Cable Raw Materials (Copper) Weekly Report (7.11-7.15)

1.
China's June CPI was 1.
9% year-on-year, 1.
8% expected, 2% in the previous month, down 0.
1% month-on-month; In June, PPI rose and fell month-on-month, down 0.
2% month-on-month; -2.
6% y/y, -2.
5% expected, -2.
8%
prior.
The Minsheng macro team pointed out that the fall in inflation opened a window period of policy easing
.
With weaker economic data in the third quarter and the mid-year Politburo meeting, policy easing will increase
marginally.

2.
Since the beginning of this year, the world economic situation has remained complicated, global trade has continued to shrink, and the domestic economy has entered a new normal of development
.
According to customs statistics, in the first half of this year, the total value of China's import and export of goods was 11.
13 trillion yuan, down 3.
3%
from the same period last year.
Among them, exports were 6.
4 trillion yuan, down 2.
1%; imports were 4.
73 trillion yuan, down 4.
7%; The trade surplus was 1.
67 trillion yuan, an increase of 5.
9%.

In March and June, the number of new non-farm payrolls in the United States hit an eight-month high, but unfortunately the new jobs were seriously aging, 90% of the new jobs in that month were elderly citizens aged 55 and above, and only 28,000
new jobs were created between the ages of 25 and 54.
And most of the new jobs are low-income jobs, and more than half of the new jobs are only paid
on the minimum wage.

4.
The pound on Tuesday ushered in its biggest one-day rally since the Brexit vote, driven by the emergence of a new prime minister earlier than expected, which somewhat reduced some of the uncertainty
caused by Brexit.
As a result, global risk appetite generally strengthened on Tuesday, with European and American equities generally strong, especially the Dow and S&P in the United States hitting record highs
.

5.
Middle East crude oil production has climbed to record highs, while U.
S.
crude oil production has fallen
, according to the International Energy Agency (IEA).
There are signs that OPEC's strategy of using low prices to maintain market share is succeeding
.
The Middle East's share of global crude oil supply rose to 35 percent, the highest since
the late 1970s.
The IEA said record-high oil inventories remain a threat
to near-term oil price stability.