SMM, September 29:
In the metals market:
Overnight, base metals on the domestic market showed mixed performance. SHFE copper fell 0.16%, SHFE aluminum fell 0.33%, and SHFE lead rose 0.19%. SHFE zinc edged up 0.09%, and SHFE tin rose 0.12%. SHFE nickel fell 0.48%. In addition, the most-traded alumina futures contract fell 2.07%, while the most-traded cast aluminum contract rose 0.15%.
Overnight, ferrous metals showed mixed performance. Stainless steel fell 0.22%. Iron ore fell 0.35%, and rebar rose 0.42%. Hot-rolled coil edged down. In coking coal and coke: the most-traded coking coal contract rose 0.07%, and the most-traded coke contract rose 0.52%.
Overnight in the overseas metals market, LME base metals fell across the board. LME copper fell 0.99%, and LME aluminum fell 0.61%. LME lead fell 1.27%. LME zinc fell 1.24%. LME tin fell 1.54%. LME nickel fell 1%.
Overnight in the precious metals market: COMEX gold fell 4%, hitting an intraday low of $4,143.1/oz; COMEX silver fell 5.82%. Overnight, the most-traded SHFE gold contract fell 1.57%, and the most-traded SHFE silver contract fell 1.63%.
As of 7:07 on September 29, overnight closing prices:
Macro front
Domestic news:
[State Council Executive Meeting: Study the introduction of policy measures to stabilize the real estate market and boost employment and income] Premier Li Qiang chaired a State Council executive meeting on September 28 to study efforts to enhance the effectiveness of macro policies and promote effective investment, hear a report on progress in the treatment of new pollutants, and review and approve the Regulations on the Administration of Registration of Public Institutions (Draft). The meeting noted that in response to current problems in economic operations, it is necessary to strengthen countercyclical macro policy adjustments, promote sustained improvement in the economy, and strive to achieve the annual economic and social development targets. Efforts should be intensified to ensure the implementation of various policies. Existing policies should be made more effective in implementation, the issuance and use of various bonds should be accelerated, and major engineering projects specified in the 15th Five-Year Plan and the "Six Networks" implementation plan should be started as early as possible. Renovation and upgrading of aging reservoirs and grain depots should be advanced, and subsidized loan policies for expanding investment and boosting consumption should be implemented more vigorously. A batch of practical and effective incremental policies should be introduced, fiscal expenditure arrangements should be optimized, the unused local government debt limits should be put to good use, monetary policy tools should be applied comprehensively and adjusted in a timely manner, relending quotas for technological innovation and equipment upgrades and for supporting agriculture and small businesses should be increased, and policy measures to stabilize the real estate market and boost employment and income should be studied and introduced. Efforts should be coordinated across all levels to stabilize investment, ensure high-quality project preparation, stimulate the vitality of private investment, strengthen the guarantee of production factors for investment projects, and improve the efficiency of investment approval. Work should continue on researching and building up policy measures to boost domestic demand, devising more workable levers with strong driving effects, improving relevant supporting measures, and encouraging regions with the necessary conditions to take the lead in piloting new approaches. (CCTV News)
[MIIT and six other departments jointly issue the 15th Five-Year Plan for the Development of the New-Type Battery Industry: By 2030, all-solid-state batteries will initially achieve large-scale application] On September 28, the 15th Five-Year Plan for the Development of the New-Type Battery Industry, jointly formulated by seven departments including the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Transport, was officially released (hereinafter referred to as the "Plan"). New-type batteries are high-efficiency electrical energy storage and conversion devices or systems centered on innovation in new mechanisms, new materials, new structures, and new processes. Represented by lithium batteries, sodium-ion batteries, and flow batteries, they are characterized by rapid technological iteration, a wide range of applications, and strong spillover and driving effects. The Plan sets the goal that by 2030, the scale of China's new-type battery industry will achieve steady growth; innovation capabilities across the entire chain will continue to strengthen, major breakthroughs will be made in advanced materials, significant progress will be achieved in R&D on new-system batteries, all-solid-state batteries will initially achieve large-scale application, the cycle life of long-life lithium batteries will reach 15,000 cycles, and the product defect rate of top-tier players will reach the PPB (parts per billion) level; the ecosystem for full-scenario applications will be built at an accelerated pace, and battery technology will be integrated and innovatively developed with clean energy and end-user energy consumption at a faster pace; and the integrated advancement of international trade and investment will be further promoted to serve global green and low-carbon development.
[Shanghai issues local implementation opinions on reforming the commercial housing sales system: Strengthen pre-sale management and orderly implement completed-home sales] Shanghai has issued local implementation opinions on reforming the commercial housing sales system. The Implementation Opinions stipulate that starting from August 28, 2026, commercial housing projects on newly announced land transfers will give priority to completed-home sales; for projects subject to completed-home sales, relevant information on completed-home sales shall be disclosed to the public in the land transfer announcement. After obtaining the initial registration of the housing, real estate development enterprises shall apply to the housing administration department of the district where the project is located for completed-home sales filing. The Implementation Opinions explicitly promote a deposit system for completed-home sales. Real estate development enterprises may, after obtaining the construction project construction permit, sign a home purchase deposit contract with buyers, and the deposit shall generally not exceed 3% of the total purchase price. If a real estate development enterprise breaches the contract and fails to deliver the housing on schedule, the buyer has the right to request termination of the deposit contract in accordance with the contract, and the real estate development enterprise shall return the deposit in accordance with the law and bear liability for breach of contract.
[SHFE: Agreed to Jinchuan Group Co., Ltd. adding the "JNMC" brand Grade A copper (permanent cathode-K) registered origin]SHFE announcement: Recently, the exchange received the relevant application materials submitted by Jinchuan Group Co., Ltd. In accordance with the "Shanghai Futures Exchange Nonferrous Metals Deliverable Commodities Management Regulations" and other relevant provisions, after review and decision: Agreed to register the "JNMC" brand Grade A copper (permanent cathode-K) produced by Jinchuan Group Yongchang Copper Co., Ltd., a subsidiary of Jinchuan Group Co., Ltd., with the exchange, with a registered capacity of 400,000 mt, at the standard price. From the date of this announcement, the above products can be used for performance delivery of copper cathode futures contracts on the exchange. (Jin10 Data APP)
US dollar:
The US dollar index rose 0.16% overnight to 101.19.
Data:
Today will see the release of Australia's RBA interest rate decision as of September 29, Switzerland's September KOF economic leading indicator, UK August central bank mortgage approvals, Eurozone September industrial confidence index, Eurozone September economic confidence index, Canada July GDP m/m, US July FHFA house price index m/m, US July S&P/CS 20-city unadjusted house price index y/y, US August JOLTs job openings, US September Conference Board consumer confidence index, and other data.
In addition, attention should be paid to: US Fed Governor Lisa Cook's speech; 2027 FOMC voting member and Richmond Fed President Barkin's speech; RBA interest rate decision; RBA Governor Bullock's monetary policy press conference; US President Trump, House Speaker Johnson, and CEOs of several technology companies holding a meeting on artificial intelligence.
Crude oil:
Both oil futures rose overnight, with US oil up 0.95% and Brent oil up 1.36%.
![Fundamentals show a backwardation structure, and lead prices will consolidate in the short term [SMM Lead Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/bAjSC20251217171721.jpg)
![SHFE tin SN2610 closed the night session at 408,560 yuan, edging up 0.28%, with the 408,000 yuan/mt level yet to be confirmed [SMM Tin Morning Brief]](https://imgqn.smm.cn/usercenter/GgYmu20251217171750.jpg)
![The most-traded SHFE tin contract fell 0.85% after the Mid-Autumn Festival, losing the 410,000 level, then edged up to 408,280 in the overnight night session [SMM Tin Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/TYKtM20251217171753.jpg)
