The domestic market outperformed the overseas market in metals. SHFE tin and SHFE silver rose by over 1%. Alumina recorded four consecutive gains. European container shipping surged by more than 2%. 【SMM Daily Review】

SMM March 26 News: Metal Market: At the close of the day, domestic base metals collectively rose, with SHFE tin leading the gains at 1.26%, while other metals increased by less than 1%. Alumina's main contract rose 1.01%, marking a four-day winning streak. Additionally, lithium carbonate's main contract rose 0.7%, silicon metal's main contract fell 1.31%, and polysilicon's main contract dropped 0.26%. The main contract for European container shipping rose 2.29%. Overseas, as of 15:03, only LME aluminum among the base metals rose, with a gain of around 0.1%. LME copper fell 1.3%, LME tin dropped 0.86%, and LME lead decreased by 0.55%, with other metals declining by less than 0.5%. In the ferrous metals series, stainless steel rose 0.37%, iron ore increased by 0.19%, and HRC gained 0.12%. For coking coal and coke, coking coal fell 0.05%, while coke rose 1.35%. In precious metals, as of 15:03, COMEX gold rose 0.1%, and COMEX silver increased by 0.23%. Domestically, SHFE gold rose 0.47%, and SHFE silver surged 1.7%, recording a three-day winning streak. As of 15:03 today's market. Click to view SMM Market Dashboard. Macro Front: Domestic: [Preview: CCPIT to Hold March Regular Press Conference on March 28] The China Council for the Promotion of International Trade (CCPIT) will hold its March regular press conference on March 28 (Friday) from 10:00 to 11:00 at the CCPIT Auditorium. The conference will release the Global Economic and Trade Friction Index for 2024 and January 2025, the national CCPIT system 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. 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: As of 15:03, the US dollar index rose 0.12%. Data released by the Conference Board on Tuesday showed that the US consumer confidence index for March was 92.9, the lowest since January 2021, with a forecast of 94 and a previous value of 98.3. The present situation index fell 3.6 points to 134.5, and the expectations index dropped 9.6 points to 65.2, the lowest in 12 years, well below the 80-point threshold that usually signals a recession. The US consumer confidence index plummeted to its lowest level in over four years in March, reflecting growing concerns among households about a potential economic recession and inflation triggered by tariffs. New York Fed President Williams said that businesses and households are feeling "increased uncertainty" about the economic outlook. Fed Governor Kugler stated that the Fed's interest rate policy remains restrictive and in a good position, but progress toward bringing inflation back to the 2% target has slowed since last summer, and the latest data showing rising goods inflation is "not helpful." 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. Data: Today, the UK's February CPI annual rate, core CPI annual rate, retail price index annual rate, unadjusted input PPI annual rate, Switzerland's March Credit Suisse/CFA economic expectations index, and the US February durable goods orders preliminary monthly rate will be released. Additionally, UK Chancellor of the Exchequer Reeves' spring budget statement is worth noting. Crude Oil: As of 15:03, oil prices in both markets rose, with US oil up 0.42% and Brent oil up 0.39%. Oil prices rose as the US intensified efforts to restrict oil exports from Venezuela and Iran, and a larger-than-expected drop in US crude inventories also supported prices. Phillip Nova senior market analyst Priyanka Sachdeva wrote in a market commentary on Wednesday: "Crude oil prices maintained a bullish bias after the US imposed restrictions on Venezuelan oil, raising supply concerns." Washington also imposed a new round of restrictions on Iranian oil last week. The American Petroleum Institute (API) data also boosted the market, showing a 4.6 million barrel drop in US crude inventories last week, indicating healthy fuel demand in the world's largest economy. A deep survey released on Tuesday showed that US crude, distillate, and gasoline inventories were expected to decline last week. The average estimate of six analysts surveyed was 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. Phillip Nova's Sachdeva said the oil price rise is temporary, with potential economic slowdown due to US tariffs capping gains. SMM Daily Review: Aluminum scrap fluctuated rangebound with aluminum prices, with market trading generally flat [Aluminum Scrap Daily Review]. Aluminum prices fluctuated rangebound, with the secondary aluminum market remaining stable [ADC12 Price Daily Review]. March 26: SHFE aluminum fluctuated rangebound, with three regional processing fees quoted stable from yesterday [Aluminum Billet Spot Daily Review]. [SMM Nickel Sulphate Daily Review] March 26: Precursor plant price acceptance rose. [SMM MHP Daily Review] The MHP coefficient may continue to rise. Insufficient downstream demand support, the market fluctuated downward [SMM EMM Daily Review]. SiMn alloy plants showed weak willingness to actively quote, with spot prices remaining stable [SMM SiMn Alloy Daily Review]. Silver prices rebounded strongly, with thin trading at month-end and quarter-end [SMM Daily Review].