March 2018 cable raw materials (aluminum) monthly report

Domestic aspects:

1.
From January to February 2018, the profits of industrial enterprises above designated size in the country increased by 16.
1% The Bureau of Statistics announced that from January to February, the total profit of industrial enterprises above designated size in the country was 968.
9 billion yuan, a year-on-year increase of 16.
1
%.

2.
China's official manufacturing PMI in March was 51.
5, standing above the boom and bust line for 20 consecutive months, with expectations of 50.
6 and the previous value of 50.
3
.
China's official non-manufacturing PMI for March was 54.
6 vs 54.
6 expected vs 54.
4
prior.
China's official composite PMIs for March were 52.
9
in the previous month.

Foreign aspects:

1.
Fed Resolution Statement: Hinted at two more rate hikes in 2018 and is expected to raise rates more steeply in 2019-20
.
Balance sheet reduction will be ramped up in April to align with
the rate normalization plan.

2.
The annualized quarter-on-quarter final value of real GDP in the fourth quarter of the United States was 2.
9%, 2.
7% expected, and the preliminary value was 2.
5%.

U.
S.
personal consumption expenditures (PCE) in the fourth quarter were 4% annualized quarter-on-quarter, 3.
8% expected, and 3.
8%
preliminary reading.
The core personal consumption expenditures (PCE) price index in the United States for the fourth quarter was 1.
9% annualized quarter-on-quarter, 1.
9% expected, and 1.
9%
preliminary value.
The final GDP deflator for the fourth quarter of the United States was 2.
3%, 2.
3% expected, and 2.
3%
preliminary.

3.
The final value of the Eurozone services PMI in February was 56.
2, 56.
7 expected, and the preliminary value was 56.
7; the final value in January was 58.
0
.
Eurozone composite PMI final for February was 57.
1 vs 57.
5 expected, 57.
5 preliminary and 58.
8
for January.
Eurozone February CPI year-on-year final value 1.
1%, expected 1.
2%, preliminary 1.
3%.

Eurozone core CPI for February ended 1% y/y versus 1% expected and 1%
preliminary reading.
Eurozone CPI February was 0.
2% m/m vs 0.
2% expected vs.
-0.
9%
prior.

2.
Analysis of this month's market trend