US Dollar Weakens, Metals Rally with Alumina, SHFE Zinc, and LME Lead Leading Gains; Coke Up 2.45% [SMM Midday Review]

SMM Mar 24 News: Metal Market: As of the midday close, domestic base metals showed mixed performance. SHFE lead rose 1.14%, SHFE copper increased 0.11%. SHFE nickel slightly fell. SHFE aluminum dropped 0.46%, SHFE zinc gained 1.55%. SHFE tin declined 0.68%. Additionally, alumina rose 1.79%. Lithium carbonate increased 0.71%, silicon metal rose 0.62%. The most-traded polysilicon futures contract gained 0.26%. Ferrous metals mostly rose, with iron ore up 1.91%, rebar up 1.04%, HRC up 1.28%, and stainless steel down 0.34%. In the coking coal and coke sector, coking coal rose 0.79%, and coke increased 2.45%. Overseas Metals: As of 11:35, overseas base metals were all up. LME lead rose 1.51%. LME copper increased 0.66%, LME zinc rose 0.46%, LME aluminum gained 0.23%, and LME tin rose 0.6%. LME nickel increased 0.71%. Precious Metals: As of 11:35, COMEX gold rose 0.07%, and COMEX silver increased 0.58%. Domestically, SHFE gold fell 0.38%, and SHFE silver dropped 0.38%. As of the midday close, the main European line container shipping futures contract slightly rose, closing at 2,066.3 points. As of 11:35 on March 24, some futures midday market conditions: SMM Metal Spot Prices on Mar 24 Spot and Fundamentals Zinc: In the Ningbo market, the transaction price for mainstream brand 0# zinc was around 24,015-24,240 yuan/mt. Ningbo regular brands quoted a premium of 40 yuan/mt against the 2504 contract and a premium of 50 yuan/mt against Shanghai spot. The main quotes in the Ningbo area were against the 2504 contract... Click to view details Macro Front Domestic: [Ports Monitored Completed Cargo Throughput of 265.404 Million Mt, Up 5.95% MoM] According to data monitored and summarized by the State Council's Logistics Assurance and Smooth Operation Working Group Office, from March 17 to March 23, national freight logistics operated in an orderly manner, with: national railways transporting 79.539 million mt of cargo, up 1.54% MoM; national highways seeing 54.631 million truck passages, up 4.11% MoM; ports monitored completing 265.404 million mt of cargo throughput, up 5.95% MoM, and 6.253 million TEUs of container throughput, up 5.27% MoM; civil aviation ensuring 119,000 flights (including 5,023 cargo flights, with 3,387 international and 1,636 domestic), up 3.4% MoM; postal and courier services collecting about 3.682 billion items, down 1.76% MoM, and delivering about 3.687 billion items, down 2.33% MoM. [PBOC Conducts Net Withdrawal of 346 Billion Yuan in Open Market] The PBOC conducted 135 billion yuan worth of 7-day reverse repo operations today, with the winning bid rate at 1.50%, unchanged from before. With 481 billion yuan worth of 7-day reverse repos maturing today, the net withdrawal amounted to 346 billion yuan. [Zhejiang: Provincial Units Conduct Inventory and Usage Survey of Real Estate and Land, Formulate Revitalization Plans] The Zhejiang Provincial Department of Finance recently released a notice titled "On Strengthening System Implementation and Further Promoting the Quality and Efficiency of Administrative and Public Institution Asset Management." The notice states that finance departments, supervisory authorities, and administrative and public institutions at all levels should enhance their awareness of asset revitalization, earnestly strengthen the implementation of the government's frugality requirements, and standardize the conduct of state-owned asset revitalization work based on actual conditions. Localities are to comprehensively survey water infrastructure assets, establish inventory and revitalization lists, promptly report revitalization needs, and actively promote market-based revitalization. Provincial units will conduct surveys of real estate and land inventories and usage, formulate revitalization plans, optimize the allocation of real estate and land, and improve efficiency. Finance departments, supervisory authorities, and administrative and public institutions at all levels should summarize and timely report replicable and referential revitalization cases, which the provincial finance department will select and promote. The central parity rate of the RMB exchange rate in the interbank foreign exchange market on March 24 was 7.178 per US dollar. US Dollar: As of 11:35, the US dollar index fell 0.06%, trading at 104.11. Tariff issues remain a focal point, with the US previously announcing a series of reciprocal tariffs, which could exacerbate US inflation and hinder economic growth. However, New York Fed President John Williams stated last Friday that it is too early to judge the impact of tariffs on inflation, adding that the risks to the economic outlook are rising, and the US Fed has time to decide the direction of its monetary policy. Other Currencies: This week, the Australian government will release its annual budget, expected to end two consecutive years of fiscal surplus and return to a deficit. This shift is driven by Prime Minister Albanese's fiscal measures to alleviate household cost pressures and the impact of global economic uncertainty on Australia's economic prospects. The government's move to increase spending and return to a deficit may put short-term pressure on the Australian dollar. Fiscal expansion typically raises concerns about increased government debt, weakening investor confidence in the Australian dollar. Additionally, subsidy measures for households in the budget may stimulate domestic demand, further intensifying inflationary pressures, which could limit the RBA's room for interest rate cuts, but the direct impact on the Australian dollar is limited. (Forex.com) Data: Today, the preliminary values for France's March S&P Global Manufacturing PMI, Germany's March S&P Global Manufacturing PMI, Eurozone's March S&P Global Manufacturing PMI, and the US's March S&P Global Manufacturing PMI will be released. Also, attention should be paid to the talks between US and Russian officials on the Ukraine issue in Riyadh, Saudi Arabia; the China Development Forum 2025 Annual Meeting was held in Beijing from March 23 to 24. Crude Oil: As of 11:35, crude oil futures were down, with WTI falling 0.34% and Brent dropping 0.36%. The market is focused on the prospect of more Russian crude entering the export market, and participants are also watching the outlook for Iranian crude exports. US energy service company Baker Hughes said on Friday that the number of US oil and gas rigs increased this week, the first rise in three weeks. Data showed that as of the week ending March 21, the total number of US oil and gas rigs, a leading indicator of future production, increased by one to 593. Active oil rigs decreased by one to 486, while natural gas rigs increased by two to 102. The US Commodity Futures Trading Commission (CFTC) reported on Friday that as of March 18, fund managers reduced their net long positions in US crude oil futures and options by 22,909 contracts to 56,328. (Webstock Inc.) Spot Market Overview: Futures market fluctuated upward, but market trading activity was not high. [SMM North China Copper Spot] 2025 January-February Copper Foil Customs Details, Both Imports and Exports Declined YoY [SMM Analysis] Ningbo Zinc: Premiums Remain High, Downstream Demand Still Exists [SMM Midday Review] DRC Geopolitical Risks Continue to Escalate, Tin Ore Supply Gap Widens [SMM Tin Midday Review] [SMM Shipping Data] Non-mainstream Mines Increase Shipments, Port Arrivals Exceed Expectations Other metal spot midday reviews will be updated shortly, please refresh to check~