Tongguan Jinyuan Futures Commodity Daily: US July PPI Cools; Commodities Diverge
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Key Views
COMEX gold fell 1.35% to $4,407.10/oz; the report maintains its phased-rebound view and suggests buying on dips after corrections. LME aluminum inventories near 250kt—a roughly four-year low—support prices, though a short-term high-level correction is underway; alumina stays rangebound on oversupply. Copper oscillates on mine tightness; lead weakens as inventories hit 75.2kt; tin firms on chip strength. Lithium carbonate rose 1.73% to RMB 151,420/t; polysilicon gained 1.11% to RMB 38,210/t on deepening anti-involution policy. Five-major-steel-product inventories fell 246.3kt week-over-week; 112 Yulin coal-washing plants halted pending September 12 inspections support coke. Palm oil strengthens on India's roughly 50% import jump and El Niño odds above 90%.
Outlook
Watch tonight's US retail sales, Middle East developments, and China's July financial data; further A-share upside requires volume and earnings support.