[April China TCs Expected to Face Resistance to Further Gains, Pending the Conclusion of Follow-up Negotiations]: Weekly data showed that the average weekly SMM Zn50 domestic TC held flat at 1,550 yuan/mt in metal content, while the SMM imported zinc concentrates index fell $7.51/dmt MoM to -$2.28/dmt...

》【Live】2025 Global Supply-Demand Balance Analysis of Lead and Zinc Concentrates, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live at the Lead-Zinc Summit】 SMM, April 11: Metal Market: At the close of the day, domestic base metals collectively rose, with SHFE tin leading the gains at up 3.62%. Other metals, except SHFE aluminum, rose more than 1%: SHFE copper up 1.79%, SHFE nickel up 1.95%, SHFE lead up 1.14%, and SHFE zinc up 1.25%. SHFE aluminum rose 0.41%. Alumina main contract fell 0.14%. In addition, lithium carbonate main contract fell 0.54%, silicon metal main contract fell 1.2%, polysilicon main contract fell 1.55%, and European container shipping main contract fell 1.97%. Overseas, as of 15:03, base metals generally rose, with LME tin up 1.03% leading the gains, while other metals rose less than 1%. In the ferrous metals series, stainless steel rose 0.4%, iron ore rose 0.71%, and rebar rose 0.26%. In coking coal and coke, coking coal fell 2.72%, and coke fell 1.42%. In precious metals, as of 15:03, COMEX gold rose 1.32%, hitting a record high of $3,241.5/oz, marking its fourth consecutive gain. COMEX silver rose 1.55%, recording its fifth consecutive gain. Domestically, SHFE gold rose 2.71%, hitting a record high of 763.62 yuan/gram, and SHFE silver rose 1.62%. Market as of 15:03 today 》Click to view SMM Market Dashboard Macro Front: Domestic: 【China Semiconductor Industry Association: "Integrated Circuit" Origin Determined by Four-Digit Tariff Code Change Principle, i.e., Wafer Fab Location Recognized as Origin】 The China Semiconductor Industry Association issued an urgent notice on the "Origin" determination rules for semiconductor products on April 11. According to the General Administration of Customs, the origin of "integrated circuits" is determined by the four-digit tariff code change principle, i.e., the wafer fab location is recognized as the origin. It is recommended that the origin of "integrated circuits," whether packaged or unpackaged, be declared based on the location of the wafer fab during import customs clearance. ► On April 11, the central parity rate of the RMB in the interbank foreign exchange market was 7.2087 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.71% to 100.22, hitting a low of 99.64. Data from the US Bureau of Labor Statistics showed that the US March CPI fell 0.1% MoM, unexpectedly negative, the lowest since May 2020, well below the market expectation of 0.1%. The US March CPI rose 2.4% YoY, below expectations and previous values. The US March core CPI rose 2.8% YoY, falling for the second consecutive month, the lowest since March 2021; core CPI rose 0.1% MoM, the lowest since June 2024. After the data release, traders bet that the US Fed will resume rate cuts in June and may lower the policy rate by a full percentage point by year-end. However, the report was not enough to ease market concerns, as inflation risks significantly increased after the full tariff impact. Several US Fed officials spoke intensively, emphasizing attention to inflation upside risks, warning that tariffs could trigger persistent price pressures, and hinting at no rush to cut rates in the short term. On April 10, Boston Fed President Collins stated that the US Fed may lower rates later this year, but tariff-driven inflation could delay further cuts; Dallas Fed President Logan believed that maintaining stable rates temporarily is the best approach while waiting for clearer economic impacts from tariffs; Goolsbee described tariffs as stagflationary shocks, posing challenges to the US Fed as there is no universal solution to such shocks. Data from the US Labor Department on Thursday showed that US consumer prices unexpectedly fell in March, but inflation improvement is unlikely to persist due to tariffs. Traders currently bet that the US Fed will resume rate cuts in June and may lower rates by a full percentage point by the end of 2025. Attention is on the US PPI data to be released tonight. (Wenhua Comprehensive) Data: 【PBOC Deputy Governor Xuan Changneng Attends and Chairs ASEAN+3 Finance and Central Bank Deputies Meeting: The Meeting Discussed the Impact of US Tariff Policies on Global and Regional Macroeconomic Situations】 PBOC Deputy Governor Xuan Changneng attended the ASEAN+3 (10+3) Finance and Central Bank Deputies Meeting in Kuala Lumpur, Malaysia, from April 8 to 9, 2025, and chaired related discussions as the co-chair of the 10+3 financial cooperation mechanism. The meeting discussed the impact of US tariff policies on global and regional macroeconomic situations, improvements to the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the ASEAN+3 Macroeconomic Research Office (AMRO), reaching a series of consensuses on deepening regional policy coordination and strengthening regional financial safety nets. The meeting unanimously passed the legal arrangements for RMB contributions under the CMIM mechanism. The finance and central bank deputies of China, Japan, and South Korea held a meeting during the same period, exchanging views on the economic situation and regional financial cooperation. Xuan Changneng highlighted that, facing the challenges of rising global uncertainty, the PBOC will implement a moderately loose monetary policy, support stable financial market operations, and consolidate the momentum of economic recovery. Additionally, Xuan Changneng held bilateral talks with South Korea's Deputy Finance Minister Choi Ji-young, South Korea's Central Bank Deputy Governor Kwon Min-soo, and Singapore's Monetary Authority Deputy Managing Director Leong Sing Chiong, exchanging views on the impact of global uncertainty on various countries. (Cailian Press) Today, the UK February GDP MoM, UK February Industrial Production MoM, UK February Industrial Production YoY, UK February Goods Trade Balance (seasonally adjusted), UK February Trade Balance (seasonally adjusted), Germany April CPI YoY (preliminary), Switzerland March Consumer Confidence Index (seasonally adjusted), China March M2 Money Supply YoY (April 11-17, time uncertain), China March Social Financing Scale (YTD), China March New Yuan Loans (YTD), US March PPI YoY, US March Core PPI YoY, and US April University of Michigan Consumer Sentiment Index (preliminary) will be released. Additionally, noteworthy events include: 2025 FOMC voter and Chicago Fed President Goolsbee speaking at the New York Economic Club; ECB President Lagarde speaking at the Eurogroup press conference; 2025 FOMC voter and St. Louis Fed President Moussalem speaking on the US economy and monetary policy; FOMC permanent voter and New York Fed President Williams speaking on the economic outlook and monetary policy. Crude Oil: As of 15:03, oil prices in both markets rose, with US oil up 1.22% and Brent oil up 1.2%, but weekly performance may mark the second consecutive week of decline due to concerns that trade conflicts will weaken economic growth, severely impacting oil consumption. BMI analysts stated in a report on Friday that oil prices are expected to remain under pressure as investors assess ongoing trade conflicts. ANZ senior commodity strategist Daniel Hynes said in a report on Friday that concerns about a global economic slowdown are weighing on oil prices. He added that the bank predicts a 1% drop in oil consumption if global economic growth falls below 3%. The US Energy Information Administration (EIA) on Thursday lowered its global economic growth forecast and warned that tariffs could severely impact oil prices, while also lowering US and global oil demand estimates for this year and next. BMI analysts stated that the OPEC+ meeting on May 5 could be critical, potentially signaling the group's willingness to intervene to maintain market stability. Analysts said, "If the meeting announces further production increases, it could trigger a new wave of sell-offs." (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Retreat Sharply Again, Secondary Aluminum Prices Narrowly Follow【ADC12 Price Daily Review】 ► 【SMM Nickel Sulphate Daily Review】April 11: Nickel Sulphate Prices Remain Stable ► 【SMM MHP Daily Review】April 11: Indonesian MHP Prices Pull Back ► Silver Rises Slightly, Market Activity Slows Ahead of Weekend【SMM Daily Review】

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook and Trading Opportunities 》Impact of New National Standards on the EV Industry, Current Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc Development【Live at Lead-Zinc Summit】 ► Price Spread Between Futures Contracts Remains Wide, Suppliers Lower Prices for Shipment, Overall Trading Activity Weak【SMM Spot Copper in South China】 ► Contract Rollover and Delivery Date Approaches, Spot Premiums/Discounts Drop Significantly【SMM Spot Copper in North China】 ► Spot Premiums/Discounts in Guangdong Copper Spot Market at Different Time Intervals on April 11 (Fourth Interval: 10:45)【SMM Price】 》Click to Enter SMM Official Website for Daily Quotes 》Order and View Historical Price Trends of SMM Metal Spot （Recommended to View on PC）

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live from Lead-Zinc Summit】 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 》Click to view SMM Market Dashboard 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. ► On April 10, the central parity rate of the RMB in the interbank foreign exchange market was 7.2092 yuan per US dollar. 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 ► Aluminum Prices Rebounded Significantly, Secondary Aluminum Followed with Weak Enthusiasm【ADC12 Price 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】 ► April 10: SHFE Aluminum Stopped Falling and Rebounded, Aluminum Billet Trading Remained Unoptimistic【Aluminum Billet Spot Daily Review】 ► Silver Rebounded After Negative Factors Exhausted, Market Trading Active【SMM Daily Review】 ► Rare Earth Prices Continued Fluctuating Trend, Market Trading Cooled Down【SMM Rare Earth Daily Review】 ► US Tariff Policy Eased, Stainless Steel Market Remained Stable and Watchful【SMM Stainless Steel Spot Daily Review】

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Outlook for Lead and Zinc Prices, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Current Status and Outlook for Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc Development【Live at Lead-Zinc Summit】 ► Copper Prices Surge, Suppliers Actively Ship Goods, Downstream Drives Down Prices, Spot Premiums Decline【SMM Shanghai Spot Copper】 ► Copper Prices Rise Sharply, Downstream Rushes to Buy Amid Continuous Price Rise, Spot Transactions Sluggish【SMM South China Spot Copper】 ► Copper Prices Rebound, Market Activity Weakens, Spot Premiums and Discounts Fall【SMM North China Spot Copper】 ► Spot Copper Premiums and Discounts in Shanghai Market on April 10 (Fourth Session)【SMM Price】 ► Spot Copper Premiums and Discounts in Guangdong Market on April 10 (Fourth Session 10:45)【SMM Price】 ► Secondary Lead: Refined Lead Market Activity Rises, Spot Order Transactions Improve【SMM Lead Midday Review】 ► Shanghai Zinc: Price Spread Between Futures Contracts Continues to Widen, Downstream Purchases Cautiously【SMM Midday Review】 ► Ningbo Zinc: Continuous Purchasing as Needed, Transaction Atmosphere Sluggish【SMM Midday Review】 ► Tianjin Zinc: Limited Spot Market, Traders Stand Firm on Quotes【SMM Midday Review】 》Click to Visit SMM Official Website for Daily Quotes 》Subscribe to View SMM Metal Spot Historical Price Trends (Recommended to View on PC)