Base metals generally declined, with LME copper falling over 2%, and LME tin and SHFE copper dropping more than 1%. The ferrous metals series all rose. [Overnight Market]

SMM March 27 News: In the metal market, domestic base metals showed mixed performance overnight. SHFE tin rose 0.33%, while SHFE copper fell 1.08%. SHFE nickel increased by 0.57%, and SHFE lead rose 0.37%. SHFE aluminum dropped 0.12, and SHFE zinc slightly declined. Additionally, alumina fell 0.65%. In the ferrous metals series, all products rose overnight. Iron ore increased by 1.48%, stainless steel rose 0.34%, rebar climbed 0.09%, and HRC slightly increased. In the coking coal and coke sector, coking coal rose 1.07%, and coke increased by 1.3%. LME metals generally fell overnight. LME copper dropped 2.03%, LME zinc fell 0.67%, LME tin declined 1.06%, LME lead rose 0.22%, and LME aluminum decreased by 0.17%. LME nickel increased by 0.21%. In the precious metals sector, COMEX gold rose 0.02%, and COMEX silver increased by 0.07%. SHFE gold rose 0.08%, and SHFE silver climbed 0.05%. As of 8:19 AM on March 27, the overnight closing market. Click to view the SMM futures data dashboard. On the macro front, domestically, Zheng Bei, Vice Chairman of the National Development and Reform Commission (NDRC), met with Jakob Stausholm, CEO of Rio Tinto Group. They discussed the low-carbon transformation of the steel industry and China's green development. Zheng stated that the NDRC strongly supports Rio Tinto's cooperation with Chinese enterprises to actively participate in China's green and low-carbon development and jointly maintain the resilience and stability of the global industry chain and supply chain. Stausholm expressed Rio Tinto's willingness to closely cooperate with Chinese enterprises to contribute to China's green and low-carbon development and the stability of the global supply chain. Shanghai aims to break through a 200 billion yuan scale in the intelligent computing cloud industry by 2027, with the intelligent computing scale striving to reach 200 EFLOPS. The "Implementation Opinions on Promoting the Innovative Development of the Intelligent Computing Cloud Industry in Shanghai (2025-2027)" was released, proposing that by 2027, the city's intelligent computing cloud industry scale should strive to exceed 200 billion yuan, forming a complete ecosystem with cloud-edge collaboration and a complete industry chain. The intelligent computing scale aims to reach 200 EFLOPS, with self-controllable computing power accounting for over 70%. Several comprehensive intelligent computing cloud platforms and a batch of vertical intelligent computing cloud platforms will be established, creating a number of benchmark applications for intelligent computing cloud. One to two strategic enterprises and 20 high-growth enterprises will be cultivated, attracting domestic and overseas leading cloud companies to expand their investments in Shanghai. Overnight, the US dollar index rose 0.33% to 104.55. Market participants now await the US personal consumption expenditure data to be released on Friday, which may provide more information on the US interest rate cut path. The US Fed maintained the benchmark interest rate last week but indicated possible rate cuts later this year. Neel Kashkari, President of the Minneapolis Federal Reserve Bank, stated that while the Fed has made significant progress in reducing inflation, "we have more work to do" to reach the Fed's 2% target. The UK's National Statistics Office reported that the annual CPI growth rate slowed to 2.8% in February, below January's 3.0% and market expectations of 2.9%, still above the Bank of England's 2% target. Core CPI (excluding food and energy) increased by 3.5% annually, down from January's 3.7% and below the expected 3.6%, indicating some easing of inflationary pressures. Weak data weighed on the GBP, supporting EUR/GBP. Last week, the Bank of England kept the interest rate at 4.5%, with 8 out of 9 Monetary Policy Committee members supporting the status quo, only Swati Dingra advocated for a 25 basis point rate cut. The market had expected at least two members to favor a rate cut, and the hawkish decision briefly stabilized the GBP. However, the latest CPI data may reignite rate cut expectations, pressuring the GBP. Joe Capurso, a strategist at the Commonwealth Bank of Australia (CBA), said, "In the coming weeks, even months, the main driver of AUD/USD will be the new US trade policy and the reactions of other countries. If market participants are caught off guard by higher-than-expected US tariffs and retaliatory actions from other countries next week, AUD/USD may test $0.60 in the coming weeks." Today, data to be released includes China's February year-on-year industrial enterprise profits, Germany's February actual retail sales month-on-month and year-on-year, the eurozone's February seasonally adjusted M3 money supply annual rate, Canada's March CFIB Business Barometer, the US Q4 actual GDP annualized quarter-on-quarter final value, the US Q4 GDP price index quarter-on-quarter final value, the US Q4 core PCE price index annualized quarter-on-quarter final value, the US Q4 consumer spending annualized quarter-on-quarter final value, the US Q4 GDP implicit deflator quarter-on-quarter seasonally adjusted final value, the US February wholesale inventory month-on-month preliminary value, the US initial jobless claims for the week ending March 22, the US continuing jobless claims for the week ending March 15, and the US February seasonally adjusted pending home sales index month-on-month. Additionally, it is worth noting that 2025 FOMC voting member and St. Louis Fed President Musalem will speak; the Central Bank of Turkey will release the latest meeting minutes; the 2025 Zhongguancun Forum Annual Meeting will be held in Beijing from March 27 to 31, co-hosted by the Ministry of Science and Technology, the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission, the Chinese Academy of Sciences, the Chinese Academy of Engineering, the China Association for Science and Technology, and the Beijing Municipal Government; Ukrainian President Zelensky will hold talks with major European leaders. Overnight, both oil futures rose, with US oil up 1.36% and Brent oil up 1.33%. Official data showed a decline in US crude and fuel inventories last week, and concerns about tightening global supply intensified. The US Energy Information Administration (EIA) reported on Wednesday that US crude inventories fell last week as refineries increased production, while gasoline and distillate inventories also declined. The EIA report showed that in the week ending March 21, US crude inventories decreased by 3.3 million barrels to 433.6 million barrels, a larger drop than the 956,000 barrels expected by analysts surveyed. According to CCTV News, on the 24th local time, the White House stated that US President Trump signed an executive order imposing "tariff sanctions" on countries importing Venezuelan oil. The statement said that starting from April 2, the US may impose a 25% tariff on all goods imported from any country that directly or indirectly imports Venezuelan oil. Barclays analysts said in a report, "The export discount for Venezuelan oil could be as high as 35%, and the difficulty of commercialization may create bottlenecks, leading to a daily production disruption of up to 400,000 barrels, more than half of Venezuela's exports."