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STRENGTHENING AMERICA’S COPPER INDUSTRY: Today, President Donald J. Trump signed a Proclamation to address the effects of copper imports on America’s national security, including by imposing tariffs on several categories of copper imports.
[SMM Magnesium Morning Meeting Summary: Supported by Firm Raw Material Prices, Magnesium Products Remain High and Range-bound] On July 31, the prices of magnesium raw materials remained firm. The ex-factory price of 75 ferrosilicon in Shaanxi was 5,800-5,900 yuan/mt, and the most-traded futures contract closed at 6,008 yuan/mt. The quotes for Fugu magnesium ingots held steady at 17,100-17,200 yuan/mt, with FOB quotes at $2,350-2,460/mt. Magnesium alloy prices remained at 18,750-18,850 yuan/mt, with FOB quotes at $2,600-2,670/mt. Magnesium powder prices were at 18,300-18,500 yuan/mt, with FOB quotes at $2,520-2,590/mt. The market as a whole exhibited characteristics of weak supply and demand: the supply side maintained a tight balance due to policy regulations and planned maintenance; the demand side only maintained just-in-time procurement, with sluggish trading. The ferrosilicon market received support from the initiation of tenders by steel mills, and magnesium-based products remained high due to cost support, but actual transactions were limited. It is expected that the market will continue to fluctuate at highs in the short term, with a focus on the release of demand in August.
SMM Morning Comment For SHFE Base Metals (July 31)
Futures market: Overnight, LME copper opened and touched a high of $9,751/mt, then fluctuated downward throughout the session, nearing a low of $9,676/mt before finally settling at $9,730/mt, down 0.74%.
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