August 2018 cable raw materials (copper) monthly report

Domestic aspects:

1.
Data show that China's official non-manufacturing PMI in July was 54, expected 54.
9, previous value 55; official composite PMI 53.
6, previous value 54.
4
.
China's July Caixin manufacturing PMI was 50.
8 vs 50.
9 expected vs.
51 prior, slowing to an eight-month low
.

2.
Data show that China's July CPI was 2.
1% year-on-year, 2% expected, and 1.
9%
in the previous month.
China's July PPI was 4.
6% y/y versus 4.
5% expected and 4.
7%
prior.
China's July CPI and PPI both rose more than expected, non-food prices rose higher CPI, and rising oil prices pushed CPI back to the "2 era"
.

3.
Data show that in US dollar terms, China's import and export growth rate in July both rebounded
more than expected.
Exports increased by 12.
2% year-on-year, and imports increased by 27.
3% year-on-year, almost double the previous value
.
The trade surplus was $28.
05 billion
.

International aspects:

1.
The preliminary GDP of the United States increased by 4.
1% in the second quarter, the highest growth rate since the third quarter of 2014, but slightly lower than expected, benefiting from PCE and accelerated export growth, increased federal government spending, and increased non-residential business investment
.

2.
U.
S.
non-farm productivity recorded its best performance in more than three years in the second quarter, and labor costs recorded the lowest growth rate since the third quarter of 2014, indicating that the US GDP growth rate in the second quarter was unsustainable
.

3.
The preliminary Markit manufacturing PMI in the United States in August was 54.
5, a nine-month low, expected to be 55; the final value in July was 55.
3
.
The preliminary Markit services PMI in the United States came in at 55.
2 in August, a four-month low of 55.
8 expected, and the final value in July was 56
.
The US preliminary Markit composite PMI in August was 55, a four-month low, and the final value in July was 55.
7
.
The preliminary Markit composite PMI employment sub-index in the United States hit its lowest level since June 2017 in August
.