Commodities
Base Metals Soar Overnight Amid Global Market Volatility
Base metals on the Shanghai Futures Exchange (SHFE) broadly rose overnight, while ferrous metals showed mixed performance.
LME copper rose 1.41%, and LME lead rose 1.23%. In contrast, SHFE nickel fell 0.75%.
CITIC Securities believes that gold is in a major bull market due to the accelerating expansion of the US fiscal deficit, difficult-to-heal geopolitical rifts under deglobalization, and continued support from global central bank gold purchases.
The PBOC released its liquidity injection data for July, showing a net injection of 50 billion yuan via open market government bond transactions.