1. This week, Mysteel's Coal and Coke Division surveyed the profitability of independent coking plants nationwide. The national average profit per ton of coke was RMB 18/ton; the average profit for first-grade coke in Shanxi was RMB 33/ton, in Shandong it was RMB 45/ton, in Inner Mongolia it was RMB 20/ton, and in Hebei it was RMB 62/ton. 2. A Reuters survey predicts a zinc market surplus of 92,546 tons in 2026 and 161,000 tons in 2027. The aluminum market is expected to experience a 1 million ton supply shortage, with the market returning to balance in 2027. The copper market is expected to experience a 112,000 ton supply surplus; the 2027 surplus forecast is 50,000 tons. 3. The U.S. Department of Agriculture reported that as of July 16, net export sales of U.S. soybeans for the 2025/2026 marketing year were 56,000 tons, compared to 188,000 tons the previous week; net sales for the 2026/2027 marketing year were 1,537,000 tons, compared to 1,770,000 tons the previous week. Net export sales of U.S. corn for the 2025/2026 marketing year were 333,000 tons, compared to 315,000 tons the previous week; net sales for the 2026/2027 marketing year were 702,000 tons, compared to 311,000 tons the previous week. 4. Last week, the number of initial jobless claims in the U.S. fell sharply, indicating that the U.S. job market remains stable, and Federal Reserve officials need to continue focusing on curbing inflation. The U.S. Department of Labor said on Thursday that initial jobless claims for the week ending July 18 fell by 22,000 to 187,000, compared to an expected 212,000. 5. The Ministry of Energy of Kazakhstan stated that the Caspian Pipeline Union (CPC) facilities are safe and ready to resume exports. 6. According to foreign media reports, Victor Almeida, president of the Brazilian Palm Oil Producers Association (Abrapalma), stated that Brazil could more than triple its oil palm plantation area within the next decade by expanding planting on already cleared land in the Amazon region. 7. The China Securities Regulatory Commission (CSRC) held a symposium on Party building and regulatory work, emphasizing the need to deepen reforms and enhance the inclusiveness and adaptability of the system. The meeting stressed the importance of implementing comprehensive investment and financing reform measures in detail and better leveraging the functions of the stock, fund, bond, and futures markets. 8. The Iranian Foreign Ministry stated that Iran is determined to defend its national sovereignty, territorial integrity, national interests, and security, and to resist foreign aggression. Any party involved in military aggression against Iran in any way will be held responsible for the consequences of its decisions. 9. The CSRC held a symposium on Party building and regulatory work, emphasizing the need to strengthen policy reserves to cope with global market fluctuations and cross-border risk transmission, and to build strong dikes and bulwarks against external risk shocks. 10. Freeport-McMoRan Corporation: Second-quarter consolidated production totaled 786 million pounds of copper, 192,000 ounces of gold, and 23 million pounds of molybdenum. It is projected that combined copper and gold production will exceed sales in 2026. 11. EIA Natural Gas Report: As of the week ending July 17, total U.S. natural gas inventories stood at 3.056 trillion cubic feet, an increase of 32 billion cubic feet from the previous week, a decrease of 16 billion cubic feet from the same period last year (a year-on-year decrease of 0.5%), and 183 billion cubic feet higher than the 5-year average (an increase of 6.4%). 12. Freeport-McMoRan disclosed in its Q2 earnings call that the resumption of production at its Grasberg mine's underground Block Cave project in Indonesia is progressing as expected. The company currently expects Grasberg's production capacity to recover to approximately 65% in the second half of 2026, further increasing to approximately 80% by mid-2027, and plans to reach near full capacity by the end of 2027.
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