[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.

National Bureau of Statistics (NBS) reported: From January to July, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, effectively responded to various external shocks and internal difficulties, focused on implementing more proactive and effective macro policies, and solidly advanced high-quality development. Production and supply grew steadily, employment and prices remained generally stable, resilience in foreign trade continued to stand out, new growth drivers expanded and strengthened, and overall economic performance remained stable, sustaining a development trend featuring renewed momentum and an improved structure. From January to July, the value added of industrial enterprises above the designated size nationwide increased by 5.3% YoY. By the three major sectors, value added in mining increased by 2.5% YoY, manufacturing by 5.6%, and the production and supply of electricity, heat, gas and water by 5.4%. Value added in equipment manufacturing increased by 9.7% YoY, and value added in high-tech manufacturing increased by 13.8%, respectively 4.4 and 8.5 percentage points faster than the overall value added of industrial enterprises above the designated size. In July 2026, the value added of industrial enterprises above the designated size increased by 4.5% In July, the value added of industrial enterprises above the designated size increased by 4.5% YoY in real terms (all value-added growth rates are real growth rates after deducting price factors). On a MoM basis, in July, the value added of industrial enterprises above the designated size increased by 0.11% from the previous month. From January to July, the value added of industrial enterprises above the designated size increased by 5.3% YoY. By the three major sectors, in July, value added in mining decreased by 4.2% YoY, manufacturing increased by 5.5%, and the production and supply of electricity, heat, gas and water increased by 5.0%. By ownership type, in July, value added of state-controlled enterprises increased by 1.6% YoY; joint-stock enterprises increased by 5.0%, and foreign-funded enterprises as well as enterprises with investment from Hong Kong, Macao and Taiwan increased by 2.8%; private enterprises increased by 3.7%. By industry, in July, among the 41 major industry categories, 25 industries maintained YoY growth in value added. Specifically, coal mining and washing declined by 10.8%, oil and natural gas extraction increased by 6.1%, processing of agricultural and sideline food products increased by 3.8%, manufacturing of liquor, beverages and refined tea increased by 2.6%, textiles increased by 2.3%, manufacturing of chemical raw materials and chemical products declined by 1.2%, manufacturing of non-metallic mineral products declined by 3.3%, smelting and pressing of ferrous metals increased by 0.3%, smelting and pressing of non-ferrous metals declined by 2.5%, manufacturing of general-purpose equipment increased by 9.5%, manufacturing of special-purpose equipment increased by 12.6%, automobile manufacturing increased by 8.7%, manufacturing of railway, ship, aerospace and other transport equipment increased by 13.6%, manufacturing of electrical machinery and equipment increased by 8.8%, manufacturing of computers, communications and other electronic equipment increased by 19.1%, and the production and supply of electricity and heat increased by 5.3%. By product, in July, output increased YoY for 279 of the 626 products produced by industrial enterprises above designated size. Specifically, steel products totaled 116.46 million mt, down 4.1%; cement 126.71 million mt, down 11.6%; ten nonferrous metals 6.97 million mt, up 2.5%; ethylene 3.48 million mt, up 0.1%; automobiles 2.529 million units, down 0.1%, including NEVs at 1.55 million units, up 29.9%; power generation 943.9 billion kWh, down 0.1%; and crude oil processing volume 53.11 million mt, down 15.8%. In July, the sales-to-production ratio of industrial enterprises above designated size was 96.9%, down 0.6 percentage points YoY; the export delivery value realized by industrial enterprises above designated size was 1,413.3 billion yuan, up 10.4% YoY in nominal terms. From January to July, the national economy remained generally stable and maintained a development momentum toward new and better growth. From January to July, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while maintaining stability, effectively responded to various external shocks and internal difficulties, focused on implementing more proactive and effective macro policies, and solidly advanced high-quality development. Production and supply grew steadily, employment and prices were generally stable, foreign trade resilience continued to stand out, new growth drivers expanded and strengthened, and overall economic performance remained generally stable, sustaining a development momentum toward new drivers and a better structure. I. Industrial production grew rapidly, with strong growth in the equipment manufacturing sector and high-tech manufacturing sector From January to July, the value added of industrial enterprises above designated size nationwide increased by 5.3% YoY. By three major sectors, value added increased by 2.5% YoY in mining, 5.6% in manufacturing, and 5.4% in the production and supply of electricity, heat, gas, and water. Value added increased by 9.7% YoY in the equipment manufacturing sector and by 13.8% in the high-tech manufacturing sector, exceeding the overall growth of industrial enterprises above designated size by 4.4 and 8.5 percentage points, respectively. By ownership type, value added increased by 3.9% YoY for state-controlled enterprises; 5.8% for joint-stock enterprises; 3.1% for enterprises with investment from foreign countries and from Hong Kong, Macao and Taiwan; and 4.5% for private enterprises. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots increased YoY by 52.3%, 40.2%, and 28.5%, respectively. In July, the value added of industrial enterprises above designated size nationwide increased by 4.5% YoY and by 0.11% MoM. In July, the manufacturing PMI was 49.2%, and the expectations index for enterprise production and business activities was 54.1%. From January to June, industrial enterprises above the designated size nationwide recorded total profits of 3,948 billion yuan, up 18.7% YoY. II. The Service Sector Maintained Steady Growth, With Modern Services Showing Positive Momentum From January to July, the national service sector production index rose 4.7% YoY. By industry, the production indices for information transmission, software and information technology services; leasing and business services; financial services; and transportation, warehousing and postal services increased 10.6%, 9.5%, 6.3%, and 5.1% YoY, respectively. In July, the national service sector production index rose 4.3% YoY. In July, the business activity index for the service sector was 49.3%, and the business activity expectations index for the service sector was 56.0%. Among them, the business activity indices for industries such as postal services, telecommunications, radio and television and satellite transmission services, and culture, sports and entertainment were in the relatively high prosperity range of 55.0% or above. From January to June, operating revenue of service enterprises above the designated size rose 5.9% YoY. III. Market Sales Expanded, With Faster Growth in Service Retail Sales From January to July, total retail sales of consumer goods and services rose 2.6% YoY, of which service retail sales increased 5.0% and goods retail sales increased 1.1%. Within service retail sales, retail sales in categories such as communications and information services, tourism consulting and leasing services, and cultural, sports and leisure services grew relatively quickly. From January to July, total retail sales of consumer goods reached 28,774.4 billion yuan, up 1.2% YoY. By location of business unit, urban retail sales of consumer goods were 24,928.5 billion yuan, up 1.1% YoY; rural retail sales of consumer goods were 3,845.9 billion yuan, up 2.4%. By type of consumption, goods retail sales were 25,492.2 billion yuan, up 1.1% YoY; catering revenue was 3,282.2 billion yuan, up 2.6%. Sales of basic necessities and some upgraded goods grew relatively quickly, with retail sales of grain, oil and food; communications equipment; and cosmetics by units above the designated size rising 7.2%, 15.1%, and 6.3% YoY, respectively. In July, total retail sales of consumer goods were 3,902.2 billion yuan, up 0.6% YoY and up 0.06% MoM. From January to July, nationwide online retail sales of goods and services were 11,721.4 billion yuan, up 4.8% YoY. Of this total, online goods retail sales were 7,396.5 billion yuan, up 4.6%; online services retail sales were 4,324.9 billion yuan, up 5.2%. IV. Fixed-Asset Investment Declined, While Investment in Intellectual Property Products Grew Rapidly From January to July, nationwide fixed-asset investment (excluding rural households) was 26,032.8 billion yuan, down 6.7% YoY; fixed-asset investment excluding real estate development fell 3.7%. Among them, investment in intellectual property products rose 9.1% YoY. By sector, infrastructure investment fell 3.6% YoY, manufacturing investment fell 1.7%, and real estate development investment fell 19.2%. Nationwide, the floor space of commercial buildings sold (newly built) totaled 450.21 million m², down 11.8% YoY; sales of newly built commercial buildings totaled 4,271.8 billion yuan, down 13.1%. By industry, primary industry investment fell 0.5% YoY, secondary industry investment fell 2.1%, and tertiary industry investment fell 9.5%. Private investment fell 9.4% YoY; excluding real estate development, private investment fell 5.7%. Investment in high-technology industries rose 5.0% YoY, with investment in information services, aircraft and spacecraft and equipment manufacturing, and electronic and communications equipment manufacturing rising 19.2%, 12.3%, and 7.1%, respectively. In July, fixed asset investment (excluding rural households) fell 1.42% MoM. V. Goods Imports and Exports Grew Rapidly, and the Trade Structure Continued to Improve From January to July, total goods imports and exports reached 30,126.4 billion yuan, up 17.3% YoY. Of this total, exports were 17,440 billion yuan, up 14.0%; imports were 12,686.4 billion yuan, up 22.0%. From January to July, imports and exports under Ordinary Trade rose 10.2% YoY. Imports and exports with Belt and Road partner countries rose 15.5%. Imports and exports by private enterprises rose 17.2%, accounting for 56.9% of the total. Exports of mechanical and electrical products rose 21.2%, accounting for 63.8% of total exports. In July, total goods imports and exports reached 4,658 billion yuan, up 19.2% YoY. Of this total, exports were 2,712.5 billion yuan, up 17.8%; imports were 1,945.4 billion yuan, up 21.2%. VI. The Employment Situation Remained Generally Stable, and the Urban Surveyed Unemployment Rate Rose Seasonally From January to July, the national average urban surveyed unemployment rate was 5.2%, unchanged from January to June and the same period last year. In July, the national urban surveyed unemployment rate was 5.2%, up 0.2 percentage points from the previous month. The surveyed unemployment rate for the local registered labor force was 5.2%; that for the migrant registered labor force was 5.2%, including 4.9% for the migrant agricultural registered labor force. The urban surveyed unemployment rate in 31 major cities was 5.2%, up 0.2 percentage points from the previous month. The national average weekly working hours for enterprise employees were 48.2 hours. VII. Market Prices Rose Mildly, and the Increase Moderated Somewhat in July From January to July, the national consumer price index (CPI) rose 0.9% YoY. By category, prices of food, tobacco and alcohol, and dining out fell 0.2% YoY; clothing prices rose 1.6%; housing prices fell 0.2%; prices of household goods and services rose 1.7%; transport and communications prices rose 1.6%; education, culture and entertainment prices rose 1.2%; healthcare prices rose 2.1%; and prices of other goods and services rose 10.8%. Among food, tobacco and alcohol, and dining-out prices, pork prices fell 13.4%, grain prices fell 0.3%, fresh fruit prices rose 1.1%, and fresh vegetable prices rose 3.5%. In July, the national CPI rose 0.5% YoY and fell 0.1% MoM. From January to July, the core CPI excluding food and energy prices rose 1.1% YoY. Of this, the core CPI rose 0.9% YoY in July. From January to July, national industrial producer EXW prices rose 1.8% YoY. Of this, they rose 3.5% YoY and fell 0.7% MoM in July. From January to July, national industrial producer purchase prices rose 2.8% YoY. Of this, they rose 5.5% YoY and fell 1.0% MoM in July. Overall, from January to July, the national economy operated generally steadily, maintaining a development momentum toward new, better, and improved. However, it should also be noted that the external environment is complex and volatile; in China, the contradiction of strong supply and weak demand is prominent; some enterprises face operational difficulties; and the foundation for the economy’s steady improvement still needs to be consolidated. In the next stage, we should adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guidance, uphold the general principle of pursuing progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the building of a new development paradigm, remain committed to deepening reform and opening up, accelerate efforts to replace old growth drivers with new ones, step up counter-cyclical adjustments, intensify efforts to expand domestic demand and optimize supply, effectively safeguard and improve people’s wellbeing, strengthen development momentum and invigorate social vitality, and promote sustained economic development toward new, better, and improved.

SMM News on August 15: Metals market: Overnight last Friday, base metals in the domestic market mostly rose. SHFE copper rose 0.49%; on a weekly basis, SHFE copper fell 0.31% for the week. SHFE aluminum was flat at 23,945 yuan/mt. SHFE lead fell 0.22%, SHFE zinc rose 0.41%, and SHFE tin rose 0.36%. SHFE nickel edged up 0.07%. In addition, the most-traded alumina futures contract fell 0.19%, while the most-traded cast aluminum contract rose 0.24%. Overnight last Friday, ferrous metals showed mixed performance. Stainless steel fell 0.49%, iron ore fell 0.35%, and rebar fell 0.03%. Hot-rolled coil rose 0.34%. Coking coal and coke: the most-traded coking coal contract rose 1.7%, and the most-traded coke contract rose 1.97%. Overnight last Friday, overseas metals: LME base metals all rose. LME copper rose 0.26%; on a weekly basis, LME copper extended gains for seven consecutive weeks, up 1.07% for the week. LME aluminum rose 0.22%. LME lead rose 0.26%. LME zinc rose 0.45%. LME tin rose 0.36%. LME nickel rose 0.3%. Overnight last Friday, precious metals : COMEX gold rose 0.26%; COMEX gold posted a fourth consecutive weekly gain, up 0.73% for the week. COMEX silver fell 0.26%; COMEX silver logged a second consecutive weekly gain, up 2.09% for the week. Overnight last Friday, the most-traded SHFE gold contract rose 0.6%; SHFE gold posted a fourth consecutive weekly gain, up 1.68% for the week. The most-traded SHFE silver contract rose 0.57%; SHFE silver extended gains for four consecutive weeks, up 3.45% for the week. As of 7:17 on August 15, overnight last Friday’s closing prices: Macro front China: [Central bank: Aggregate social financing rose by 2.225 trillion yuan in the first seven months; M2 in July was up 7.7% YoY] According to preliminary statistics from the central bank, in the first seven months of 2026, the cumulative increase in aggregate social financing totaled 2.225 trillion yuan, down 174 billion yuan from the same period last year. Among them, RMB loans to the real economy increased by 1.017 trillion yuan, an increase of 214 billion yuan less YoY; foreign-currency loans to the real economy (converted into RMB) increased by 169.4 billion yuan, an increase of 241.9 billion yuan more YoY; entrusted loans decreased by 81 billion yuan, a decrease of 12.1 billion yuan more YoY; trust loans decreased by 67.2 billion yuan, a decrease of 226.4 billion yuan more YoY; undiscounted bank acceptance bills decreased by 178.6 billion yuan, a decrease of 41 billion yuan less YoY; net financing of enterprise bonds was 252 billion yuan, 110 billion yuan more YoY; net financing of government bonds was 776 billion yuan, 115 billion yuan less YoY; and domestic equity financing by non-financial enterprises was 406.1 billion yuan, 184.7 billion yuan more YoY. In the first seven months, RMB loans increased by 10.38 trillion yuan. By sector, loans to households decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium- and long-term loans increased by 101 billion yuan; loans to enterprises and public institutions increased by 11 trillion yuan, of which short-term loans increased by 4.34 trillion yuan, medium- and long-term loans increased by 5.32 trillion yuan, and bill financing increased by 1.19 trillion yuan; loans to non-bank financial institutions decreased by 394.4 billion yuan. At the end of July, the outstanding balance of broad money (M2) was 355.51 trillion yuan, up 7.7% YoY. The outstanding balance of narrow money (M1) was 115.46 trillion yuan, up 4% YoY. The outstanding balance of currency in circulation (M0) was 14.82 trillion yuan, up 11.6% YoY. In the first seven months, net cash injection totaled 725.5 billion yuan. [Shanghai: Promoting Leading Industries Such as Integrated Circuits, Civil Aviation, Smart Vehicles, and High-End Equipment to Accumulate Strength and Gain Momentum] Today (August 14), Shanghai Municipal Party Secretary Chen Jining spent an entire day conducting a survey and presiding over a symposium in the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone. Chen Jining pointed out that the Lingang Special Area should always place advanced manufacturing in a prominent position and unswervingly enhance its capacity and core competitiveness. It should seize the opportunities of digitalization, intelligence, and green development, place greater emphasis on cultivating industrial ecosystems while ensuring project implementation, focus on cultivating industry leaders and high-growth enterprises, and focus on developing industrial platforms and improving service capabilities, thereby enhancing the resilience and stickiness of industrial development and promoting leading industries such as integrated circuits, civil aviation, smart vehicles, and high-end equipment to accumulate strength and gain momentum. It should leverage the advantage of abundant manufacturing scenarios, promote the digital and intelligent transformation of industry, increase the application of industrial robots, vertical models, and intelligent agents in key links such as production and manufacturing, and equipment operation and maintenance, and drive the systematic transformation of the entire process covering industrial design, pilot-scale validation, inspection and testing, and marketing and operations. It should optimize the business environment, provide better services for enterprises, and accelerate the cultivation of world-class enterprises. It should deepen the reform of the management system of development zones, and refine and improve reform plans around key links such as functional positioning, spatial integration, professional services, and assessment and evaluation. (Shanghai Release) On the US dollar: Last Friday, the US dollar index fell 0.32% overnight, closing at 99.64. On a weekly basis: the US dollar index rose on the week, up 0.04% for the week. US July retail sales released on Friday decreased 0.6% MoM, marking the largest decline in more than a year. Coupled with mild inflation data this week, market pricing for a US Fed rate hike in September collapsed further. The US dollar index fell. Under the triple blow of mild CPI on Wednesday, zero MoM growth in PPI on Thursday, and unexpectedly weak retail sales on Friday, the probability of a September rate hike plunged from 75% at the end of July to around 25%; CME FedWatch showed that 67% of traders were betting on rates being held steady in September. The focus of market pricing has shifted from "how many more rate hikes are needed" to "whether this round of rate hikes has ended".(Wallstreetcn) The US Department of Commerce announced on Friday that retail sales in July fell 0.6% MoM, the largest decline in more than a year, while market expectations were for slight growth. Core control group sales excluding automobiles, building materials, and gas stations fell 0.4%, the worst performance since January 2025. The University of Michigan's preliminary August Consumer Sentiment Index released on the same day was only 51, well below the expected 54.5.(Wallstreetcn) US consumer confidence fell for the first time in three months as households worried about deteriorating business conditions and rising inflation. According to survey data released by the University of Michigan on Friday, the preliminary August consumer sentiment index fell to 51, below the final July reading of 55.2. The median expectation among economists was 55. Consumers expect prices to rise 4.3% over the next year, edging up MoM and markedly above the level before the Iran conflict broke out in February. They also expect prices to rise at an annual rate of 3.3% over the next 5 to 10 years. After two consecutive months of improvement, consumer confidence in both the short- and long-term economic outlook deteriorated. Since the beginning of the year, changes in consumers' expectations for the labour market have been relatively small. The survey showed that consumers were increasingly worried about inflation, while concerns about unemployment declined. This survey covered responses collected from July 28 to August 10. During this period, the US national average gasoline price hovered above $4 per gallon. Another report released on Friday showed that US retail sales in July recorded their largest decline in over a year, as consumers cut back on automobile and online store purchases.(Jin10 Data App) US Fed's Goolsbee said he supported the decision to keep interest rates unchanged in July. He pointed out that the two most recent productivity data readings were disappointing, and if productivity continues to decline, the US Fed may need to reassess market expectations for artificial intelligence (AI). Goolsbee said the latest CPI data were encouraging, but more data are needed to make a judgment; continued consumption weakness is concerning, though the weakness in retail sales is currently only a single-month performance. At the same time, US GDP and the labour market were basically stable overall.(from Wallstreetcn App) According to CME "US Fed Watch": the probabilities for the US Fed in September are no change in interest rates (67.5%) and a cumulative 25-basis-point rate hike (32.5%). The probabilities for the US Fed in October are no change in interest rates (53.3%), a cumulative 25-basis-point rate hike (39.8%), and a cumulative 50-basis-point rate hike (6.8%).(Jin10 Data App) On the macro front: This week will see the release of China July total retail sales of consumer goods YoY, China July value added of industrial enterprises above designated size YoY, Canada July CPI MoM, US August New York Fed Manufacturing Index, US August NAHB Housing Market Index, UK ILO unemployment rate for the three months to June, UK July unemployment rate, UK July unemployment benefit claimant count, Germany August ZEW Economic Sentiment Index, Eurozone August ZEW Economic Sentiment Index, US weekly ADP employment change for the week ending August 1, US July total annualized housing starts, US July total building permits, US July import price index MoM, US July industrial output MoM, US July pending home sales index MoM, UK July CPI MoM, UK July retail price index MoM, Eurozone June seasonally adjusted current account, Eurozone July final CPI YoY, Eurozone July final CPI MoM, China July SWIFT RMB share in global payments, China 1-year loan prime rate for August 20, Australia July seasonally adjusted unemployment rate, Germany July PPI MoM, Switzerland July trade balance, UK August CBI industrial orders balance, US initial jobless claims for the week ending August 15, US August Philadelphia Fed Manufacturing Index, US July Conference Board Leading Indicators MoM, UK August GfK Consumer Confidence Index, Japan July core CPI YoY, UK July public sector net borrowing, UK July seasonally adjusted retail sales MoM, France August flash manufacturing PMI, Germany August flash manufacturing PMI, Eurozone August flash manufacturing PMI, UK August flash manufacturing PMI, UK August flash services PMI, Canada June retail sales MoM, US August flash S&P Global Manufacturing PMI, global flash services PMI, Eurozone August flash consumer confidence index, and other data. In addition, this week also requires attention: the National Bureau of Statistics (NBS) will release the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office will hold a press conference on the performance of the national economy; European Central Bank President Lagarde will attend the "Global Economic Outlook" discussion at the World Economic Forum International Business Council (IBC) meeting; the US Fed will release the minutes of its monetary policy meeting; and Hang Seng Indexes will announce the Hang Seng Index Series Review results for Q2 2026. On the crude oil front: Last Friday, futures for both crude oils rose in overnight trading, with WTI crude oil futures up 1.42% and Brent crude oil futures up 2.01%. On a weekly basis: WTI crude oil futures rose for the week, up 5.4%; Brent crude oil futures closed higher for the week, up 6.31%. International crude oil prices rose, driven by a near standstill in traffic through the Strait of Hormuz. Two vessels were attacked in the Strait of Hormuz that day, and traffic came to a near standstill. The US said it could maintain a maritime blockade against Iran indefinitely, and Trump also said that the US would impose severe economic measures on Iran. Capital Economics estimates that current crude oil flows through the Strait of Hormuz are only about 4 million to 5 million barrels per day, far below pre-conflict levels. Dated Brent maintained a spot premium structure, indicating continued tightness in physical supply. Capacity at three of the world’s four major refining centers has been impaired, and surging refined product prices are being passed directly to end consumers. (Wall Street CN) Traders said that, with the Strait of Hormuz still largely closed, Asian refiners were seeking alternative supplies for deliveries later this year, and at least four Asian refiners purchased US crude this week. Both the US and Iran claim control of the Strait of Hormuz, and vessel traffic through the strait fell below the monthly average in the latter half of this week. With no sign that shipping through the strait will resume normal flows in the short term, tightening fuel supply will push up refining margins, prompting refiners to lock in crude inventories needed for the coming months from markets outside the Gulf region. South Korea’s GS Caltex purchased 2 million barrels of Mars crude from Shell and plans to take delivery in November. Traders said the cargo was priced at a premium of about $13 to $14 per barrel over the October Dubai benchmark price. Japan’s third-largest refiner Cosmo Energy Holdings bought Mars crude from Trafigura; Japan’s largest refiner ENEOS purchased 2 million barrels of WTI crude from Trafigura at a premium of more than $10 per barrel over the October WTI price and plans to take delivery in November. (Jin10 Data App) US Energy Information Administration (EIA): US petroleum production is expected to average 13.83 million barrels per day in August, compared with 13.82 million barrels per day in July; production is expected to average 13.77 million barrels per day in September. (Jin10 Data App) It is worth noting that, due to contract rollover, the September NYMEX New York crude oil futures will complete final floor trading at 2:30 on August 21 and final electronic trading at 5:00 a.m. Please pay attention to exchange announcements regarding expiration and contract rollover to manage risk. In addition, some trading platforms usually set the expiration time of US crude oil contracts one day earlier than the official NYMEX schedule, so please pay extra attention. Recommended Reading:

CAAM data showed that in July, China’s auto sales totaled 2.584 million units, edging down YoY. Among them, NEVs performed strongly, with sales reaching 1.561 million units, up 23.7% YoY, and their sales share surpassing 60% for the first time. On the export side, China exported 1.043 million units of automobiles during the month, including 553,000 units of NEVs, up 1.5 times YoY.

Dongfeng Co., Ltd. announced on August 12 that its automobile sales stood at 7,509 units in July 2026, compared with 8,708 units in the same period of last year. From January to July 2026, the company's cumulative automobile sales reached 76,694 units, down 1.15% year‑on‑year. Among them, cumulative new‑energy vehicle sales hit 21,999 units, surging 97.69% year‑on‑year.

According to data released by CAAM on August 12, China's automobile output and sales reached 2.573 million units and 2.584 million units respectively in July, down 6.8% and 8% month‑on‑month, and down 0.7% and 0.3% year‑on‑year. From January to July, automobile output and sales stood at 17.567 million units and 17.602 million units respectively, both down 3.7% year‑on‑year, with declines further narrowed compared with the first half of the year. Among them, domestic automobile sales hit 1.541 million units in July, down 13.1% month‑on‑month and 23.6% year‑on‑year. Domestic automobile sales totalled 11.462 million units from January to July, down 21.4% year‑on‑year.