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Copper futures hovered below $5 per pound on Wednesday after losing more than 2% in the previous session, as escalating US-China tensions darkened the global demand outlook. In the latest flare-up, President Trump threatened Beijing with a cooking oil embargo in response to China’s soybean boycott, following earlier warnings of steep tariff hikes over its new rare earth export controls. Still, Trump is expected to meet President Xi Jinping in South Korea later this month in a bid to ease tensions. On the supply side, persistent disruptions in Chile and Indonesia continued to tighten global output, with Chile’s Codelco posting its weakest monthly production in over twenty years and Indonesia’s Grasberg mine remaining constrained after last month’s fatal incident.

investmentLive亚太外汇新闻摘要：中国通货紧缩持续，日元公司。这是一个由该地区央行信号主导的会议，新西兰、澳大利亚、日本和中国都是焦点。净效应是日元走强，主要外汇兑美元走强，越来越多的证据表明该地区的政策路径正在分化。

investingLive Asia-Pacific FX news wrap: China deflation lingers, yen firms.It was a session dominated by central bank signals across the region, with New Zealand, Australia, Japan and China all in focus. The net effect was a stronger yen, firmer major FX against the dollar, and growing evidence that policy paths across the region are diverging.

周三，白银价格回升至每盎司52美元以上，接近前一交易日创下的历史新高，因为全球供应紧缩推动了历史性的反弹。伦敦市场的紧张程度最为严重，周五，空头挤压导致租赁利率飙升超过30%，将空头头寸的展期成本推至不可持续的水平。印度的需求进一步加剧了供应紧张，促使几家共同基金公司暂停流入其白银ETF组合基金计划。与此同时，美联储主席鲍威尔的温和言论指出劳动力市场疲软，加强了对美国进一步降息的押注，并提振了对贵金属的兴趣。在地缘政治方面，特朗普总统以食用油禁运威胁北京，以回应中国的大豆抵制，紧张局势加剧。

Silver climbed back above $52 per ounce on Wednesday, holding close to record highs hit in the prior session as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, where a short squeeze sent lease rates surging over 30% on Friday, driving rollover costs for short positions to unsustainable levels. Demand from India has further strained supply, prompting several mutual fund houses to suspend inflows into their silver ETF fund-of-fund schemes. Meanwhile, dovish remarks from Fed Chair Powell, who pointed to labor market weakness, strengthened bets on more US rate cuts and boosted appetite for precious metals. On the geopolitical front, tensions deepened after President Trump threatened Beijing with a cooking oil embargo in response to China’s soybean boycott.

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Chinese Premier Li Qiang on Tuesday reiterated the need to boost domestic consumption to reduce China’s reliance on exports, signaling top leaders’ concerns over economic resilience. Speaking at a seminar with analysts and entrepreneurs, Li urged the country to “continuously form new growth points for expanding domestic demand,” according to China Central Television. He also called for curbing “disorderly competition,” highlighting efforts to rein in price wars that hinder industrial development. In a veiled reference to global tensions, including with the U.S., Li stressed that China’s economy must remain resilient amid external changes. His remarks come as policymakers prepare the 2026–2030 five-year plan, in which consumption is expected to play a central role. In June, Li described China as “a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power.”