Macroeconomics
1. [Reverse Repo] The central bank announced that, to better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations from September 14 to September 17. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.
2. [US PPI] US Producer Price Index (PPI) rose 0.4% month-on-month and 5.4% year-on-year in August, marking the largest monthly increase in three months; markets are betting on a 70% probability of a Federal Reserve rate hike next week.
3. [US Treasuries] The US Treasury's long-term bond buyback operation, totaling over $5 billion, fell short of the targeted maximum; the sell-off in US Treasuries remains unstoppable, with the 10-year yield approaching 5%.
4. [ECB Rate Hike] The European Central Bank raised its three key interest rates by 25 basis points. Specifically, the ECB increased the deposit facility rate from 2.25% to 2.5%, while simultaneously raising the main refinancing rate and the marginal lending rate to 2.65% and 2.9%, respectively.
5. [Shipping] According to Iranian sources, Iran has ordered a temporary suspension of the 10% freight surcharge levied on foreign vessels transporting energy products into or out of the country. This move represents a tactical adjustment amidst ongoing maritime tensions in the Strait of Hormuz, a critical shipping lane vital to the global energy supply.
Non-ferrous metals
1. [Lead & Zinc] Construction has commenced on the Bulabay lead-zinc mine project in Kazakhstan. Invested by Liaoning Hongda Group with a total outlay of approximately 2.04 billion RMB, the project has a two-year construction period and is expected to begin production in 2028. Upon reaching full capacity, it will produce 210,000 tonnes of lead-zinc raw materials and 20 tonnes of associated silver annually.
2. [Nickel] On September 10, Eramet announced that PT Weda Bay Nickel (PT WBN) had received approval from Indonesian authorities to gradually restart mining operations following a maintenance period of approximately four months. The approval covers nickel ore quotas under the RKAB (Work Plan and Budget) for the second half of 2026, though Eramet has not yet disclosed the specific approved quota volumes. Eramet stated that the resumption of production would proceed gradually, with the pace contingent upon the redeployment of contractors and equipment, adjustments to the annual mining plan, and the completion of relevant administrative procedures.
3. [Lead] A large secondary lead smelter in East China has halted production due to equipment failure; maintenance is expected to continue until the end of the month, affecting daily refined lead output by approximately 600 tonnes.
4. [Tin] As of September 10, 2026, tin inventories at the Shanghai Futures Exchange stood at 5,573 tonnes, a decrease of 25 tonnes from the previous trading day. Specifically, inventories in the Shanghai region totaled 1,999 tonnes (down 13 tonnes); the Guangdong region held 3,230 tonnes (down 12 tonnes); and the Jiangsu region held 344 tonnes (unchanged).
SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.
