Shenhuo Co., Ltd. said during a survey that its wholly-owned subsidiary Shenhuo New Materials' Phase III 50,000 mt/year battery aluminum foil project is advancing in an orderly manner, with the feasibility study report completed and project establishment work done; Yunnan New Materials' Phase II aluminum foil project is still in the evaluation stage. In response to intensified competition in the battery aluminum foil industry and processing fees being under pressure, the company is actively addressing the situation from multiple aspects: continuously optimizing processes to improve product quality and yield, increasing investment in technology R&D, deepening long-term strategic cooperation with China's leading power battery enterprises, while actively developing high-end market clients outside China.

The Ecological Environment Bureau of Wuhe County, Bengbu City, Anhui Province, has formally approved the Environmental Impact Report Form for the new battery aluminum foil expansion project of Lidao New Energy (Anhui) Co., Ltd., marking the successful EIA approval of the project. The project is located in Chengnan Industrial Park of Wuhe County, with a total investment of 400 million yuan. Its main construction content includes building No. 2 and No. 3 aluminum foil workshops, and purchasing advanced production equipment such as aluminum foil rolling mills, slitting machines, and precision cutting machines. Upon completion, the project will form an annual production capacity of 50,000 mt of battery aluminum foil, effectively expanding Lidao New Materials' capacity in the field of new energy battery current collector materials.

[Wang Pengcheng, Haichen Energy Storage: Driving the global lithium-ion long-duration energy storage sector into an era of large-scale deployment] Haichen Energy Storage’s Heze facility has commenced mass production, achieving end-to-end integration across the entire supply chain—from materials and cells to modules, systems and delivery—marking the company’s transformation into a provider of integrated solutions for all scenarios. With a total investment exceeding 13 billion yuan, the facility will, upon reaching full capacity, produce 30 GWh of 1,175 Ah long-duration energy storage cells and 20 GWh of 6.25 MWh systems annually. Wang Pengcheng, co-founder and president of Haichen Energy Storage, stated that long-duration energy storage serves as the ‘keystone’ of the new power system; Haichen Energy Storage specialises in 4–8-hour scenarios, and its products maintain a leading position within the industry. The facility is equipped with fifth-generation smart manufacturing production lines, marking the first time in the industry that a single production line has exceeded 15 GWh in capacity. Leveraging this large-scale production capacity, Haichen Energy will drive the global lithium-ion long-duration energy storage sector into an era of large-scale deployment.

SMM August 8: Base metals market: Overnight, base metals on both domestic and overseas markets generally fell, with only LME aluminum, LME lead, LME nickel, and SHFE nickel rising. LME nickel led the gains with a 1.5% increase, SHFE nickel rose 0.52%, LME aluminum rose 0.09%, and LME lead rose 0.03%. LME zinc led the declines with a 1.9% drop, LME tin fell 1.67%, SHFE zinc fell 1.54%, and SHFE tin fell 1.51%. The rest of the metals fell within 1%. Alumina main contract rose 0.04%, while cast aluminum main contract fell 0.09%. Overnight, ferrous metals showed mixed performance. Stainless steel rose 0.21%, rebar closed flat at 3,010 yuan/mt, and iron ore fell 0.56%. In the coking coal and coke sector, coking coal rose 1.71% and coke rose 1.15%. Overnight, precious metals: COMEX gold rose 2.37% overnight, reclaiming $4,400/oz, with a weekly surge of 7.17%. COMEX silver rose 3.56% overnight, with a weekly surge of 10.41%. Domestically, SHFE gold rose 1.53% and SHFE silver rose 1.66%. SHFE gold jumped 5.03% weekly, and SHFE silver surged 9.43% weekly. UBS Chief Investment Officer Ulrike Hoffmann-Burchardi and her team said, "This gold rally is supported by fundamentals. We expect gold prices to approach $5,000/oz in H1 2027." Since the US and Israel launched a war against Iran at the end of February, gold prices came under pressure and pulled back. UBS strategists noted that risks remain in the near term. If oil prices rise, or if the market prices in expectations of a more hawkish Fed monetary policy and rising bond appeal, gold could face pressure. However, the institution maintains an optimistic outlook on gold's medium- to long-term trend. Hoffmann-Burchardi said the team expects inflation to gradually ease, and the Fed is likely to keep rates unchanged this year and restart an interest rate cutting cycle in 2027. "The growing expectation of lower policy rates is likely to depress real yields and drag on the US dollar, thereby boosting investment demand for gold and creating a more favorable market environment for the metal," she said. (Wallstreetcn) As of 7:40 on August 8, overnight closing prices: Macro Front Domestic: [Exceeding 30 Trillion Yuan! China’s Goods Trade Import and Export Continued Growth Momentum in First 7 Months] China's General Administration of Customs today released statistics showing that in the first seven months of this year, China's total goods trade import and export value reached 30.13 trillion yuan, up 17.3% YoY, continuing a solid growth trend. Exports amounted to 17.44 trillion yuan, up 14%, while imports stood at 12.69 trillion yuan, up 22%. In July, imports and exports totaled 4.66 trillion yuan, up 19.2% YoY. Exports reached 2.71 trillion yuan, up 17.8%, while imports were 1.95 trillion yuan, up 21.2%. SMM, based on data released by the General Administration of Customs, has compiled the import and export situation of some products in the metals industry, as follows: [Aluminum industry profits in H1 up about 115% YoY; exports of aluminum semis and aluminum products up about 14% YoY] In H1 2026, aluminum industry profits rose about 115% YoY. This came as aluminum prices increased, while raw material prices such as alumina pulled back. Some enterprises further adopted green power like hydropower and expanded the use of new energy, making production greener and securing more cost advantages. Not only were domestic clients rushing to place orders, but overseas clients were also increasing their orders. In H1 this year, China exported a total of 5.62 million mt of aluminum semis and aluminum products, an increase of about 14% compared with the same period last year. With more orders and busier production lines, environmental protection facilities also operated at full capacity. (CCTV Finance) [Beijing: moderately raising the maximum loan amount for housing provident fund; a married couple may borrow up to 3.4 million yuan for their first home purchase] On the evening of the 7th, the Beijing Municipal Commission of Housing and Urban-Rural Development, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Provident Fund Management Center jointly issued the "Notice on Further Optimizing and Adjusting the City's Real Estate Policies." It mentioned moderately raising the maximum loan amount for housing provident fund. For a home-buying family with one provident fund contributor, the maximum loan amount for a first home purchase is 1.2 million yuan, and for a second home, it is 1 million yuan; if both spouses are contributors, the maximum loan for a first home is 2.4 million yuan, and for a second home, it is 2 million yuan. The maximum loan amount can be further increased under the following conditions: 1. For a household with household registration in the six central urban districts that purchases a first home outside those six districts, the maximum can be increased by 200,000 yuan; 2. For a home purchase that complies with the city's green building development support policies, the maximum can be increased by 400,000 yuan; 3. For families with two or more children of Beijing household registration, the loan amount can be increased by 400,000 yuan. If multiple conditions are met simultaneously, the increases can be stacked. For a family with one provident fund contributor, the maximum increase is 600,000 yuan; for a family where both spouses are contributors, the maximum increase is 1 million yuan. The actual loan amount will be determined based on the family's repayment ability. (Jinshi Data APP) In terms of the US dollar: As of the overnight close, the US dollar index fell 0.35% to 99.6, declining 0.18% for the week and logging a second straight weekly loss. US nonfarm payrolls unexpectedly fell by 23,000 in July, far below market expectations of an increase of 80,000, while the May and June figures were revised down by a combined 103,000. The labour force participation rate dropped to the lowest in more than five years. The disappointing employment data sent the probability of a September rate hike plunging from 55% to 44%, the 10-year US Treasury yield diving from 4.68% to 4.65%, and the US dollar index breaking below 99.5 during the session. ‘New Fed Wire’ Nick Timiraos: The July employment report will be a difficult one for the Fed to interpret. There is no new evidence of a re-acceleration in the labour market, which may somewhat weaken the case for a rate hike next month, but this still depends on whether inflation data can improve further. Officials held rates steady last week, but three of the twelve officials voted to raise rates. The decline in the unemployment rate will keep the focus on inflation data. (Wallstreetcn) The latest survey results from the New York Fed show that Americans’ overall expectations for the labour market improved in July, and their inflation expectations also changed. Consumers’ one-year-ahead inflation expectations edged down to 3.6% from 3.7%. Three-year-ahead and five-year-ahead inflation expectations were unchanged at 3.3% and 3%, respectively. The perceived probability of finding a new job among unemployed workers rose to 46.2%, the highest this year. This increase was most pronounced among those with a high school diploma or less and households with an annual income below $50,000. Consumers grew more optimistic about the stock market, with the probability that stock prices will be higher a year from now reaching the highest level since this data series began in April 2021. (Wallstreetcn) According to CME’s ‘FedWatch’ tool: The probability that the Fed will keep rates unchanged in September is 59.9%, while the probability of a cumulative 25bp rate hike is 40.1%. For October, the probability of keeping rates unchanged is 45.3%, with a 44.9% probability of a cumulative 25bp hike and a 9.8% probability of a cumulative 50bp hike. (Jin10 Data APP) On the macro front: Next week, China will release data including the July M2 money supply year-on-year rate; the US will release data including the July NFIB Small Business Optimism Index, the ADP employment change for the week ending July 25, the July existing home sales annualized total, the July unadjusted CPI year-on-year rate, the July seasonally adjusted CPI month-on-month rate, the July seasonally adjusted core CPI month-on-month rate, the July unadjusted core CPI year-on-year rate, the awarded yield on the 10-year Treasury auction for the week ending August 12, the bid-to-cover ratio on the 10-year Treasury auction for the week ending August 12, the initial jobless claims for the week ending August 8, the July PPI year-on-year rate, the July PPI month-on-month rate, the July retail sales month-on-month rate, the August preliminary one-year inflation expectations, the June business inventories month-on-month rate, and the August preliminary University of Michigan consumer sentiment index; the Eurozone will release data including the August Sentix investor confidence index, the June industrial production month-on-month rate, the Q2 GDP year-on-year revised reading, the Q2 seasonally adjusted employment change final quarter-on-quarter rate, and the June seasonally adjusted trade balance; the UK will release data including the Q2 GDP year-on-year preliminary reading, the June three-month GDP month-on-month rate, the June manufacturing production month-on-month rate, the June seasonally adjusted goods trade balance, and the June industrial production month-on-month rate; data including the France final July CPI month-on-month rate, the Canada June wholesale sales month-on-month rate, the Japan June trade balance, the Australia Reserve Bank of Australia interest rate decision for the week of August 11, and the Germany final July CPI month-on-month rate will all be released. Additionally, the National Energy Administration releases nationwide electricity consumption data around the 15th of each month. The Bank of Japan released the summary of opinions from its July monetary policy meeting. The Reserve Bank of Australia announced its interest rate decision and monetary policy statement. RBA Governor Bullock held a monetary policy press conference. 2026 FOMC voting member and Cleveland Fed President Hammack delivered remarks. 2027 FOMC voting member and Richmond Fed President Barkin spoke on the economic outlook. RBA Governor Bullock attended a hearing. Crude oil: Oil prices fell in overnight trading, with WTI crude down 0.27% and Brent crude down 0.13%. On a weekly basis, WTI crude fell 8.96% and Brent crude fell 6.31%. The market remained focused on negotiations between the US and Iran regarding the Strait of Hormuz. Expectations of US-Iran peace talks suppressed geopolitical risk premiums. Goldman Sachs’ energy research team estimated Brent’s fair value at $80/bbl and maintained its view of a consolidation range of $80–90/bbl. On August 7, US officials stated that Oman and Iran had made progress on the Strait of Hormuz issue, and an agreement is expected to be reached soon. Once an agreement to restore unimpeded commercial shipping is announced, the US will lift its blockade of Iranian ports. US actions will continue to be performance-based and linked to Iran’s fulfillment of its commitments. There was no immediate response from Iran or Oman to the above. (CCTV) It was reported on August 7 that Hassan Qashqavi, spokesperson for Iran’s Parliamentary National Security and Foreign Policy Committee, stated that Iran and Oman had finalized the general framework of a memorandum of understanding on shipping in the Strait of Hormuz, with the final text and specific details to be publicly released shortly. On August 6, Iran publicly disclosed preliminary textual details of its proposed strategic management plan for the Strait of Hormuz, which includes provisions barring hostile parties from transiting the strait, with violators subject to fines of up to 20% of cargo value. Iran has repeatedly emphasized in recent days that arrangements related to the Strait of Hormuz should be decided solely through consultations between Iran and Oman, and that no external interference will be accepted. Meanwhile, US President Trump stated on the 6th that the US is participating in negotiations concerning the Strait of Hormuz. (CCTV) Next week, the EIA will release its Short-Term Energy Outlook, the IEA will publish its monthly Oil Market Report, and OPEC will issue its monthly Oil Market Report (specific release dates for the monthly reports are to be determined, generally published around 18:00–21:00 Beijing time). A new round of price adjustments for domestic refined oil products in China will open.

US President Trump announced on Friday that the US government will invest $3 billion in multiple critical mineral and battery projects to boost domestic capacity and serve national security and industrial policy goals.At a roundtable meeting held at the US Department of State, Trump told more than 200 mining executives, investors, academics, and government officials that the US has not paid enough attention to the mining sector in recent years, and that critical minerals are vital to the US economy and national security.

Beilv Aluminum Technology Co., Ltd. in Yangxin County, Binzhou City, plans to build a technological transformation project for an annual output of 200,000 mt of light alloy materials. The total investment of the project is 10 million yuan, and it is currently in the stage of public notice for the draft environmental impact report.

Copper prices advanced towards a record closing high as tightening physical supply continued to support the market alongside resilient long-term demand. The London Metal Exchange (LME) three-month copper contract strengthened as sustained inflows of metal into the United States and increased buying activity from China reduced the availability of copper in other regions. Large volumes of refined copper have been shipped into the U.S. this year as traders positioned ahead of a potential decision on refined copper import tariffs. At the same time, stronger purchasing activity from China has intensified competition for available material, further tightening the physical market. These developments have contributed to copper gaining approximately 14% since the beginning of 2026, building on three consecutive years of annual gains. Beyond near-term supply tightness, the market continues to be supported by long-term demand from power infrastructure, renewable energy, electric vehicles and artificial intelligence-related data centres. However, declining ore grades at existing operations and the increasing cost and complexity of developing new mines continue to constrain future supply growth. The latest price gains highlight a market increasingly influenced by physical supply constraints rather than demand alone. With inventories remaining tight and new mine supply struggling to keep pace with long-term consumption growth, sustained price strength could continue to support investment in mine expansions, brownfield redevelopment and domestic copper processing capacity.

African Rainbow Minerals (ARM) plans to reopen Bokoni Platinum in South Africa with R15.2 billion in investment over seven years, targeting annual PGM production of up to 400,000 ounces from around 2030. The project follows a new feasibility study and a previous R2.2 billion impairment in ARM’s 2025 financial year. The restart has raised investor concerns over capital intensity and near-term cash generation, particularly if ARM also proceeds with the Two Rivers Merensky project. RMB Morgan Stanley estimates that funding both projects could push ARM into negative free cash flow for two to three years. ARM shares reportedly fell sharply following the Bokoni announcement. However, the project could benefit from improving PGM market fundamentals. South African PGM production is declining while renewed automotive demand, supported by slower-than-expected EV adoption, could strengthen prices. ARM entered the project with a strong balance sheet, including R9.5 billion in net cash at end-June. Bokoni's restart could add significant future PGM supply, but its high capital requirements and challenging mining history create execution and cash-flow risks for ARM.

Chaoying Electronics announced a plan to invest in the construction of a high-multilayer and HDI printed circuit board P3 project. The project is located in Huangshi City, Hubei Province, with an estimated total investment of 2.086 billion yuan, funded by self-owned or self-raised funds, and a construction period of 24 months. After completion and operation, the project will effectively break through the capacity bottleneck of the company's storage PCB products, significantly enhancing the mass production of high-end storage products and the supporting delivery capability for core clients; at the same time, it will steadily expand the capacity of high-end automotive electronics PCB, supporting a small amount of AI server PCB capacity, and fully meet the high-end market demand across multiple downstream sectors.

This week, multiple news items on the raw material front successively boosted market sentiment, with finished steel prices rebounding from lows in phases and generally showing a bottoming-out trend. At the start of the week, the weak fundamentals of finished steel were hard to change, and ferrous metals prices had overshot to the bottom. Subsequently, however, coal mines in Shanxi were affected by rainfall, and circuit failures led to production suspensions at some mines, sentimentally driving ferrous metals prices to bottom out. Mid-week, there were rumors of a 48-hour strike at BHP, with limited short-term tangible impact, but sentiment...