Metals Generally Decline LME Tin Falls 2.69% LME Lead, Nickel Silver, and LME Aluminum Among Top Losers Gold Prices See Three-Day Winning Streak [Overnight Market]

SMM March 22 News: Metal Market: Overnight, domestic market base metals mostly fell, with SHFE tin down 1.42%, SHFE copper down 0.62%, SHFE nickel down 0.52%, SHFE lead down 0.43%, SHFE aluminum down 0.67%, and SHFE zinc up 0.71%. Additionally, alumina rose 1.76%. Ferrous metals series showed mixed performance, with iron ore up 0.72%, stainless steel down 0.52%, rebar up 0.22%, and HRC up 0.72%. Coking coal and coke: coking coal down 0.49%, coke down 0.16%. Overnight, LME metals generally declined, with LME copper down 0.85%, LME zinc up 0.31%, LME tin down 2.69%, LME lead down 1.43%, LME aluminum down 1.32%, and LME nickel down 0.45%. Precious metals overnight: COMEX gold down 0.51%, with a three-week consecutive gain in its weekly line, up 0.9% this week; COMEX silver down 1.36%, with a 2.62% decline in its weekly line this week. SHFE gold down 0.47%, with a three-day winning streak in its weekly line, up 2.12% this week; SHFE silver down 0.64%, with a 0.99% decline in its weekly line this week. As of 10:01 on March 22, overnight closing prices. Click to view SMM futures data dashboard. Macro Front Domestic: [Ministry of Commerce: 2025 National Home Appliance Consumption Season Launched] On March 22, the launch ceremony for the 2025 National Home Appliance Consumption Season was held in Shanghai. Vice Minister of Commerce Sheng Qiuping, and Shanghai Municipal Party Committee Standing Committee member and Deputy Mayor Hua Yuan attended the event. Sheng Qiuping stated that implementing the trade-in policy for home appliances benefits both the present and the long term, stabilizes growth, promotes transformation, benefits people's livelihoods, and supports the industry. The Ministry of Commerce will take the opportunity of the 2025 National Home Appliance Consumption Season launch to further coordinate online and offline channels, organize a series of activities, optimize the "policy + activity" driving mechanism, encourage producers to innovate, platforms to offer discounts, and enterprises to provide incentives, amplifying the effect of the trade-in policy for home appliances, releasing the potential for home appliance renewal consumption, and making positive contributions to better meet the needs of people's better life and promote high-quality economic development. (Cailian Press) [PBOC: Increase the Intensity of Monetary Policy Regulation, Consider RRR Cuts and Interest Rate Cuts, Research Creation of New Structural Monetary Policy Tools] The People's Bank of China's Monetary Policy Committee convened its Q1 2025 regular meeting, suggesting an increase in the intensity of monetary policy regulation, enhancing the forward-looking, targeted, and effective nature of monetary policy regulation, and considering RRR cuts and interest rate cuts based on domestic and overseas economic and financial conditions and financial market operations. Maintain ample liquidity, guide financial institutions to increase monetary and credit issuance, ensuring that social financing scale and money supply growth match economic growth and price level expectations. Strengthen central bank policy rate guidance, improve the market-based interest rate formation and transmission mechanism, leverage the role of the market interest rate pricing self-discipline mechanism, and enhance the execution and supervision of interest rate policies. Promote a reduction in comprehensive social financing costs. Observe and assess bond market operations from a macro-prudential perspective, paying attention to changes in long-term yields. Smooth the monetary policy transmission mechanism, improve the efficiency of fund usage, and prevent idle funds. Enhance the resilience of the foreign exchange market, stabilize market expectations, strengthen market management, firmly correct pro-cyclical behavior, resolutely address actions disrupting market order, and firmly prevent excessive exchange rate fluctuations, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level. Click for more details. US Dollar: Overnight, the US dollar index rose 0.35%, closing at 104.17. Weekly: The US dollar index weekly line rose 0.42%. Other Currencies: Japan's February CPI data was mixed, with overall and core (excluding food) CPI YoY growth rates slowing less than expected, at 3.7% (expected 3.5%, previous 4.0%) and 3.0% (expected 2.9%, previous 3.2%), respectively. Core (excluding fresh food and energy) CPI YoY growth met expectations, reaching an 11-month high of 2.6%, up from 2.5% in January. The swap market continues to expect the Bank of Japan's terminal rate over the next two years to be between 1.00% and 1.25%, with the next 25 basis point hike expected in September. With limited room for upward adjustment in BoJ rate expectations, the yen's upside is constrained. At the same time, due to the BoJ's low tolerance for a weaker yen, the downside is also limited. (Huitong Finance) Macro: This week, data such as France's March S&P Global Manufacturing PMI preliminary, Germany's March S&P Global Manufacturing PMI preliminary, Eurozone's March S&P Global Manufacturing PMI preliminary, and the US's March S&P Global Manufacturing PMI preliminary will be released. Additionally, this week, noteworthy events include talks between US and Russian officials on the Ukraine issue in Riyadh, Saudi Arabia, and the 2025 China Development Forum, which will be held in Beijing from March 23 to 24. Crude Oil: Overnight, both oil futures rose, with WTI up 0.32% and Brent up 0.28%. Weekly, WTI futures saw a two-week consecutive gain, up 1.65% this week, while Brent futures saw a seven-week consecutive gain, up 1.54% this week. (Webstock Inc.)