Macroeconomics

1. [Fed Interest Rates] The Federal Reserve announced that the Federal Open Market Committee (FOMC) has agreed to maintain the target range for the federal funds rate at 3.5% to 3.75%, marking the fifth consecutive time this year that the Fed has kept rates unchanged.

2. [Automotive] Data released by the CPCA (China Passenger Car Association) shows that from July 1 to 26, national retail sales of passenger vehicles totaled 1.123 million units, down 18% year-on-year and down 13% compared to the same period last month; cumulative retail sales for the year reached 9.824 million units, a year-on-year decline of 20%. During the same period, retail sales of new energy passenger vehicles totaled 738,000 units, down 2% year-on-year and down 10% compared to the same period last month, with cumulative sales for the year reaching 5.443 million units, a year-on-year decline of 13%. The retail penetration rate of new energy vehicles in the national passenger car market stood at 65.7% from July 1 to 26.

Non-ferrous Metals

1. [Alumina] An alumina plant in Guangxi plans to begin maintenance on one calciner on the 8th of next month; the process is expected to take approximately 15 days and involves a production capacity of about 800,000 tonnes per year.

2. [Tin] London Metal Exchange (LME): As of July 29, LME tin inventories stood at 6,330 tonnes, a decrease of 80 tonnes. This total comprised 5,245 tonnes of on-warrant stocks and 1,085 tonnes of cancelled warrants, with cancelled warrants accounting for 17.14% of the total.

3. [Copper] Glencore’s production report for the first half of 2026 shows that its own-sourced copper production reached 397,000 tonnes, up 15% year-on-year. Zinc production was 365,600 tonnes (down 21% year-on-year), and nickel production was 35,800 tonnes (down 2% year-on-year). The report also stated that the full-year production guidance for copper, zinc, and nickel remains unchanged.

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