The US dollar fell nearly 2%, base metals rose across the board, LME copper and LME nickel surged over 4%, and gold prices hit a new historical high [Overnight Market].

SMM April 11 News: In the metal market, domestic base metals all rose overnight, with SHFE tin up 1.67%, SHFE copper up 0.73%, SHFE nickel up 1.31%, SHFE lead up 0.96%, SHFE aluminum up 0.56%, and SHFE zinc up 0.89%. Additionally, alumina fell 1.99%. In the ferrous metals series, iron ore rose 0.57%, stainless steel fell 0.59%, rebar rose 0.44%, and HRC rose 0.22%. For coking coal and coke, coking coal fell 1.85% and coke fell 0.58%. LME metals all rose overnight, with LME copper up 4.23%, LME zinc up 2.76%, LME tin up 2.27%, LME lead up 2.63%, LME aluminum up 2.29%, and LME nickel up 4.2%. In the precious metals sector, COMEX gold rose 3.73% overnight, continuing its upward trend on April 11, hitting a new historical high of $3,212/oz during the session; COMEX silver rose 2.3%. SHFE gold rose 1.55%, reaching a new historical high of 749.96 yuan/gram during the session; SHFE silver rose 1.08%. As of 7:16 AM on April 11, the overnight closing prices were as follows. Click to view the SMM futures data dashboard. On the macro front, domestically, the Ministry of Commerce spokesperson stated that the US's imposition of tariffs on all trading partners, including China, severely infringes on the legitimate rights and interests of Chinese enterprises, and China strongly condemns and firmly opposes this. The Ministry of Commerce has organized discussions with relevant industry associations, large supermarkets, and distribution companies to study ways to help foreign trade enterprises expand domestic sales channels. In an article published by China Foreign Exchange, Jia Ning, Director of the International Payments Department of the State Administration of Foreign Exchange, stated that looking ahead, China's economic fundamentals and the resilience of the foreign exchange market are strong, and the foreign exchange market is expected to remain balanced. The 2025 National Export Control Work Conference was held in Beijing on April 9-10, emphasizing the importance of improving the national export control system. According to the China Index Academy, as of April 10, the total amount of special bonds issued by Guangdong, Sichuan, and Hunan for the acquisition of idle land was approximately 40.2 billion yuan, involving 166 projects. The total amount of special bonds planned for the acquisition of idle land this year has exceeded 100 billion yuan. In the US dollar market, the US dollar index continued its decline from the previous two trading days, falling 1.97% to 100.94. The US Labor Department's data showed that US consumer prices unexpectedly fell in March, but the improvement in inflation is unlikely to persist due to tariffs. Traders are betting that the US Fed will resume rate cuts in June and may lower the policy rate by a full percentage point by the end of the year. In other currencies, the EU has agreed to suspend the countermeasures against US tariffs originally scheduled for April 15 for 90 days, with preparations for further countermeasures continuing. A German economic research institute has lowered its 2025 economic growth forecast from 0.8% to 0.1%, considering the initial US tariffs on steel, aluminum, and cars. UK interest rate swaps show that the Bank of England will cut rates by 68 basis points by the end of 2025, down from 83 basis points on Wednesday. Traders have reduced their bets on the Bank of England, expecting fewer than three rate cuts this year. In data, today will see the release of the UK February GDP monthly rate, UK February industrial production monthly rate, UK February industrial production annual rate, UK February goods trade balance seasonally adjusted, UK February seasonally adjusted trade balance, Germany April CPI annual rate preliminary, Switzerland March consumer confidence index seasonally adjusted, China March M2 money supply annual rate (April 11-17, time uncertain), China March social financing scale year-to-date, China March new yuan loans year-to-date, US March PPI annual rate, US March core PPI annual rate, and US April University of Michigan consumer sentiment index preliminary. Additionally, notable events include speeches by 2025 FOMC voting member and Chicago Fed President Goolsbee at the New York Economic Club, ECB President Lagarde at the Eurogroup press conference, 2025 FOMC voting member and St. Louis Fed President Musalem on the US economy and monetary policy, and FOMC permanent voting member and New York Fed President Williams on the economic outlook and monetary policy. In the crude oil market, both oil futures fell sharply overnight, with US oil down 3.4% and Brent oil down 3.18%. Oil prices were pressured by lingering concerns over economic growth and demand prospects. The EIA reported that US crude oil inventories increased by 2.6 million barrels last week, nearly double the 1.4 million barrel increase forecast by analysts. UBS lowered its Brent crude price forecast, citing downside risks. The EIA stated that tariffs are casting a shadow over the global economic outlook and could severely drag down oil prices in the coming months. The agency also lowered its oil demand growth forecast through 2026 and reduced its oil price forecasts for this year and next, highlighting the significant uncertainty in the energy market due to potential global economic slowdown and increased oil supply.

SMM

The US dollar fell nearly 2%, base metals rose across the board, LME copper and LME nickel surged over 4%, and gold prices hit a new historical high [Overnight Market].

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