July 2018 cable raw materials (copper) monthly report

Domestic aspects:

1.
China's official manufacturing PMI 51.
50, non-manufacturing PMI 55, composite PMI 54.
40
in June.
The National Bureau of Statistics believes that the manufacturing industry has generally maintained expansion, and the non-manufacturing industry has maintained a steady and good development momentum
on the whole.
In June, Caixin's manufacturing PMI fell slightly from the previous month, output growth rose to a four-month high, new order growth slowed, new export orders were in contraction territory for three consecutive months, and employment continued to decline
.

2.
China's CPI rose slightly year-on-year in June, hitting a three-month high, mainly affected by rising health care, transportation and communication prices; However, the year-on-year CPI growth rate was below 2% for the third consecutive month, and the month-on-month negative growth was negative for four consecutive months
.
China's June PPI was higher than expected and rose for the second consecutive month month-on-month, with year-on-year growth reaching its highest since 2018, with higher oil prices contributing the most
.

3.
China's official non-manufacturing PMI 54 in July, 54.
9 expected, 55 previously, and 53.
6 in July, 54.
4
previously.
China's manufacturing activity slowed slightly in July, but remained above the boom-bust line for 24 consecutive months, extending the expansionary trend
.
Although the non-manufacturing industry sentiment is at an 11-month low, it remains in the high economic range
.

4.
China's Caixin manufacturing PMI 50.
8 in July, 50.
9 expected, 51 in the previous month, growth slowed to an eight-month low
.
China's Caixin manufacturing PMI in July continued to decline slightly from the previous month, indicating a moderate weakening of the manufacturing boom and a greater drag on exports, but companies actively increased inventories and the pressure on capital turnover eased
.

International aspects:

1.
The US non-farm payrolls data for June was better than expected as the manufacturing sector increased employment
.
The unemployment rate has risen since an 18-year low, but steady hiring and growing job seekers point to a strong
job market.
However, hourly earnings grew less than expected and prior, suggesting that moderate inflationary pressures could lead the Fed to gradually raise interest rates
.

2
.
The US PPI rose slightly more than expected in June, the largest increase in six and a half years, mainly due to higher gasoline prices, and higher costs in the service sector and motor vehicles.
The US CPI m/m rose slightly after the June quarterly adjustment as gasoline prices slowed and clothing prices fell, but the underlying trend still points to a steady rise
in US inflationary pressures.

3.
Preliminary GDP growth of 4.
1% in the second quarter of 2014 was the highest pace since the third quarter of 2014, but slightly lower than expected, benefiting from accelerated PCE and export growth, increased federal government spending, and growth in non-residential business investment
.

4.
ADP employment in the United States increased by 219,000 in July, higher than expected
.
The data shows no signs of a slowdown in the labor market, with strong growth in almost every sector and rising hiring by small businesses
.