· Metals: Copper -1.1% to $4.43lb, iron ore +1.61% to...

· Metals: Copper -1.1% to $4.43lb, iron ore +1.61% to US$183.40/t

· Energy: Brent crude -2.9% to US$73.2/bbl, WTI -3.6% to US$71.3/ bbl, spot Asia LNG US$16.26/MMBtu +0.556

· Keyovernight stock moves: BHP LND +1.1%, Rio Tinto LND +1.9%, S32 (LDN) +0.8%, AAL +3.4%, GLEN +1.0%, Vale +0.9%, AA -1.9%, Shell +0.7%, BP +0.2%, XOM 0.0%, Chevron -0.2%, COP -1.2%

· GlobalIndices: S&P 500 -0.18%, DOW -0.28% & FTSE +0.70%

Upcoming conference calls:

Today: GlobalMetals & Mining: Conference call: Metallurgical and thermal coal marketoutlook. Click hereto obtain your personalidentification number (PIN) and add this conference call to your calendar

10^th Aug 2021: GlobalMetals & Mining: Conference call: Global iron ore and China steel outlook: Clickhere to obtain your personal identification number (PIN) and add this conference call to your calendar.

In Politburo meeting, government pledged to avoid "campaign-style emission reduction" and maintain stable prices of commodities
Steel production cut in 2H may be lower than previous expectation -- production cut to be a prolonged and smoother process
Coal supply may see mild loosening. Yet medium term carbon emission cut target for Materials industry remain intact.

Chinesesteel prices tumbled on Monday following signals that Beijing was easing thepace of plans to cut carbon emissions in the world’s biggest emitter ofgreenhouse gases.The price of steel futures in Shanghai fell 6 per cent, following a meeting bythe politburo on Friday that urged for a correction to “campaign-style”carbon-reduction plans by local governments. The remarks suggested an attemptby Beijing to cool efforts to reduce carbon emissions by tightening controls onheavy industry, in order to safeguard economic stability. China has said it isseeking to reach peak carbon output by 2030 and become essentially “carbonneutral” three decades later. (Financial Times)

Theworld’s biggest steel industry is preparing for more cuts to production asChina pushes forward with its plan to reduce emissions from heavily pollutingsectors, clouding the outlook for iron ore demand. There will bemore notable reductions in crude steel output along with government-ledenvironmental checks, the China Iron & Steel Association said on Sunday.Daily production at major mills fell 5.6% in the first 10 days of July fromJune, with most of the decline taking place at plants in Shanxi, Hubei andHebei provinces and mills including China Baowu Steel Group and HBIS Group, it said. Iron ore eked out gains on Monday after capping its biggest monthly slump in almost two years as China’s steel sector revamp hammered demand for the raw material. Authorities have stepped up their rhetoric around cleaning up the industry, sought to curb exports, and have previously vowed to cap production below last year’s record. The latest pledge comes after first-half output jumped 12%. (Bloomberg)