's Bank of China (PBOC) reduces the Reserve Requirement Ratio (RRR). In addition, policymakers from Germany and the Eurozone are making a concerted effort to shield energy businesses and winter stocks from the effects of the recession.

 

China's tightening supply and Peru's falling output of the metal further support the price. "The premium of LME cash copper over the three-month contract surged to $77.50 per tonne on Monday, the biggest level since December 2021," reported Reuters, indicating a diminishing supply of immediately available material in LME warehouses. Copper production in Peru, the world's second-biggest copper producer, decreased 6.6% year-over-year to 195,234 tonnes in July, as two of the nation's top mines underperformed.