June 2016 cable raw materials (aluminum) monthly report

In China, the year-on-year CPI data in May was 2.
0%, down 0.
3 percentage points slightly from April, the first decline
since October last year.
Recently, the central bank released China's macroeconomic forecast for 2016, raising the inflation target for this year to 2.
4%, showing that the policy side for the inflation outlook expectations to pick up, although it is more difficult for the country to reproduce the RRR and interest rate cuts, but maintaining moderate easing will still be the central bank's policy target, the main means currently used are MLF, SLF or reverse repurchase, etc.
, the current overnight SHIBOR maintained at 2%, not affected by the gradual approach to the end of the quarter
.
Overall, it is difficult to shift to domestic monetary easing for the time being, and against this backdrop, it is more difficult for commodities to experience systemic risks
arising from the shift in monetary policy.

In Europe and the United States, the United Kingdom voted to leave the European Union, European and American stocks continued to rebound, the S&P 500 index recorded its biggest weekly gain since November last year, but the pound fell nearly 11%, the market is pessimistic
about the pound.
At the same time, Fed Vice Chairman Fisher said that it is necessary to wait and see how Brexit affects the US and global economies, and the market now expects the probability of no interest rate hike at the July and September meetings of the Fed to be close to 80%.