The Ministry of Commerce of China, together with the General Administration of Customs, has announced the implementation of export controls on tungsten and related items, placing export restrictions on 25 rare Metal products and their technology, including ammonium paratungstate.
A spokesperson from the Ministry of Commerce stated that prior notifications were made to relevant countries and regions regarding the export controls on tungsten and related items.
The spokesperson claimed that implementing export controls on tungsten and related items is an internationally accepted practice. As a major producer and exporter of tungsten and related items, China has long adhered to international obligations such as preventing Diffusion and, in accordance with the need to safeguard National Security and interests, has legally implemented export controls on specific related items. The addition of relevant items this time reflects the regulatory philosophy of balancing development and security, which is conducive to better protecting National Security and interests, better fulfilling international obligations against Diffusion, and ensuring the safety and stability of the Global Industry Chain and supply chain. Exports that comply with relevant regulations will be permitted.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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