Base metals saw the domestic market outperform the overseas market, with SHFE tin and SHFE silver rising over 1%, while LME copper and silicon metal led the declines. [SMM Midday Review]

SMM March 26 News:

In the metal market:

By the midday close, base metals in the domestic market mostly rose. SHFE lead and SHFE zinc slightly fell. SHFE copper rose 0.22%. SHFE nickel rose 0.6%. SHFE aluminum slightly rose. SHFE tin rose 1.22%.

In addition, alumina rose 0.62%. Lithium carbonate rose 0.08%, while silicon metal fell 1.06%. The most-traded polysilicon futures rose 0.17%.

Ferrous metals mostly fell, with iron ore down 0.32%, rebar flat at 3,207 yuan/mt, HRC down 0.15%, and stainless steel up 0.34%. For coking coal and coke, coking coal fell 0.1%, while coke rose 0.91%.

In the overseas metal market, by 11:50, base metals all fell. LME lead fell 0.7%. LME copper fell 1.19%, LME zinc fell 0.62%, LME aluminum fell 0.25%, LME tin fell 0.99%. LME nickel fell 0.32%.

In the precious metals market, by 11:50, COMEX gold fell 0.14%, COMEX silver fell 0.02%. Domestically, SHFE gold rose 0.32%, SHFE silver rose 1.54%.

By the midday close, the most-traded Europe container shipping futures rose 1.03%, to 2,118.6 points.

As of 11:50 on March 26, some futures midday market:

》March 26 SMM Metal Spot Prices

Spot and Fundamentals

Copper: Today, spot #1 copper cathode in North China was at a discount of 200-160 yuan/mt against the front-month contract, with an average discount of 180 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 82,200-82,790 yuan/mt, with an average of 82,495 yuan/mt, up 1,095 yuan/mt from the previous trading day. 》Click for details

Macro Front

Domestic:

【Preview: China Council for the Promotion of International Trade to Hold March Regular Press Conference on March 28】 The China Council for the Promotion of International Trade will hold its March regular press conference at the CCPIT Auditorium from 10:00-11:00 on March 28 (Friday). It will release the Global Economic and Trade Friction Index for 2024 and January 2025, the national CCPIT commercial certification data for February 2025, the latest preparations for the Osaka Expo, the CCPIT-organized Chinese entrepreneurs' delegation visits, considerations for serving foreign enterprises, and measures to stabilize foreign trade.

【Central Bank's Open Market Net Injection of 159.5 Billion Yuan】 The central bank conducted 455.4 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from before. As 295.9 billion yuan in 7-day reverse repos matured today, the net injection for the day was 159.5 billion yuan.

► On March 26, the central parity rate of the RMB in the interbank foreign exchange market was 7.1754 yuan per US dollar.

US Dollar:

By 11:50, the US dollar index rose 0.07%, to 104.28. Market participants are concerned that US tariff plans will exacerbate inflation and hinder economic growth. The US consumer confidence index plunged to its lowest in over four years in March, reflecting growing household concerns about a potential economic recession and inflation triggered by tariffs. The focus is now on the tariff measures in early April, which have caused some market tension as they may trigger inflation and potentially slow economic growth. Later today, several US Fed officials will speak, offering more insights into this year's monetary policy, while uncertainty around tariffs remains imminent. The market is awaiting the release of the US Personal Consumption Expenditures (PCE) price index on Friday for clues on the Fed's next move.

Other Currencies:

Bank of Japan Governor Kazuo Ueda stated that if price risks exceed expectations, stronger measures will be taken to adjust monetary support. He noted that a 3% wage increase roughly corresponds to a 2% inflation level. (Cailian Press)

Data:

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 preliminary monthly rate will be released. Additionally, UK Chancellor of the Exchequer Rachel Reeves' spring budget statement is worth noting.

Crude Oil:

By 11:50, crude oil futures slightly rose, with US crude up 0.26% and Brent crude up 0.23%. API data showed a decline in US commercial crude inventories last week, providing some support to oil prices. Data showed that crude inventories fell by 4.6 million barrels in the week ending March 21. Gasoline inventories fell by 3.28 million barrels, and distillate inventories fell by 1.35 million barrels. A deep survey released on Tuesday showed that US crude inventories fell by about 1 million barrels in the week ending March 21. The US Energy Information Administration (EIA) will release its weekly crude inventory report at 22:30 on Wednesday. Additionally, Tuesday was the last trading day of the three-day spot rollover period, with some investors choosing to square positions. (Webstock Inc.)

Spot Market Overview:

► Copper Prices Surge Amid Continued Weak Demand, Market Transactions Sluggish [SMM North China Copper Spot]

► Ningbo Zinc: Premiums Steady, Downstream Purchases as Needed [SMM Midday Review]

► Tianjin Zinc: Zinc Prices Fluctuate at High Levels, Market Transactions Moderate [SMM Midday Review]

Other metal spot midday reviews will be updated later, please refresh to view~