SMM News on June 10: Metal Market: As of the daytime close, base metals in both domestic and overseas markets showed mixed performance. In the overseas market, only LME zinc rose, up 0.17%. In the domestic market, SHFE copper and SHFE lead both rose by over 0.8%, with SHFE copper up 0.84% and SHFE lead up 0.81%, while SHFE zinc fell 0.9%. The % changes in other metals were relatively small. The main alumina futures contract fell 0.41%. In the ferrous metals series, prices fell collectively. Iron ore fell 0.71%, stainless steel fell 0.51%. In the coking coal and coke sector, coking coal fell 2.43% and coke fell 1.15%. In the overnight precious metals market, COMEX gold fell 0.24%, while COMEX silver rose 0.42%, reaching a high of $37.03/oz during the session, a new high since March 2012. Domestically, SHFE gold rose 0.18%, and SHFE silver rose 2.07%, reaching a high of 9,020 yuan/kg during the session, hitting a new record high. As of 8:04 on June 10, the overnight closing market on Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: The first meeting of the China-US economic and trade consultation mechanism was held in London, UK, on the afternoon of June 9 (local time). CCTV News reporter learned that the meeting would continue on June 10 (local time). Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked whether China would open more "green channels" for rare earth export approvals. Lin Jian said that China's Ministry of Commerce had already responded to China's rare earth export control measures, and further information could be consulted. [General Administration of Customs: China's Foreign Trade in Goods Grew 2.5% in the First Five Months, with Exports Up 6.3% YoY in May] The General Administration of Customs announced today (the 9th) that in the first five months of this year, China's total foreign trade in goods reached 17.94 trillion yuan, up 2.5% YoY, continuing the growth trend. In May, imports and exports totaled 3.81 trillion yuan, up 2.7%. In May alone, China's exports reached 2.28 trillion yuan, up 6.3%. Among them, exports to ASEAN, the EU, Africa, and the five Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8%, respectively. In the first five months of this year, China's exports of equipment manufacturing products reached 6.22 trillion yuan, up 9.2%, accounting for 58.3% of China's total exports. Among them, exports of EVs increased by 19%, construction machinery by 10.7%, ships by 18.9%, and industrial robots by 55.4%. In the first five months, China's equipment manufacturing products contributed 73% to the overall export growth, with the contribution rate reaching as high as 76.9% in May, providing strong support for the stable growth of foreign trade. 》Click to view details SMM has compiled data on the import and export of some products in the metal industry based on data released by the General Administration of Customs, as detailed below: 》Click to view detailed data [National Bureau of Statistics (NBS): CPI declined slightly in May, while the YoY increase in core CPI widened, and PPI fell 0.4% MoM] In May, the Consumer Price Index (CPI) fell 0.2% MoM and 0.1% YoY. The core CPI, excluding food and energy prices, rose 0.6% YoY, with the increase widening by 0.1 percentage points from the previous month. The Producer Price Index (PPI) for industrial products fell 0.4% MoM, with the decline remaining the same as the previous month, and decreased 3.3% YoY, with the decline widening by 0.6 percentage points from the previous month. China is boosting consumption with greater intensity and more targeted measures, fostering the growth of new quality productive forces. The supply-demand relationship in some sectors has improved, and prices have shown positive changes. 》Click to view details US dollar: The US dollar fell 0.2% overnight to close at 99.02, as market participants consolidated gains following the better-than-expected US jobs report released last Friday and shifted their focus to trade prospects. Later this week, the US inflation report for May will come into focus, with investors and US Fed policymakers paying attention to the impact of trade restriction policies on the economy. US Fed officials have already indicated that they are not in a hurry to cut interest rates, and signs of economic recovery may solidify their stance. According to data from the London Stock Exchange Group (LSEG), interest rate futures prices suggest that investors expect the US Fed to cut borrowing costs by 25 basis points later this year, possibly as early as October. Interest rate futures are pricing in only 47 basis points of rate cuts for 2025. Other currencies: In late New York trading, the US dollar fell about 0.2% against the Japanese yen to close at 144.55 yen, after rising for two consecutive weeks. The euro rose 0.3% against the US dollar to 1.1427 US dollars, as the market continued to digest the European Central Bank's (ECB) monetary policy outlook released last week, which suggested that the ECB may be nearing the end of its easing cycle. The British pound also rose against the US dollar, gaining 0.3% to 1.362 US dollars. The US dollar index, which measures the value of the US dollar against six major currencies, fell 0.2% to 98.942. The New Zealand dollar rose 0.6% to 0.6054 US dollars, and the Australian dollar rose 0.4% to 0.6522 US dollars, with trading remaining sluggish. Data: Data to be released today include China's M2 money supply YoY rate for May, China's total social financing for the year to date in May, China's new yuan loans for the year to date in May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (YoY rate), Australia's ANZ-Roy Morgan consumer confidence index for the week ending June 8, Switzerland's seasonally adjusted consumer confidence index for May, and the Eurozone's Sentix investor confidence index for June. Additionally, the deadline for the EU's public consultation is June 10, 2025. This date marks the EU's final window of peace before considering retaliatory tariffs on US goods worth up to €95 billion. He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US economic and trade consultation mechanism. Crude Oil: As of the overnight close, oil prices in both markets rose together, with US crude up 1.24% and Brent crude up 0.99%, both recording three consecutive days of gains. US crude touched a multi-week high, boosted by a weaker US dollar, while investors awaited news from the China-US trade talks, hoping that a deal would boost the global economic outlook and, in turn, stimulate demand. The weaker US dollar provided some support to oil prices. The US dollar index fell 0.3%, making oil cheaper for investors holding other currencies. Analysts from energy consulting firm Ritterbusch and Associates said in a report, "This rally appears to be largely technically driven and could easily fade without fresh bullish news. There will be significant attention on the ongoing China-US trade talks." Reaching a trade deal could support the global economic outlook and, in turn, boost demand for commodities, including oil. CCTV News reported that the first meeting of the China-US economic and trade consultation mechanism was held in London, UK. Reporters learned that the first meeting of the China-US economic and trade consultation mechanism would continue on June 10 local time. Data released by the General Administration of Customs showed that China's crude oil imports in May were 46.6 million mt, with cumulative imports from January to May reaching 229.615 million mt, up 0.3% YoY. A survey showed that OPEC's crude oil production increase in May was below the target, as Iraq further cut production to make up for previous overproduction, while Saudi Arabia and the UAE also increased production by less than the allowed range. The survey showed that OPEC's oil production last month was 26.75 million barrels per day (bpd), an increase of 150,000 bpd from the total production in April, with Saudi Arabia contributing the largest increase. Morgan Stanley's team of commodity analysts said that OPEC's commitment to increase production by 411,000 bpd in May had not yet been fulfilled. The analyst team led by Martijn Rats said in a report, "Despite an increase in production quotas of about 1 million bpd from March to June, it has been difficult to detect any actual increase in production." (Wenhua Comprehensive)

According to a report from Mining.com, SolGold, a company primarily engaged in exploration and development in Ecuador, announced that it would voluntarily delist from the Toronto Stock Exchange starting June 18. The miner will continue to be listed on the London Stock Exchange and is also considering a secondary listing on the Australian Securities Exchange (ASX). SolGold, founded in Australia and currently headquartered in London, recently appointed Dan Vujcic as its new CEO. The former investment banker at Morgan Stanley and Citigroup, and most recently the CFO of MAC Copper, stated in an interview earlier this year that the ASX was a "natural home" for the company's copper-gold assets. The company is backed by mining giants including BHP and Newmont. It is currently advancing the development of its Cascabel copper-gold project in northern Ecuador. The project is expected to commence development as early as 2028, three to four years ahead of the previous schedule. The latest strategy involves open-pit development initially, followed by a transition to underground mining. SolGold believes that the scale of Cascabel positions it as a multi-generational asset, capable of ranking among the top 20 copper-gold mines in South America. Strategic Adjustments Accelerating the development plan is part of a broader restructuring by the company, which includes establishing a subsidiary to hold its exploration assets. The company claims to hold over 89 licenses within a high-potential copper-gold target area spanning 3,000 square kilometers. This move comes at a time when the global copper market is tightening, driven by growing demand due to copper's critical role in electrification and the scarcity of new discoveries. SolGold hopes that this restructuring and accelerated development will garner greater investor support, especially amid geopolitical instability and tariff fluctuations affecting global supply chains.

According to a report by Reuters on Mining.com, the operator of the sovereign wealth fund managed by Norges Bank Investment Management announced on the 11th that it had decided to proactively contact miners such as Rio Tinto and South32 regarding their environmental practices. The executive board member of the world's largest sovereign wealth fund stated that the decision was made following a recommendation from the Ethics Council, an independent advisor appointed by the Norwegian government, to sell its shares in these companies. According to data from the London Stock Exchange Group (LSEG), the fund holds a 2.5% stake in Rio Tinto Group, a 0.13% stake in Rio Tinto Limited, and a 2.6% stake in South32. The council pointed out that the involvement of these companies in the Mineração Rio do Norte (MRN) joint venture is a cause for concern. MRN is a significant bauxite mine in the Amazon rainforest. In a statement, the executive board member of the wealth fund said that it had decided to collaborate with these companies to mitigate severe environmental harm over the next five to ten years. MRN is a joint venture between Glencore (45%), Rio Tinto (22%), and South32 (33%). Additionally, the fund stated that it no longer excludes the German energy company RWE AG and acknowledges its transition to renewable energy. Meanwhile, the fund announced that it had decided to sell its shares in Pemex, the Mexican state-owned oil company, and Paz Retail & Energy, an Israeli company, due to ethical considerations.

MiningWeekly, citing Reuters, reported that Vale, one of the world's largest iron ore producers, announced on the 24th that despite a decrease in costs, its net profit for Q1 fell by 17% due to a decline in iron ore prices. In Q1, Vale's net profit was $1.39 billion, falling short of the $1.68 billion expected by analysts surveyed by the London Stock Exchange Group (LSEG). The company stated that profits were mainly affected by the decline in iron ore prices, with cost-reduction measures and the appreciation of the Brazilian real against the US dollar partially offsetting the impact. "We had a stable start to the year, in line with our 2025 management goals," Gustavo Pimenta, Vale's CEO, said in an earnings report. "Costs are showing good momentum," he noted. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q1 was $3.12 billion, a 9% decrease, coming close to analysts' expectations of $3.16 billion. The result was in line with expectations, with the cost burden being the lightest, according to Itau BBA. However, they added, "The impact of falling prices outweighed the growth in sales volume and cost reductions." In Q1, Vale's so-called C1 cash cost fell by 11% to $21/mt. This cost is used to measure production expenses from the mine to the port. Last week, the company's operational report showed that due to heavy rainfall, its iron ore production decreased by 4.5%, although Vale relied on inventory to increase sales volume. Nevertheless, the market reference price for Vale's main product, iron ore, fell by 16%, putting pressure on its own selling prices and leading to a 4% decrease in net revenue to $8.12 billion, slightly higher than analysts' estimates of $8.03 billion. Analysts at Banco Santander believe that Vale demonstrated "solid operational data," but that this data "has already been reflected in the prices."

SMM April 21 News: Metal Market: At the close of the day, domestic base metals all rose, with SHFE tin leading the gains with a surge of up to 2.5%. SHFE copper, SHFE lead, and SHFE zinc all rose by more than 1%, with SHFE copper up 1.71%, SHFE zinc up 1.73%, and SHFE lead up 1.43%. The rest of the metals rose by less than 1%. The main alumina contract fell 0.04%. In addition, the main lithium carbonate contract fell 1.54%, the main polysilicon contract rose 1.35%, and silicon metal rose 0.34%. The main European container shipping contract fell 2.12%. In the ferrous metals series, most prices rose, with stainless steel down 0.08%. Iron ore rose 1.27%. In the coking coal and coke sector, coking coal rose 1.27%, and coke rose 1.25%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 15:03, COMEX gold rose 2.28%, hitting a record high of $3,404.7 per ounce during the session, continuing to refresh its historical high. COMEX silver rose 1.05%. Domestically, SHFE gold rose 2.5%, hitting a record high of 805.56 yuan per gram during the session, and SHFE silver rose 1.39%. As of 15:03 today's market 》Click to view SMM market dashboard Macro Front Domestic: 【April LPR Quotation Released: 5-Year and 1-Year Rates Remain Unchanged】 The People's Bank of China authorized the National Interbank Funding Center to announce the April loan market quoted rate (LPR) quotation: the 5-year LPR is 3.6%, the same as last month. The 1-year LPR is 3.1%, the same as last month. 》Click for details 【New National Standard for E-Bikes to Take Effect on September 1, First Batch of 6 Testing Institutions Announced】 The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Technical Specification for Safety of Electric Bicycles". Currently, 6 institutions have obtained the new national standard testing capability qualification for electric bicycles: Wuxi Institute of Inspection, Testing and Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard will take effect on September 1, with significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification according to the new national standard requirements during the transition period. 【Ministry of Commerce: Consumers Have Purchased Over 100 Million Units of Trade-In Home Appliances】 The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the trade-in of home appliances has achieved remarkable results. Since the trade-in policy for home appliances was strengthened in August 2024, consumers have purchased over 100 million units of trade-in home appliances, including over 40 million units in 2025. ► On April 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2055 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.96% to 98.29, hitting a low of 98.16 during the session, the lowest level since March 2022, a three-year low. Concerns about trade tensions between the US and its major trading partners have raised fears of an economic recession. San Francisco Fed Chairman Daly said on Friday that the US economy is in good shape and policy remains restrictive. Some industries (such as transportation) are slowing down, but uncertainty has not yet weighed heavily on the economy. Daly said she is satisfied with the expectation of two rate cuts this year, but if inflation is more sticky, the number of rate cuts this year may be less than two. If economic growth slows, further rate cuts will be made, and it is the right approach to gradually lower policy rates without a sense of urgency. Hassett, director of the National Economic Council, said that President Trump and his team are continuing to study whether they can fire Fed Chairman Powell. Such a move would have significant implications for the Fed's independence and global markets. Data: Today's highlights: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Industry"; 2025 FOMC voter and Chicago Fed President Goolsby was interviewed by CNBC. On April 21, the Australian Sydney Stock Exchange, the German Frankfurt Stock Exchange, the French Paris Stock Exchange, the Italian Milan Stock Exchange, the Spanish Madrid Stock Exchange, the UK London Stock Exchange, the London Metal Exchange (LME), and the Hong Kong Stock Exchange of China were closed for one day due to Easter. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 1.55% and Brent oil down 1.48%. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. (Wenhua Comprehensive) SMM Daily Review ► Changes in Supply-Demand Pattern, Rare Earths Stop Falling and Stabilize 【SMM Rare Earths Daily Review】 ► Precious Metals Hold Up Well at the Start of the Week, Spot Supply in Shenzhen Relatively Tight 【SMM Daily Review】

SMM April 21 News: In the metal market, as of the midday close, domestic base metals all rose, with SHFE copper up 0.64%. SHFE tin rose 1.16%, SHFE nickel rose 0.41%. SHFE aluminum rose 0.71%, SHFE lead rose 0.74%, SHFE zinc rose 0.98%. In addition, alumina fell 0.11%. Lithium carbonate fell 1.86%, silicon metal fell 0.91%, polysilicon fell 0.08%. Ferrous metals mostly rose, with iron ore up 1.06%, rebar up 0.74%, HRC up 0.66%, stainless steel flat at 12,800 yuan/mt. For coking coal and coke, coking coal rose 1.06%, coke rose 0.74%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 11:45, COMEX gold rose 2.02%, hitting a record high of $3,397.6/oz during the session; COMEX silver rose 0.99%. Domestically, SHFE gold rose 2.03%, hitting a record high of 803 yuan/g during the session; SHFE silver rose 1.22%. As of the midday close, the most-traded contract for European container shipping fell 3.67% to 1,498 points. As of 11:45 on April 21, some futures midday quotes: SMM metal spot prices on April 21. Spot and fundamentals: Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 160-210 yuan/mt against the front-month contract, with an average premium of 185 yuan/mt, up 40 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 100-120 yuan/mt, with an average premium of 110 yuan/mt, up 40 yuan/mt from the previous day. The average price of #1 copper cathode in Guangdong was 76,530 yuan/mt, up 185 yuan/mt from the previous day, while the average price of SX-EW copper was 76,455 yuan/mt, up 185 yuan/mt from the previous day. Spot market: Inventory in Guangdong has declined for 13 consecutive days, with arrivals still low and consumption good, leading to a continuous decline in spot inventory and accelerated destocking... Click for details. Macro front: Domestic: The April LPR quotes were released, with both the 5-year and 1-year rates unchanged. The People's Bank of China authorized the National Interbank Funding Center to announce that the 5-year LPR is 3.6%, unchanged from the previous month. The 1-year LPR is 3.1%, unchanged from the previous month. Click for details. The new national standard for e-bikes will take effect on September 1, with the first batch of six testing institutions announced. The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Safety Technical Specification for Electric Bicycles". Six institutions have obtained the new national standard testing capability qualification: Wuxi Institute of Inspection and Testing Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard, which will take effect on September 1, has significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification during the transition period according to the new national standard requirements. The Ministry of Commerce: Consumers have cumulatively purchased over 100 million home appliances under the trade-in policy. The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the home appliance trade-in has achieved remarkable results. Since the home appliance trade-in policy was strengthened in August 2024, consumers have cumulatively purchased over 100 million home appliances under the trade-in policy, including over 40 million in 2025. The central bank conducted a net injection of 133 billion yuan in open market operations. The central bank conducted 176 billion yuan of 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous level. As 43 billion yuan of 7-day reverse repos matured today, a net injection of 133 billion yuan was achieved. The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 21 was 7.2055 yuan per US dollar. As of 11:45, the US dollar index fell 0.97% to 98.28. The US dollar fell to a three-year low, as concerns about trade tensions between the US and its major trading partners sparked fears of an economic recession. Chicago Fed President Goolsbee said on Sunday that President Trump's tariffs are causing US business owners to hoard inventory. The Fed official said that businesses and consumers "preemptively purchasing" big-ticket items at pre-tariff prices could lead to an "artificially high" level of economic activity. Goolsbee said that this temporary growth could be followed by a corresponding decline in the summer. Nomura lowered its year-end forecast for the USD/JPY to 137.5; Nomura strategists Yujiro Goto and Jin Moteki wrote in a report that they lowered their year-end forecast for the USD/JPY from 140 to 137.50, affected by President Trump's tariff hikes and increased concerns about US stagflation and the credibility of US assets. Data to watch today: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Sector"; 2025 FOMC voter and Chicago Fed President Goolsbee was interviewed by CNBC. On April 21, the Australian Securities Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, London Metal Exchange (LME), and Hong Kong Exchanges and Clearing were closed for one day due to Easter. As of 11:45, crude oil futures fell, with WTI down 1.58% and Brent down 1.52%. Oil prices fell as supply prospects eased, reducing concerns about reduced supply from Middle Eastern oil producers. Interfax reported that the Russian Ministry of Economy has lowered its 2025 Brent crude oil price forecast by nearly 17% compared to the September forecast last year. According to Interfax, the Ministry of Oil, in the baseline scenario of its 2025 economic forecast, assumed an average Brent crude oil price of $68/bbl, down from the $81.7/bbl forecast in September last year. Spot market overview: Inventory accelerated decline, suppliers actively stood firm on quotes for shipments, overall trading was moderate [SMM South China Copper Spot]. Tianjin zinc: Downstream purchasing enthusiasm was not high, premiums slightly declined [SMM Midday Review]. Other metal spot midday reviews will be updated later, please refresh to view~

SMM April 19 News: In the metal market, domestic base metals generally rose overnight, with SHFE tin up 0.48%. SHFE copper fell 0.12%, SHFE nickel dropped 0.48%, SHFE lead increased 0.39%, SHFE aluminum rose 0.43%, and SHFE zinc climbed 0.98%. Additionally, alumina fell 1.09%. In the ferrous metals series, iron ore rose 0.35%, stainless steel fell 0.27%, rebar slightly declined, and HRC slightly increased. For coking coal and coke, coking coal rose 0.9%, while coke fell 0.45%. Overseas, LME base metals were closed on April 18 due to Good Friday. In the precious metals sector, COMEX gold and COMEX silver trading was suspended all day on April 18 for Good Friday. COMEX gold rose for two consecutive weeks, up 2.98% this week; COMEX silver also rose for two weeks, up 1.99% this week. SHFE gold rose 0.36%, marking seven consecutive weeks of gains, up 5.09% this week; SHFE silver fell 0.07%, up 2.87% this week. As of 10:12 AM on April 19, overnight closing prices. Click to view SMM futures data dashboard. On the macro front, domestically, the State Council executive meeting chaired by Premier Li Qiang discussed measures to stabilize employment and the economy, promoting high-quality development. The meeting emphasized stabilizing foreign trade and investment, supporting foreign enterprises' reinvestment in China, and promoting consumption in services like elderly care, childbirth, culture, and tourism. It also called for expanding effective investment and boosting private investment enthusiasm, continuing to stabilize the stock market, and promoting the healthy development of the real estate market. Click for details. Shanghai Mayor Gong Zheng met with NVIDIA President and CEO Jensen Huang on April 18. Gong welcomed global high-tech companies like NVIDIA to leverage China's vast market and Shanghai's high-level opening-up opportunities, deepening cooperation with local enterprises. Huang noted the importance of the Chinese market to NVIDIA, not only for its size but also for its quality customer base and industrial ecosystem. Shanghai is a key R&D base for NVIDIA, offering a favorable business and industrial environment. In the US dollar market, the US dollar index fell 0.21% to 99.24 overnight, marking four consecutive weeks of decline, down 0.56% this week. Due to the Easter holiday, the foreign exchange market remained open but was sluggish, with the dollar remaining weak. After falling below the 100 mark last week, the dollar repeatedly tested to return above 100 this week but faced significant pressure. Trade war concerns continued to erode market confidence in the dollar as a safe-haven asset. Market sentiment was cautious, influenced by tariff uncertainties, US trade negotiations, and central bank officials' comments. On monetary policy, Fed Chair Powell stated the Fed would wait for more economic data before deciding on rate adjustments, calling Trump's tariff plan a "fundamental change" with no historical precedent for businesses and economists to reference. (Huitong Finance) In other currencies, Australia's March labor data showed the unemployment rate remained at 4.1%, but job growth fell short of expectations, increasing market expectations for a 25 basis point rate cut by the RBA in May, with some traders even anticipating a 50 basis point cut. (Huitong Finance) Japan's March "core-core" CPI (excluding fresh food and energy) rose to 2.9% from 2.6% in February. National CPI rose 3.6% YoY, above the Bank of Japan's 2% inflation target for three consecutive years but slightly below February's 3.7%. The Bank of Japan is expected to keep rates at 0.5% at its May 1 policy meeting but may lower growth expectations due to global trade tensions. (Huitong Finance) On the macro front, next week will see the release of China's April one-year and five-year LPR, New Zealand's March trade balance, Australia's ANZ consumer confidence index for the week ending April 20, the eurozone's April consumer confidence index, France's April SPGI manufacturing PMI, Germany's April SPGI manufacturing PMI, the eurozone's April SPGI manufacturing PMI, the UK's April SPGI services PMI, the eurozone's February seasonally adjusted trade balance, the US April SPGI manufacturing PMI, US March seasonally adjusted new home sales annualized total, China's April 24 MLF rate, Germany's April IFO business climate index, the UK's April CBI industrial orders difference, Canada's April CFIB business barometer, US March durable goods orders MoM, US initial jobless claims for the week ending April 19, US continuing jobless claims for the week ending April 19, US March existing home sales annualized total, the UK's April GfK consumer confidence index, Japan's April Tokyo CPI YoY, the UK's March seasonally adjusted retail sales MoM, the UK's March seasonally adjusted core retail sales MoM, Canada's February retail sales MoM, and the US April University of Michigan consumer sentiment index final. Additionally, next week will feature a State Council Information Office press conference on the "Comprehensive Pilot Work Plan for Accelerating the Opening of the Service Industry," interviews with 2025 FOMC voter and Chicago Fed President Goolsby on CNBC, remarks by Fed Vice Chair Jefferson at the Economic Mobility Summit, the IMF's "World Economic Outlook" report, an interview with ECB President Lagarde on CNBC, remarks by 2026 FOMC voter and Minneapolis Fed President Kashkari, opening remarks by 2025 FOMC voter and St. Louis Fed President Moussalem and Fed Governor Waller at an event, the G20 Finance Ministers and Central Bank Governors meeting until April 24, remarks by Bank of England Governor Bailey at the IIF conference, the Fed's Beige Book, remarks by Swiss National Bank President Schlegel, and global financial leaders attending the IMF-World Bank Spring Meetings until April 26. On April 21, the Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, LME, and Hong Kong Exchange will be closed for Easter. Overseas exchange holiday arrangements are as follows (all in Beijing time): In the crude oil market, both oil futures were suspended all day on April 18 for Good Friday. With only four trading days this week, the crude oil market was active. Weekly, US oil futures rose 3.66%, and Brent crude rose 4.77%. Oil prices were supported this week by market sentiment fluctuations driven by US President Trump's trade policies, new US sanctions on Iranian oil exports, and OPEC+ production cut plans. Economic data and geopolitical events further shaped market dynamics. Notably, NYMEX New York crude oil May futures will complete floor trading at 2:30 AM and electronic trading at 5:00 AM on April 23 due to contract rollover. Please pay attention to exchange announcements for risk control. Additionally, some trading platforms' US oil contract expiration times are usually one day earlier than NYMEX's official schedule, so please be aware.

SMM April 18 News: Metal Market: As of the daytime close, most base metals in the domestic market rose, with only SHFE tin recording a decline, down by around 0.25%. SHFE lead led the gains with a 1.05% increase, while other metals rose by less than 1%. The main alumina contract fell by 2.19%. Additionally, the main silicon metal contract dropped by 3.43%, the main polysilicon contract fell by 6.35%, and the main lithium carbonate contract declined by 0.34%. The main European container shipping contract decreased by 1.11%. In the ferrous metals series, all products fell, with iron ore leading the decline at 1.76%, rebar down by 0.81%, and stainless steel down by 0.62%. In the coking coal and coke sector, coking coal fell by 0.68%, and coke dropped by 0.35%. In the overseas metal market, LME base metals were closed for one day due to Good Friday. In the precious metals sector, COMEX gold and COMEX silver suspended trading for the entire day due to Good Friday. Domestically, SHFE gold rose by 0.29%, marking nine consecutive days of gains. SHFE silver fell by 0.6%. As of 15:04 today, Click to view the SMM market board. Macro Front: Domestic: [MIIT Plans to Introduce a New Round of Growth Stabilization and Digital Transformation Plans for Machinery, Automotive, and Electronic Equipment Industries] At a routine press conference on economic data held by the State Council Information Office, Tao Qing, Director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, stated that in Q1, nearly 70% of key products in the equipment industry achieved production growth, with the growth rate reaching 69.2%, an increase of 16.7 percentage points compared to the same period last year. The next step for MIIT is to introduce a new round of growth stabilization work plans for the machinery, automotive, and electronic equipment industries, promote technological transformation and equipment renewal in key industries, and expand effective demand from both supply and demand sides. Deepen the implementation of supply-demand matching and promotion actions such as "Industrial Mother Machine+", "Robot+", and high-end medical equipment, continuously enhancing the resilience and security level of key industry chains and supply chains. Introduce digital transformation implementation plans for related industries. [Central Bank Conducts a Net Injection of 222 Billion Yuan in Open Market Operations] The central bank conducted 250.5 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from previous. As 28.5 billion yuan in 7-day reverse repos matured today, a net injection of 222 billion yuan was achieved. ► On April 18, the central parity rate of the RMB in the interbank foreign exchange market was 7.2069 yuan per US dollar. US Dollar: As of 15:04, the US dollar index fell by 0.02%. The number of initial jobless claims in the US for the week ending April 12 was 215,000, the lowest since the week of February 8, 2025. Despite tariff uncertainties making businesses cautious about expanding hiring, companies have not turned to large-scale layoffs. US "soft data" continues to deteriorate, with the Philadelphia Fed Manufacturing Index for April at -26.4, the lowest since April 2023, against expectations of 2 and a previous value of 12.5. New York Fed President Williams stated that due to the Trump administration's tariff measures potentially pushing up inflation, weakening economic growth, and increasing unemployment, he believes there is no immediate need for the US Fed to adjust interest rate policies. (Wenhua Comprehensive) Data: Today, China's March year-on-year monthly total electricity consumption, China's March monthly total electricity consumption, Japan's March national CPI year-on-year, Japan's March national core CPI year-on-year, and New Zealand's March trade balance will be released. Additionally, on April 18, the New York Stock Exchange, Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, and Hong Kong Stock Exchange were closed for one day due to Good Friday. CME suspended trading for the entire day in precious metals, US crude oil, foreign exchange, and stock index futures contracts due to Good Friday, and ICE suspended trading for the entire day in Brent crude oil futures contracts. Overseas exchange holiday arrangements are as follows: (All in Beijing Time) Crude Oil: US oil and Brent oil suspended trading for the entire day due to Good Friday. SMM Daily Review: ► April 18: SHFE aluminum rose first and then fell, aluminum billet processing fees fluctuated downward [Aluminum Billet Spot Daily Review] ► Downstream steel mills' inquiry activity was low, short-term high-grade NPI prices are under pressure [NPI Daily Review] ► [SMM MHP Daily Review] April 18: Indonesian MHP prices rebounded ► [SMM Nickel Sulphate Daily Review] April 18: Nickel sulphate prices remained stable ► Market sentiment is cautious, rare earth prices continue to fall [SMM Rare Earth Daily Review] ► Overseas markets closed, domestic silver prices consolidated sideways with strong risk aversion sentiment [SMM Daily Review]

SMM April 12 News: In the metal market, both domestic and overseas metal markets rose collectively overnight, with most overseas gains exceeding 1%. LME tin led the gains with a 2.73% increase, followed by LME copper, which rose 2.18%. LME aluminum, LME lead, and LME nickel all rose over 1%, with LME aluminum up 1.14%, LME lead up 1.03%, and LME nickel up 1.5%. On the domestic market, SHFE copper, SHFE tin, and SHFE nickel all rose over 1%, with SHFE copper up 1.26%, SHFE tin up 1.52%, and SHFE nickel up 1.48%. Other metals saw changes within 1%. Additionally, the main alumina contract rose 2.38%. In the ferrous metals series, most products rose overnight, with stainless steel up 0.87% and iron ore up 0.07%. Rebar remained flat at 3,126 yuan/mt. In the coking coal and coke sector, coking coal rose 0.11%, while coke fell 0.52%. In the precious metals sector, due to a weaker US dollar and trade disputes raising concerns about an economic recession, investors flocked to gold as a safe haven. COMEX gold rose 2.44% overnight, hitting a high of $3,263/oz, setting a new historical record. COMEX silver surged 4.67%. Domestically, SHFE gold rose 1.46%, reaching a high of 764.38 yuan/g, also setting a new record, while SHFE silver rose 2.79%. As of 9:21 AM on April 12, the overnight closing market conditions. Click to view the SMM futures data dashboard. On the macro front, domestically, the State Council Tariff Commission announced that starting from April 12, 2025, the tariff rate on imports originating from the US will increase from 84% to 125%. The Ministry of Commerce spokesperson responded to questions regarding China's countermeasures against the US's latest tariff hike, stating that the US's repeated imposition of excessively high tariffs on China has become a numbers game with no practical economic significance, only exposing the US's tactics of weaponizing tariffs and engaging in bullying. If the US continues this tariff numbers game, China will ignore it. However, if the US insists on substantially infringing on China's rights and interests, China will resolutely counter and engage to the end. The Ministry of Commerce spokesperson also responded to questions regarding China's additional lawsuit against US tariff measures at the WTO, stating that China will firmly defend its legitimate rights and interests and uphold the multilateral trading system and international economic order. China urges the US to immediately correct its wrong practices and cancel all unilateral tariff measures against China. As of April 10, consumers have purchased a total of 100.35 million home appliances under the trade-in policy. The Ministry of Commerce stated that it will further implement the decisions and deployments of the CPC Central Committee and the State Council, guide localities to intensify efforts, optimize procedures, strengthen publicity, and promote the detailed implementation of the home appliance trade-in policy to achieve greater results. The China Semiconductor Industry Association issued an urgent notice on the "origin" determination rules for semiconductor products, stating that the origin of "integrated circuits" will be determined based on the four-digit tariff code change principle, with the wafer fabrication location recognized as the origin. This means that some semiconductor products fabricated in the US may face price increases due to tariffs. Some chip channel suppliers reported that many US chip companies have suspended quoting new orders. On the US dollar front, the US dollar index fell 1.13% overnight, hitting a low of 99, marking its fourth consecutive decline and reaching its lowest level since April 2022, with a weekly drop of 2.99%. The US's fluctuating tariff policies have shaken investors' confidence in the US dollar as a safe haven, with the US dollar falling to its lowest level against the Swiss franc in a decade and hitting a three-year low against the euro. Data shows that due to unease over trade tensions, US consumer confidence deteriorated sharply in April, while the 12-month inflation expectation surged to its highest level since 1981. US producer prices unexpectedly fell in March due to a significant drop in energy product costs, but import tariffs are expected to push inflation higher in the coming months. The US Labor Department's Bureau of Labor Statistics reported that the PPI fell 0.4% MoM in March, with February's data revised to 0.1%. The PPI rose 2.7% YoY in March, compared to 3.2% in February. Data released by the US Labor Department on Thursday showed that initial jobless claims for the week ending April 5 were 223,000, in line with expectations, with the previous week's figure at 219,000. Continuing claims for the week ending March 29 were 1.85 million, compared to expectations of 1.882 million, with the previous week's figure revised from 1.903 million to 1.893 million. Initial jobless claims increased slightly last week, and this number may trend upward as companies respond to import tariff plans. While overall layoffs remain at historically low levels, hiring has been lukewarm, leading to prolonged unemployment for some. Meanwhile, tariff policies increase the likelihood of an economic recession in the next 12 months. Market participants are now betting that the US Fed will resume rate cuts in June and cut rates by approximately 90 basis points by the end of 2025. In other currencies, the US dollar fell 0.71% against the Swiss franc to 0.81795. The US dollar fell 0.24% against the Japanese yen to 144.05 yen, after hitting its lowest level since September 2024. The euro surged 0.85% to 1.12970 US dollars, after hitting its highest level since February 2022. The euro rose 0.27% against the British pound, while the British pound rose 0.67% against the US dollar to 1.30540 US dollars. In terms of data, next week in China, the March trade balance, March import and export YoY, March M2 money supply YoY, year-to-date social financing scale, year-to-date new yuan loans, April 15 MLF operation size, April 15 MLF interest rate, year-to-date urban fixed asset investment YoY, year-to-date industrial added value YoY, March total retail sales YoY, Q1 GDP YoY (single quarter), year-to-date Q1 GDP YoY, and March electricity consumption YoY will be released. In the US, the March New York Fed 1-year inflation expectation, March New York Fed 3-year inflation expectation, March New York Fed 1-year gold price expectation, April New York Fed manufacturing index, April New York Fed manufacturing future 6-month expectation index, March import price index YoY, March core retail sales MoM, March retail sales YoY, March retail sales control group MoM (seasonally adjusted), March industrial production MoM, March manufacturing production MoM, March manufacturing capacity utilization rate, March industrial production YoY (seasonally adjusted), March building permits annualized total initial value, initial jobless claims for the week ending April 12, and April Philadelphia Fed manufacturing index will be released. In the Eurozone, the April ZEW economic sentiment index, March total reserve assets, March core harmonized CPI YoY (unadjusted final), April ECB main refinancing rate, April ECB deposit facility rate, and April ECB marginal lending rate will be released. In the UK, the February unemployment rate (ILO standard), February three-month average earnings including bonuses YoY, March core CPI YoY, March retail price index YoY, and March unadjusted input PPI YoY will be released. In Australia, the ANZ consumer confidence index for the week ending April 13, March seasonally adjusted unemployment, and March employment change will be released. In Canada, the March Bank of Canada core CPI YoY (unadjusted), February manufacturing sales MoM, February new manufacturing orders MoM, and April 17 Bank of Canada overnight lending rate will be released. Japan's March seasonally adjusted merchandise trade balance, March merchandise exports (unadjusted), March national core CPI YoY, Germany's April ZEW economic sentiment index, New Zealand's March trade balance, and Q1 CPI YoY will also be released. Additionally, the State Council Information Office will hold a press conference on the national economic performance, and the National Bureau of Statistics will release the monthly report on residential sales prices in 70 major cities. US Fed Chair Powell will deliver a speech, the ECB will announce its interest rate decision, ECB President Lagarde will hold a monetary policy press conference, the Reserve Bank of Australia will release the minutes of its April monetary policy meeting, the Bank of Canada will announce its interest rate decision and monetary policy report, and 2026 FOMC voter and Cleveland Fed President Mester will participate in a Q&A session. Notably, on April 18, the New York Stock Exchange, Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, and Hong Kong Stock Exchange will be closed for Good Friday. CME will suspend trading for precious metals, US crude oil, foreign exchange, and stock index futures contracts for the entire day, and ICE will suspend trading for Brent crude oil futures contracts for the entire day. In the crude oil market, due to potential disruptions in Iranian oil exports, both WTI and Brent crude prices rose overnight, with WTI up 2.35% and Brent up 1.99%. Despite tightening supply prospects, concerns remain that trade disputes may reduce global trade volume and disrupt trade routes, thereby dragging down global economic growth and reducing oil demand. UBS analyst Giovanni Staunovo stated that trade conflicts have impacted market sentiment and dragged down oil prices. Barclays remains cautious about near-term oil prices due to increased uncertainty from the recent sharp escalation in trade tensions. The US Energy Information Administration (EIA) lowered its global economic growth forecast on Thursday and warned that tariffs could significantly impact oil prices, while also lowering its US and global oil demand estimates for this year and next. Baker Hughes, a US energy services company, reported in its closely watched report that the number of active oil rigs in the US recorded its largest weekly drop since June 2023, with the total number of oil and gas rigs falling for the third consecutive week. Data shows that as of the week ending April 11, the total number of oil and gas rigs, a leading indicator of future production, fell by 7 to 583, marking the largest weekly drop since June 2024. The number of active oil rigs fell by 9 to 480.

【Zinnwald Lithium's Stock Price Soars Due to German Government Support】On Wednesday, the government of Saxony, Germany, expressed support for Zinnwald Lithium's namesake project, stating that it is crucial for "independent and sustainable supply of critical raw materials." Following this news, Zinnwald's stock price surged over 12% during midday trading on the London Stock Exchange, reaching 5.9 pence per share, and the company's market capitalization rose to £27.5 million (approximately $35.5 million). Dirk Pant, the Minister of Economy of Saxony, stated that the project is of high priority and will help reduce Germany and Europe's dependence on foreign raw materials, especially in the context of escalating international tensions.