SMM, April 10:
Metal Market:
By the close of the day, domestic base metals, except for SHFE tin, all rose, with SHFE copper leading the gains with a surge of 3.86%. SHFE zinc and SHFE nickel both rose over 2%, with SHFE zinc up 2.92% and SHFE nickel up 2.26%. SHFE aluminum and SHFE lead both rose over 1%, with SHFE aluminum up 1.85% and SHFE lead up 1.97%. Alumina main contract rose 1.27%.
In addition, lithium carbonate main contract rose 1.53%, polysilicon main contract rose 1.01%, and silicon metal main contract rose 0.84%. The main contract for European container shipping surged 14.47%.
In the overseas market, as of 15:03, overseas metals collectively rallied, with LME tin leading the gains with a surge of 5.23%. LME nickel rose 4.62%, and LME copper rose 4.35%. LME lead and LME zinc both rose over 3%, with LME lead up 3.15% and LME zinc up 3.38%. LME aluminum rose 2.98%.
In the ferrous metals series, except for stainless steel, all rose, with stainless steel down 0.28%. Iron ore rose 3.06%, HRC and rebar both rose 2.01%. In the coking coal and coke sector, coking coal fell 0.38%, while coke rose 1.91%.
In the precious metals sector, as of 15:03, COMEX gold rose 1.85%, and COMEX silver rose 2.5%. Domestically, SHFE gold rose 3.21%, and SHFE silver rose 3.44%. Marex analyst Edward Meir said: "If we enter a period of slow growth (which is our base case scenario), we believe interest rates will eventually fall and push gold higher, while inflation concerns will persist for most of the year due to tariffs. It is indeed possible to see $3,200 by the end of the month, or even earlier."
Market as of 15:03 today
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Macro Front
Domestic:
【NBS: March CPI Down 0.1% YoY, YoY Decline Narrowed Significantly; PPI Down 2.5% YoY】Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for March 2025: In March, the Consumer Price Index (CPI) fell 0.4% MoM and 0.1% YoY, with the YoY decline narrowing significantly; the Producer Price Index (PPI) fell 0.4% MoM and 2.5% YoY. This was mainly affected by seasonal and international input factors. From a marginal perspective, the policy effects of boosting consumer demand have further emerged, with core CPI rebounding significantly, up 0.5% YoY. The supply-demand structure has improved, and prices have shown some positive changes.》Click for details
【China’s SME Development Index at 89.5 in Q1, Highest Since 2020】The China Association of Small and Medium Enterprises released today (10th) that in Q1 2025, China’s SME Development Index rose significantly, reaching the highest level since 2020. In Q1, China’s SME Development Index was 89.5, up 0.5 points from Q4 last year. SMEs in social services, industry, transportation, and information technology software performed the best. The operating rate of SMEs continued to rise, with the proportion of fully operational enterprises up 11 percentage points compared to Q4 last year.
US Dollar:
As of 15:03, the US dollar index fell 0.2%. The minutes of the US Fed meeting released on April 9 showed that at the March Federal Open Market Committee (FOMC) monetary policy meeting, Fed officials noted the risk of stagflation in the economy. According to the FOMC meeting minutes from March 18-19, almost all Fed officials believed that inflation risks were tilted to the upside, while employment risks were tilted to the downside. Currently, traders are awaiting the US Consumer Price Index (CPI) to be released later today, as well as the Producer Price Index (PPI) on Friday.
Data:
Today, China’s March M2 money supply YoY (time uncertain from 0410-0417), China’s March social financing aggregate year-to-date, China’s March new yuan loans year-to-date, US March CPI YoY unadjusted, US March core CPI YoY unadjusted, US initial jobless claims for the week ending April 5, and US continuing jobless claims for the week ending March 29 will be released. Additionally, it is worth noting: 2027 FOMC voter and Richmond Fed President Barkin participates in a dialogue at the Washington Economic Club; the Fed releases the minutes of its March monetary policy meeting; RBA Governor Bullock speaks; the Bundesbank releases its monthly report; 2025 FOMC voter and Kansas City Fed President Schmid speaks on the economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin delivers a speech titled "Navigating Economic Fog" at a summit and participates in a Q&A session.
Crude Oil:
As of 15:03, oil prices in both markets fell, with US oil down 0.43% and Brent oil down 0.53%, as trade concerns lingered and industry reports showed an increase in US crude oil inventories. The US Energy Information Administration (EIA) released an inventory report on Wednesday showing that in the week ending April 4, US commercial crude oil inventories increased by 2.6 million barrels to 442.3 million barrels, nearly double the market’s expected increase of 1.4 million barrels.
IG market strategist Yeap Jun Rong said: "We expect oil prices to resume their downward trend once the optimism around the recent tariff suspension fades. Demand-side headwinds remain." Investors are also watching mixed supply-side factors. ANZ Research analysts said on Thursday: "Prices received some support after Keystone declared force majeure on oil shipments." But they warned that signs of increased OPEC supply pose downside risks to the oil market. The Caspian Pipeline Consortium (CPC) said on Wednesday that one of the two Black Sea mooring points that had been closed has resumed crude oil loading. (Wenhua Comprehensive)
SMM Daily Review
►EMM Market Stalled, Spot Market Remained Stable【SMM EMM Daily Review】
►Aluminum Prices Surged, Aluminum Scrap Followed the Rise【Aluminum Scrap Daily Review】
►Silver Rebounded After Negative Factors Exhausted, Market Trading Active【SMM Daily Review】
