Macro: (1) A spokesperson for the European Commission stated that the EU will suspend the implementation of tariff retaliation measures against the US, which were originally scheduled to take effect on August 7, within six months. The EU will continue to cooperate with the US to finalise a joint statement on trade. (Bullish ★)
(2) San Francisco Fed President Mary Daly said that given the increasing evidence of a weakening job market and no signs of persistent tariff inflation, the timing for an interest rate cut is approaching. Daly stated that two 25-basis-point interest rate cuts this year still seem like an appropriate recalibration, and the important thing is whether to cut rates in both September and December, rather than whether the cuts will happen. (Bullish ★)
Fundamentals: (1) According to SMM statistics, during the period from July 28 to August 3, the total outflows from warehouses of aluminium billets in China were 47,500 tonnes, a decrease of 900 tonnes M-o-M. (Bearish ★)
(2) According to SMM statistics, during the period from July 28 to August 3, the total outflows from warehouses of aluminium ingots in China were 110,700 tonnes, an increase of 18,200 tonnes M-o-M. (Bullish ★)
(3) According to SMM statistics, on August 4, the inventory of aluminium billets in China's mainstream consumption areas was 151,000 tonnes, an increase of 4,000 tonnes from last Thursday and 3,500 tonnes from last Monday. (Bearish)
