SMM April 9 News:
In the metal market:
As of the midday close, domestic base metals fell across the board, with SHFE copper down 2.03%. SHFE tin dropped 4.95%, and SHFE nickel edged lower. SHFE aluminum fell 2.2%, SHFE lead declined 1.26%, and SHFE zinc decreased 2.31%.
In addition, alumina rose 0.11%. Lithium carbonate fell 1.56%, silicon metal dropped 0.78%, and polysilicon decreased 0.13%.
The ferrous metals series all fell, with iron ore down 2.68%, rebar down 1.34%, HRC down 1.29%, and stainless steel down 1.74%. For coking coal and coke, coking coal fell 3.82%, and coke dropped 3.05%.
In the overseas metal market, as of 11:40, overseas base metals nearly all declined. LME nickel rose 0.85%. LME lead fell 0.67%, LME copper dropped 0.91%, LME aluminum decreased 0.87%, and LME zinc declined 0.27%. LME tin fell 2%.
In the precious metals sector, as of 11:40, COMEX gold rose 1.08%, and COMEX silver increased 0.55%. Domestically, SHFE gold rose 0.73%, and SHFE silver gained 0.36%. Data from the World Gold Council (WGC) showed that from January to March 2025, physically-backed gold exchange-traded funds (ETFs) recorded the largest quarterly inflow in three years.
As of the midday close, the most-traded contract for European container shipping fell 9.52% to 1,650.8 points.
As of 11:40 on April 9, some futures midday market:
》SMM Metal Spot Prices on April 9
Spot and Fundamentals
Lead: Today, the SMM 1# lead average price fell by 175 yuan/mt to 16,450 yuan/mt compared to yesterday. Suppliers of refined lead held firm on their offers, with most unwilling to sell, resulting in a price difference between primary metal and scrap of -100 yuan/mt...... 》Click for Details
Macro Front
Domestically:
【C50 Wind Index Survey: Market Expects Liquidity Easing in April, Funding Rate Center Likely to Pull Back】 The latest results of the "C50 Wind Index" survey by Caixin showed that multiple market institutions expect liquidity to seasonally ease in April as cross-quarter disturbances subside, and the funding rate center is likely to pull back further. Among the 20 market institutions surveyed, 18 believe that liquidity easing has arrived in April, while only 2 think the funding side still faces some pressure, with a liquidity gap of around 110 billion yuan. Additionally, the possibility of the central bank restarting secondary market treasury bond purchase operations is rising amid increasing uncertainties in Q2. (Caixin) 》Click for Details
【China's Corporate Credit Index Slightly Rose in February This Year】 According to the State Administration for Market Regulation, China's corporate credit index in February this year was 160.73. As various macro policies continue to take effect, the trend of corporate credit levels improving is evident. In February this year, China's corporate credit index rose by 0.25 points compared to January. The reliability, operational, financial, and relational sub-indices remained stable, the compliance sub-index rose slightly MoM, the regulatory sub-index fell slightly MoM, but the proportion of low credit risk enterprises increased, indicating an overall improvement in corporate credit levels.
【Central Bank's Open Market Net Withdrawal of 111 Billion Yuan】 The central bank conducted 118.9 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from before. As 229.9 billion yuan in 7-day reverse repos matured today, a net withdrawal of 111 billion yuan was achieved.
US Dollar:
As of 11:40, the US dollar index continued its decline from the previous trading day, falling 0.56% to 102.4. Concerns about a global economic recession are intensifying. The market is awaiting the release of the minutes from the latest policy meeting of the Federal Reserve (Fed) later today. Traders are also waiting for Thursday's US Consumer Price Index (CPI) data and Friday's Producer Price Index (PPI) data to gauge the Fed's interest rate trajectory. JPMorgan recently stated that the probability of a recession reflected by stocks closely related to the US economy has surged to nearly 80%. According to JPMorgan's market-based recession indicator dashboard, the Russell 2000 index, which has been hit hard in recent sell-offs, currently shows a 79% probability of a US recession.
Other Currencies:
The Reserve Bank of New Zealand (RBNZ) cut interest rates by 25 basis points to 3.50% as expected, and the NZD/USD rose. The RBNZ stated that as the impact of tariffs becomes clearer, there is still room for further rate cuts. Acting RBNZ Governor Hawkesby chaired the first policy meeting, with the escalation of the trade war and concerns about a global economic recession dominating the NZD's movements. (Huitong Finance)
Data:
Today, the US February Wholesale Inventories MoM final value and the US April IPSOS Primary Consumer Sentiment Index (PCSI) will be released. Additionally, it is worth noting: 2027 FOMC voter and San Francisco Fed President Daly will participate in a dialogue event titled "Fed Economic Outlook and Work"; the RBNZ will release its interest rate decision and monetary policy assessment report; RBNZ Governor Orr will hold a monetary policy press conference; Bank of Japan Governor Ueda will deliver a speech; US reciprocal tariffs will officially take effect.
Crude Oil:
As of 11:40, crude oil futures all fell, with WTI crude down 3.19% and Brent crude down 2.87%. International oil prices fell to a new low in over four years, pressured by demand concerns and a rising supply outlook. OPEC's decision last week to increase May production by 41,100 barrels per day is likely to push the market into surplus, analysts believe, exacerbating the oil price decline.
Goldman Sachs now predicts that by December 2025, Brent and US crude could drop to $62 and $58 per barrel, respectively, and by December 2026, they could fall to $55 and $51 per barrel.
The American Petroleum Institute (API) released data on Tuesday showing that US crude oil inventories fell by 1.1 million barrels in the week ending April 4; gasoline inventories rose by 210,000 barrels; and distillate inventories fell by 1.8 million barrels. The US Energy Information Administration (EIA) will release the official weekly crude oil inventory report at 22:30 Beijing time on Wednesday. (Webstock Inc.)
Spot Market Overview:
► [SMM Nickel Sulphate Daily Review] Nickel Sulphate Prices Down on April 9
► 2025 Q1 Stainless Steel Market Review: Ample Supply, Cost Supports Price Rise [SMM Analysis]
Other metal spot midday reviews will be updated later, please refresh to view~
