Ore with 62% content in Qingdao added $2.03 a tonne overnight, to close at $68.84 a tonne Tuesday, the highest level since mid-April according to the Metal Bulletin.

From the recent low of $53.36 a tonne hit on June 13, the benchmark price has now added more than 27% — an impressive return in a little over a month.

The surge also follows the release of strong Chinese Q2 GDP figures on Monday, including the news that crude steel output from the world’s largest producer climbed to the highest level on record in June.

Additionally, China's imports of the steelmaking raw material this year are on course to exceed 1 billion tonnes, breaking last year's record.

From the recent low of $53.36 a tonne hit on June 13, iron ore prices have now surged more than 27%.
The fresh rally has not made main forecasters change their negative outlook for the iron ore prices. Morgan Stanley recently cut its estimated third quarter price and the investment bank now sees iron ore averaging $50 a tonne over the period, climbing to $55 in the final three months.

For the year as a whole Morgan Stanley expects the commodity to average $63 compared to a year-to-date average of $74. It also said it expected iron ore to continue to soften averaging $58 next year and $54 in 2019.

The latest forecast from the Morgan Stanley is more optimistic than predictions in a research note Citigroup released last month. The bank lowered its price outlook by a fifth saying iron ore will average $48 a tonne in Q4 2017, down from $60 in its previous prediction.

Both analysis blame growing global supply – particularly from Vale's S11D mine and Roy Hill in Australia hitting full production – for the weak outlook. According to Citigroup, 2017 will see a surplus of 118m tonnes following a more than 60m tonnes glut last year. Morgan Stanley predicts nearly 40m tonnes of oversupply this year, growing steadily to top 120m tonnes in 2019 and 185m excess tonnes in 2021.

Currency concerns
The report had no details on why the UK had slipped behind Canada.
Los Angeles was the favourite destination for wealthy Chinese followed by Seattle, San Francisco and New York. London ranked 14th.
The strength of China's currency, which fell to an eight-month low last November, is clearly playing on the minds of many of China's rich.
Of those surveyed, 84% said worries about devaluation was a key factor driving them overseas.

Within the framework of his visit, Mr. Tadamori Oshima will pay a courtesy call on President Kh.Battulga and meet with Parliament Speaker M.Enkhbold and Prime Minister J.Erdenebat to discuss close cooperation of the Parliaments on developing bilateral, multilateral and regional Strategic Partnership.

Furthermore, Mr. Tadamori Oshima is planning to visit the new international airport in Khushig Valley, which was built within the framework of the Official Development Assistance of Japan.

Copper for delivery in September jumped to a high of 2.7375 a pound (just over $6,000 a tonne) in lunchtime trade, up 1.7% on the day to the highest level since end-March. LME copper's 2017 year to date gains in percentage terms are now within shouting distance of 10%.

The economy of China, responsible for nearly half the world's consumption of copper, expanded at an annual rate of 6.9% in the second quarter against expectations of a slight decline and at a quicker pace than Beijing's own target of 6.5% growth for 2017.

In seasonally-adjusted quarter on quarter terms, growth was even more significant, picking up from 1.3% to 1.7%. If the trend continues, this year would be the first time since 2010 that the Chinese economy grew faster than the year before.

Industrial production data for June released today also pointed to a significant improvement. Growth in industrial output picked up from 6.5% year on year to 7.6% led by greater electricity and steel production. Bloomberg consensus forecasts pointed to no acceleration for Chinese industrial output.

Despite Beijing's tightening of lending and other measures to cool the property market, construction starts surged by more than 14% in June, providing further support for commodity-intensive sectors which continue to expand at a faster rate than the broader measure of industrial production.

The copper price is seen as a bellwether for metals markets and industry as a whole thanks to its widespread use in construction, the power sector, manufacturing and transportation.

Meanwhile, property and income of Prime Minister J.Erdenebat and his family were USD 675,655 (1 billion 622 million) in 2016. 
Details were as follows:
Annual income - USD 80,709 (194 million tugrik)
Annual income of his family members - USD 78,628 (189 million tugrik) 
Housing and apartment - USD 58,641 (141 million tugrik)
Transportation - USD 128,512 (309 million tugrik)
Livestock - USD 67,375 (162 million tugrik)
Savings - USD 30,768 (74 million tugrik)
Jewelry - USD 29,521 (71 million tugrik)
Prime Minister J.Erdenebat took a loan worth USD 33,256 (80 million tugrik) from non-bank financial institutions. 
In addition, he is a shareholder of five companies and his total stock value is USD 233,629 (562 million tugrik).

In 2016, a total income and property of Deputy Head of State Great Khural or the Deputy Speaker of Parliament Ts.Nyamdorj was USD 151,407 (364 million tugrik). 
Details were as follows:
Annual income - USD 71,108 (171 million tugrik)
Annual income of his family members - USD 2,661 (6.4 million tugrik) 
Housing and apartment - USD 62,375 (150 million tugrik)
Transportation - USD 10,393 (25 million tugrik)
Savings - USD 1,912 (4.6 million tugrik)
Jewelry - USD 2,910 (7 million tugrik)
Ts.Nyamdaorj has 214 owns 214 stocks of Erdenes Tavan Tolgoi JSC and he reported that he has no debt.

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"We are now at the mid-point of the initial 2017 drill campaign in the Bayan Khundii region and thus far have defined several new areas that will require definition drilling, particularly west and east of Striker, the Northeast Zone, and importantly north and west of Midfield. It is very encouraging to continue to intersect broad zones of gold mineralization along the margins of the established 1.3 kilometre by 500 metre mineralized trend," said Peter Akerley, Erdene's President and CEO. "As we continue to expand outward from that area in Q3 we will be testing six new target areas up to 1 kilometre from the original discovery at Striker Zone. In addition, as drilling progresses through Q3, we will move into the untested 3.5 kilometre long gold-in-soil anomaly that continues north to Altan Arrow, and ultimately return to drilling at our Altan Nar project, 16 kilometres to the northwest."

Highlights

Success from step-out drilling and geophysical surveys leads to an expanded target area at Bayan Khundii
Drilling west of the Striker and Midfield zones returns multiple, high-grade, 1-metre intervals between 10 g/t and 22 g/t gold
Drilling up to 150 metres west of the Striker Zone returns multiple gold mineralized intersections over a 250-metre by 200-metre area, including 28 metres of 1.4 g/t gold (BKD-172)
Drilling west of Midfield Zone returns 36 metres of 1.1 g/t gold (BKD-166)
Upcoming Q3 drilling of five untested targets and continued definition of new targets north and east of the Midfield and Striker zones with closer-spaced drilling
Regional structural analysis and detailed structural analysis of Bayan Khundii and Altan Nar projects will be undertaken during Q3
Drill results to continue throughout Q3

As of Monday, 21 wildfires are burning nationwide - 8 in Selenge aimag, 10 in Tuv aimag, 2 in Bulgan aimag and 1 in Uvs aimag, in response to which 1342 persons and 109 vehicles have been deployed.

During a press conference on July 17, G.Ariunbuyan, Deputy Chief of the National Emergency Management Agency informed that the agency had all the wildfires burning in these aimags under control. He also expressed gratitude for donations of individuals and organizations during the wildfire suppression efforts.

The agency’s authority also disclosed the amount of donations gathered as of 12 pm, July 17. The agency’s designated bank account for donation has garnered a total amount of MNT 229.8 million, MNT 32.5 million from 84 citizens and MNT 197.3 million from 34 public and private organizations. Goods and food supply are continually arriving, they said.

The agency also informed that the Russian Ministry of Emergency Situations had consented to render aid of helicopters. According to Col. S.Zaluukhuu, Head of Fire Department of the National Emergency Management Agency, the helicopter aid has been postponed due to weather forecast of rain in the near future.
Kh.Aminaa

The economy, as measured by the gross domestic product, was unchanged from the first quarter and has remained in the 6.7 to 6.9 percent range for eight consecutive months, according to data released on Monday by the National Bureau of Statistics. GDP growth accelerated to 1.7 percent in the second quarter, up from 1.3 percent in the first quarter.
Key indicators, such as industrial output, retail sales and fixed-asset investment, all were at high levels in the second quarter, the NBS said. Real estate investment, a key driving force of growth, increased by 8.5 percent in the first half of this year, slightly down from the first quarter. "Real estate investment, together with infrastructure investment, remained brisk and contributed to the strong growth in the second quarter," said Yu Yongding, an economist with the Chinese Academy of Social Sciences.

The economic structure also has improved, according to NBS data. For example, investment in high-tech manufacturing industries grew by 21.5 percent year-on-year in the first half of this year, 12.9 percentage points higher than overall investment growth.

The crucial job market, meanwhile, remained stable, with 7.35 million jobs created in urban areas in the first half of this year, 180,000 more than a year earlier, according to the NBS.

Looking ahead, China’s economic growth may ease moderately, mainly due to slowing growth expected in real estate investment thanks to the country's tightening of price control policies, but it faces much less pressure to grow, analysts said.

"The economy may continue to fluctuate a little bit, but there would not be sharp declines, and China does not face any risk of a hard landing," said Yu of CASS, who also is former member of the monetary policy committee of the People’s Bank of China, the central bank.

China's whole-year growth this year may reach 6.7 percent, meaning it will meet its target of "around 6.5 percent", according to forecasts by some institutions, such as the China Center for International Economic Exchanges and investment bank ICBC International.

"China's pressure from growth stabilization has eased greatly and it will pay way for its macroeconomic maneuvers to upgrade its economic structure and contain risks," said Cheng Shi, chief economist at ICBC International.

Kishida delivered a speech at a UN forum to discuss Sustainable Development Goals on Monday.

He said that Japan's vision for sustainable development goals is to create a diverse and inclusive society in which no one is left behind.

Kishida also said that Japan will take concrete actions, both at home and abroad, by combining the wisdom of various stake holders, including civil society, private enterprise and government.

He explained how Japan is working with 7 UN organizations in Syria to rebuild schools and help educate those who have been internally displaced.