Macroeconomics

1. [Reverse Repo] On July 15, 2026, the People's Bank of China will conduct an outright reverse repo operation totaling 1.4 trillion RMB. The operation will utilize a fixed-quantity, interest-rate tender with multiple-price winning bids; it carries a six-month (184-day) term, maturing on January 15, 2027 (postponed if falling on a holiday).

2. [Imports & Exports] Customs statistics show that in the first half of the year, my country's total import and export value for goods reached 25.47 trillion RMB, a year-on-year increase of 16.9%. Of this, exports rose 13.4% to 14.73 trillion RMB, and imports grew 22.1% to 10.74 trillion RMB. Specifically, the import and export volume for June was 4.78 trillion RMB, up 24.2% year-on-year, marking the 17th consecutive month of growth.

3. [US CPI] Data released by the US Bureau of Labor Statistics shows that the US CPI rose 3.5% year-on-year in June, while core CPI rose 2.6%; both figures represent a significant pullback from previous readings and fell short of market expectations. The CPI declined 0.4% month-on-month in June—the first such drop in six years—with the magnitude of the decline far exceeding the expected 0.1%. Following the data release, traders pushed back their bets on a Federal Reserve rate hike to October.

4. [US ADP Employment] US ADP employment increased by 19,750 last week, compared to a previous figure of 21,000.

Non-ferrous Metals

1. [Lead] According to London Metal Exchange (LME) data, LME lead inventories rose by 80,700 tonnes to 370,075 tonnes on July 14, marking a new high since April 19, 2012. The increase was primarily driven by rising stocks in Singapore warehouses.

2. [Aluminum] Aluminum Corporation of China (Chinalco): Spot prices for aluminum ingots (AL99.70) rose across various regions on July 14. The quoted price in the East China market was 23,270 RMB/ton (up 270 RMB/ton from July 13); the South China market quote was 23,260 RMB/ton (up 260 RMB/ton); the Southwest market quote was 23,220 RMB/ton (up 270 RMB/ton); and the Central China market quote was 23,120 RMB/ton (up 270 RMB/ton).

3. [Rare Earths] General Administration of Customs: China’s rare earth exports totaled 5,104.8 tonnes in June and 30,482.8 tonnes for the January–June period.

4. [Copper Ore and Concentrate] General Administration of Customs: China’s imports of copper ore and concentrate amounted to 2.335 million tonnes in June, compared to 2.361 million tonnes in May; cumulative imports for January–June totaled 14.609 million tonnes, down 0.9% year-on-year.

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