The US dollar fell below 98 during the session, domestic metals generally rose, COMEX gold repeatedly hit new highs! Crude oil declined. 【Overnight Market】

SMM April 22 News: In the metal market, domestic base metals generally rose overnight, with SHFE tin up 0.48%, SHFE copper up 0.41%, SHFE nickel down 0.18%, SHFE lead slightly up, SHFE aluminum up 0.2%, and SHFE zinc up 0.27%. Additionally, alumina rose 0.35%. In the ferrous metals series, iron ore rose 0.63%, stainless steel remained flat at 12,770 yuan/mt, rebar rose 0.23%, and HRC rose 0.16%. For coking coal and coke, coking coal fell 0.53%, while coke rose 0.45%. In overseas metal markets, LME base metals were closed on April 21 due to Easter. In the precious metals sector, COMEX gold surged 3.21% overnight, continuing to hit new highs on April 22, reaching a record high of $3,455.9/oz during the session; COMEX silver rose 0.5%. SHFE gold rose 2.44%, hitting a record high of 818.66 yuan/g during the session, while SHFE silver fell 0.11%. As of 7:57 AM on April 22, the overnight closing market. Click to view the SMM futures data dashboard. On the macro front, domestically, the CPC Central Committee and the State Council issued the "Opinions on Implementing the Free Trade Pilot Zone Upgrade Strategy," which systematically deploys the construction of free trade pilot zones. The opinions emphasize that after about five years of pioneering and integrated exploration, the level of institutional openness, systemic reform effectiveness, and the quality of the open economy in free trade pilot zones will be comprehensively improved. The policy system focusing on the free and convenient flow of trade, investment, capital, transportation, and personnel, as well as the orderly flow of data, will be more refined. The deep integration of technological and industrial innovation, the leap in the level of modern industrial clusters, and the accelerated development of new quality productive forces will create a new highland of reform and opening up with higher openness, better business environment, and stronger radiation effects. The opinions propose to enhance the comprehensive competitiveness of foreign trade, promote the optimization and upgrading of goods trade, enhance the vitality of service trade development, and support the innovative development of digital trade. Enterprises in the zone are allowed to conduct physical mixing operations of gold ore sands under different tax codes in bonded logistics. Click for details. Vice Minister of Commerce Ling Ji stated at a press conference on April 21 that the current global economic recovery lacks momentum, especially with the US announcing the so-called "reciprocal tariffs," which severely damage the multilateral trading system and significantly impact international trade order and global supply chain security. To better respond to external shocks and challenges, the "Accelerated Work Plan for the Comprehensive Pilot of Expanding Service Industry Opening" highlights the alignment with high-standard international economic and trade rules such as CPTPP and DEPA, demonstrating China's determination to unswervingly expand opening up under the current situation, further leverage the comprehensive advantages of expanding service industry opening, and reflect China's firm support for economic globalization, the multilateral trading system, and the willingness and determination to promote openness and shared development with other countries. The People's Bank of China, the Financial Regulatory Authority, the State Administration of Foreign Exchange, and the Shanghai Municipal Government jointly issued the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in Shanghai International Financial Center," which points out the enhancement of the functions and global network coverage of the Cross-border Interbank Payment System (CIPS). Cross-border clearing companies will strengthen coordination with financial institutions to jointly improve the service level for "going global" enterprises. More banks will be encouraged to join CIPS, continuously expanding the network coverage of CIPS. The construction of CIPS will be strengthened, system functions will be improved, and the application of blockchain technology will be studied to provide safe and efficient settlement and clearing services for global trade, shipping, and investment and financing denominated in RMB. Click for details. On the US dollar front, the US dollar index fell to its lowest level in three years overnight, finally closing down 0.89% at 98.36, with the lowest intraday drop to 97.91. The weakness of the US dollar stems from market concerns about the independence of the US Fed, as comments from US President Trump and the Director of the National Economic Council hinted that they are still "studying" whether to replace Fed Chairman Powell, which has once again shaken market confidence in the US economy. According to CCTV News, on April 21, US President Trump posted on his social media platform "Truth Social," once again urging the US Federal Reserve to make an interest rate cut decision. Trump claimed in the post that "inflation no longer exists in the US, and the downward trend in energy, food, and most other commodity prices is so significant that it is almost impossible to trigger inflation. However, if 'Mr. Too Late' (referring to Fed Chairman Powell) does not cut interest rates immediately, the US economy will face the risk of slowing down." A survey on April 17 showed that the market believes that tariff policies will lead to a significant slowdown in the US economy this year and next, with the median probability of a recession in the next 12 months close to 50%. The market is focusing on several data to be released in the US this week, including the preliminary values of the April manufacturing and services PMI, to understand the direction of the US economy. In other currencies, the euro rose against the US dollar, mainly driven by the overall weakness of the US dollar. Since April, the euro has appreciated by more than 5% against the US dollar, as investors question the dominant position of the US dollar in the global financial system and turn to the euro as an alternative currency. The euro is also supported by expectations of increased defense spending in Germany. The European Central Bank cut the deposit rate by 25 basis points to 2.25%, the lowest level since early 2023, and removed the "restrictive" policy wording, while warning that the economic outlook has deteriorated due to trade tensions. The market expects the European Central Bank to cut interest rates three more times by 25 basis points by the end of the year (Huitong Finance). On the macro front, the preliminary value of the eurozone's April consumer confidence index will be released today. Additionally, it is worth noting that Fed Vice Chairman Jefferson will speak at the Economic Liquidity Summit; the IMF will release the "World Economic Outlook" report; and ECB President Lagarde will be interviewed by CNBC. In the crude oil market, both oil futures fell overnight, with US oil down 2.06% and Brent oil down 2.1%. Oil prices were under pressure due to signs of progress in negotiations between the US and Iran, while the market remains concerned that tariffs may hinder economic growth and suppress fuel demand.

SMM

The US dollar fell below 98 during the session, domestic metals generally rose, COMEX gold repeatedly hit new highs! Crude oil declined. 【Overnight Market】

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The LME zinc market remained closed on Monday due to the Easter holiday, according to the SMM zinc morning comment.