Cable raw materials (aluminum) weekly report (7.4-7.8)

1.
U.
S.
factory orders in May were -1% month-on-month, -0.
8% expected, and the previous value of 1.
9% was revised to 1.
8%.

U.
S.
factory orders excluding shipping in May were 0.
1% m/m vs.
0.
5% in the previous month revised to 0.
3%.

US durable goods orders for May ended at -2.
3% month-on-month, -2.
2% expected, and -2.
2%
preliminary reading.
The US May excluding transport durable goods orders was -0.
3% month-on-month, -0.
3% expected, and -0.
3%
preliminary.
The U.
S.
May net of aircraft non-defense capital durable goods orders was -0.
4% month-on-month and -0.
7
% preliminary value.

2.
The minutes of the Fed meeting showed that almost all officials believed that the May non-farm payrolls report caused uncertainty
.
Most officials expect inflation to pick up toward its 2 percent inflation target
.
A handful of FOMC members emphasized their need to wait positions
.
Most officials in June believed that if growth picked up, a rate hike would be guaranteed
.
Many officials believe the neutral rate may be lower than they think.

It would be more prudent to wait and see the impact of the UK referendum
.
Some FOMC members oppose waiting too long
on the issue of rate hikes.
Many Fed officials see a slowdown in potential employment growth and less
confidence that inflation will rise to target.
Some Fed officials say China poses a financial stability risk
.

3
.
China's central bank said it would pay close attention to the Brexit referendum.
At present, the reaction of financial markets after the announcement of the Brexit referendum result has been noted, and plans have been prepared
.
The PBOC will continue to implement prudent monetary policy and comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity and maintain financial stability
.
Further improve the market-oriented formation mechanism of the RMB exchange rate, and maintain the basic stability
of the RMB exchange rate at a reasonable and balanced level.
Further strengthen policy communication and coordination
with relevant central banks, monetary authorities and major international financial organizations.