Group 1 - Jiangxi Copper Company (00358) saw its stock price rise by 8.14% to HKD 25.24, with a trading volume of HKD 315 million [1] - For the first half of 2025, Jiangxi Copper reported revenue of approximately CNY 256.03 billion, a year-on-year decrease of 4.97%, while net profit attributable to shareholders was about CNY 4.451 billion, an increase of 19.78% [1] - Citigroup raised its target price for Jiangxi Copper's H-shares from HKD 19.1 to HKD 27.9 and for A-shares from CNY 25 to CNY 33.8, maintaining a "Buy" rating [1] Group 2 - Jaxin International Resources officially listed on August 28, and its Bakuta tungsten mine is the fourth largest WO₃ mineral resource globally, with the largest designed tungsten production capacity in a single mine [2] - The company holds a 31.24% stake in Jaxin International Resources, which has begun to release production from the Bakuta tungsten mine [2]

Core Viewpoint - LME copper prices reached a two-month high due to a decline in the dollar, positive economic data, and optimistic expectations for a rate cut in the U.S. [1] Group 1: Copper Market Performance - On September 2, LME three-month copper rose by $96.5, or 0.98%, closing at $9,980.5 per ton, with an intraday high of $10,009, the highest since July 3 [1][2] - The premium for copper imports in China, measured by the Yangshan copper premium, increased to $55 per ton, up from $29 on July 8, but still below the $100 level seen in May [4] - LME copper inventories are high, indicating weak demand outside of China, with spot copper trading at a discount of approximately $85 per ton compared to three-month copper [5][6] Group 2: Economic Indicators - The U.S. manufacturing sector contracted for the sixth consecutive month in August, with the ISM manufacturing PMI slightly rising to 48.7 from 48.0 in July, remaining below the neutral level of 50 [6] - The new orders index in the ISM survey rose to 51.4, indicating potential recovery after six months of contraction [7] - Market attention is focused on the upcoming Federal Reserve meeting on September 16-17, with expectations of a rate cut that could weaken the dollar and boost metal prices [7] Group 3: Other Base Metals Performance - LME three-month aluminum increased by $8, or 0.31%, closing at $2,619.0 per ton [2][8] - LME three-month zinc rose by $32.5, or 1.15%, closing at $2,865.0 per ton [2][8] - LME three-month lead decreased by $9.5, or 0.47%, closing at $1,994.0 per ton [2][9] - LME three-month nickel fell by $207, or 1.34%, closing at $15,232.0 per ton [2][10] - LME three-month tin dropped by $219, or 0.63%, closing at $34,733.0 per ton [2][8]

Core Viewpoint - Gold stocks are rising against the trend, with gold resources increasing over 6%, Harmony Gold up over 5%, and Kinross Gold up over 1% due to expectations of U.S. interest rate cuts and a weakening dollar [1] Group 1 - Spot gold reached a new high, peaking at $3,508.7 per ounce [1] - Silver spot prices also surpassed the $40 mark, achieving a 14-year high [1]

Group 1 - The core viewpoint of the article highlights that gold prices have reached a historical high of $3,508.70 per ounce, influenced by expectations of interest rate cuts in the U.S. and a weakening dollar [1] - Traders currently estimate a 90% probability that the Federal Reserve will cut interest rates by 25 basis points in the upcoming September policy meeting [1] - The article mentions that President Trump has been criticizing the Federal Reserve and its Chairman Powell for not lowering interest rates, indicating a political dimension to the monetary policy discussions [1] Group 2 - Investors are awaiting the U.S. non-farm payroll data to gauge the potential extent of interest rate cuts by the Federal Reserve later this month [1]

Core Viewpoint - The current trend of RMB appreciation is primarily driven by holders of foreign exchange (cross-border capital, foreign trade enterprises), while domestic investors remain relatively cautious, as evidenced by the high "Shanghai gold premium" [1][3]. Group 1: RMB Exchange Rate Dynamics - The RMB exchange rate has experienced two phases: the first phase from April to June was characterized by a collapse in dollar credit, where the US-China interest rate differential had an inverse relationship with the RMB exchange rate; the second phase from July to August saw a return to the significance of the US-China interest rate differential due to expectations of US interest rate cuts [9]. - The RMB exchange rate is currently showing a "three-price divergence," indicating a persistent discrepancy among the "gold purchasing power parity" reflecting domestic expectations, the offshore price reflecting market expectations, and the central bank's middle price reflecting its stance [9]. Group 2: Investor Behavior - Holders of foreign exchange (foreign capital, foreign trade enterprises) are the main drivers of the current RMB appreciation, while currency exchangers (domestic investors) are more cautious about the trend [9]. - Domestic investors, who are currency exchangers, are more concerned with dollar yields and are less sensitive to dollar credit, which is reflected in the high correlation between gold purchasing power parity and US Treasury yields [9]. Group 3: Central Bank's Role - The central bank's management of exchange rate expectations has become crucial, as the pricing logic of the RMB exchange rate is expected to become more complex by 2025, with the US-China interest rate differential no longer being as effective as in previous years [3]. - The central bank has successfully demonstrated expectation management, leading to increased optimism among domestic investors and a breakthrough at the key level of 7.15, with expectations that the offshore price may rise to the range of 7.0-7.1 [3][9].

Group 1 - The core viewpoint of the article highlights that gold sector stocks listed in London are rising due to increasing gold prices driven by expectations of U.S. interest rate cuts and uncertainties surrounding tariffs [1] - Gold prices are approaching historical highs, influenced by the upcoming U.S. economic reports including the Federal Reserve's Beige Book, non-farm payroll report, job vacancies, labor turnover survey, and ADP report [1] - Specific stock performances include Hochschild Mining's share price increasing by 5%, Alien Metals rising by 3.85%, and Fresnillo up by 1.6% [1]

Group 1: Report Overview - Report Name: Crude Oil Daily [1] - Date: August 28, 2025 [2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core View - This year, the peak - season consumption in the US has no obvious improvement. The market has digested the US interest - rate cut expectation to some extent. There is no driving force for oil prices, which are expected to continue oscillating at the bottom and may fall again in the medium term [7] Group 4: Market Review and Operation Suggestions - WTI main contract: opened at 64.75 dollars/barrel, closed at 63.31 dollars/barrel, with a high of 64.76 dollars/barrel, a low of 63.13 dollars/barrel, a decline of 2.3%, and a trading volume of 18.38 million barrels [6] - Brent main contract: opened at 68.14 dollars/barrel, closed at 66.69 dollars/barrel, with a high of 68.16 dollars/barrel, a low of 66.6 dollars/barrel, a decline of 2.24%, and a trading volume of 28.51 million barrels [6] - SC main contract: opened at 491.7 yuan/barrel, closed at 479.7 yuan/barrel, with a high of 493.3 yuan/barrel, a low of 478 yuan/barrel, a decline of 3.62%, and a trading volume of 12.54 million barrels [6] - As of the week ending on the 15th, US crude inventories declined more than expected due to the recovery of crude exports, which reached 4.37 million barrels per day, a new high since April this year. However, refined - oil consumption remained weak, with gasoline apparent demand at 8.842 million barrels per day, showing a decline both year - on - year and month - on - month. Whether diesel demand can maintain its strength needs further attention [6] Group 5: Industry News - Goldman Sachs expects Brent crude prices to fall to just over $50 by the end of 2026 due to an expanding oil surplus next year [8] - Facing approaching US tariffs, India plans to reduce Russian oil purchases [8] - Russia plans to increase oil exports by 200,000 barrels per day in August despite refinery shutdowns, but there is uncertainty in the export plan due to continuous drone attacks and maintenance work [8] - Kpler data shows that Iran's average daily crude exports in August are about 1.5 million barrels, down from 1.7 million barrels during March - May [8] - According to Reuters' calculation, Ukrainian attacks have disrupted at least 17% of Russia's refining capacity [8] Group 6: Data Overview - The report presents multiple data charts, including WTI spot price, Oman spot price, Brent fund net position, Dtd Brent price, etc., with data sources from wind, CFTC, Bloomberg, and EIA [11][13][14]

Core Viewpoint - Morgan Stanley has adjusted the profit forecast for Luoyang Molybdenum (603993) down by 2% for 2025 due to the extended export ban in Congo, while increasing the profit forecasts for 2026 and 2027 by 5% and 8% respectively [1] Group 1: Profit Forecast Adjustments - The profit forecast for Luoyang Molybdenum in 2025 has been reduced by 2% [1] - Profit forecasts for 2026 and 2027 have been increased by 5% and 8% respectively [1] Group 2: Target Price Changes - The A-share target price has been raised from 10 RMB to 14 RMB [1] - The H-share target price has been increased from 8.2 HKD to 13.5 HKD [1] Group 3: Market Performance and Influencing Factors - Luoyang Molybdenum's stock price rose on the previous day, driven by strong performance in the first half of the year and increasing expectations of interest rate cuts in the US [1] - The company is experiencing strong growth in copper and cobalt production, approaching the upper limit of its annual guidance [1] - The export ban in Congo may negatively impact the gross profit of the cobalt business in the third quarter, but investors are likely to overlook this factor as copper prices are seen as the key driver for the stock price [1]

Core Viewpoint - Morgan Stanley has adjusted the profit forecast for Luoyang Molybdenum (603993.SH, 03993) for 2025 down by 2% due to the extended export ban in Congo, while increasing the profit forecasts for 2026 and 2027 by 5% and 8% respectively [1] Group 1: Profit Forecast Adjustments - The profit forecast for 2025 has been reduced by 2% to reflect the impact of the extended export ban in Congo [1] - Profit forecasts for 2026 and 2027 have been increased by 5% and 8% respectively [1] Group 2: Target Price Changes - The A-share target price has been raised from 10 RMB to 14 RMB [1] - The H-share target price has been increased from 8.2 HKD to 13.5 HKD [1] Group 3: Stock Performance and Market Factors - Luoyang Molybdenum's stock price rose on the previous day, driven by strong performance in the first half of the year and increasing expectations of interest rate cuts in the US [1] - The company is experiencing strong growth in copper and cobalt production, which is gradually reaching the upper limit of annual guidance [1] - The export ban in Congo may negatively impact the gross profit of the cobalt business in the third quarter, but investors are likely to overlook this factor as copper prices are seen as the key driver for stock performance [1]

Core Viewpoint - The Mexican stock market experienced a significant decline on August 25, primarily due to a cooling of optimistic sentiment regarding potential interest rate cuts by the U.S. Federal Reserve, leading to profit-taking by investors [1] Market Performance - The main index of the Mexican Stock Exchange (BMV), S&P/BMV IPC, fell by 1.24%, closing at 58,492.13 points [1] - The FTSE BIVA index of the Mexican Institutional Stock Exchange (Biva) also decreased by 1.24%, reaching 1,172.19 points [1] - Most constituent stocks declined, with the largest drop seen in Peñoles Industries, which fell by 6.51% [1] - Walmart de México experienced a decline of 2.94%, while Grupo México, a mining giant, dropped by 2.31% [1] Market Context - The Mexican stock market had reached a historical high the previous week, driven by expectations of a potential interest rate cut by the U.S. Federal Reserve in September [1] - As market sentiment turned cautious, a correction occurred at the start of the new week [1] - Year-to-date, the S&P/BMV IPC index has increased by 18.13% [1]