Macroeconomics

1. [Automotive] Data from the CPCA (China Passenger Car Association) shows that retail sales of passenger vehicles nationwide totaled 1.461 million units in July, a year-on-year decrease of 20.9%. Of this total, retail sales of new energy vehicles (NEVs) reached 951,000 units (down 3.9% year-on-year, with a market penetration rate of 65.1%), while retail sales of conventional internal combustion engine vehicles stood at 510,000 units (down 41% year-on-year). Exports of new energy passenger vehicles in July amounted to 540,000 units, a year-on-year increase of 147.8%.

2. [Australian Interest Rates] The Reserve Bank of Australia announced on the 11th that it would keep its benchmark interest rate unchanged at 4.35%, in line with market expectations. While the central bank maintained the rate, it also warned that inflationary risks persist.

Non-ferrous Metals

1. [Silver] CME Group announced that 24-hour trading for silver will launch on September 11, extending round-the-clock trading coverage to 100-ounce silver futures.

2. [Nickel] On August 11, Nickel Industries Ltd announced that its Excelsior Nickel Converter (ENC) project in Indonesia had produced its first batch of nickel cathodes. This milestone marks the project's official entry into the nickel cathode production phase, further advancing the development of downstream deep-processing capabilities within Indonesia's nickel industry.

3. [Copper] According to foreign media reports, Indonesian copper exports are facing delays after the smelter serving the massive Grasberg mine halted production over the weekend due to a boiler leak. Sources familiar with the matter stated that copper buyers sourcing from the Gresik smelter have been informed that operations will be suspended for several weeks to allow for assessment and repairs.

4. [Copper] Japan's Sumitomo Metal Mining has finalized copper concentrate treatment and refining charges (TC/RCs) at over $10 per tonne and 10 cents per pound—rates that exceed the "zero-fee" agreements reached by some Chinese smelters. Global smelting capacity has expanded faster than mine supply, continuously squeezing profit margins. Sumitomo noted that, rather than following the Chinese benchmark, it negotiated independently to secure double-digit terms.

5. [Copper] Data released by the Chilean Copper Commission shows that production at major copper companies largely increased year-on-year in June. Output at the Escondida mine reached 111,400 tonnes, a rise of 45.8%; the Collahuasi mine produced 34,900 tonnes, a slight increase of 1.7%; meanwhile, production at Codelco (Chile's state-owned copper company) fell by 4.8% to 114,400 tonnes.

6. [Gold] According to the latest statistics from the World Gold Council, global gold demand in the second quarter of 2026 stood at 941.8 tonnes, down 14.2% year-on-year and 6.7% quarter-on-quarter.

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