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

[Spot silicon metal prices edge higher in a narrow range before stabilizing]: In early August, the supply contraction from production cuts at silicon enterprises on the supply side and bullish price drivers from PV policy had already been realized in stages. Silicon metal futures shifted to narrow-range consolidation after prices rose. In August, fundamentals improved, with strong support below prices limiting downside room. On the upside, without new positive catalysts, upward momentum is insufficient to deliver a trending rally, and the tug-of-war between longs and shorts may shift prices to consolidation.

SMM, August 13: Metals market: As of the midday close, domestic base metals were mostly lower. SHFE copper fell 0.5%, SHFE aluminum fell 0.9%, SHFE lead rose 0.63%, SHFE zinc fell 0.27%, SHFE tin fell 0.86%, and SHFE nickel fell 0.16%. In addition, the most-traded cast aluminum futures contract fell 1.33%, the most-traded alumina contract fell 1.62%, the most-traded lithium carbonate contract was flat at 148,840 yuan/mt, the most-traded silicon metal contract fell 0.64%, and the most-traded polysilicon futures contract rose 0.75%. Ferrous metals all fell. Iron ore fell 0.14%, rebar fell 0.5%, hot-rolled coil fell 0.37%, and stainless steel fell 0.93%. Coking coal and coke: the most-traded coking coal contract fell 1.27%, and the most-traded coke contract fell 0.73%. Overseas base metals: as of 11:45, LME metals were nearly all lower. LME copper fell 0.2%, LME aluminum fell 0.89%, LME zinc fell 0.4%, LME tin fell 0.18%, LME nickel fell 0.59%, and LME lead rose 0.21%. Precious metals: as of 11:45, COMEX gold rose 0.02%, and COMEX silver fell 0.08%. Domestic precious metals: SHFE gold rose 0.34%, and the most-traded SHFE silver contract rose 0.28%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.52%, and the most-traded palladium futures contract fell 0.57%. As of the midday close, the most-traded European container shipping futures contract rose 1.75% to 1,630 points. As of 11:45 on August 13, midday quotes for selected futures: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a discount of 20 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 120 yuan/mt, down 40 yuan/mt from the previous trading day; and SX-EW copper was quoted at a discount of 200 yuan/mt, down 60 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,250 yuan/mt, down 160 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,100 yuan/mt, down 200 yuan/mt from the previous trading day. Spot market: Guangdong inventories fell for two consecutive days, with arrivals declining and warehouse withdrawals increasing slightly... Macro front China: [China Is Formulating a New Round of Action Plans for Continuous Air Quality Improvement] The State Council Information Office held a themed press conference today (13th) in the series "Opening and Starting the '15th Five-Year Plan'." At the press conference, it was noted that China has made gratifying progress in air pollution control, but there is still no room for complacency or letting up; patience and resolve must be maintained. Currently, a new round of action plans for the continuous improvement of air quality is being expedited, and the battle to keep skies blue will focus on being "higher, more precise, and more scientific." (CCTV News) [Cumulative Trading Volume of the National Carbon Emissions Trading Market Tops 900 Million mt] Huang Runqiu, Minister of Ecology and Environment, said at the "Launching the 15th Five-Year Plan" press conference series held by the State Council Information Office on August 13 that by the end of July, cumulative trading volume in the national carbon emissions trading market had exceeded 930 million mt, effectively promoting the green and low-carbon transition while driving low-cost carbon reduction across industries. (Xinhua News Agency) [Shanghai: Promote Issuance of "Computing Power Vouchers," "Model Vouchers," and "Corpus Vouchers" to Reduce the Cost of Using Digital Factors Such as Public Data, Computing Power, Models, and Corpora] Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting Private Investment Development." The plan states that Shanghai will provide computing power subsidies in accordance with laws and regulations, support private enterprises in renting intelligent computing resources for the R&D, training, and application of large models, and encourage universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various market entities, including private enterprises. It will publish and dynamically update the public data opening list, support private enterprises in the in-depth development and scenario-based use of specific public data, and promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital factors such as public data, computing power, models, and corpora. It will cultivate benchmark and platform enterprises for urban digital transformation, and guide private enterprises to participate in the construction and scenario operation of digital transformation projects in areas such as transportation, logistics, and public services. It also encourages private enterprises to build demonstration projects of new-type infrastructure such as blockchain applications and large-scale robot applications. (Jin10 Data APP) [PBOC Reverse Repo Operations Post Net Withdrawal of CNY1 Billion on the Day] The PBOC did not conduct reverse repo operations today, as CNY1 billion in 7-day reverse repos matured, resulting in a net withdrawal of CNY1 billion on the day. On the Dollar Side: As of 11:45, the US dollar index was up 0.01% at 100. US core inflation in July was mild, which likely eased pressure on the US Fed to raise interest rates. Data released by the US Bureau of Labor Statistics on Wednesday showed that, excluding volatile food and energy categories, core CPI rose 0.2% MoM in July. The YoY increase was 2.5%, matching the slowest pace since March 2021. Overall, July CPI rose 0.1% MoM and 3.4% YoY. This report indicated that the energy price shock from the Iran war continued to fade in July. As the US Fed discusses whether to raise rates at its September meeting, these figures may give the US Fed more room to weigh inflation pressures against the recent slowdown in hiring. Before the September meeting, policymakers will also see more reports on employment and inflation, while investors will closely watch a speech that Fed Chairman Warsh is expected to deliver at the annual Jackson Hole symposium later this month. US stock index futures rose, while US Treasury yields were basically flat. Investors lowered their bets on a September rate hike. According to CME "FedWatch": the probability that the US Fed will keep rates unchanged by September is 59.9%, and the probability of a cumulative 25bp rate hike is 40.1%. By October, the probability that the US Fed will keep rates unchanged is 45.3%, the probability of a cumulative 25bp rate hike is 44.9%, and the probability of a cumulative 50bp rate hike is 9.8%. (Jin10 Data App) A CITIC Securities research report said that US July CPI was fully in line with expectations, core inflation remained mild, and second-round inflation effects were modest, which helped further ease market concerns about inflation risks. We continue to believe that US inflation is not sticky, and we expect headline CPI YoY growth to generally continue its mild slowdown trend in Q3 and hit bottom in September, then rebound slightly in Q4 this year and decline rapidly in March next year. We still expect the US Fed to keep rates unchanged for the whole year, and there is further room for downward revision in rate hike expectations priced into derivatives markets. A CICC research report said that US July CPI rose 0.1% MoM on a seasonally adjusted basis and 3.4% YoY, while core CPI rose 0.2% MoM and 2.5% YoY, all in line with market expectations. Energy prices continued to pull back, but international oil prices have risen again since August, increasing uncertainty about future energy prices. On the core inflation front, goods were strong while services were weak; in particular, prices of information technology products such as computers and software continued to rise, reflecting that the supply-demand mismatch caused by AI capital spending expansion is gradually transmitting to the consumer side. We believe US inflation may have entered a new phase, with its drivers gradually shifting from supply shocks such as tariffs and oil prices to demand expansion from AI investment, and the duration of inflation may be correspondingly prolonged. For the US Fed, this data eased near-term pressure to raise rates, but compared with supply-driven inflation, demand-pull inflation requires more attention from policymakers. Other currencies: RBA Assistant Governor Kent said that Australian monetary policy is currently restrictive, the three consecutive rate hikes early this year are now weighing on the economy, and the stronger Australian dollar has further reinforced this effect. He said: "Evidence suggests that monetary policy in Australia is somewhat restrictive, and the tightening earlier this year is working. Borrowing costs have risen, mortgage repayments have increased, conditions in the established housing market have weakened, and the Australian dollar has also appreciated year-to-date." He said aggregate demand growth appears to be slowing, adding that this is what policymakers want to see and is necessary to bring inflation back to target. (Jin10 Data APP) Data Front: Today will bring the US 10-year Treasury auction high yield and bid-to-cover ratio for Aug 12, US initial jobless claims for the week ending Aug 8, US July PPI y/y and m/m, UK Q2 GDP y/y preliminary, UK June three-month GDP m/m, UK June manufacturing production m/m, UK June seasonally adjusted goods trade balance, UK June industrial production m/m, and Eurozone June industrial production m/m, among others. In addition, JD.com will hold its Q2 earnings call; 2026 FOMC voter and Cleveland Fed President Hammack will speak, and 2027 FOMC voter and Richmond Fed President Barkin will speak on the economic outlook. Crude Oil: As of 11:45, both benchmark oil prices fell, with WTI down 0.96% and Brent down 0.82%. Oil prices edged down as traders waited for signs of progress on the reopening of the Strait of Hormuz. On the Middle East front, there has been almost no sign of progress on the reopening of the Strait of Hormuz. US President Trump said the United States has "complete control" over the waterway. The International Energy Agency (IEA) said that as the US-Iran war continues, the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than double its earlier forecast; the 2026 oil supply gap could reach its largest level in five years. According to the American Automobile Association, gasoline and diesel prices in the US have never been this high at this time of year. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

According to CCTV News on August 5, three mandatory national standards for energy consumption and efficiency in the photovoltaic sector will be formally implemented from January next year. The three standards are designed to rigorously control the entry of low-efficiency products at source, promoting technological upgrading and green transformation of the PV industry. In terms of energy consumption control for manufacturers, the two mandatory national standards – Energy consumption limit per unit product of monocrystalline silicon and Energy consumption limit per unit product of polysilicon and germanium – focus on the core raw materials of PV modules, standardising the scope of energy consumption statistics and calculation methods. In terms of product energy efficiency improvement, the mandatory national standard Energy efficiency limits and energy efficiency grades for crystalline silicon photovoltaic modules and inverters establishes energy efficiency grades for PV modules and inverters used in ground-mounted power plants, commercial & industrial, and residential PV applications.

SMM News on August 12: Metals market: As of the midday close, base metals in the domestic market rose almost across the board. SHFE copper rose 0.27%, and SHFE aluminum rose 0.93%. SHFE lead rose 0.25%. SHFE zinc rose 0.7%. SHFE tin rose 1.44%. SHFE nickel fell 0.16%. In addition, the most-traded cast aluminum futures contract rose 0.74%, and the most-traded alumina contract rose 0.93%. The most-traded lithium carbonate contract rose 2.97%. The most-traded silicon metal contract edged up. The most-traded polysilicon futures contract rose 3.69%. Ferrous metals all rose. Iron ore rose 0.28%, rebar rose 0.37%, and hot-rolled coil rose 0.34%. Stainless steel rose 0.24%. For coking coal and coke: the most-traded coking coal contract rose 2.17%, and the most-traded coke contract rose 1.75%. Overseas base metals: as of 11:46, LME metals rose across the board. LME copper rose 0.27%, and LME tin rose 1.14%. LME zinc rose 0.5%. Gains in LME aluminum, LME lead, and LME nickel were all within 0.3%. Precious metals: as of 11:46, COMEX gold rose 0.54%, and COMEX silver rose 1.12%. Domestic precious metals: SHFE gold rose 0.69%, and the most-traded SHFE silver contract rose 1.22%. In addition, as of the midday close, the most-traded platinum futures contract fell 0.18%, and the most-traded palladium futures contract fell 1.09%. As of the midday close, the most-traded European container shipping contract rose 1.44% to 1,585.5 points. As of 11:46 on August 12, midday moves in some futures: Spot and Fundamentals Aluminum: Today, futures continued to surge, while the spot market in South China faced pressure from the “three mountains.” First, high absolute prices combined with high premiums in reality prompted suppliers to rush to sell more to cash out... Macro front China: [PBOC reverse repo operations recorded a net withdrawal of 5 billion yuan on the day] The PBOC conducted no reverse repo operations today. As 5 billion yuan of 7-day reverse repos matured today, it recorded a net withdrawal of 5 billion yuan on the day. [Guangdong power load hit a new high for the fourth time this year] At 13:47 on August 11, power load on the Guangdong power grid hit a new high for the fourth time this year, reaching 175.7 million kW, up 6.53% YoY. At present, Guangdong’s power supply is stable and orderly. On the same day, loads in cities including Yangjiang, Shantou, Jieyang, and Chaozhou within Guangdong Province hit record highs. ​​​(Guangdong Fabu) [C919 domestically produced large aircraft officially began operating international commercial routes] Starting today (the 12th), Air China’s Beijing–Ulaanbaatar route to the capital of Mongolia will be operated by the domestically produced C919 large aircraft, marking the official launch of international scheduled commercial route operations for the domestically produced large aircraft. (CCTV News) US dollar: As of 11:46, the US dollar index rose 0.05% to 99.87. The market awaits the upcoming US July CPI data, hoping to find clues on the Fed's rate path. According to CME "Fed Watch": the probability that the Fed keeps rates unchanged in September is 52.0%, and the probability of a cumulative 25bp hike is 48.0%. The probability that the Fed keeps rates unchanged in October is 38.7%, a cumulative 25bp hike is 49.0%, and a cumulative 50bp hike is 12.2%. (Jinshi Data APP) The Wall Street Journal reporter Nick Timiraos said that the market will focus on the MoM change in the July inflation data to be released on Wednesday, as an increasing number of FOMC members indicate that inflation readings in the coming months will determine whether they believe the forecast of "inflation pulling back to 2% over the next two years" remains achievable without further rate hikes. Meanwhile, the Fed's new chair Warsh recently dismissed this framework of linking policy-sensitive forecast revisions to high-frequency data. He previously stated that he does not believe the Fed's current "data-dependent" policy has much practical value. Furthermore, Nick added that the working group established by Warsh seems in part to help construct a framework to replace the old one. However, until the new framework is clear, the old framework appears to remain in operation. Glenmede strategists said regarding the US July CPI that investors are anticipating another relatively mild inflation report, with headline CPI expected to rise 3.4% YoY, while core price pressures remain manageable. As US-Iran tensions escalate, oil prices rose further in July, and the energy sector could once again bring pressure. However, the market reaction this time has been more stable, thanks to proactive measures and strategic reserve releases that maintained oil supply stability. The Fed has ample time before its next meeting to assess two inflation reports, giving it more time to evaluate whether energy pressures remain contained or begin to broaden, a distinction that could well influence future policy direction. Other currencies: According to foreign media reports, yen traders are ramping up options market activity ahead of key US inflation data, and amid a lack of consensus on the yen's future direction, they are using derivatives to enhance trading flexibility. The one-week implied volatility for USD/JPY rose for a second straight session on Wednesday, after the gauge had declined for five consecutive sessions. The reason was that traders were positioning ahead of the release of the US inflation report. The data was expected to influence the US Fed's monetary policy outlook and the US dollar's trajectory. Additionally, volatility in longer-dated options also edged up. The rise in volatility reflected a divergence in market views. For short tenors, the market remained concerned about the possibility of joint US-Japan intervention in the foreign exchange market, so USD/JPY put options continued to trade at a premium over call options, showing that investors were seeking protection against a sudden drop in the exchange rate. However, over longer tenors, investors continued to buy call options to bet on a renewed rally in USD/JPY. (Jin10 Data APP) Data-wise: Figures to be released today include the US July unadjusted CPI YoY, US July seasonally adjusted CPI MoM, US July seasonally adjusted core CPI MoM, US July unadjusted core CPI YoY, and Germany's July CPI MoM final reading. In addition, Tencent will hold its Q2 earnings call, MSCI will announce its August index review, the EIA will release its monthly Short-Term Energy Outlook, the IEA will publish its monthly Oil Market Report, and OPEC will release its monthly Oil Market Report (the specific release times for the monthly reports are to be determined, typically published around 18-21 Beijing Time). Crude oil: As of 11:46, both benchmarks rose, with WTI up 1% and Brent up 0.92%. Uncertainty over the US-Iran deal outlook supported prices. Iran’s state television (IRIB), citing an advisor to the Supreme Leader, reported: The Strait of Hormuz will remain closed until relevant conditions are met. (Jin10 Data APP) Iran's Oil Minister Mohsen Paknejad stated on the 11th that Iran was repairing natural gas production facilities damaged by the war, with daily capacity planned to rebound to 95 million m³ by the end of September. Paknejad said that reconstruction work on four damaged gas processing facilities was progressing rapidly, contractors had commenced work, and completion was anticipated ahead of schedule, restoring pre-war capacity. Earlier reports indicated that Iran's daily natural gas production had decreased by about 230 million m³ since the US and Israel launched military operations against Iran. (Jin10 Data APP) The latest Short-Term Energy Outlook (STEO) from the US Energy Information Administration (EIA) indicated that, due to persistently severe restrictions on crude oil transport through the Strait of Hormuz, the degree of global oil supply disruption was greater than previously expected, prompting the EIA to raise its future oil price forecasts. The EIA projects that the 2026 Brent spot price will average $87/bbl, up from the prior forecast of $82/bbl ; and that the Q3 2026 Brent average will be about $85/bbl, with prices in the coming months largely sustaining levels seen in the first week of August. EIA says its latest forecast assumes that recent threats to vessels carrying Saudi crude through the Bab el-Mandeb Strait have not caused additional production halts, and severe shipping restrictions in the Strait of Hormuz will persist into August . EIA expects that most Middle Eastern crude oil production will return close to pre-conflict average levels by early 2027. However, some supply disruptions are expected to persist until the end of 2027, at a scale of around 600,000 barrels per day. The average price for 2027 is forecast at $69/barrel, up from $65/barrel previously. (Wallstreetcn) Additionally, Russia has started importing gasoline from the distant Indian market, after Ukrainian attacks on Russian refineries caused a severe domestic fuel supply shortage. According to shipping data provider Kpler, this marks the first time Russia has imported motor gasoline from a South Asian country. Kpler said the first gasoline cargo arrived on August 5, and more shipments may arrive in Russia in the future. These fuel volumes were shipped via a series of tankers linked to Russia, and were transshipped near Egyptian waters before heading to Russia. Kpler's chief analyst Sumit Ritolia said, "The emergence of Indian gasoline supply is particularly noteworthy." He said these cargoes from India, along with continued gasoline imports from Belarus and other neighboring markets, highlight the severity of the current domestic gasoline supply-demand imbalance in Russia, and also reflect how declining refinery operating rates are reshaping traditional Russian oil product trade flows. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ►

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at about 9,100-9,200 yuan/mt, and #441 silicon was at about 9,200-9,400 yuan/mt, with the price center edging up WoW. In the futures market, the most-traded contract showed strength, with the most-traded SI2609 contract consolidating near 8,600 yuan/mt. Futures prices rose, which, combined with silicon enterprises’ reluctance to sell at low prices, reduced cheap supply in the silicon market. Suppliers’ offer centers firmed, while downstream users remained largely in a wait-and-see sentiment, resulting in subdued trading. Wafers: Market prices were 0.798-0.827 yuan/piece for 18X wafers, 0.896-0.915 yuan/piece for 210RN wafers, and 1.097-1.113 yuan/piece for 210N wafers. The upper end of the wafer price range inched up. Yesterday afternoon, a leading specialized wafer enterprise also suspended quoting, planning to increase prices by over 10%. As of now, three enterprises have stopped quoting or suspended shipments.

SMM News, August 11: Metal market: As of the midday close, domestic base metals mostly rose. SHFE copper rose 0.61%, and SHFE aluminum rose 0.81%. SHFE lead rose 0.86%. SHFE zinc rose 0.47%. SHFE tin fell 0.29%, and SHFE nickel fell 0.59%. Additionally, the most-traded cast aluminum futures rose 0.38%, the most-traded alumina futures fell 0.78%, the most-traded lithium carbonate futures rose 0.36%, the most-traded silicon metal futures rose 0.76%, and the most-traded polysilicon futures rose 0.46%. Ferrous metals mostly rose. Iron ore rose 1.47%, rebar edged up, hot-rolled coil fell 0.12%, and stainless steel fell 0.82%. Coking coal and coke: the most-traded coking coal contract rose 2.47%, and the most-traded coke contract rose 0.45%. As for overseas base metals, as of 11:40, LME metals mostly rose. LME copper rose 0.48%, LME aluminum, LME lead, and LME zinc rose within 0.2%. LME tin fell 0.12%, and LME nickel fell 0.32%. Precious metals: as of 11:40, COMEX gold rose 1.37%, and COMEX silver rose 1.12%. Domestic precious metals: SHFE gold rose 1.88%, and the most-traded SHFE silver futures continued its rally for the fifth consecutive trading day, rising 3.08%. Additionally, as of the midday close, the most-traded platinum futures rose 0.59%, and the most-traded palladium futures rose 1.92%. As of the midday close, the most-traded European container shipping freight futures contract fell 6.11% to 1,536.5 points. As of 11:40 on August 11, midday futures market overview: Spot and Fundamentals Copper: In North China, spot #1 copper cathode prices against the front-month contract averaged a discount of 280 yuan/mt to 220 yuan/mt, with the average discount at 255 yuan/mt, narrowing by 50 yuan/mt from the previous trading day. The average transaction price was 108,300 yuan/mt, up 640 yuan/mt from the previous trading day... Macro Front Domestic: [The PBOC’s reverse repo operations resulted in a net withdrawal of 46.5 billion yuan] The PBOC did not conduct any reverse repo operations today, as 46.5 billion yuan in 7-day reverse repos matured, resulting in a net withdrawal of 46.5 billion yuan. (Jin10 Data APP) [China Index Academy: Nationwide Foreclosed Housing Transactions Up Over 40% YoY in Jan-Jul] Data from the China Index Academy showed that 245,000 foreclosed residential properties were listed for auction nationwide from January to July, up 23.1% YoY; 89,000 units were sold, up 42.7% YoY; the clearance rate was 36.2%, up 4.97 percentage points from the previous year; total transaction value reached 96.975 billion yuan, up 21.04% YoY. From January to July, the average transaction price of foreclosed residential properties was 8,081 yuan per square meter, a YoY decrease of 9.1%. (Jin10 Data APP) In the dollar segment: As of 11:40, the US dollar index fell 0.03% to 99.78. Cleveland Fed President Hammack stated that inflation has yet to return to its target level, and the US Fed may need to implement multiple rate hikes. She said a single 25-basis-point hike “would not have much impact on the economy,” but she was reluctant to predict the specific number of hikes or the terminal rate level. Hammack believes the current 3.50%–3.75% rate range has not placed significant restraint on the economy, and enterprises have not scaled back growth investments due to high rates, so “now is the time to act.” She noted that the longer the wait, the harder it will be to bring inflation back to 2%. Hammack also emphasized that the labor market currently shows no clear issues, and July employment data will not shift her focus on inflation. She argued that markets can only assist the Fed, not substitute for Fed action. Hammack dissented at the Fed’s July meeting, preferring a 25-basis-point hike over keeping rates unchanged. According to CME FedWatch, for the September meeting, the probability of keeping rates unchanged was 48.8%, and a cumulative 25bp hike 51.2%. For October, the probabilities were 34.7% (no change), 50.5% (cumulative 25bp), and 14.7% (cumulative 50bp). (Jin10 Data APP) US President Trump said on Monday that he has had only one “brief” conversation with Fed Chairman Warsh since the latter took office, denying reports of frequent communications. White House National Economic Council Director Hassett said last week that the two “frequently discuss economic issues,” but other sources said the calls are irregular and not frequent. Previous reports indicated that Trump has communicated with Warsh multiple times since Warsh was confirmed as Fed Chairman in May, with Trump asking about Warsh’s economic outlook and views. Trump reiterated his desire for lower interest rates but said he “100% supports” Warsh and stressed that Fed policy is set jointly by the Board of Governors. (Jin10 Data APP) In other currencies: TD Securities expects the Reserve Bank of Australia to keep its interest rate unchanged at 4.35%, a baseline scenario broadly in line with market consensus and OIS pricing, which shows the probability of a hike today is near zero. This means the rate decision itself carries very limited risk of surprising the AUD or rates market. A more meaningful signal may come from the Monetary Policy Statement released alongside the rate decision. TD Securities expects that, despite the trimmed mean CPI data coming in weaker than expected, the Reserve Bank of Australia will resist sharply lowering its inflation forecasts, citing elevated oil prices as a persistent upside risk to the inflation outlook. The combination of "confirming a hold" and "cautious, rather than dovish, forecast revisions" implies that the market reaction will be relatively mild. Any surprise is more likely to come from the tone of the forecast language than from the rate decision itself. (Jin10 Data APP) According to Jiji Press, citing sources familiar with the matter, after raising rates in June, the Bank of Japan may consider raising rates again at its next policy meeting on September 17-18 to address rising inflation risks. Driven by the rapid growth in AI-related demand, a significant depreciation of the yen, and a rise in crude oil prices, prices in Japan may rise further. Previously, many financial market participants had expected the BOJ to raise rates roughly every six months. However, according to the summary of opinions from the meeting released on Monday, at the BOJ's latest policy meeting held on July 30-31, some policy board members had already indicated that the pace of rate hikes should be accelerated. One member said, "The pace of policy rate hikes may exceed market expectations," while another stated that the BOJ needed to "accelerate the pace of adjusting monetary easing." (Jin10 Data APP) Data: Today will see the release of China's July M2 money supply annual rate (TBD), the US July NFIB Small Business Optimism Index, the US weekly change in ADP employment for the week ending July 25, the US July existing home sales annualized rate, and the Reserve Bank of Australia's rate decision for the August 11 meeting, among other data. In addition, the RBA will publish its rate decision and monetary policy statement, and RBA Governor Bullock will hold a monetary policy press conference. Crude Oil: As of 11:40, both crude oil benchmarks edged up, with WTI up 0.07% and Brent up 0.06%. The renewed uncertainty over the US-Iran negotiations supported oil prices. Trump openly criticized the war reparations demand put forward by Iran during the negotiations, rapidly cooling the market's previously optimistic expectations for a quick deal and the reopening of strategic waterways. Wall Street Insights mentioned, citing CCTV, that US President Trump posted on social media on August 10 local time, saying that he had noticed Iran was demanding compensation for losses suffered in the military conflicts of the past five months. Trump said: "I similarly demand compensation from Iran, and I have instructed my representatives to explicitly include this demand in all future negotiations."On the same day, Iran continued to release signals of strengthening its security and political system. It is worth noting that last week, the US Strategic Petroleum Reserve (SPR) accelerated its decline again, falling to its lowest level since 1983 and approaching the widely recognized operational floor of 250 million barrels. If the current weekly drawdown rate persists, the SPR will exhaust its buffer capacity within weeks. (Wall Street Insights) Donald Trump extended the Jones Act waiver allowing foreign vessels to transport oil and other goods within the US by 90 days, but imposed new restrictions. Due to the US-Iran conflict disrupting crude oil flows and driving up fuel costs, Trump maintained the related waiver while narrowing its scope. The new waiver will focus on energy transportation, including gasoline, jet fuel, crude oil, naphtha, liquefied natural gas, soybean oil, and fertilizers. Going forward, before deciding whether to grant a waiver for an individual voyage, the Pentagon will need to consult with the US Maritime Administration. The White House stated that the waiver helps ensure continued access to critical resources for the US military and essential industries, and increases domestic transportation of products such as gasoline, diesel, and jet fuel. However, US shipbuilders and some members of Congress believe that the waiver undermines the Jones Act's protection of the domestic shipping industry. (Jinshi Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

SMM, August 10: Metals market: As of the midday close, domestic base metals showed mixed performance. SHFE copper fell 0.52%, SHFE aluminum rose 0.15%, SHFE lead increased 0.41%, SHFE zinc dropped 1.68%, SHFE tin lost 1.34%, and SHFE nickel edged up 0.33%. Additionally, the most-traded foundry aluminum futures edged up, while the most-traded alumina futures edged down. The most-traded lithium carbonate futures rose 1.5%. The most-traded silicon metal futures gained 0.47%. The most-traded polysilicon futures fell 2.54%. Ferrous metals showed mixed performance. Iron ore slipped 0.7%, rebar lost 0.47%, and hot-rolled coil dipped 0.15%. Stainless steel advanced 0.48%. Coking coal and coke: the most-traded coking coal contract rose 1.75% and the most-traded coke contract added 0.43%. In the overseas base metals market, as of 11:43, LME metals broadly rose. LME copper gained 0.3%, LME aluminum climbed 0.69%, LME lead rose 0.29%, and LME zinc edged down 0.09%. LME tin was up 0.52% and LME nickel was down 0.21%. In precious metals, as of 11:43, COMEX gold fell 0.28% and COMEX silver rose 0.36%. In domestic precious metals: SHFE gold gained 1.5% and the most-traded SHFE silver futures rose 2.05%. Additionally, as of the midday close, the most-traded platinum futures rose 0.61% and the most-traded palladium futures fell 0.05%. As of the midday close, the most-traded European container shipping futures fell 2.8% to 1,634 points. As of 11:43 on August 10, selected futures’ midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 100 yuan/mt, down 60 yuan/mt from the previous trading day; standard-quality copper was quoted at parity, down 60 yuan/mt; SX-EW copper was quoted at parity, down 60 yuan/mt. The average price of Guangdong #1 copper cathode was 107,945 yuan/mt, down 410 yuan/mt from the previous trading day, while the average price of SX-EW copper was 107,835 yuan/mt, down 410 yuan/mt. In the spot market, Guangdong inventory edged up after the weekend, mainly due to increased arrivals of imported copper... Macro Front Domestic side: [NBS: July CPI up 0.5% YoY, PPI up 3.5% YoY] NBS data showed that in July, due to imported factors, the Consumer Price Index (CPI) fell 0.1% MoM and rose 0.5% YoY. The core CPI, which excludes food and energy prices, rose 0.3% MoM and 0.9% YoY. Overall, CPI maintained a mild increase. China saw increased demand in some sectors, but affected by imported factors and seasonality, the producer price index (PPI) fell 0.7% MoM and rose 3.5% YoY, with the growth rate pulling back 0.6 percentage points from the previous month. In July 2026, China's producer price index rose 3.5% YoY and fell 0.7% MoM. The industrial producer purchase price index rose 5.5% YoY and fell 1.0% MoM. From January to July, the average producer price index rose 1.8% YoY, and the average producer purchase price index rose 2.8% YoY. Dong Lijuan, chief statistician at the Urban Department of the National Bureau of Statistics (NBS), commented on the CPI and PPI data for July 2026. [PBOC reverse repo operation resulted in a net withdrawal of 45 billion yuan on the day] The PBOC conducted 18 billion yuan in 7-day reverse repo operations today, with 63 billion yuan of 7-day reverse repos maturing, resulting in a net withdrawal of 45 billion yuan on the day. (Jin10 Data App) US dollar: As of 11:43, the US dollar index rose 0.12% to 99.72. According to the CME "FedWatch": The probability of the US Fed keeping rates unchanged by September is 55.6%, and the probability of a cumulative 25 basis point rate hike is 44.4%. The probability of the US Fed keeping rates unchanged by October is 40.8%, the probability of a cumulative 25 basis point rate hike is 47.4%, and the probability of a cumulative 50 basis point rate hike is 11.8%. (Jin10 Data App) Economists surveyed by Reuters expect the US July headline CPI annual rate to fall to 3.4% from 3.5% in June; the core CPI annual rate is expected to fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if there is a second consecutive month of softer inflation readings, it would mean more than one month of data pointing to cooling inflationary pressures, essentially ruling out a September rate hike. However, economists also expect a slight increase in core services inflation in July, with prices rising 0.3% MoM. Previously, the data was flat from May to June. Bank of America analysts said a rebound in core services indicators could still keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails and inflation data comes in below expectations, then the Fed rate hike could be postponed to December or later. (Jin10 Data App) The US CPI report released on Wednesday is undoubtedly the most watched data this week. Economists generally expected the annual inflation rate to slow slightly, but core inflation to likely stay high, reflecting persistent price pressures in the services and housing sectors. Based on the latest data, the US Fed remained cautious, emphasizing the need for further confidence that inflation was moving sustainably toward its 2% target before considering interest rate cuts. (Jin10 Data App) Data: Data for the Eurozone's August Sentix Investor Confidence Index and China's July M2 money supply YoY have been released today. On the radar: The Bank of Japan released a summary of opinions from its July monetary policy meeting. Crude Oil: As of 11:43, oil prices rose in both benchmarks, with WTI up 0.67% and Brent up 0.91%. Stalled negotiations between Iran and the US over reopening the Strait of Hormuz supported oil prices. Weekend talks between Iran and Oman failed to reach an agreement on reopening the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi explicitly stated that Tehran currently had no direct negotiations with the US. According to media reports, Mohammad Bagher Zolghadr, head of Iran's Supreme National Security Council, said the Strait of Hormuz would remain closed until the US met six conditions, including ending military and aggressive actions against Iran and its allies, and providing compensation to Iran. The US insisted that any reopening arrangement must guarantee unimpeded freedom of navigation without conditions like Iranian approvals, fees, or controls. Citigroup noted that attacks by Yemen's Houthi forces on Saudi-affiliated vessels near the Red Sea and Bab el-Mandeb Strait continued, keeping risks beyond Hormuz also high. (Wall Street CN) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

On August 6 local time, US President Trump signed an executive order under Section 232 of the Trade Expansion Act of 1962 to impose minimum import prices and additional tariffs on imported polysilicon and its derivative products, aiming to support the domestic polysilicon, semiconductor, and solar supply chains in the US. The minimum import price for polysilicon was set at $21 per kg, about 3.4 times the average price in China; polysilicon ingots and wafers at $100 per kg; and solar cells and modules at $0.22 per watt and $0.38 per watt, respectively. The measures will take effect on December 4, 2026. In response to the above news, a representative from Jinko Solar said that further assessment is needed for the new policies just introduced by the US, and communication can be made after the assessment is mature; reference can also be made to analyses by third-party institutions. On the same day, a representative from Trinasolar stated that the company mainly sells modules, and polysilicon is just a raw material for module production, one link in the industry chain. In addition, the company’s exports to North America are relatively small, and shipments are mainly conducted through partners, so the impact is temporarily limited. As of August 7, the board secretary office of JA Solar Technology did not answer the phone.

SMM, August 7 report: In metals market: As of midday closing, base metals in the domestic market nearly all rose. SHFE copper rose 0.56%, SHFE aluminum rose 0.86%. SHFE lead rose 0.48%. SHFE zinc rose 1.35%. SHFE tin fell 0.3%. SHFE nickel rose 0.44%. Additionally, the most-traded cast aluminum futures contract rose 0.32%, the most-traded alumina futures contract fell 0.33%. The most-traded lithium carbonate contract rose 1.23%. The most-traded silicon metal contract rose 2.21%. The most-traded polysilicon futures contract rose 5.03%. Ferrous metals all rose. Iron ore rose 0.28%, rebar edged up, hot-rolled coil rose 0.43%. Stainless steel rose 1.39%. For coking coal and coke: the most-traded coking coal contract rose 2.6%, the most-traded coke contract rose 3.22%. In the overseas base metals market, as of 11:40, LME metals collectively rose. LME copper rose 0.69%, LME aluminum rose 0.31%, LME lead rose 0.4%, LME zinc rose 0.44%. LME tin rose 0.42%. LME nickel rose 1.61%. In precious metals, as of 11:40, COMEX gold rose 0.43%, COMEX silver rose 1.45%. In domestic precious metals: SHFE gold rose 0.28%, the most-traded SHFE silver contract rose 0.11%. Additionally, as of midday closing, the most-traded platinum futures contract fell 1.71%, the most-traded palladium futures contract fell 1.55%. As of midday closing, the most-traded European route container shipping futures contract rose 1.79% to 1,682 points. As of 11:40 on August 7, some futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was at 160 yuan/mt, up 70 yuan/mt from the previous trading day; standard-quality copper was at a premium of 60 yuan/mt, up 50 yuan/mt from the previous trading day; SX-EW copper was at 0 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,355 yuan/mt, up 455 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,245 yuan/mt, up 425 yuan/mt from the previous trading day... Macro Front China: [Over 30 trillion yuan! China's goods trade imports and exports continued their growth trend in the first seven months of this year] The General Administration of Customs released statistics today showing that in the first seven months of this year, China's goods trade imports and exports totaled 30.13 trillion yuan, up 17.3% YoY, continuing a strong growth trend. Exports reached 17.44 trillion yuan, up 14%; imports reached 12.69 trillion yuan, up 22%. In July, total imports and exports reached RMB4.66 trillion, up 19.2% YoY. Of which, exports stood at RMB2.71 trillion, up 17.8% YoY, and imports were RMB1.95 trillion, up 21.2% YoY. [National Energy Administration: Increase Independent R&D of Key Power Equipment, Promote Breakthroughs in Key Technologies Such as Power Chips and UHV Components] The National Energy Administration issued the "Power Production Safety '15th Five-Year' Action Plan". It mentioned strengthening "AI+" safety governance, innovating high-precision fault prediction and health management methods for equipment, promoting the embedding of AI technology into intelligent safety tools, and researching AI large model-based decision support technology for power production safety. Increase independent R&D of key power equipment, strengthen R&D of new-type protective materials, establish a special plan for tackling core component technologies in power equipment, and promote breakthroughs in key technologies such as power chips and UHV components. Promote innovation in safety and quality control technologies for power construction projects, research and build an intelligent supervision system for power construction projects, and use AI, big data and other means to strengthen off-site supervision and quality monitoring of key power projects. (National Energy Administration) [General Administration of Customs: Cumulative Integrated Circuit Exports Up 99.5% YoY, January-July] Data released by the General Administration of Customs showed that China's integrated circuit export value reached $38.74 billion in July, and the cumulative export value from January to July reached $216 billion, up 99.5% YoY. (Jinshi Data APP) [PBOC Open Market Operations Net Drain of RMB133 Billion on the Day, Net Drain of RMB1,225.5 Billion for the Week] The PBOC conducted a 7-day reverse repo operation of RMB1 billion today, and as RMB134 billion of 7-day reverse repos matured, a net drain of RMB133 billion was realized on the day. This week, the PBOC conducted 7-day reverse repo operations of RMB176.5 billion, overnight reverse repo operations of RMB300 billion, and outright reverse repo operations of RMB500 billion. As RMB116.5 billion of 7-day reverse repos and RMB900 billion of overnight reverse repos matured this week, a net drain of RMB1,225.5 billion was realized for the week. (Jinshi Data APP) US dollar: As of 11:40, the US dollar index rose 0.02% to 99.96. The market is eyeing US non-farm payrolls data for clues on the interest rate outlook. According to the CME "Fed Watch": the probability that the Fed will keep interest rates unchanged in September is 45%, and the probability of a cumulative 25-basis-point rate hike is 55%. By October, the probability of unchanged rates is 31%, a cumulative 25-bp hike is 51.9%, and a cumulative 50-bp hike is 17.1%. (Jinshi Data App) US Fed’s Musalem: The current inflation rate remains well above the US Fed’s 2% target. Monetary policy must effectively curb underlying inflation rather than tolerate current high inflation in hopes of future productivity gains. US Q2 labour productivity increased faster than expected, mainly because enterprises sought to ease pressures from rising costs. Data released on Thursday showed Q2 nonfarm productivity grew at an annualised rate of 1.4%, above the upwardly revised 0.8% increase in Q1, and also exceeded market expectations. Meanwhile, unit labour costs rose 1.3%, below expectations. US Fed officials, investors, and economists have been looking for signs that hundreds of billions of dollars in AI investment are boosting labour productivity. However, since official data fluctuates greatly from quarter to quarter, it will still take time to observe clear trends. Labour costs are one of the largest expenditure items for many enterprises, and efficiency gains can allow wages to rise without fuelling inflation. In the long term, higher productivity helps improve living standards, but some economists worry that if AI-driven productivity growth persists, some enterprises may delay hiring or even cut staff. Q2 productivity growth was supported by the strongest output expansion since Q3 2025, while the increase in hours worked was more moderate. (Jinshi Data App) Data: Today will see the release of France’s Q2 ILO unemployment rate, Germany’s June seasonally adjusted industrial output m/m, Germany’s June seasonally adjusted trade balance, the UK’s July Halifax seasonally adjusted house price index m/m, France’s June trade balance, Switzerland’s July consumer sentiment index, Canada’s July employment change, the US July unemployment rate, the US July seasonally adjusted nonfarm payrolls, the US July average hourly earnings y/y, the US July average hourly earnings m/m, the US July New York Fed 1-year inflation expectations, China’s July US dollar-denominated trade balance, China’s July foreign exchange reserves, and China’s July trade balance. Watch for: 2028 FOMC voter and St. Louis Fed President Musalem speaks on the US economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin speaks. Crude oil: As of 11:40, both oil prices rose, with WTI up 1.01% and Brent up 1.06%. Market concerns over the shipping outlook through the Strait of Hormuz supported prices. According to preliminary US government data, US crude oil imports from Saudi Arabia fell to zero in July this year, the first time since 1985 that there were no Saudi crude imports for an entire month. Data released by the US Department of Energy (DOE) on Wednesday local time showed that Saudi crude oil shipments to the US had completely halted in July. Considering that US refineries had been purchasing more than 800,000 barrels per day of Saudi crude earlier this year, this drop was significant. As the closure of the Strait of Hormuz and other war-related supply disruptions pushed up crude prices linked to the global benchmark, US refineries had been seeking alternative supplies to Saudi crude. Saudi crude deliveries to the US had historically dropped to zero in isolated weeks, but July was the first time in over 40 years that the entire month fell to a minimum level. According to Kpler data, US crude oil imports from Saudi Arabia are expected to recover to around 300,000 barrels per day this month, in line with recent historical norms. (Jin10 Data APP) Saudi Arabia lowered its main crude prices for Asia, while negotiations were underway on a deal aimed at easing shipping pressures in the Strait of Hormuz. Despite Houthi threats jeopardizing an alternative route for eastbound crude shipments via the Red Sea, Saudi Arabia still lowered prices. A price list showed that Saudi Aramco cut the price of Arab Light crude for delivery to Asian clients next month by 50¢ per barrel, to $2 per barrel below the regional benchmark. A previous survey showed that traders had expected Saudi Aramco to keep its flagship crude prices unchanged. This week, global benchmark Brent crude prices fell sharply, currently trading near $80 a barrel. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ► ►