The US dollar fell, metals nearly all rose, with LME lead, SHFE tin, and COMEX silver up over 2%, and LME tin and SHFE copper leading the gains [Overnight Market].

SMM March 26 News:

In the metal market:

Overnight, domestic base metals rose across the board, with SHFE tin up 2.01%. SHFE copper rose 1.3%. SHFE nickel rose 1.26%. SHFE lead rose 0.74%. SHFE aluminum edged up, while SHFE zinc rose 0.27%. In addition, alumina rose 0.68%.

Overnight, the ferrous metals series all rose, with iron ore up 0.32%, stainless steel up 0.26%, rebar up 0.37%, and HRC up 0.18%. In the coking coal and coke sector: coking coal edged up, while coke rose 1.29%.

Overnight, LME metals all rose, with LME copper up 1.39%. LME zinc rose 0.76%, LME tin rose 1.92%, LME lead rose 2.23%, while LME aluminum fell 0.29%. LME nickel rose 1.02%.

Overnight in the precious metals sector: COMEX gold rose 0.35%, COMEX silver rose 2.39%. SHFE gold rose 0.23%, SHFE silver rose 1.63%.

As of 8:19 AM on March 26, the overnight closing market

》Click to view SMM futures data dashboard

On the macro front:

Domestically:

【Ministry of Commerce: Local governments are intensively drafting pilot work plans for automobile circulation and consumption reform】 The Ministry of Commerce held a press conference on March 25 to introduce measures to boost consumption. Li Gang, Director of the Department of Consumption Promotion at the Ministry of Commerce, stated that they are currently guiding local commerce departments to work with relevant authorities to orderly carry out the application process for the pilot reform of automobile circulation and consumption, and are intensively drafting the pilot work plans. Subsequently, the list of pilot cities will be determined based on the principle of "mature batches, launch batches." Li Weizheng, Deputy Director of the Department of Market System Development at the Ministry of Commerce, mentioned that creating consumer demand through high-quality foreign trade products is one of the important aspects of expanding domestic consumption. This year, the Ministry of Commerce will continue to lead with the "Foreign Trade Quality Products China Tour" activity to expand the consumption of high-quality foreign trade products. 》Click for details

【Ministry of Natural Resources: Launching a new batch of national green mine selection】 The General Office of the Ministry of Natural Resources issued a notice on launching a new batch of national green mine selection to accelerate the green and low-carbon transformation of the mining industry, comprehensively promote the construction of green mines, and decided to carry out a new batch of national green mine selection. The scope of recommendation: Among provincial green mines, independent mining enterprises that have achieved scientific mining methods, efficient resource utilization, ecological mining areas, standardized enterprise management, and harmonious mining communities, meeting the requirements of the "National Green Mine Construction Evaluation Indicators," and performing relatively well. The number of recommendations: Provincial natural resource authorities, based on not exceeding half of the total number of provincial green mines, will select and recommend no more than 25 non-oil and gas mines and no more than 10 oil and gas mines.

On the US dollar:

Overnight, the US dollar index fell 0.1% to 104.21. Consumer confidence data released on Tuesday in the US fell to its lowest level in four years. The market generally expects that US tariff policies will drag on economic growth, trigger further trade tensions, and push up inflation. Atlanta Fed President Bostic said he expects the benchmark interest rate to be cut by only 25 basis points by the end of the year. The Fed decided last week to keep interest rates unchanged while hinting at a 50 basis point rate cut later this year. The market is currently waiting for the US Personal Consumption Expenditures (PCE) price index to be released on Friday for hints on the Fed's further policy moves.

On other currencies:

The Bank of England recently explicitly warned the market not to be overly optimistic about rate cut expectations, while raising its forecast for this year's inflation peak. This statement suggests that, compared to other major central banks, the Bank of England will lower borrowing costs at a more moderate pace, providing solid support for the pound. Catherine Mann, a member of the Bank of England's Monetary Policy Committee, said: "Inflationary pressures have not completely subsided, and we need to remain cautious to avoid premature policy easing." The UK PMI data released on Monday further solidified the pound's strong position. The S&P Global Services PMI rose from 51 last month to 53.2, showing significant recovery; the composite PMI rose from 50.5 in February to 52, the largest increase in six months. (Huitong Finance)

On the macro front:

Today, the UK February CPI annual rate, UK February core CPI annual rate, UK February retail price index annual rate, UK February unadjusted input PPI annual rate, Switzerland March Credit Suisse/CFA economic expectations index, and US February durable goods orders monthly rate preliminary data will be released. In addition, it is worth noting that UK Chancellor of the Exchequer Reeves will announce the Spring Budget Statement.

On crude oil:

Overnight, both oil futures rose slightly, with US oil up 0.13% and Brent oil up 0.19%. Expectations of increased Russian supply weighed on oil prices, but concerns about global supply tightening provided support.

Data released by the American Petroleum Institute (API) showed that as of the week of March 21, crude oil inventories fell by 4.6 million barrels. Gasoline inventories fell by 3.28 million barrels, and distillate inventories fell by 1.35 million barrels. The survey expected crude oil inventories to fall by about 1 million barrels last week, gasoline inventories to fall by about 1.8 million barrels, and distillate inventories to fall by about 1.6 million barrels. The US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 22:30 on Wednesday. (Webstock Inc.)