The People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government jointly issued the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in Shanghai International Financial Center." It pointed out that the functions and global network coverage of the Cross-border Interbank Payment System (CIPS) will be enhanced. Cross-border clearing companies will strengthen coordination and linkage 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 researched and promoted to provide safe and efficient settlement and clearing services for global trade, shipping, and investment and financing denominated in RMB. Notice of the People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government on Issuing the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in Shanghai International Financial Center" To implement the spirit of General Secretary Xi Jinping's inspection in Shanghai and the Central Financial Work Conference, better leverage the special role of the Shanghai International Financial Center in serving the construction of a new development pattern, and support various entities in participating in international competition and cooperation more safely, conveniently, and efficiently, this plan is formulated. I. General Requirements Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, through deepening financial institutional opening, strengthening financial support for "going global" enterprises and the "Belt and Road" construction, a financial system more suitable for an export-oriented economy will be formed, enhancing the competitiveness and influence of the Shanghai International Financial Center. II. Main Content (1) Improve cross-border settlement efficiency and facilitate global fund management for enterprises. 1. Optimize the management model and business processes of foreign exchange operations. Support banks in implementing foreign exchange business management measures, optimizing foreign exchange business processes, and system reengineering, classifying enterprises' foreign exchange compliance risk levels, and providing differentiated and facilitated financial services. Support pilot banks such as Bank of China, China CITIC Bank, China Minsheng Bank, and Citibank (China) Co., Ltd. to conduct business in Shanghai branches according to new regulations, and support more banks in Shanghai to participate. Establish a mechanism for pilot banks to appeal and evaluate due diligence in foreign exchange business, support banks in appealing suspected violations, rely on the self-discipline mechanism of the foreign exchange market to conduct evaluations, reasonably determine the "due diligence" situation of banks, and improve the quality and efficiency of cross-border financial services. 2. Improve the global fund management system of enterprise groups. Optimize the integrated RMB and foreign currency fund pool management policy, facilitate the main enterprise to conduct centralized fund collection and payment business on behalf of overseas member units. Optimize and improve the cross-border fund transfer of the full-function fund pool in the Shanghai Free Trade Zone. Encourage banks to gradually achieve automated processing of cross-border fund payments, extend service hours for key enterprise groups' cross-border fund pools and other businesses, and achieve real-time global fund transfers. Support Pudong New Area in taking the lead in formulating fiscal, talent, and other supportive policies conducive to the agglomeration of enterprise group financial centers, enhance the level of headquarters economy such as enterprise group financial centers, and encourage other districts to replicate, promote, and improve supporting policies. Encourage enterprise groups to establish fund pools in Shanghai to achieve convenient and efficient onshore centralized management and use of global funds. Support banks to provide fund pool services that match the business scale and needs of enterprises. 3. Expand the functions and application scenarios of free trade accounts. Support banks to use the information obtained from fulfilling the "three anti" obligations for the authenticity review of cross-border business, achieve no-delay collection and payment between free trade accounts and overseas (across the first line), and handle RMB fund settlement with domestic ordinary accounts (across the second line) for recognized high-quality enterprises according to the business principles. Support banks to develop deposit products based on overseas institutions' free trade accounts, allowing non-resident foreign currency deposit interest rates to be market-priced with reference to international practices. Support banks that meet the requirements for providing foreign exchange settlement and sales and fund collection and payment services for cross-border e-commerce based on transaction electronic information, to provide internationally aligned settlement services for cross-border e-commerce through innovative free trade account services. Optimize the dynamic update mechanism of the free trade account list. 4. Promote financial institutions to improve digital service levels. Encourage banks to carry out cross-border digital identity authentication and electronic identification for individuals and enterprises, and steadily expand the coverage of digital services in cross-border collection and payment business. Support financial institutions to use blockchain technology and other means to optimize the authenticity review of customer electronic documents and information, enhance the "precise profiling" ability, and improve the quality of cross-border financial services for "going global" enterprises. Support pilot banks of digital RMB in Shanghai to actively participate in the multilateral central bank digital currency bridge project and explore innovative characteristic scenarios. Support the Foreign Exchange Trading Center to provide foreign exchange liquidity management and exchange services for the multilateral central bank digital currency bridge. 5. Enhance the functions and global network coverage of the Cross-border Interbank Payment System (CIPS). Cross-border clearing companies will strengthen coordination and linkage 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 researched and promoted to provide safe and efficient settlement and clearing services for global trade, shipping, and investment and financing denominated in RMB. (2) Optimize exchange rate hedging services and improve foreign exchange risk management and response capabilities. 6. Develop diversified exchange rate hedging products and services. Support the Foreign Exchange Trading Center to provide trading facility services for RMB foreign exchange trading in the Free Trade Zone, and improve the foreign exchange trading services for currencies of countries jointly building the "Belt and Road." Attract more enterprises to participate in the "Bank-Enterprise Foreign Exchange Trading Service Platform" of the Foreign Exchange Trading Center, encourage more banks to access the platform for direct quotation, and facilitate various enterprises to conduct foreign exchange business. Encourage banks to actively expand exchange rate hedging "first-time" enterprises, promote enterprises to enhance exchange rate hedging awareness, and reduce the cost of exchange rate hedging for enterprises. Support banks to increase the development of exchange rate hedging products, enrich RMB foreign exchange ordinary American options, European options, Asian options, and their combination products, and continuously increase the types of RMB foreign exchange derivatives in the domestic market. Support the transformation and upgrading of bank outlets, encourage qualified banks to establish special outlets for foreign-related business according to regional and functional positioning, form professional foreign exchange service teams, and provide a full range of foreign-related products, services, and exchange currencies. Strengthen the linkage between financing guarantee institutions and bank business, the Shanghai Financing Guarantee Center and other municipal government financing guarantee institutions and banks jointly develop special guarantee products for exchange rate hedging, with fiscal subsidies for guarantee fees, to reduce the cost of foreign exchange risk management for enterprises. 7. Promote the cross-border use of RMB. Improve the convenience and efficiency of cross-border RMB use, encourage banks to optimize document review and strengthen data sharing under the premise of authenticity and compliance, and enhance the experience of "going global" enterprises in using RMB for investment and financing, project construction and procurement, and income recovery. Encourage banks to build a risk assessment-oriented entity classification management model and adopt various in-process and post-event verification methods. Strengthen the promotion of the "RMB priority" concept and cross-border RMB policy, establish an evaluation mechanism for the cross-border use of RMB by key state-owned enterprises in Shanghai, encourage "going global" central enterprises and state-owned enterprises to prioritize the use of RMB for foreign payment and settlement, and drive the use of RMB by various enterprises in the industrial chain, supply chain, and innovation chain. Research and design professional service plans to promote the increase of the proportion of cross-border RMB settlement in areas such as "Silk Road e-commerce," high-end shipping, large-scale complete equipment export, and overseas employee services. Promote the use of RMB in countries jointly building the "Belt and Road," and rely on Shanghai to build a trade and investment service system that promotes the global circulation of RMB. (3) Strengthen financing services and support global investment and financing of enterprises. 8. Gather cross-border syndicated loan centers and business. Under the premise of legal compliance, carry out pilot projects for cross-border transfer of syndicated loan shares in institutions recognized by the National Financial Regulatory Administration, optimize the management of foreign debt registration and cross-border guarantee processes, and better meet the syndicated loan needs of domestic enterprises in the process of "going global." When conditions are mature, support willing and qualified banks to establish cross-border syndicated loan centers in Shanghai. 9. Pilot trade refinancing business through the rediscount window. Pilot in Shanghai to support RMB cross-border trade financing through the rediscount window, encourage banks in Shanghai to expand cross-border trade credit to reduce the cost of RMB trade financing for enterprises, and promote import and export trade denominated in RMB. 10. Expand two-way financing channels at home and abroad. Support qualified banks to explore and study providing non-resident M&A loan services for "going global" enterprises in the Shanghai Free Trade Zone with reference to international practices, with the loan amount not exceeding 80% of the M&A transaction price and the loan term not exceeding 10 years. Support banks to meet the financing needs of multinational companies' domestic and overseas member units through "overseas direct loans," "domestic guarantees for overseas loans," "overseas guarantees for domestic loans," and other forms under the premise of controllable risk and commercial rationality. Support enterprise group finance companies to carry out "overseas guarantees for domestic loans" business, pool funds from overseas member units and provide financing support, facilitate the overall domestic and overseas financing of enterprise group member units, and reduce financing costs. Improve the development and supervision system of "Yulan Bonds," and further enrich value-added services such as agency interest payment and redemption, and corporate behavior handling. 11. Use blockchain technology to standardize the development of supply chain finance. Leverage the role of key industrial chain leading enterprises, use blockchain, big data, and other technologies to achieve information on key links such as orders, logistics, and warehousing on the chain, carry out carbon footprint certification pilots, gradually build a green and low-carbon supply chain system, implement differentiated credit management for supply chain finance, improve the supply chain finance product system, standardize the development of financing products such as accounts receivable, order financing, and warehouse receipts and inventory pledge, and increase credit support for upstream and downstream enterprises in the industrial chain. Support banks in Shanghai to better serve "going global" enterprises in the Yangtze River Delta and other regions through supply chain finance. Support financial institutions to rely on the landing application of "Shipping and Trade Digital Chain," through the on-chain storage and cross-matching of electronic documents, to provide auxiliary verification for trade settlement, trade financing, cross-border insurance (cargo insurance, ship insurance, etc.) for entities on the chain. Support the Shanghai Clearing House to enrich the participation group and clearing products of the "Clearing Link" for bulk commodities, promote the landing of cross-border RMB clearing and settlement services, and support financial institutions to steadily expand the application scenarios of supply chain finance and extend to areas such as carbon emission rights. 12. Facilitate cross-border financing of financial leasing companies and others. Explore and support financial leasing companies to carry out parent-subsidiary foreign debt quota sharing business. Facilitate the use of foreign currency rents collected by financial leasing companies (including financial leasing companies) in China, allowing them to be used for repaying foreign currency debts, paying overseas rents, and paying for leased goods overseas and other compliant purposes. Support financial leasing companies (including financial leasing companies) and subsidiaries to carry out overseas financial leasing business and serve "going global" enterprises. Support overseas branches of financial institutions to actively provide financing support for overseas sales of automobile groups. (4) Strengthen insurance protection and improve risk management level. 13. Increase insurance support for export enterprises. Increase insurance protection for key export enterprises such as domestic commercial aircraft, new energy vehicles, and large-scale complete equipment, promote cooperation between insurance companies and reinsurance companies, establish insurance communities, and enhance the ability to protect special risks. Support insurance companies to provide insurance services for shipping and other related fields according to China's new export advantages, new trends, and industry characteristics, and continuously optimize insurance products.Support insurance companies in developing overseas clinical trial and high-end medical equipment liability insurance for biopharmaceutical enterprises, and provide support to insured enterprises. Strengthen insurance coverage for cross-border personnel in areas such as accidental injury, medical treatment, and diseases, and support insurance companies in developing cross-border personnel insurance products. Encourage airports, ports, travel agencies, and other units to facilitate the purchase of insurance products for cross-border personnel. The Shanghai Financial Regulatory Bureau will guide relevant institutions to deepen the construction of the "Belt and Road" global inspection service network, enhance network functions, and expand coverage areas. Support the Shanghai Shipping Insurance Association in formulating internationally compliant, globally influential shipping insurance underwriting, claims, and recovery operation guidelines and standardized document templates. 14. Enhance the service level of export credit insurance policies. Support insurance institutions in optimizing and improving export credit insurance products and comprehensive service plans based on enterprise operations, project countries, and financing models, and continuously optimize claims conditions under the premise of meeting risk control standards to better provide risk protection for small and micro enterprises. Rely on the China (Shanghai) International Trade "Single Window" to actively provide "fully online, collateral-free, low-cost" convenient financial services to eligible small and medium-sized enterprises. Upgrade the "credit insurance + guarantee + bank" financing model, optimize the Shanghai foreign trade high-quality development tripartite cooperation list for credit insurance financing services, and provide batch active credit to cross-border e-commerce, service trade, and customs advanced certification enterprises. Encourage banks to dynamically adjust country risk ratings and limits in a timely manner based on the "National Risk Analysis Report" issued by policy export credit insurance institutions. 15. Provide high-quality reinsurance services. Support the establishment of insurance companies, reinsurance companies, and insurance brokerage companies specializing in reinsurance business in the Lingang New Area, and steadily promote online transactions for cross-border reinsurance and domestic reinsurance businesses. Focus on key areas such as the joint construction of the "Belt and Road," aerospace, and green shipping, and study the feasibility of piloting new risk transfer product issuance and trading to enhance the global underwriting capacity for "going global" enterprises and projects. Strengthen central and local support for the Shanghai International Reinsurance Registration and Trading Center, and improve supporting policies such as supervision and local financial support. Support the electronic circulation of VAT invoices for reinsurance through the Shanghai International Reinsurance Registration and Trading Center. Implement cross-border reinsurance premium statistics and release rules, and conduct statistics and release of cross-border reinsurance premium income through the registration and trading center based on the principles of domestic addition and non-repetition. (5) Improve comprehensive financial services and enhance global allocation capabilities. 16. Enhance the function of important financial platforms in allocating global resources. High-level preparation of the international financial asset trading platform, aiming to become an important functional platform for allocating global financial resources and facilitating international investors' deep participation in China's financial market. Support the Shanghai Gold Exchange and other exchanges in conducting product authorization cooperation with overseas exchanges, and expand the application of RMB benchmark prices in international mainstream markets. Explore the internationalization of specific product deliveries at the Shanghai Gold Exchange and set up overseas delivery warehouses. 17. Improve the convenience of global asset management. Support Qualified Domestic Limited Partner (QDLP) pilot enterprises in reasonably improving the efficiency of fund use under the premise of compliance, allowing the subscription of domestic low-risk level (R2 and below) money funds, cash management wealth management products, and time deposits, and subscribing to overseas cash management products based on the characteristics of the main fund's openness. Support QDLP pilot enterprises in completing domestic fund raising and fund establishment, and then remitting funds abroad in batches according to the needs of the main fund. Support the expansion of QDLP fundraising sources and explore raising funds in both local and foreign currencies. 18. Improve the functions of various comprehensive service platforms. Enhance the "online + offline" comprehensive service capabilities, upgrade the "Belt and Road" comprehensive service center, iteratively upgrade the "Silk Road e-Travel" mini-program and financial service functions, promote the integration and docking of bank and enterprise resources, and achieve seamless integration of online traffic and offline professional services. Promote the cross-border sharing and exchange of international trade-related documents, port logistics, and other data between offshore trade service platforms such as Offshore Connect and Cross-border Connect and major trading regions. III. Safeguard Measures (1) Establish a promotion mechanism and jointly promote implementation. The Shanghai Municipal Party Committee Financial Office, the People's Bank of China Shanghai Headquarters, the Shanghai Financial Regulatory Bureau, the Shanghai Securities Regulatory Bureau, the State Administration of Foreign Exchange Shanghai Branch, the Shanghai Development and Reform Commission, the Shanghai Commerce Commission, the Shanghai Economic and Information Commission, the Shanghai State-owned Assets Supervision and Administration Commission, and financial institutions will form a task force to provide a "financial service package" for "going global" enterprises and encourage Shanghai-based financial institutions to "go global." (2) Strengthen publicity and promotion, and refine and implement services. Carry out the "Hundred Parks and Thousand Enterprises Deliver Finance" activity, and comprehensively use network releases, counter guidance, and other methods to promote policies. Relevant departments, key districts, and financial institutions will designate personnel to organize and provide services. Establish an expert database, form professional teams, set up demonstration outlets, and provide integrated services in local and foreign currencies, offshore and onshore, and corporate and individual services. (3) Strengthen the supply of legal services and create a good environment. Improve financial legislation, supervision, and dispute resolution mechanisms, and support Shanghai in exploring the offshore financial system. Focus on the integrated development of finance with data, talent, and technology. People's Bank of China Financial Regulatory Authority State Administration of Foreign Exchange Shanghai Municipal People's Government March 25, 2025

Trump's ever-changing tariff policies are driving many economists and market participants, who seek to precisely calculate the impact of tariffs, to the brink of madness... A series of intensive tariff policy proposals, adjustments, and temporary exemptions from the White House have left many investors and economists scrambling to "tear up reports." Of course, to date, this series of revisions has not completely altered an established fact brought by Trump's trade policy proposals: US tariff rates are reverting to the past—a distant past, so far back that China was still in the Qing Dynasty... According to recent estimates from industry insiders, the effective tariff rate imposed by the Trump administration on all US imports has reached 22%-27%. The upper end of this range (27%) would push the US effective tariff rate above the level of 1903. Even at the lower end (22%), tariffs would reach their highest level since 1910. One reason for the constant changes in economists' calculations is that Trump has actually made two tariff "concessions" since last week: One was last Wednesday, the day the US bond market was in turmoil, when Trump announced a 90-day suspension of reciprocal tariffs on dozens of countries; The other was last Saturday, when US Customs and Border Protection issued a new notice, excluding a series of products from the previously announced reciprocal tariffs, including communication equipment (smartphones), computers, semiconductor equipment, and integrated circuit devices. Although Trump later insisted that "no tariff 'exceptions' were announced, they were just moved to different tariff 'categories,'" and threatened that "semiconductor tariffs" would soon arrive, temporary exemptions have indeed occurred—related "reciprocal tariffs" on these electronic products paid after April 5 can even seek refunds. According to estimates from the Yale Budget Lab, the tariff rate imposed by Trump on China (currently 145%) initially pushed the overall average effective tariff rate in the US to 27%, the highest level since 1903. However, after the temporary reciprocal tariff exemption decision on electronic products was announced, this average effective tariff rate has actually pulled back. Paul Ashworth, Chief North America Economist at Capital Economics, wrote in a report after the electronic product tariff exemption, "As a result, the overall effective tariff rate on US imports is currently 22%, still a significant increase from 2.3% a year ago, but lower than the previous day's 27%. "Specifically, although the tariff rate on China remains at 145%, once these exemptions are factored in, the actual average increase is now close to 106%." We previously mentioned that the electronic products exempted from tariffs not only include the 125% reciprocal tariff Trump imposed on Chinese goods but also the 10% baseline tariff on imports from other countries. The only part of the related goods still affected by tariffs is the 20% tariff Trump initially announced on Chinese goods. According to data compiled by Gerard DiPippo, Deputy Director of the Rand China Research Center, based on official US trade statistics for 2024, this exemption covers nearly $390 billion in US import value, with over $101 billion coming from China. DiPippo stated that overall, these exemptions include consumer electronics and semiconductors, which accounted for about 22% of US imports from China in 2024. Of course, as Trump has repeatedly emphasized in recent days, he will soon announce tariffs on semiconductors, so these numbers may still undergo further changes. US Commerce Secretary Lutnick also said last Sunday that smartphones, computers, and other electronic products, while not subject to "reciprocal tariffs," will be covered by semiconductor tariffs, which may be introduced in a month or two. In any case, Trump's "childish" and "whimsical" tariff policy changes will only bring significant uncertainty to financial markets and increase the risk of the US economy falling into recession. As Stuart Kaiser, Head of US Equity Strategy at Citibank, pointed out, the exemption for certain electronic products is "Step-1 towards progress, though still unclear." For now, "this is only a reduction or delay of tail risks, not their elimination."

On April 8 (Tuesday), LME copper and aluminum futures prices gave up earlier gains and resumed their decline as hopes for a swift resolution to tariff negotiations between the US and other countries faded. At 17:00 London time (00:00 Beijing time on April 9), LME three-month copper closed down $76.5, or 0.88%, at $8,655.5 per mt. Since the US announced tariffs last week, which sent global markets into turmoil, copper prices have fallen by approximately 11%. Citibank stated that the new tariffs would impact global copper consumption and manufacturing sentiment in Q2. Analysts noted that the recent declines in copper and aluminum have stimulated consumer demand, providing some support to the market. Since the US announced tariff hikes, the premium for copper at China's Yangshan port has surged 26% to $87 per mt, the highest since December 2023. In other metals, LME three-month aluminum closed down $21.5, or 0.91%, at $2,349 per mt. Aluminum prices have fallen for 14 consecutive trading days, dropping by about 12% since March 19. Three-month tin led the decline in base metals, closing down $1,326, or 3.91%, at $32,603 per mt. LME daily data showed that tin inventory increased to 3,435 mt, with nearly 500 mt delivered to Malaysian warehouses, easing concerns about recent tin supply. The premium for spot tin over three-month tin was $50 per mt, down from $234 on Monday.

SMM April 7 News: Metal Market: As of the daytime close, base metals in the domestic market generally fell. SHFE copper hit the lower limit during the day, briefly opened, but hit the lower limit again shortly after the afternoon session opened, reported at 73,640 yuan/mt. SHFE tin fell 8.57%, SHFE nickel fell 7.51%, SHFE aluminum and SHFE lead both fell over 3%, with SHFE aluminum down 3.67% and SHFE lead down 3.11%. SHFE zinc had the smallest drop, at 2.23%. Alumina main contract fell 3.82%. In addition, lithium carbonate main contract fell 3%, silicon metal main contract fell 2.7%, polysilicon main contract fell 0.67%, and the European container shipping main contract plunged 10.55%. In the overseas market, as of 15:09, base metals except LME copper and LME aluminum all fell. LME tin led the decline with a 3.25% drop, while LME lead, LME zinc, and LME nickel all fell over 1%, with LME lead down 1.52%, LME zinc down 1.88%, and LME nickel down 1.48%. LME aluminum rose 0.32%, and LME copper edged up 0.04%. The ferrous metals series also collectively declined, with stainless steel and iron ore both falling over 3%, stainless steel down 3.87%, iron ore down 3.36%, rebar down 2.59%, and HRC down 3.06%. In the coking coal and coke sector, coking coal fell 2.06%, and coke fell 2.21%. In the precious metals sector, as of 15:09, COMEX gold rose 0.39%, and COMEX silver rose 2.26%. Domestically, SHFE gold fell 2.85%, and SHFE silver plunged 9.03%. As of 15:09 today, click to view the SMM market board. Macro Front: Domestic: The Ministry of Commerce will hold a press conference at 3 PM on April 10, 2025. The spokesperson will introduce recent key work in the commerce sector and answer questions from reporters. The PBOC announced that China's foreign exchange reserves at the end of March were $3.241 trillion, up $13.4 billion from the end of February, an increase of 0.42%. In March 2025, influenced by macroeconomic data, fiscal and monetary policies, and expectations of major economies, the US dollar index fell, and global financial asset prices generally declined. The combined effects of exchange rate conversion and asset price changes led to an increase in foreign exchange reserves for the month. China's economic operation remained stable and progressive, with a package of existing and incremental policies continuing to take effect, and high-quality development steadily advancing, providing support for the basic stability of foreign exchange reserves. On April 7, the central parity rate of the RMB in the interbank foreign exchange market was 7.1980 yuan per US dollar. US Dollar: As of 15:09, the US dollar index fell 0.51%. Data released by the US Bureau of Labor Statistics showed that the seasonally adjusted non-farm payrolls in March recorded 228,000, higher than the market expectation of 135,000. Traders reduced bets on a US Fed rate cut in May, expecting June to be the possible starting point for rate cuts. They continued to bet on four rate cuts by the US Fed by the end of the year. Short-term interest rate futures traders expect the US Fed to cut rates by 50 basis points by June. On April 4, local time, Fed Chairman Powell stated that the US Fed was shocked by the scope of tariffs imposed by US President Trump, indicating that the impact of tariffs on the economy would be greater than previously thought. He also warned that it was too early to know what the right response from the US Fed should be. "We are facing a highly uncertain outlook, with risks of rising unemployment and inflation," he said, adding that the US Fed has time to wait for more data before deciding how monetary policy should respond. This week, attention should be paid to the March inflation data of China and the US. Data: Today, Germany's seasonally adjusted industrial production month-on-month for February, Germany's working-day adjusted industrial production year-on-year for February, Germany's seasonally adjusted exports month-on-month for February, the Eurozone's Sentix investor confidence index for April, the Eurozone's retail sales month-on-month for February, the Eurozone's retail sales year-on-year for February, the global leading indicator of industrial production cycle turning points for March, and Canada's leading indicator month-on-month for March will be released. Crude Oil: As of 15:09, oil prices in both markets fell over 3%, with US oil down 3.74% and Brent oil down 3.54%. After the implementation of the new US tariff policy, market concerns about the risk of a global economic recession significantly increased, further pressuring the demand expectations of the crude oil market. Citibank predicts that a 10% tariff could reduce the global oil demand growth expectation for 2025 from 900,000 barrels/day to 600,000 barrels/day. The global crude oil demand outlook itself is already not optimistic. In recent years, driven by the strategic goal of carbon neutrality, major economies have accelerated the transformation of their energy structures, and the substitution process of renewable energy for traditional fossil fuels has been speeding up. Currently, the recovery of major global economies is weak, and oil consumption growth has generally slowed. Coupled with the impact of the new US government's tariff policy, major institutions have raised the probability predictions of a hard landing for the US economy and a global economic recession, and systemic risks in financial markets have sharply increased. On the other hand, OPEC+, as the main support for international oil prices, surprisingly decided to significantly increase production in May, putting more pressure on the already weak crude oil market. According to a statement released on the OPEC website on April 3, OPEC+ agreed to increase oil supply to the market by 411,000 barrels/day in May, three times the original plan. This move mainly targets Kazakhstan, Iraq, and Russia, which have repeatedly exceeded production quotas, aiming to warn them of the potential consequences of their violations through practical actions. SMM Daily Review: Trade conflict escalation hits aluminum prices hard, secondary aluminum prices fall more slowly [ADC12 Price Daily Review]. [SMM MHP Daily Review] April 7, Indonesian MHP prices pulled back. [SMM Nickel Sulphate Daily Review] April 7, nickel sulphate prices remained stable. Silver market opened low and rose high, traders took a wait-and-see approach [SMM Daily Review].

Joyson Electronics has begun supplying key component sample for humanoid robots to a well-known robotics company, according to a press release it issued on Feb. 8 via its WeChat account.

On June 26, the SMM LME Asia Week- Global Metals and New Energy Market Outlook and Supply Trends wrapped up in the Hong Kong Special Administrative Region of China!