VANCOUVER, British Columbia, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Giga Metals (OTCQB: GIGGF, TSX-V: GIGA), based in Vancouver focused on Nickel, Cobalt, Copper announced that CEO Scott Lendrum and President Mark Jarvis will present live at the Clean Energy Metals Virtual Investor Conference hosted by VirtualInvestorConferences.com, on August 28th, 2025 DATE: August 28th TIME: 12:00 PM ETLINK: REGISTER HEREAvailable for 1x1 meetings: August 28-29; September 1-3, 2025 This will be a live, interactive online even ...

南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.8-12.6 | 15.17% | 3.2% | source： 南华研究,wind 不锈钢区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 1.25-1.31 | 9.27% | 1.8% | source： 南华研究,wind,同花顺 沪镍风险管理策略 镍&不锈钢：随大盘有所回调 8月25日风险管理日报 | 行为导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 策略等级（满分 5） | | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产品销售价格下 跌，库存有减值 | 根据库存水平做空沪镍期货来锁定利润，对冲现 货下跌风险 | NI主力合约 | ...

Some American metal dealers are redirecting China-bound shipments of US scrap copper through countries including Canada, Mexico and Vietnam to avoid 10% tariffs charged by the Asian nation https://t.co/wh5ydVui25 ...

Summary of Key Points from the Conference Call Industry Overview - **Global Macro Outlook**: The conference call discusses the macroeconomic outlook, focusing on US rates, international rates, commodities, currencies, and emerging markets [3][4][5][6][7]. Core Insights and Arguments US Rates - **Investment Strategy**: Maintain 5s20s steepeners due to diverse views across the FOMC, which keeps volatility and term premium elevated. Tactical shorts in 3-year Treasuries are recommended as near-term risks skew towards mean reversion [3][12][15]. - **Interest Rate Forecast**: The first Fed cut is projected for September 2025, with 2-year and 10-year Treasury yields expected to reach 3.50% and 4.20% by year-end 2025 [11]. International Rates - **Market Reactions**: Following a dovish surprise from the US labor market report, developed market (DM) rates have sold off broadly, with curves steepening amid low August liquidity [4][38]. Commodities - **Oil and Natural Gas**: The Trump administration has limited leverage over Russia without risking a spike in oil prices. The enactment of the OBBA is expected to decrease overall renewable energy capacity additions, but may expedite wind and solar projects that are advanced enough [8][92]. - **Copper Prices**: A bearish outlook for copper prices is anticipated, with expectations of prices dropping towards $9,000/mt due to unwinding Chinese demand and front-loading in US imports [95]. Currencies - **USD Outlook**: A bearish stance on the USD is maintained, with expectations that US data needs to slow further or Fed independence concerns need to intensify for significant USD weakness to occur. A potential Russia/Ukraine ceasefire could also act as a catalyst for USD weakness [57][59][64]. - **CNY Forecast**: The USD/CNY forecast has been revised to 7.10 for Q4 and 7.05 for 2Q'26, reflecting lower US rates and better-than-expected local equity returns [81]. Emerging Markets - **Investment Positioning**: The strategy has shifted to overweight (OW) emerging market (EM) FX and local rates, while remaining underweight (UW) EM sovereign credit. The expectation is for renewed USD weakness to provide opportunities for EM currencies to appreciate [108][109]. Additional Important Insights - **Treasury Funding**: The US Treasury is well-funded through FY25, but a significant funding gap is expected to emerge in FY26, leading to anticipated coupon size increases starting in May 2026 [21][24]. - **Investor Positioning in Agriculture**: Aggregate investor positioning in agriculture markets is rising from seasonal lows but remains vulnerable to short covering [96][100]. - **Foreign Demand for Treasuries**: Demand from foreign investors remains weak, with expectations of a shift towards more price-sensitive investors, which may keep long-term yields anchored at higher levels [31][33]. This summary encapsulates the key points discussed in the conference call, providing insights into the macroeconomic landscape, investment strategies, and market forecasts across various sectors.

Summary of J.P. Morgan Commodity Market Positioning & Flows Industry Overview - The report focuses on the global commodities market, highlighting recent trends in commodity flows and investor positioning as of August 4, 2025 Key Points Global Commodity Market Trends - The estimated value of global commodity market open interest decreased by **3.4% week-over-week (WOW)**, amounting to a decline of **$52 billion**, bringing the total to **$1.48 trillion** [3][9][12] - This decline marks the largest drop in five weeks, influenced by significant outflows in metals and energy markets, particularly crude oil, copper, gold, and natural gas [3][10] Investor Positioning - The net investor position across global commodity futures markets fell by **6.9% WOW**, totaling **$137 billion** [3][15] - Precious metals saw a decrease in net length by **$13.4 billion**, while base metals increased by **15% WOW** to **$24.5 billion** [3][15] - Agricultural markets experienced a **15% decrease** in net positioning, while energy markets saw a **43% increase** in net length [3][15] Commodity-Specific Insights - **Energy Markets**: Open interest value decreased by **$12 billion WOW** to **$642 billion**, primarily due to outflows from crude oil and petroleum products [5][9] - **Precious Metals**: Open interest dropped by **4% WOW** to **$245 billion**, with significant outflows in gold and silver [5][27] - **Base Metals**: Open interest plunged by **9% WOW** to **$169 billion**, heavily impacted by copper market outflows [5][26] - **Agricultural Markets**: Open interest decreased by **2% WOW** to **$321 billion**, driven by weaker prices in soybean and cotton markets [5][29] Tariff and Policy Impacts - The U.S. Administration's recent tariff policies, including a **50% tariff on semi-finished copper products**, have contributed to market volatility and price declines [3][5] - The anticipated continuation of a **90-day pause on U.S.-China tariffs** is expected to influence market sentiment positively [3] Inventory Levels - The Global Commodities Inventory Monitor (GCIM) indicated a slight decline in inventory availability to **59.13 days-of-use**, the lowest for July in the series [3][4][55] - Ex-China inventory availability increased to **50.7 days-of-use**, reflecting rising visible inventories of copper and aluminum [3][4] Price Momentum - Price momentum across commodities was mixed, with sharp decreases in base metals and agricultural commodities, while some energy prices showed resilience [6][10] Market Sentiment - The overall sentiment in the commodities market is cautious, with heightened uncertainty surrounding U.S.-China trade relations and global economic growth [6][10] Additional Insights - The report emphasizes the importance of monitoring macroeconomic indicators and geopolitical developments, as they significantly impact commodity flows and investor behavior [3][6][10] This summary encapsulates the critical insights from the J.P. Morgan report on commodity market positioning and flows, providing a comprehensive overview of current trends and investor sentiment in the commodities sector.

Summary of J.P. Morgan Base Metals Supply & Demand Tracker Industry Overview - The report focuses on the base metals market, particularly copper, aluminum, zinc, and nickel, with a significant emphasis on Chinese demand and supply dynamics [1][7][8][11]. Key Points Chinese Copper Demand - Chinese copper demand has shown signs of deceleration, with a consumption-weighted end-use indicator reflecting approximately 4% year-over-year (yoy) growth in June, down from higher levels in May [9]. - The apparent consumption of copper in China increased by 12% in the first half of 2025, indicating a strong start to the year despite the recent slowdown [9]. - Inventory levels for copper remain low but stable, with refined copper production in June reaching 1.14 million tons, a 13% increase yoy [9]. Solar Power Capacity - Chinese solar installations peaked in May with 92.4 GW added, but fell sharply to 14.4 GW in June, a 36% yoy decline, due to a policy shift from fixed feed-in tariffs to market-driven pricing [5][9]. - The total installations for the first half of 2025 reached 212 GW, with a revised forecast for 2025 now estimating 270-300 GW, suggesting a potential 50% contraction in the second half of the year [5][9]. Aluminum Market - China's refined aluminum production increased by approximately 1% yoy to 43.7 million tons through June [8]. - Exports of unwrought aluminum and products fell by 7% in the first half of 2025 following the removal of the export tax rebate [8]. - Apparent demand in China for aluminum grew by 1.6% yoy, although growth has been decelerating since March [8]. Zinc and Nickel Markets - Chinese imports of zinc concentrate reached 2.5 million tons in the first half of 2025, up nearly 50% yoy, while smelter output increased by 7% yoy in June [10]. - Nickel remains in oversupply, with global cathode inventory covering 30 days of demand. Refined nickel exports from China were 95,000 tons in the first half of 2025, a 120% increase yoy [11]. Automotive Sector - Chinese passenger vehicle production increased by 14% year-to-date through June, with new energy vehicle (NEV) output growing by 40% yoy [6][9]. - The automotive sector continues to support metals demand, particularly in light of anti-involution initiatives [9]. Construction and Property Sector - Monthly property completions improved, with a yoy contraction narrowing to -2% in June from -19% in May, indicating a potential recovery in the construction sector [10]. - Year-to-date completions remain down 15% yoy through the first half of 2025 [10]. Policy and Economic Outlook - The July Politburo meeting indicated a policy shift towards structural rebalancing, focusing on boosting consumption without immediate additional easing measures [10]. - The overall economic environment remains cautious, with various sectors showing signs of slowing growth [10]. Additional Insights - The report highlights the importance of monitoring trade flows, inventory levels, and utilization rates to gauge the fundamentals of the base metals market [1]. - The impact of global economic conditions and policy changes in China will continue to influence demand and supply dynamics in the base metals sector [1][10].

Market Impact - US treated copper experienced a 22% plunge in two days following President Trump's announcement of 50% tariffs on copper imports [1] - Copper futures in New York decreased by more than 20% after the tariff announcement [3] - The copper market experienced volatility and surprises throughout the year [1] Tariff Details and Expectations - The market initially expected a 25% tariff on copper imports [2] - Trump mentioned a 50% tariff earlier in the month, but details were scarce [2] - The proclamation excluded refined copper, which is heavily traded internationally, surprising the market [3] - Uncertainty existed regarding product coverage and exemptions until the proclamation was released [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Basic Materials** sector in the **Asia-Pacific** region, particularly in **cement, steel, metals, and coal** industries [1] - There is a noted trend of **supply rationalization** and **demand boost**, although the near-term impact is expected to be limited [1] Core Insights and Arguments Supply Rationalization - The **Ministry of Industry and Information Technology (MIIT)** announced plans to stabilize growth in **10 key industries**, expanding to include metals and petrochemicals [1] - **Cement** sector capacity is to be cut to **1.6 billion tons (bnt)** from **2.1 bnt**, with a flexibility of 10% [2] - **Steel** production is expected to see a **3-5% supply cut** in FY25, with state-owned enterprises (SOEs) likely to cut **8-10%** from July to December [2][16] - **Lithium** production is facing disruptions, with a subsidiary of Zangge Mining ordered to suspend operations [36][37] Demand Boost - The announcement of a **RMB1.2 trillion** investment in the **Tibet mega-dam** is expected to positively impact market sentiment and drive demand for cement and steel [1][49] - The cement demand from the mega-dam project is projected at **30-40 million tons**, which is significant for local demand in Tibet [50] - The steel consumption from the mega-dam is estimated at **8-9 million tons** over the construction period [51] Price Trends - The average national cement price decreased by **0.5% week-over-week (WoW)** to **RMB330/ton** [11] - Steel margins are improving, with average rebar spot margin at **RMB99/ton**, compared to a loss of **RMB82/ton** in FY24 [16] - The price of imported iron ore increased by **2.3% WoW** to **US$99/ton** [23] Other Important Insights - The **solar sector** is undergoing significant changes, with a **30% production capacity cut** in solar glass and discussions of potential industry consolidation [26][30] - The **high-quality development action plans** for copper, aluminum, and gold industries aim to enhance resource assurance and technological innovation [32][33][34][35] - The **National Energy Administration (NEA)** is verifying coal production in eight provinces, but the impact on supply is expected to be limited [3][41][43] Conclusion - The **Basic Materials** sector is experiencing a shift towards supply rationalization and demand stimulation, particularly influenced by government initiatives and large infrastructure projects. However, the immediate effects on prices and production levels may take time to materialize, and ongoing disruptions in lithium and coal production could pose risks to supply stability [1][36][41]

Investment & Stake - Department of Defence acquired a 15% stake in MP Materials for $400 million [1] - The acquisition makes the Department of Defence the largest shareholder in MP Materials [1] Company Profile - MP Materials is the country's sole producer of rare-earth metals [1]

Vitol Group signs its first multi-year metals financing deal, as the energy trader steps up its push into the sector after years on the sidelines https://t.co/XmZep7z2DG ...