SMM April 17 news:
Metal market:
Domestic base metals mostly rose overnight. SHFE copper fell 0.06%. SHFE aluminum gained 0.97%, while SHFE lead dropped 0.98%. SHFE zinc edged up 0.08%. SHFE tin increased 0.05%. SHFE nickel rose 0.11%. Additionally, the most-traded alumina futures contract advanced 0.42%, and the most-traded casting aluminum futures climbed 0.72%.
Overnight ferrous metals all rose, with iron ore up 0.45%, stainless steel surging 1.39%, rebar gaining 0.42%, and hot-rolled coil increasing 0.33%. For coking coal and coke, coking coal rose 0.28% while coke jumped 0.74%.
Overseas base metals mostly advanced overnight. LME copper declined 0.26%. LME aluminum increased 0.55%, whereas LME lead fell 0.99%. LME zinc rose 0.6%. LME tin surged 1.31%. LME nickel gained 0.41%.
Precious metals overnight : COMEX gold dropped 0.26%, COMEX silver tumbled 1.47%. SHFE gold edged up 0.17%, while SHFE silver declined 1.43%.
As of 7:02 am April 17, overnight closing prices:
Macro front
Domestic news:
[Ministry of Finance, Ministry of Housing and Urban-Rural Development: Launch 2026 Central Fiscal Support for Urban Renewal Action] The General Offices of the Ministry of Finance and the Ministry of Housing and Urban-Rural Development issued a notice on launching 2026 central fiscal support for urban renewal action. The notice proposed selecting cities with strong foundations, high motivation, and distinctive features through competitive selection to integrate resources at the city level and explore mechanisms for securing funding, land use, financing and other elements. The central government will provide fixed subsidies to selected cities. These cities must formulate urban renewal plans, coordinate central and local funding, significantly upgrade urban infrastructure, improve living environments in old districts, and establish replicable mechanisms. In 2026, the program will cover prefecture-level and above cities, selecting no more than 15 cities.
[SAMR: Dynamically Adjust CCC Certification Catalog to Avoid Low-Quality "Involution" Competition] The State Administration for Market Regulation (SAMR) launched a nationwide CCC certification compliance campaign to strengthen whole-chain supervision and ensure consumer safety. CCC certification, China's market access conformity assessment system aligned with WTO rules, requires listed products to obtain certification before production, import or sale. The campaign will emphasize strict oversight, conducting full-coverage inspections of designated certification bodies and spot checks in key areas like power banks, e-bikes, and gas appliances. It will advance CCC label reform, crack down on fake labels, and enhance product traceability. SAMR will optimize the CCC catalog through dynamic management, considering adding products related to industrial safety, public safety and health. After shifting 16 products including low-power motors and automotive safety glass back to third-party certification from self-declaration due to quality issues, SAMR mandated cost-based transparent fee structures to prevent low-price, low-quality "involution" competition. (CCTV News)
[NEA Launches Nationwide Power Supply Quality Improvement Campaign] The National Development and Reform Commission and National Energy Administration recently issued a notice organizing coordinated efforts among local governments, power grid companies, end-users and associations to address new power quality requirements from industrial upgrades and emerging industries, focusing on voltage sag mitigation. The three-year campaign aims to achieve full terminal monitoring for new quality productive forces enterprises and significantly reduce voltage sag impacts by 2028, strengthening power supply capabilities for high-quality development. (NEA)
[Chinese Research Team Develops Green Extraction Tech for Critical Metals] A team from Qingdao Institute of Bioenergy and Bioprocess Technology, CAS and Technical Institute of Physics and Chemistry, CAS developed a bio-inspired membrane separation method for efficiently extracting uranium, copper, gold and other metals crucial for new energy, potentially solving traditional extraction's pollution, inefficiency and high energy consumption issues. (CCTV News)
[Nanjing Expands Inter-Provincial Housing Fund Loans to Entire Anhui Province] Nanjing Housing Fund Management Center announced policy optimizations including expanding inter-provincial loan coverage from 17 Jiangsu-Anhui cities to all 29 cities in Anhui. Borrowers from these cities can now apply for Nanjing housing fund loans when buying Nanjing properties. Nanjing fund contributors purchasing properties anywhere in Anhui can enjoy equivalent withdrawal and repayment policies without residency restrictions.
[Zhengzhou Adjusts Maximum Borrower Age for Housing Fund Loans] Zhengzhou Housing Fund Management Center raised the maximum borrower age - for men from 65 to 68 and women from 60 to 63 - while maintaining the 30-year maximum loan term, effective immediately. Other policies remain unchanged unless otherwise specified by national regulations.
US dollar:
The US dollar index rose 0.12% overnight to 98.2.
Macro:
Today's data releases include Eurozone February seasonally adjusted current account and trade balance. Also watch: 2027 FOMC voter and San Francisco Fed President Daly's speech.
Crude oil:
Oil futures gained overnight, with WTI up 1.72% and Brent rising 3.46%.
![The Most-Traded SHFE Tin Contract Opened Slightly Lower in the Night Session and Then Maintained a Fluctuating Trend, with the Spot Market Showing a Certain Degree of Stalemate [SMM Tin Morning Brief]](https://imgqn.smm.cn/usercenter/WWXJU20251217171753.jpg)
![Macro Sentiment Improved, LME Zinc Center Rose [SMM Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/CGlrd20251217171755.jpg)
![Lead Fundamentals See Interwoven Bullish and Bearish Factors, Short-Term Lead Prices Maintain Wild Swings [SMM Lead Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
