"Tin" Guiding the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value has been fully highlighted. In 2026, the tin market presents an unprecedentedly complex pattern and profound changes: I. Deep Restructuring of the Supply-Demand Pattern and Unprecedented Elevation of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, making its scarcity increasingly prominent. The supply side faces "triple pressures": recurring production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, with tin becoming a strategic resource connecting traditional manufacturing and the digital future. II. The Price System Breaks Historical Records, and the Industrial Ecosystem Faces Reshaping In early 2026, the SHFE tin price exceeded 470,000 yuan/mt, hitting a record high. This price breakthrough not only reflects a supply-demand imbalance but also signifies a revaluation of the tin industry. Traditional trading models, risk management systems, and supply chain collaboration methods are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy models, with recycled tin recovery and green smelting processes becoming inevitable paths. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the August 19-21, 2026, Changsha, Hunan 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Ganzhou Kaiyuan Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and jointly propel the tin industry to new heights. Click the to register for the conference immediately, witness and participate in this extraordinarily significant and far-reaching industry event, and create a brilliant new chapter together! Founded in June 2005, Ganzhou Kaiyuan Technology Co., Ltd. is a modern environmental protection technology enterprise with significant core competitiveness and industry influence in China's non-ferrous metal comprehensive recycling and circular economy sector. The company is deeply engaged in the track of renewable non-ferrous metal resource utilization, focusing on achieving efficient, comprehensive recovery of tin based on tin-containing raw materials, while simultaneously recovering up to 15 valuable non-ferrous metal products, including lead, antimony, bismuth, zinc, copper, gold, and silver. It is one of the benchmark enterprises in China with the most complete range of recycled metal categories. With advanced technology and a professional team, the company is dedicated to transforming waste resources into valuable assets, contributing to sustainable resource utilization and environmental protection. The company currently has over 1,000 employees and strong comprehensive strength. It has been recognized as a key enterprise at provincial, municipal, and district levels and as a leading manufacturing enterprise in Jiangxi Province, with its industry position and comprehensive strength firmly ranking in the first tier of the regional industry. It was honored as a 10-billion-yuan industrial enterprise for 2021-2022 and has been listed among the Top 100 Private Enterprises in Jiangxi Province for many consecutive years. In 2022 and 2025, it also successfully entered the Top 500 Private Manufacturing Enterprises in China (ranked 430th and 499th), fully demonstrating the company’s strong operational capability and core competitiveness in the industry. Emphasizing both quality and environmental protection is the company’s core development principle. The enterprise strictly adheres to the highest industry standards in production and operation, and has successfully passed the dual authoritative certifications of ISO quality management system and ISO environmental management system. It has established a standardized, regulated, and refined production control and environmental management system, ensuring stable and excellent product quality while strictly upholding the bottom line of ecological and environmental protection, demonstrating its responsibility and commitment. To implement the green development concept of the central government and the provincial party committee and government, and actively responding to the call of the district party committee and government for “relocating from urban areas to suburbs and carrying out off-site technological transformation,” the company relocated to Longhua Industrial Park, Nankang District, Ganzhou City, Jiangxi Province in 2016. The new plant covers a total area of 540 mu (about 36 hectares), with a total project investment of 2.06 billion yuan. After upgrading and equipment renewal, it officially began production in May 2018, fully achieving intelligent production, standardized environmental protection, and scaled industrial upgrading, laying a solid hardware foundation for the company’s high-quality development. The company’s main products are refined tin ingots, with by-products including sodium tungstate, copper cathode, lead, bismuth, and other metals, as well as rare and precious metals such as gold, silver, palladium, platinum, rhodium, indium, germanium, and tellurium. For a long time, the company has adhered to the core strategy of parallel development of technological innovation and ecological advancement, continuously deepening core technologies for comprehensive utilization of tin-containing raw materials, increasing investment in tin smelting process R&D and environmental protection equipment, and continuously improving the industrial chain layout and extending the industry value chain, thereby promoting industrial quality improvement, efficiency enhancement, and green upgrading. Its business performance has grown steadily and robustly. From 2021 to 2025, the company’s main business revenue exceeded 10 billion yuan for five consecutive years, solidifying its status as a 10-billion-yuan industrial enterprise. Currently, the company’s annual capacity for refined tin exceeds 50,000 mt, with over 20,000 mt for other metals, accounting for one-fifth of national production and ranking among the top 2 nationwide. It is one of China’s important enterprises with the most varieties of comprehensively recovered precious metals. Contact Information Tel: 86-797-6581062 Address: Longhua Industrial Park, Nankang District, Ganzhou City, Jiangxi Province Long press the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

SMM, August 3: Metal market, as of the midday close, domestic base metals showed mixed performance. SHFE copper rose 0.13%, SHFE aluminum fell 0.4%. SHFE lead fell 1.25%. SHFE zinc rose 1.02%. SHFE tin rose 0.36%. SHFE nickel fell 1.91%. Additionally, the most-traded cast aluminum futures contract fell 0.21%, the most-traded alumina contract fell 0.34%. The most-traded lithium carbonate contract fell 1.02%. The most-traded silicon metal contract rose 0.86%. The most-traded polysilicon futures contract rose 7.11%. Ferrous metals all declined. Iron ore fell 2.44%, rebar fell 0.86%, HRC fell 0.71%. Stainless steel fell 1.16%. Coking coal and coke: the most-traded coking coal contract fell 1.04%, and the most-traded coke contract fell 1.37%. Overseas base metals, as of 11:48, LME metals mostly fell. LME copper rose 0.17%, LME aluminum fell 0.3%, LME lead fell 0.16%, LME zinc rose 0.78%. LME tin fell 0.27%. LME nickel fell 1.42%. Precious metals, as of 11:48, COMEX gold rose 0.27%, COMEX silver rose 0.92%. Domestic precious metals: SHFE gold fell 0.57%, the most-traded SHFE silver contract fell 0.48%. Additionally, as of the midday close, the most-traded platinum futures contract rose 0.52%, while the most-traded palladium futures contract fell 0.21%. As of the midday close, the most-traded European container shipping freight rate futures contract rose 2.94% to 1,801 points. As of 11:48 on August 3, selected futures midday quotes: Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 100 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 10 yuan/mt, down 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 50 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,815 yuan/mt, up 25 yuan/mt from the previous trading day, while SX-EW copper averaged 105,695 yuan/mt, up 5 yuan/mt. Spot market: After the weekend, Guangdong inventory ended a three-session decline... Macro Front China: [China's July RatingDog manufacturing PMI recorded 50.9, marking the eighth consecutive month in expansion territory] China’s July RatingDog manufacturing PMI recorded 50.9, down 0.8 percentage points from June, extending its expansion streak to an eighth consecutive month and tying with the longest expansion run in five years. Overall, manufacturing expansion continued in July, but the pace slowed. New orders continued to grow, cost pressure further eased, and new export orders returned to expansion, releasing a positive signal. However, purchasing activity declined somewhat, and the inventory of input goods accumulated earlier by enterprises kept rising, which are risk points to monitor going forward. (RatingDog) [The CSRC and Hong Kong SFC Jointly Announce New Measures to Deepen Pragmatic Cooperation and Close Collaborative Development Between the Two Markets] The China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) of Hong Kong jointly announced a series of new measures to further deepen pragmatic cooperation and close collaborative development between the two markets. Covering multiple areas including listing and financing, index cooperation, futures products, exchange-traded funds (ETFs), internationalization of financial institutions, green finance, and professional qualification facilitation, the specific measures include: continuing to support eligible domestic enterprises to list and raise funds in Hong Kong; supporting index companies in both markets to strengthen cooperation and launch more indices based on Chinese assets, enhancing the international influence of Chinese indices and assets; deepening cooperation in futures markets and supporting Hong Kong in launching more RMB-denominated and settled futures products; supporting institutions in both markets to launch more ETF products based on the two markets and aligned with China’s modern industrial system, and implementing a fast-track registration mechanism for regular equity ETF products, among others. (Jin10 Data APP) [Hong Kong Exchange Officially Launches 5-Year RMB Government Bond Futures] Hong Kong Exchanges and Clearing Limited (HKEX) today (August 3) officially launched the 5-year RMB government bond futures. As the only government bond futures contract product in the offshore market, it aims to meet the growing interest rate risk management and trading needs of overseas investors. The launch of the 5-year government bond futures is an important step in promoting Hong Kong as an offshore RMB hub and risk management center. (CCTV News) [The PBOC's Open Market Operations Resulted in a Net Withdrawal of 562.5 Billion Yuan Today] The PBOC conducted 63 billion yuan in 7-day reverse repo operations and 300 billion yuan in overnight reverse repo operations today. With 325.5 billion yuan in 7-day reverse repos and 600 billion yuan in overnight reverse repos maturing today, the net withdrawal for the day was 562.5 billion yuan. 》 On August 3, the central parity rate of the yuan in the interbank foreign exchange market was 6.7898 per US dollar. US Dollar: As of 11:48, the US dollar index was down 0.05% at 99.75. According to the CME FedWatch Tool: the probability that the Fed will keep interest rates unchanged at the September meeting is 26.4%, while the chance of a cumulative 25bp rate hike stands at 73.6%. For the October meeting, the probability of keeping rates unchanged is 19.9%, with a 62.1% probability of a cumulative 25bp hike and a 17.9% chance of a cumulative 50bp hike. According to the New York Times, Fed Chairman Warsh is reportedly considering reducing the number of regularly scheduled interest-rate decision meetings of the Federal Reserve, a move that could cause significant shockwaves and would mark the most significant change in the Fed's operations in recent years. Currently, the 12-member Federal Open Market Committee (FOMC) meets eight times a year to vote on whether to raise, lower, or maintain borrowing costs. According to four people familiar with the matter, Warsh raised the idea of adjusting the meeting frequency at this week's Fed meeting. According to the sources, at this week's meeting, Warsh discussed the legal basis the Fed must adhere to regarding the minimum number of meetings required annually, as well as the timetable for such adjustments. It was said that Warsh asked officials to provide him with their views, rather than holding a full discussion on the meeting schedule at this week's meeting. (Jin10 Data APP) Other currencies: Japan's Ministry of Finance said the intervention was aimed at addressing recent excessive, disorderly movements in the yen. It will not hesitate to conduct further foreign exchange intervention with the United States, and plans to use the Fed's Foreign and International Monetary Authorities (FIMA) Repo Facility in the future. JPMorgan said that the U.S. Treasury Department's liquidity resources available to support further coordinated currency intervention with Japan are limited, but its firepower could be significantly expanded if officials take more unconventional measures. Strategists including Junya Tanase wrote in a report that as of June, the Treasury's Exchange Stabilization Fund held around €13 billion in euro-denominated assets and $25.5 billion in assets, which pales in comparison to Japan's intervention scale of roughly $35 billion to $60 billion between 2022 and 2026. JPMorgan noted that the Treasury could significantly boost its firepower by converting its holdings of International Monetary Fund Special Drawing Rights (SDRs) into dollars, and by swapping foreign currency assets into dollars. In that scenario, the Treasury could theoretically mobilize up to around $187 billion, and the participation of the Fed could effectively double the scale of any intervention. However, they wrote: "We do not think the Treasury has unlimited capacity to intervene, as the Exchange Stabilization Fund's resources are finite and new funds might require congressional appropriation." (Jin10 Data APP) Data: Today will see the release of Switzerland July CPI m/m, France July manufacturing PMI final, Germany July manufacturing PMI final, Eurozone July manufacturing PMI final, UK July manufacturing PMI final, US July S&P Global manufacturing PMI final, US July ISM manufacturing PMI, US June construction spending m/m, and other data. Crude oil: As of 11:48, oil prices on both exchanges fell sharply, with WTI down 5.52% and Brent down 4.9%. Oil prices tumbled sharply in early Asian trading on Monday, following Trump’s announcement that the US and Iran would resume negotiations on Monday, significantly raising market expectations for the reopening of the Strait of Hormuz. (Wall Street CN) The decline in oil prices was driven by two major factors. First, the news of the US-Iran negotiations resuming directly boosted expectations for the restoration of shipping in the Strait of Hormuz. Second, major OPEC+ members again slightly raised production quotas, further intensifying supply-side pressure. Iranian Foreign Minister Abbas Araghchi stated on Telegram on Sunday that negotiations between Iran and Oman are in their final stage, with both sides discussing new shipping routes for the Strait of Hormuz. However, Iranian Foreign Ministry Spokesperson Esmail Baghaei added in an interview with Iran’s state television that the relevant negotiations do not concern the opening or closing of the strait. (Wall Street CN) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Daily Review: US-Iran Negotiations Kick Off, Silver Drifts Higher] SMM, August 3 – US-Iran negotiations kicked off, with risk-off sentiment intertwined with plummeting crude oil and a weakening US dollar. The market interpreted this as a net bullish factor, and silver prices rebounded. Spot trading was sluggish early this month, with both supply and demand remaining weak. Attention turns to guidance from US economic data.

Bunker Hill Mining Corp has shipped the first concentrate from its Bunker Hill zinc-lead-silver mine in Idaho to Teck Resources’ integrated Trail lead-zinc smelter in British Columbia. The company’s new 1,800 t/d processing plant has completed commissioning and begun producing concentrate, marking the mine’s first concentrate-sale revenue in more than 45 years. Bunker Hill is continuing to optimise plant performance during commissioning and is targeting full commercial production by year-end. Concentrate is analysed by Silver Valley Analytical before being trucked about 220 km to Trail for processing under Bunker Hill’s offtake arrangements. The restart introduces a new source of zinc-lead concentrate supply, while ramp-up performance remains the key item to monitor.

"Tin" Leads the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point. Traditional cyclical logic has been completely shattered, and strategic value has been fully highlighted. The tin market in 2026 is exhibiting an unprecedented complex pattern and profound transformation: I. Deep Reconstruction of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressure": the repeated delays in production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaks Historical Records, Industry Ecology Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, reaching a historical high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovation and breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming the inevitable path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for joint discussions. Shanghai Jiushi Metal Materials Co., Ltd. will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now and attend the conference, to witness and participate in this extraordinary and far-reaching industry event, and to jointly create a brilliant new chapter! Founded in 2008 with a registered capital of 100 million yuan, Shanghai Jiushi Metal Materials Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal raw material trading and integrating domestic and international trade resources. For over a decade, the company has deeply cultivated its main business in non-ferrous metals, consistently adhering to a philosophy of steady operation and professional service capabilities, steadily consolidating its brand and market foundation. It has accumulated a solid cooperation foundation and a good market reputation within the industry. The company primarily deals in electrolytic tin ingots, #1 electrolytic lead ingots, silver, nickel plates, zinc ingots, lead concentrates, and other non-ferrous metal products. It has formed a multi-category, full-chain supply chain service system, with a processing capacity of 30,000 mt of alloys, capable of meeting clients' diversified and integrated procurement and processing needs. After years of prudent strategic planning, the company has maintained a steady trade scale with ample supply reserves. Its current annual sales include 15,000 mt of tin ingots, 2,000 mt of silver, 200,000 mt of No.1 primary lead ingots, 300,000 mt of zinc ingots, 20,000 mt in metal content of lead concentrates, and 50,000 mt of nickel plates. Its total trade volume exceeded 10 billion yuan in 2025, demonstrating large-scale, regular, and sustainable stable supply capabilities. The company has always adhered to the business philosophy of "integrity and quality assurance, customer first, mutual benefit and symbiosis, and win-win cooperation," deeply cultivating the upstream and downstream of the industry chain and establishing a mature and stable supply-demand cooperation system. Upstream, it has long connected with large smelters in core production areas such as Yunnan, Guangxi, Zhejiang, Jiangxi, and Inner Mongolia, maintaining long-term stable strategic cooperation to control purity and quality at the source, ensuring sufficient supply and stable quality of tin ingots and various non-ferrous metal raw materials. Downstream, with Shanghai and Guangdong as core hubs, it has built a nationwide sales and service network covering east China, south China, and north China, offering rapid service response and stable, efficient delivery. With tin ingot trade as its core business, the company relies on ample spot reserves, stable source supply, and large-scale supply advantages to precisely connect with various downstream end-users, mainly serving clients in manufacturing fields such as electronics, PV, new energy, alloys, and chemicals. It can continuously and stably supply high-purity tin ingots and supporting non-ferrous metal raw materials according to different customers' production standards and material requirements. With service advantages of precise matching, controllable quality, and timely delivery, it has served a wide range of partners over the long term, accumulating a solid customer base and a strong industry reputation. In terms of operations and management, the company has established a standardized internal management system and a rigorous risk control and compliance system, strictly adhering to compliance bottom lines and tightly controlling operational risks to ensure long-term stable business operations. At the same time, leveraging deep industry expertise and market insights, it continuously optimizes its trade service models, flexibly uses diversified financial and trade financing tools, and customizes suitable cooperation plans based on actual customer needs, achieving mutual benefit and win-win outcomes for both sellers and buyers under the premise of sound risk control. Looking ahead, Shanghai Nine Stone Metal will continue to uphold the development concept of pragmatism, innovation, and steady progress, continuously optimizing its risk control system and enhancing the professional capabilities of its team. It will further improve the entire industry chain layout of non-ferrous metals, consolidate its core advantages in tin materials, steadily expand downstream markets and emerging application fields, and continuously advance high-quality and stable development. The company will join hands with industry peers and clients to cooperate and create mutual success. Founded in 2008 with a registered capital of RMB 100 million, Shanghai Nine Stone Metal Materials Co., Ltd. is a professional integrated enterprise engaged in non-ferrous metal commodity trading and global supply chain resource integration. With more than ten years of focused cultivation in the non-ferrous metal sector, the company has upheld a conservative operational strategy and premium service norms, steadily strengthened its brand equity and market foothold, and fostered stable cooperative relationships and a prestigious market standing within the industry. The company’s mainstream product lineup comprises electrolytic tin ingots, 1# standard electrolytic lead ingots, fine silver, nickel cathode plates, zinc ingots and lead concentrates, covering a full range of mainstream non-ferrous metal commodities. It has built a one-stop diversified supply chain service system, paired with an annual alloy processing capacity of 30,000 tons, to satisfy clients’ comprehensive customized procurement and processing demands. Supported by long-term strategic market deployment, the company boasts sustainable trading scale and adequate spot inventory. Its annual trading volume stands at 15,000 tons of tin ingots, 2,000 tons of fine silver, 200,000 tons of 1# standard electrolytic lead ingots, 300,000 tons of zinc ingots, 20,000 metal tons of lead concentrates and 50,000 tons of nickel plates. The company’s total trading turnover exceeded RMB 10 billion in 2025, enabling large-scale, standardized and enduring bulk commodity supply capacity. Adhering to the corporate principle of Integrity and Quality Priority, Customer Centricity, Mutual Benefit and Win-Win Partnership, the company has deeply penetrated the upstream and downstream segments of the industrial chain and established a mature and stable supply-demand collaboration system. Upstream, it maintains long-term strategic cooperative partnerships with benchmark smelting enterprises in core producing areas including Yunnan, Guangxi, Zhejiang, Jiangxi and Inner Mongolia. Through strict source quality control over product purity and specifications, the company guarantees stable supply and consistent quality uniformity of tin ingots and all non-ferrous metal commodities. Downstream, with Shanghai and Guangdong as core regional hubs, it has established a nationwide sales and after-sales service network covering East, South and North China, featuring rapid response and reliable full-cycle delivery efficiency. Centering on tin ingot bulk trading as its core pillar business, the company serves terminal manufacturing enterprises across electronics, photovoltaic, new energy, alloy manufacturing and fine chemical industries, relying on sufficient spot stock reserves, stable upstream resource channels and large-scale bulk supply advantages. It is capable of supplying high-purity tin ingots and supporting non-ferrous metal materials in a sustained manner in compliance with clients’ customized production criteria and material technical requirements. Driven by precise commodity matching, standardized quality control and on-time delivery assurance, the company has served a large number of long-term strategic partners and accumulated solid customer resources and superior industrial credibility. In corporate governance and operational management, the company has implemented standardized internal management mechanisms and established a rigorous compliance and risk management & control (RMC) system. It strictly abides by industrial specifications and regulatory policies, effectively mitigates operational risks, and ensures the long-term stable and compliant operation of all trading businesses. Drawing on profound industrial experience and forward-looking market insight, the company continuously optimizes its trading service model, flexibly applies diversified trade financing and financial instruments, and develops personalized cooperation solutions tailored to clients’ actual operational needs, realizing sustainable mutual benefit and win-win development for both supply and demand parties under standardized risk control. Looking forward, Shanghai Nine Stone Metal will continue to uphold the development tenet of pragmatism, innovation and steady progression. The company will further iterate and upgrade its risk control system, improve the professional competency of its core team, optimize the full industry chain layout of non-ferrous metal commodities, and consolidate its leading edge in tin material trading. It will steadily expand downstream market coverage and emerging industry application scenarios, promote high-quality and sustainable corporate development, and join hands with industrial peers and global clients to deepen strategic cooperation and create shared industrial value. Contact Information Zhou Long 15821697119 Wang Lin 18616349359 Long press to scan the code for immediate registration 2026 SMM (16th) Tin Industry Chain Conference

SMM August 1 News: In the metals market: On the overnight session last Friday, base metals on the domestic market showed mixed performance. SHFE copper fell 0.18%, with a monthly gain of 2.9% in July. SHFE aluminum was flat at 23,665 yuan/mt, with a monthly gain of 4.63% in July. SHFE lead fell 1.41%, SHFE zinc edged up 0.64%, and SHFE tin rose 0.72%. SHFE nickel fell 0.24%. In addition, the most-traded alumina futures edged up 0.04%, while the most-traded foundry aluminum contract edged up 0.02%. On the overnight session last Friday, ferrous metals mostly fell. Stainless steel rose 0.17%, iron ore fell 2.85%, rebar fell 0.83%, and HRC fell 0.74%. In the coking coal and coke sector, the most-traded coking coal contract fell 1.38%, and the most-traded coke contract fell 1.51%. On the overseas market during the overnight session last Friday, LME base metals generally rose. LME copper edged up 0.03%, with a monthly gain of 3.16% in July. LME aluminum rose 0.06%, with a monthly gain of 2.9% in July. LME lead fell 0.69%. LME zinc rose 0.84%. LME tin rose 0.26%. LME nickel fell 0.35%. In the precious metals market during the overnight session last Friday: COMEX gold fell 1.49%, with its weekly chart posting a second consecutive gain, up 0.68% for the week, and its July monthly chart rising 1.49%. COMEX silver fell 2.1%, with its weekly chart declining 1.92% for the week, and its monthly chart posting a second consecutive loss, down 3.58% in July. In the overnight session last Friday, the most-traded SHFE gold contract rose 0.89%, with its weekly chart posting a second consecutive gain, up 0.55% for the week, and its July monthly chart rising 1.52%. The most-traded SHFE silver contract fell 1.01%, ending a two-week winning streak but still up 0.98% for the week, and its July monthly chart rising 1.21%. As of 8:16 AM on August 1, closing prices from the overnight session last Friday: Macro Front China: [State Council Executive Meeting: Studying and Implementing General Secretary Xi Jinping’s Key Speech on the H1 Economic Situation and Efforts for H2 Economic Work] The meeting stressed the need to align thinking and understanding with the CPC Central Committee’s scientific assessment of the economic situation, take more concrete measures to consistently steer the economy toward new, superior, and sounder development, and strive for a good start to the 15th Five-Year Plan period. It called for effectively enhancing the implementation efficiency of macro policies, making full and good use of all existing policies, and promptly devising and rolling out pragmatic and effective incremental policies. It also emphasized the need to effectively expand domestic demand, launch a set of robust measures in sectors with great potential and strong driving force, accelerate the execution of major projects designated in the 15th Five-Year Plan, and solidly advance the planning and construction of the “Six-Network” infrastructure. Efforts must be continuously made to strengthen internal drivers of development, and more concrete and effective measures should be introduced in building a unified national market and improving the business environment. We must persistently guard against and defuse risks in key areas, do a solid job in disaster prevention, mitigation, and relief, as well as work safety, strengthen support for people in difficulty, and secure the bottom line of people’s livelihood. (CCTV) [Ministry of Industry and Information Technology Visits Selected Automobile Producers for Supervision and Inspection] To further regulate competition order in the automotive industry and enhance production conformity and quality and safety levels of automotive products, the Equipment Industry Department I of the Ministry of Industry and Information Technology conducted supervision and inspection on vehicle product safety assurance capabilities and production conformity at Chery Automobile Co., Ltd., NIO Technology (Anhui) Co., Ltd., and Anhui Jianghuai Automobile Group Corp., Ltd. from the 30th to the 31st. It is learned that going forward, the Ministry of Industry and Information Technology will, together with relevant departments, further carry out actions to improve production conformity and quality of road motor vehicle products, strengthen entry review and testing verification management for “aggressive” innovative designs of automotive products, urge automobile and motorcycle producers to thoroughly identify product safety risks and hazards, strengthen product testing, verification, and safety assessment, standardize marketing and promotional practices, uphold product safety bottom lines, and effectively protect consumers’ lawful rights and interests. (Xinhua News Agency) [CSRC Approves Registration of Coke Options] Recently, the CSRC approved the registration of coke options on the Dalian Commodity Exchange. The CSRC will urge the Dalian Commodity Exchange to make all preparations to ensure the smooth launch and stable operation of coke options. On the US dollar: Last Friday, the overnight US dollar index fell 0.2% to 99.78. On the weekly chart, the dollar index declined by 1.65% for the week. On the monthly chart, the dollar index declined by 1.37% for the month. According to a New York Times report, Fed Chairman Warsh is reportedly considering reducing the number of regularly scheduled interest-rate-setting meetings of the Federal Reserve, a move that could cause huge shockwaves and would mark the most significant change in how the Fed operates in recent years. Currently, the Fed’s 12-member Federal Open Market Committee (FOMC) meets eight times a year to vote on whether to raise, lower, or maintain borrowing costs. According to four people familiar with the matter, Warsh proposed adjustments to the meeting frequency at this week’s Fed meeting. According to the people, at this week’s meeting, Warsh discussed the legal basis the Fed must follow regarding the minimum number of meetings it is required to hold each year and a timetable for such adjustments. According to sources, Walsh asked officials to provide him with their individual views, rather than holding a full discussion on the meeting agenda during this week’s session. (Jin10 Data APP) Fed Chairman Walsh kept interest rates unchanged this week, but three officials dissented, arguing for an immediate rate hike to address persistent inflation risks. Katharine Neiss, Deputy Head of Global Economics at PGIM Credit, said Walsh’s press conference performance was "weaker than expectations," and she expects the US Fed’s "hawkish pivot" to materialize in September, when three consecutive rate hikes could be delivered. Elias Haddad of Brown Brothers Harriman noted: The support for the US dollar from the resilience in US economic activity was offset by Walsh’s failure to translate his hawkish inflation rhetoric into credible policy action, raising the risk of the Fed falling behind the curve. According to the CME FedWatch Tool, markets are currently pricing in a 65% probability of a September rate hike, a pullback from 82% a week ago. (Wall Street Insight) Three Fed policymakers said their dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, signaling rising internal pressure on Fed Chairman Walsh to act. In statements released Friday morning, Hammack and Kashkari said they are concerned that, while the current round of price increases may have originated from short-term factors such as President Trump’s tariff policies and the Iran war, the inflation picture now warrants action by the US Fed. Logan joined them, stating that even if inflation has cooled somewhat, it is unlikely to fully pull back to the Fed’s 2% target without a rate increase; without any policy restraint, inflation could continue to exceed the target until an unexpected shock hits. Kashkari said that if inflation remains stubborn, he could support a series of rate hikes—not just a single move—to prevent it from becoming further entrenched. "A series of smaller policy adjustments may be preferable to waiting for developments and ultimately having to take more forceful action," he said. Hammack said the pace of price increases could continue to accelerate if the Fed does not tighten policy. "Inflation has been stubbornly above 2% for more than five years, and I am not confident it will fall back to our target on its own," she said. (Jin10 Data APP) Fed’s Barkin said it is an "open question" whether the US Fed has set interest rates at a level sufficiently restrictive to curb inflation, adding that he is unsure whether he would have voted in favor, like the three other regional Fed presidents who dissented in favor of a hike this week. In an interview on Friday, Barkin said: 'I think there is a strong case for tightening policy and taking back some of last year's rate cuts.' He noted that given the slowdown in June inflation data, 'I think one could also argue... there is time before the next meeting to judge whether the current policy stance is appropriate.' Barkin will not vote on interest rate decisions until next year. Additionally, Barkin was sceptical that the labour market has significantly strengthened. He said, 'It doesn't feel like the labour market is very tight.' He also pointed out that price increases are not transmitting evenly through the economy, making it difficult to gauge how much inflation remains. (Jin10 Data APP) On the macro front: This week will see the release of data including China July RatingDog Manufacturing PMI, Switzerland July CPI MoM, France July Manufacturing PMI Final, Germany July Manufacturing PMI Final, Eurozone July Manufacturing PMI Final, UK July Manufacturing PMI Final, US July S&P Global Manufacturing PMI Final, US July ISM Manufacturing PMI, US June Construction Spending MoM, US June Trade Balance, US June JOLTS Job Openings, US June Factory Orders MoM, China July RatingDog Services PMI, France June Industrial Production MoM, France July Services PMI Final, Germany July Services PMI Final, Eurozone July Services PMI Final, UK July Services PMI Final, Eurozone June PPI MoM, US July ADP Employment Change, US July S&P Global Services PMI Final, US July ISM Non-Manufacturing PMI, Switzerland July Seasonally Adjusted Unemployment Rate, Eurozone June Retail Sales MoM, US July Challenger Job Cuts, US Initial Jobless Claims for the week ending August 1, US July Global Supply Chain Pressure Index, US June Wholesale Sales MoM, France Q2 ILO Unemployment Rate, Germany June Seasonally Adjusted Industrial Production MoM, Germany June Seasonally Adjusted Trade Balance, UK July Halifax Seasonally Adjusted House Price Index MoM, France June Trade Balance, Switzerland July Consumer Confidence Index, Canada July Employment Change, US July Unemployment Rate, US July Seasonally Adjusted Nonfarm Payrolls, US July Average Hourly Earnings YoY, US July Average Hourly Earnings MoM, US July NY Fed 1-Year Inflation Expectations, China July Trade Balance in USD terms, China July Foreign Exchange Reserves, China July Trade Balance, China July CPI YoY, and China July PPI YoY. In addition, attention this week should also be paid to: SpaceX will report its Q2 2026 results; 2028 FOMC voter, St. Louis Fed President Musalem will speak on the US economy and monetary policy; 2027 FOMC voter, Richmond Fed President Barkin will deliver a speech. Crude Oil: Both oil futures surged in the overnight session last Friday, with WTI up 3.84% and Brent up 4.79%. For the week, WTI futures fell 2.81%, while Brent futures slipped 0.7%. For the month, WTI futures soared 24.89% and Brent futures jumped 24.8%. A decline in ship transits through the Strait of Hormuz heightened market concerns over global crude oil shipments. Uncertainty persists over when Middle Eastern crude oil supply will return to normal. The US-Iran ceasefire agreement reached in June had completely broken down by early July. From mid to late July, the Strait of Hormuz, the world’s most critical energy trade choke point, remained severely disrupted, with intermittent blockades at times. Meanwhile, Ukraine’s long-range drone strikes on Russian refineries destroyed around 30% to 45% of Russia’s operational refining capacity, pushing European diesel refining margins above $60/bbl and driving global refined product prices near wartime highs. (Wall Street CN) Data released by the international shipping information platform “MarineTraffic” on July 31 showed that the number of ships transiting the Strait of Hormuz on the 30th fell to 5 from 22 the previous day, a decline of 77%. The platform’s data indicated that all 5 ships passed through the Strait of Hormuz via the lane on the Iranian side. (Jin10 Data App) According to CBS News, citing multiple sources, the US and Israel are planning to carry out “one of the most intense bombing campaigns to date” against Iran’s energy infrastructure, potentially targeting power plants and refineries, with the operation possibly lasting through the weekend. Iranian media reported on August 1, citing an Iranian official, that Iran considers a US-Israeli attack on its infrastructure to be a “reckless act” and has developed a comprehensive plan to respond to “any possible reckless actions by the US.” (Jin10 Data App) According to Iran’s Tasnim News Agency, the Yemeni Houthi group said that in implementing a “blockade for blockade” strategy, after imposing maritime restrictions on Saudi oil tankers, it had forced 8 Saudi tankers to change course and reroute around the Cape of Good Hope. (Jin10 Data App) Additionally, data from the Intercontinental Exchange (ICE) showed that for the week ended July 28, speculative net long positions in Brent crude fell by 6,948 contracts to 185,083 contracts. Speculative net long positions in diesel rose by 2,654 contracts to 87,194 contracts. (Jin10 Data App) Recommended Reads: