“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

The Mongolian government is demanding early profit sharing and a higher revenue share from the Oyu Tolgoi copper mine, a joint venture with Rio Tinto, and has reopened negotiations over the project's commercial terms. The government, which holds a 34% stake in the mine through state-owned Erdenes Mongol LLC, considers the current agreement unfair and is calling for accelerated dividend payments while seeking to increase its share of returns to approximately 60%.

Since the "Regulation on Ensuring Payments to Small and Medium-sized Enterprises" officially came into effect on June 1, 2025, the automotive industry has responded swiftly. Seventeen mainstream automakers, including GAC, FAW, Dongfeng, and BYD, have publicly committed to uniformly shortening the payment terms for suppliers to within 60 days. This seemingly simple adjustment to payment terms is actually reshaping the underlying logic of the automotive supply chain. Especially for upstream battery cell manufacturers, its impact has gone beyond the level of capital turnover, touching the core lifeline of industrial development.

Liu Linan, head of macro strategy for Greater China at Deutsche Bank, pointed out in a January research report that with the wide application of RMB in trade settlement and the access to China's financial market, the degree of liberalisation of China's financial market access has increased, and the economic and trade cooperation with countries along the Belt and Road and RCEP partner countries has deepened.

The market reacted strongly to rumors about production resumptions and fee payments in the Wa region. During the night session, SHFE tin prices remained in a low-level sideways trend. [SMM Tin Morning News] Fundamentals: (1) Supply-side disruptions: The overall supply of tin ore in major supply regions such as Yunnan is tightening. Subsequently, some smelters may halt production for maintenance to address the shortage of raw materials. Yesterday, the market reacted strongly to rumors about production resumptions and fee payments in the Wa region. According to SMM, currently, few enterprises are paying fees to apply for mining licenses, with many adopting a wait-and-see attitude. Most major ore traders have not paid management fees. Moreover, inspections at the China-Myanmar border are currently strict, and the customs clearance procedures for most large-scale equipment and relevant mining personnel are complicated. The current progress of production resumptions in the Wa region is below market expectations. (Bullish ★)

Tax Payments Surge Sixfold, US Small Business Owners Say Tariff Policy Brings Great Pressure Some small business owners in the US have stated that the tariff policy implemented by US President Trump has filled their future with uncertainty. Rosalyn Goodwin, a business owner from South Carolina, said that the tariffs they pay have increased from less than $1,000 to nearly $6,000, which is even higher than the amount of the orders themselves, making the situation very unpredictable and placing significant pressure on small businesses. Goodwin mentioned that one of the pressures is that high tariffs have forced them to raise costs for consumers, which is not a viable option when competitors' selling prices are much lower. Goodwin stated that high tariffs now "bring great uncertainty to future purchase orders.