SMM August 14 News: Metals market: As of the midday close, most domestic base metals moved lower. SHFE copper fell 0.2%, SHFE aluminum fell 1.2%. SHFE lead fell 0.81%. SHFE zinc fell 0.51%. SHFE tin rose 0.17%. SHFE nickel fell 1.12%. In addition, the most-traded cast aluminum futures contract fell 1.43%, and the most-traded alumina contract edged lower. The most-traded lithium carbonate contract rose 2.23%. The most-traded silicon metal contract rose 1.63%. The most-traded polysilicon futures contract rose 1.27%. Ferrous metals mostly rose. Iron ore rose 0.42%, rebar rose 0.43%, and hot-rolled coil rose 0.71%. Stainless steel fell 1.97%. Coking coal and coke: the most-traded coking coal contract rose 1.25%, while the most-traded coke contract fell 0.29%. On the overseas base metals front, as of 11:39, LME base metals fell across the board. LME copper fell 0.32%, LME aluminum fell 0.23%, and LME lead fell 0.37%. LME zinc fell 0.45%. LME tin fell 0.24%. LME nickel fell 0.3%. In precious metals, as of 11:39, COMEX gold fell 0.9% and COMEX silver fell 1.16%. Domestic precious metals: SHFE gold fell 1.94%, and the most-traded SHFE silver contract fell 2.36%. In addition, as of the midday close, the most-traded platinum futures contract fell 2.21%, and the most-traded palladium futures contract fell 3.33%. As of the midday close, the most-traded European container shipping futures contract fell 1.3% to 1,593.5 points. As of 11:39 on August 14, midday quotes for selected futures: Spot and Fundamentals Platinum: On the spot side, mainstream platinum quotations are at a discount of 3-2 yuan/g against the PT2610 contract, accompanied by the clearing of some deeply discounted cargoes and the narrowing of import price spreads... Macro Front China: [PBOC reverse repo operations achieved a net injection of 348 billion yuan on the day and 250.5 billion yuan this week] The PBOC conducted 349 billion yuan of overnight reverse repos and 1 trillion yuan of outright reverse repos today. As 1 billion yuan of 7-day reverse repos and 1 trillion yuan of outright reverse repos matured today, the PBOC made a net injection of 348 billion yuan on the day. This week, the PBOC conducted 18 billion yuan of 7-day reverse repos, 349 billion yuan of overnight reverse repos and 1 trillion yuan of outright reverse repos. As 116.5 billion yuan of 7-day reverse repos and 1 trillion yuan of outright reverse repos matured this week, the PBOC made a net injection of 250.5 billion yuan for the week. (Jin10 Data App) US dollar: As of 11:39, the US dollar index fell 0.07% to 99.89. US July PPI data showed inflation was cooling, and along with falling oil prices, markets further added to bets that the US Fed will not hike rates next month. (Wallstreetcn) US July PPI data came in below expectations, helped by further declines in energy and food costs. The PPI report followed consumer price data—which showed inflation was slowing—further confirming signs that the energy shock from the early days of the war was continuing to fade. However, renewed Middle East tensions raised concerns about stubborn inflation. US Fed officials will also receive additional consumer and producer price data and another labour market report before their next policy decision in mid-September. For now, policymakers need to weigh persistent inflation pressures against the recent slowdown in hiring. Several PPI components are also closely watched by the US Fed because they feed into its preferred inflation measure—the personal consumption expenditures price index. These components released mixed signals. Portfolio management fees posted their largest increase in more than a year, hospital outpatient care costs also rose sharply, while physician services and hospital inpatient care prices were mild. (Jin10 Data App) According to CME FedWatch: at the US Fed's September meeting, the probabilities are no change (65.2%) and a cumulative 25bp hike (34.8%). At the US Fed's October meeting, they are no change (50.1%), a cumulative 25bp hike (41.8%), and a cumulative 50bp hike (8.1%). (Jin10 Data App) Other currencies: Speculative investors are increasingly betting that the Reserve Bank of Australia will raise rates again in November, as inflation remains above the central bank’s target. Swap market pricing currently implies around a 45% probability that the RBA will raise rates by 25bp by November, up from 38% before Tuesday’s RBA rate decision. The November 2026 interbank cash rate futures traded on the Australian Securities Exchange derivatives market saw trading activity jump on the day to the highest level in more than three months, signalling increased speculative interest. These bets suggest that the market increasingly doubts that the RBA's tightening cycle is over. Although policymakers kept rates unchanged this week, with inflation still above the RBA's 2%-3% target range, traders will continue to monitor upcoming price and labour market data for clues on whether another rate hike is needed this year. (Jin10 Data App) On the data front: Releases due today include China's July total electricity consumption YoY (TBD), China's July total electricity consumption (TBD), US July retail sales MoM, US August preliminary 1-year inflation expectations, US June business inventories MoM, US August preliminary University of Michigan consumer sentiment index, France July CPI MoM final, Eurozone Q2 GDP YoY revised, Eurozone Q2 seasonally adjusted employment QoQ final, Eurozone June seasonally adjusted trade balance, and Canada June wholesale sales MoM, among other data. In addition, China will open a new round of refined oil price adjustment window (to be determined), and the National Energy Administration will release nationwide electricity consumption data around the 15th of each month (to be determined). Crude Oil: As of 11:39, oil prices in both markets edged up, with WTI up 0.09% and Brent up 0.06%. The IEA and OPEC have successively lowered their demand expectations, while the situation in Iran, though tense, has not escalated further, limiting oil price gains. Pressure in the refined oil market is even more severe, with the US diesel crack spread approaching $100 per barrel, near the peak level seen in the early stage of the US-Iran conflict that broke out in March this year. US Energy Secretary Chris Wright said on Tuesday that crude oil flows through the Strait of Hormuz averaged about 9 million barrels per day over the past week, higher than most industry estimates, and that the market faces considerable uncertainty over the actual size of the supply shortfall. Francisco Blanch, head of Global Research at Bank of America, said in an interview with Bloomberg Television: “Unless the geopolitical situation improves, it is hard for me to see oil prices pulling back quickly. If inventories are depleted, price fluctuations are bound to amplify sharply, and at that point demand will be forced to contract.” (Wallstreetcn) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

On August 14, Xingye Silver&Tin's share price fell. As of 10:24 on August 14, Xingye Silver&Tin was down 1.58% at RMB37.28/share. In response to the question "What is the construction progress of Atlantic Tin?", Xingye Silver&Tin said on the interactive platform on August 13 when answering an investor's question, the Atlantic Tin project is currently advancing preliminary work such as construction of the explosives magazine, engineering surveys and preparations for equipment transportation. Construction teams have entered the site for preliminary preparations, and the project is expected to officially start construction in Q4. When asked "I have repeatedly suggested that the company's underground mining use tunnel boring machines to transform them into mineral excavation equipment. Does the company have any ideas or plans in this regard? Why has it not logged in on the interactive platform? Thank you!", Xingye Silver&Tin said on the interactive platform on August 13 that the company had carried out early-stage evaluation and feasibility studies on the application of tunnel boring machines and currently has no relevant implementation plan. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company takes deeply cultivating its main business and steady operations to consolidate intrinsic value as the foundation of its market value management, continues to optimize internal control and standardize information disclosure, carries out regular public opinion monitoring and responses to market concerns, promptly clarifies false rumors, keeps online and offline investor communication channels open, objectively conveys the company's long-term development value, and protects the right to information and legitimate rights and interests of minority shareholders in all respects. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company always adheres to a prudent cash dividend policy, continues to reward all shareholders with stable cash returns, and effectively safeguards the long-term interests of minority shareholders. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company will strictly implement its primary responsibility for production safety, strengthen the defense line for safe development, improve its inherent safety level, and address shortcomings in safety management. A progress announcement issued by Xingye Silver&Tin on July 31 regarding a safety incident at its subsidiary showed that on July 30, 2026, Yinman Mining received the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 260) issued by the West Ujimqin Banner Emergency Management Bureau, requiring the simultaneous suspension of Yinman Mining's mineral processing and tailings systems. As of the disclosure of this announcement, both Yinman Mining's mining system and its mineral processing and tailings systems had been suspended. The specific circumstances of the incident disclosed by Xingye Silver&Tin showed that at about 15:30 on July 26, 2026, an accident occurred during underground production and construction at the mine of the company's wholly owned subsidiary, West Ujimqin Banner Yinman Mining Co., Ltd., causing one death and no injuries. After the accident, Yinman Mining suspended production in the underground mining area in accordance with the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 257) issued by the West Ujimqin Banner Emergency Management Bureau. Regarding the impact on the company's production, operations and results: Yinman Mining is mainly engaged in the mining, processing and sale of nonferrous metals including silver, tin, copper, lead and zinc, with a production scale of 1.65 million mt/year. In 2025, Yinman Mining recorded operating revenue of RMB3,062.0434 million, accounting for 55.12% of the company's consolidated operating revenue, and net profit of RMB1,346.2785 million. In Q1 2026, Yinman Mining recorded operating revenue of RMB961.5985 million, accounting for 45.15% of the company's consolidated operating revenue, and net profit of RMB474.7488 million. The cause of the accident and the cause of the death are still under investigation, and Yinman Mining will fully cooperate with the accident investigation and subsequent work. Since the duration of Yinman Mining's production suspension cannot be determined at present, the impact of the suspension on the company's current-period and full-year results cannot be accurately estimated for the time being. The company will perform its information disclosure obligations in a timely manner according to the progress of the accident investigation and relevant regulations, and investors are reminded to pay attention to investment risks. In terms of results, Xingye Silver&Tin earlier disclosed its semi-annual results forecast in the evening, showing that it expects net profit attributable to the parent company of RMB2.14 billion to RMB2.37 billion in H1 2026, up 168.95%-197.86% YoY. Regarding the reasons for the change in results, Xingye Silver&Tin said: 1. Yubang Mining's capacity was gradually released, and ore-derived silver production and sales increased significantly YoY. 2. During the reporting period, affected by factors such as the macroeconomic environment and changes in market demand for products, the selling prices of the company's main mineral products such as silver and tin rose from the year-earlier period. 3. During the reporting period, the company transferred a 60% equity interest in Shuangyuan Nonferrous Metals; the equity transfer resulted in non-recurring gains of RMB454 million. The company realized investment income of RMB321 million. Since Shuangyuan Nonferrous Metals was originally a loss-making enterprise with excessive losses, the equity transfer increased the parent company's deductible losses, which in turn reduced income tax expense by RMB133 million. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company recorded operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. An announcement by Xingye Silver&Tin showed that in 2025, the proportions of the company's main mineral product revenue in total operating revenue were as follows: ore-derived silver RMB2,175.7825 million, accounting for 39.17%; ore-derived tin RMB1,649.6398 million, accounting for 29.70%; ore-derived zinc RMB975.8673 million, accounting for 17.57%; ore-derived lead RMB220.9450 million, accounting for 3.98%; ore-derived iron RMB180.3799 million, accounting for 3.25%; ore-derived copper RMB133.0043 million, accounting for 2.39%; ore-derived antimony RMB100.3568 million, accounting for 1.81%; ore-derived gold RMB82.3402 million, accounting for 1.48%; ore-derived bismuth RMB16.6744 million, accounting for 0.30%. Of these, combined revenue from ore-derived tin and ore-derived silver accounted for 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report that the company is a large mining group mainly engaged in the exploration, mining and mineral processing of nonferrous and precious metals. As of the disclosure date of this report, the company has more than 20 subsidiaries, including eight operating mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining and Bosheng Mining. The Achmmach tin mine of AtlasTinSAS under Atlantic Tin is in the construction phase; Tanghe Shidai Mining is in a construction suspension phase; and Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is mainly engaged in equity investment management. Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate acquisitions, and is responsible for expanding overseas markets and acquiring high-quality overseas mineral resources. Hainan International Trade and Tianjin International Trade are mainly engaged in the sale of nonferrous metal ore products and the procurement of some raw materials. Xingye Ruijin mainly carries out process research, technology development and upgrading for exploration, mining and mineral processing, and comprehensive recovery and utilization of tailings. Tibet Shannan Antimony-Gold, Tibet Xinda Mining and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% equity interest in Yubang Mining. According to data from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranked first in Asia and fifth globally. The acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. Meanwhile, the company, through its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, increased investment in overseas mineral resources and successfully acquired a 100% equity interest in Atlantic Tin. The acquisition was an important step in implementing the company's "going global" strategy. According to the large tin mine classification criteria in the Standards for Classification of Mineral Resource Reserves (DZ/T0400-2022), the Achmmach tin mine held by Atlantic Tin is currently equivalent to five large deposits. Through the integration of overseas tin resources, the company further improved its international tin layout and reserved important strategic resources for its long-term development. The company's main results come from its nonferrous metal mining and processing business. During the reporting period, revenue from the nonferrous metal mining and processing business accounted for 99.64% of total operating revenue in 2025. The main factors affecting the operating results of the mining and processing segment include production and sales volumes of major products, market prices, and costs of the nonferrous and precious metal mining and processing business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report that 2026 is the closing year of the company's "Second Three-Year" plan. The board will focus closely on high-quality development, fully implement the established objectives, continue to deepen the philosophy of trust and collaboration, and make every effort to achieve the final goals of the "Second Three-Year" plan, with the following priorities: 1. Hold the bottom line for safety and environmental protection. With 2026 as the "Year of Implementing Safety Management," comprehensively strengthen safety responsibilities, consolidate the achievements of the "Year of Collective Calm in Safety," enhance risk anticipation and process control, and resolutely prevent all kinds of safety and environmental accidents to achieve safe, stable, green and low-carbon development. 2. Make every effort to advance key project construction; strengthen full-process management of project budgets, schedules and quality; coordinate the implementation of projects such as the 2.97 million mt expansion at Yinman Mining, the 8.25 million mt expansion at Yubang Mining, the Morocco project, and the Budun Yin'gen Mining (trusteeship) project; and ensure they are completed and reach full production on schedule to release capacity benefits. 3. Continue to strengthen exploration and reserve expansion; properly balance production and geological exploration; steadily advance exploration at existing mines and surrounding areas; accelerate the conversion and upgrading of resources into reserves; and steadily strengthen the resource base. 4. Deepen industrial synergy and resource integration; leverage the advantages of the core region of Inner Mongolia; steadily expand the overseas resource layout; maintain silver and tin as the main business direction and enrich and optimize resource types. Solidly advance the follow-up acquisition and integration of Weiling Co., and actively track high-quality mineral project opportunities at home and abroad to enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management; ensure all systems, processes and control requirements are effectively implemented; improve the company's refined management; strengthen enforcement capacity; ensure production plans, comprehensive budgets and all work arrangements are fully implemented; and promote deep integration of corporate culture and business management. 6. Make every effort to advance preparations for the Hong Kong listing; accelerate the establishment of dual capital market platforms at home and abroad; enhance cross-border capital operation capabilities; provide stronger funding support for the company's resource integration and strategy implementation; and push the company's high-quality sustainable development to a new level. A research report from Huaxin Securities on August 7 showed that key performance drivers included the official start of Yinman Phase II and steady progress in capacity expansion, and a dual-track layout of domestic acquisitions and overseas expansion with the resource map steadily expanding. Silver and tin prices remain high, and the company's long-term capacity growth is expected, so the rating is maintained at "Buy." Risk warnings: 1) downstream demand falls short of expectations; 2) metal price downside risk; 3) the company's expanded capacity is released less than expected; 4) the company's acquisition progress falls short of expectations. A research report from Huaxi Securities on July 25 said that the macro logic for silver is similar to that for gold, while silver has stronger industrial attributes, and its price is driven by the resonance of fundamentals, policy and trading. From the perspective of core support, silver has been included in the US "critical minerals" list, which has triggered sustained attention from funds and a stockpiling effect, serving as an important policy catalyst for price increases. Although short-term demand has pulled back somewhat, the supply-side gap remains prominent, providing the core fundamental support for silver prices. The supply-demand gap for silver is expected to continue widening in the coming years. Coupled with demand improvement from the industrial recovery during the easing cycle, silver's price elasticity is significantly higher than gold's, and silver is expected to rise under the resonance of a loose environment and industrial demand, with a favorable long-term silver price trend. The silver sector is currently in a stage of consolidation at lows after a pullback. Although it is pressured in the short term by a stronger US dollar and delayed interest rate cut expectations, it still has medium and long-term allocation value. Beneficiaries of silver include: [Shengda Resources] and [Xingye Silver&Tin].

Platinum prices fell under pressure today. The US Fed released hawkish signals again, and with the digestion of recent bullish factors for precious metals, along with profit-taking by bulls, upward momentum was suppressed. As of 11:00 in the morning session, the most-traded GFEX platinum futures contract PT2610 closed at 422.85 yuan/g, down 2.32%. The best ask price for SGE platinum 9995 was about 1 yuan/g below the GFEX PT2610 contract. In the spot market, mainstream platinum quotations were at a discount of 3 to 2 yuan/g against the PT2610 contract. With some deeply discounted cargoes cleared and the import price spread narrowing, and with the futures market falling today, mainstream quotation discounts continued to narrow slightly from the previous trading day. Inquiries from downstream buyers for price negotiations and procurement based on orders increased. Consumption recovered slightly, but overall trading remained sluggish.

[SMM Precious Metal Express] Fed officials delivered mixed signals: Hammack reiterated the need for rate hikes now and expressed uncertainty over continued inflation improvement; Barkin suggested rate hikes may be needed to achieve Fed goals — both leaning hawkish. Goolsbee, however, noted that much of the inflation is tariff- and oil-driven, hoping for one-off effects — a more dovish stance. While internal divisions widen, the hawkish tone continues to weigh on precious metals in the near term.

[SMM Daily Review: Bullish Factors Digested, Silver Prices Pulled Back; Spot Held at Parity] SMM, August 14 – Gold purchases by the Bank of Korea and a lower-than-expected PPI boosted silver prices, but hawkish comments from US Fed officials capped gains, and silver prices pulled back mildly. Trading in the spot market was sluggish, with the spot-futures price spread narrowing and quotes concentrated near parity.

SMM August 14 news: On the metals market front: Overnight, base metals in both overseas and domestic markets broadly fell, with only LME copper, LME tin, and SHFE tin rising together. LME copper rose 0.18%, LME tin rose 0.52%, LME aluminum led losses with a 2.28% decline, SHFE nickel fell 0.88%, SHFE lead fell 0.81%, and the remaining metals saw modest fluctuations in their declines. The main alumina contract rose 0.26%, while the main cast aluminum contract fell 0.9%. Overnight, ferrous metals broadly rose, with stainless steel the only decliner, down 0.83%. Rebar, hot-rolled coil, and iron ore all gained around 0.4%. For coking coal and coke, coking coal rose 1.7%, and coke rose 0.55%. On the precious metals front, overnight COMEX gold fell 1.35%, and COMEX silver fell 1.7%. On the domestic front, SHFE gold fell 1.24%, and SHFE silver fell 1.48%. As of 6:38 on August 14, overnight closing prices: Macro Front On the domestic front: [China's New Round of Continuous Air Quality Improvement Action Plan Is Being Formulated] The State Council Information Office held a press conference today (13th) as part of the themed series "Getting Off to a Good Start in the 15th Five-Year Plan". At the briefing, it was noted that China's air pollution control achievements are encouraging, but there is still no room to relax or take a break, and patience and resolve must be maintained. At present, a new round of continuous air quality improvement action plans is being formulated at an accelerated pace, and the battle to defend blue skies will focus on being "higher, more accurate, and more scientific." (CCTV News) [National Carbon Emissions Trading Market Cumulative Trading Volume Exceeds 900 Million mt] Huang Runqiu, Minister of Ecology and Environment, said at the press conference on the themed series "Getting Off to a Good Start in the 15th Five-Year Plan" held by the State Council Information Office on August 13 that as of the end of July, cumulative trading volume in the national carbon emissions trading market had exceeded 930 million mt, which has effectively promoted green and low-carbon transformation while driving low-cost carbon reduction across industries. (Xinhua News Agency) [Shanghai: Promote the Issuance of "Computing Power Vouchers," "Model Vouchers," and "Corpus Vouchers" to Lower the Cost of Using Digital Factors such as Public Data, Computing Power, Models, and Corpora] Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting Private Investment Development." It mentions carrying out computing power subsidies in accordance with laws and regulations, supporting private enterprises in renting intelligent computing resources for R&D training and application of large models, and encouraging universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various types of business entities, including private enterprises. It will publish and dynamically update a public data openness list, support private enterprises in conducting deep development and scenario-based utilization of specific public data, promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers," and reduce the cost of using digital factors such as public data, computing power, models, and corpora. It will cultivate benchmark enterprises and platform enterprises for urban digital transformation, guide private enterprises to participate in digital transformation project construction and scenario operations in areas such as transportation, logistics, and public services. It will encourage private enterprises to build new-type infrastructure demonstration projects such as blockchain applications and large-scale robotics applications. (Jinshi Data APP) On the US dollar front: As of the overnight close, the US dollar index fell 0.01% to 99.96. The US July PPI data came in below expectations, helped by further declines in energy and food costs. The PPI report followed consumer price data, which showed inflation is slowing, further confirming signs that the energy shock from the early stage of the war is continuing to fade. However, the recent re-escalation of Middle East tensions has raised concerns about stubborn inflation. Fed officials will receive additional consumer and producer price data as well as another labour market report before their next policy decision in mid-September. At present, policymakers need to balance persistent inflation pressures against a recent slowdown in hiring. Several PPI components are also particularly watched by the Fed because they feed into its preferred inflation measure—the personal consumption expenditures price index. The signals released by these components were mixed. Portfolio management fees recorded their largest increase in more than a year, hospital outpatient care costs also rose sharply, while prices for physician services and hospital inpatient care were mild. (Jinshi Data APP) Market pricing showed an increase in bets that the Fed would keep interest rates unchanged in September. The probability that the Fed would keep interest rates in the 3.50%-3.75% range in September was around 65%, up from around 60% before the PPI report. (Jinshi Data APP) Fed official Hammack said in the latest remarks: "The Fed must raise interest rates now because current policy is not restrictive, and inflation has risen amid recent shocks. Excessively rapid growth could put additional pressure on prices. Rate hikes may bring pain, but we cannot allow economic and investment growth to become so rapid that the economy overheats. Current inflation is broad-based, not limited to certain sectors. The Fed must be held accountable for inflation data, which is very important." (Jinshi Data APP) According to CME "FedWatch": The probability that the Fed will keep interest rates unchanged in September is 65.2%, and the probability of a cumulative 25 bps rate hike is 34.8%. The probability that the Fed will keep rates unchanged in October is 50.1%, the probability of a cumulative 25 bps rate hike is 41.8%, and the probability of a cumulative 50 bps rate hike is 8.1%. (Jinshi Data APP) On the macro front: Data due for release today include China's July total electricity consumption YoY (TBD), China's July total electricity consumption (TBD), the US July retail sales MoM, the US August preliminary one-year inflation expectations, the US June business inventories MoM, the US August preliminary University of Michigan consumer sentiment index, France's final July CPI MoM, the Eurozone Q2 GDP YoY revision, the Eurozone Q2 seasonally adjusted employment QoQ final, the Eurozone June seasonally adjusted trade balance, and Canada's June wholesale sales MoM. In addition, a new round of price adjustment windows for domestic refined oil products will open (TBD), and the National Energy Administration will release total electricity consumption data around the 15th of each month (TBD). On the crude oil front: As of the overnight close, oil prices in both markets fell together, with WTI crude down 2.47% and Brent crude down 2.23%, both notching a second consecutive decline. According to the Islamic Republic of Iran Broadcasting, a spokesman for Iran's Joint Military Command said: "Without approval, no ship can safely pass through the Strait of Hormuz. Any ship transiting the Strait of Hormuz must obtain Iran's permission, and Iran is in full control of the Strait of Hormuz. Iranian forces are monitoring US movements in the region. Trump's claims about controlling the Strait are lies and merely a display of his military's helplessness. From past to present, the US military has long had a full taste of the strength and steadfastness of the Iranian nation. The US keeps seeking to do evil and create instability in the region, and its groundless threats, in the face of the unprecedented comprehensive readiness of heroic Islamic fighters in the armed forces, will only appear even more helpless and powerless. Iran's armed forces will not hesitate in the slightest in defending the nation's rights, national sovereignty, the ideals of the Islamic Revolution, and our dear country, and will respond to any type and any level of threat with heavier and fiercer responses than before." (Jinshi Data APP) Iraq's Oil Marketing Company said that a major Abu Dhabi energy company is among the companies that purchase its crude and ship cargoes out through the Strait of Hormuz. Earlier reports said the trading arm of Abu Dhabi National Oil Company moved cargoes through the Strait of Hormuz to offer Iraqi crude supplies to Asian buyers, a practice that typically involves tankers switching off their transponders to avoid detection, ensuring Middle Eastern oil continues to flow to global markets. Ali Nizar, director general of Iraq's Oil Marketing Company, said Iraq's oil exports through the Strait of Hormuz jumped to about 2 million barrels per day this month. While that is up from levels in the months after the start of the Iran war, it remains below the country's total exports of about 3.4 million barrels per day before the conflict. (Jinshi Data APP)