1. The China Futures Association (CFA) issued a notice regarding the release of the "Measures for Formulating Self-Regulatory Rules of the China Futures Association": The "Futures and Derivatives Law" establishes the basic system of the futures and derivatives market at the legal level,
and clarifies the association's statutory responsibility to "formulate and implement industry self-regulatory rules." Therefore, relevant clauses have been amended to incorporate the "Futures and Derivatives Law" into the superior legal basis.
2. Data from the Shanghai Shipping Exchange shows that as of July 10, the Shanghai Containerized Freight Index (SCFI) was 3184.83 points, down 142.04 points from the previous period. The China Containerized Freight Index (CCFI) was 1873.15 points, up 3.4% from the previous period.
3. Data from SteelHome shows that the total urban inventory this week was 10.0654 million tons, an increase of 0.56 million tons (+0.06%) compared to last week. The total inventory of construction steel this week was 5.711 million tons, an increase of 4.76 million tons (+0.84%) compared to last week. This week, total hot-rolled coil inventory was 2.1951 million tons, a decrease of 24,900 tons (-1.12%) compared to last week.
4. MPOB data shows that Malaysian palm oil inventory in June was 2.5441 million tons, an increase of 4.78% month-on-month; crude palm oil production was 1.6388 million tons, an increase of 8.08% month-on-month; and palm oil exports were 1.204 million tons, an increase of 6.19% month-on-month. This data shows that while production growth was slightly lower than expected, export performance was significantly weaker than expected, and imports surged by 135.33% month-on-month, driving inventory to increase for the third consecutive month, exceeding market expectations of 2.5 million tons.
5. Data released by the U.S. Department of Agriculture (USDA) shows that private exporters reported sales of 264,000 tons of soybeans to China, all for delivery in the 2026/2027 marketing year.
6. According to AmSpec, an independent inspection agency in Malaysia, Malaysia's palm oil exports from July 1st to 10th totaled 396,261 tons, a 5.12% increase compared to 376,971 tons exported during the same period last month.
7. According to SMM, on the evening of July 9th, a leading company in Anhui province, China, underwent cold repairs on a 1200-ton/day kiln, bringing its total cold repair capacity for July to 2700 tons/day. This indicates a further acceleration of production cuts, and some glass companies plan to raise their prices by 1-2 yuan/square meter during the settlement period after the end of July.
8. Emirates Global Aluminium (EGA) announced the restart of its Al Taweelah alumina refinery. It expects to increase capacity to 50% within days and strives to achieve full production capacity by the end of the year. The company also clarified that its electrolytic aluminum plant's production increase plan does not depend on the full production capacity of this alumina refinery.
9. Shanghai Futures Exchange: Last week, copper inventories decreased by 22,406 tons, aluminum inventories decreased by 24,229 tons, zinc inventories increased by 952 tons, lead inventories increased by 858 tons, nickel inventories decreased by 2,525 tons, and tin inventories decreased by 351 tons.
10. According to SMM, the decline in domestic processing fees in July was mainly due to the continued low price ratio between domestic and international markets. The loss on imported zinc concentrate in China further decreased to nearly -2,000 yuan/ton. Smelters continued to prioritize purchasing domestic zinc concentrate in July, and the overall supply and demand of zinc concentrate in China remained tight.
