The US dollar declined on a weekly basis, metals generally fell, while LME and SHFE tin rose by over 1%. NY gold surged by more than 3% on a weekly basis, continuing to hit a new historical high. [Overnight Market]

SMM March 29 News: In the metal market, most metals fell in the overnight overseas and domestic markets, with only LME tin, LME nickel, SHFE tin, and SHFE nickel rising. LME tin increased by 1.77%, and SHFE tin rose by 1.89%. LME nickel gained 0.94%, and SHFE nickel increased by 0.62%. Other metals declined, with LME zinc leading the drop at 1.66%, while the rest fell by less than 1%. The main alumina contract dropped by 1.61%. In the ferrous metals series, all except stainless steel fell overnight, with stainless steel rising by 0.22%. Iron ore decreased by 0.38%. HRC and rebar also fell by less than 0.5%. Both coking coal and coke dropped by over 1%, with coking coal down 1.71% and coke down 1.98%. In the precious metals sector, COMEX gold rose by 0.88% overnight, reaching a record high of $3,124.4 per ounce on Friday, driven by concerns over escalating global trade conflicts, which led investors to flock to safe-haven assets. Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals, stated, "Concerns over tariffs, trade, and ongoing uncertainty continue to support gold as a safe-haven demand." COMEX gold gained 3.2% weekly, while COMEX silver fell by 0.75% but rose by 3.98% weekly. Domestically, SHFE gold increased by 0.59%, hitting a record high of 723.26 yuan per gram, while SHFE silver dropped by 0.22%. As of 9:27 AM on March 29, the overnight closing prices are as follows: Click to view the SMM futures data dashboard. On the macro front, domestically, Li Qiang chaired a State Council executive meeting, deploying efforts to accelerate the clearance of overdue corporate payments. The meeting reviewed and approved the "Action Plan for Accelerating the Clearance of Overdue Corporate Payments." It emphasized further intensifying efforts, consolidating responsibilities, improving mechanisms, refining relevant laws and regulations, strengthening source governance, and enhancing penalties for dishonesty to ensure tangible results in debt clearance and resolutely curb new arrears. The People's Bank of China recently held the 2025 Financial Stability Work Conference. The meeting concluded that China's financial sector is operating steadily overall, with financial risks generally converging and controllable, and financial institutions' operational and regulatory indicators within reasonable ranges. The meeting emphasized replenishing resources such as the deposit insurance fund and the financial stability guarantee fund. In the US dollar market, the dollar fell by 0.25% overnight, weakening due to concerns over economic growth, and declined by 0.16% weekly. Traders were once optimistic that tariffs would not be as severe as feared but remained concerned about their impact on economic growth and reigniting inflation. Data showed that the US core inflation rate rose by 0.4% in February, higher than expected, exacerbating market concerns about stagflation. Overall inflation rose by 0.3%, in line with expectations. US consumer spending also rebounded that month. Additionally, a University of Michigan survey showed that consumers' 12-month inflation expectations surged to the highest level in nearly two and a half years in March. After three interest rate cuts in 2024, the US Fed has kept rates stable this year but hinted at a possible half-percentage-point cut later this year. The market expects the Fed to cut rates by 63 basis points this year, starting in July. In other currencies, the US dollar fell by 0.69% against the Japanese yen to 150.01 yen, marking its largest single-day drop since March 3. The euro rose by 0.2% against the US dollar to $1.0823 in New York late trading, supported by technical factors after nearing the 200-day moving average of $1.0727 and a key Fibonacci retracement level on Thursday. Earlier European data showed that inflation rates in France and Spain were much lower than expected in March, while consumer expectations for price growth remained subdued, supporting bets on another ECB rate cut. The British pound fell by 0.09% to $1.2935. In data releases, next week will see the global March ANZ Commodity Price Index annual rate, the global March industrial production cycle turning point leading indicator (irregular), and other data. In China, the official March manufacturing PMI will be released. In the US, data includes the initial jobless claims for the week ending March 29, the March Chicago PMI, the March ISM manufacturing PMI, the final March SPGI manufacturing PMI, the February JOLTs job openings, the March ADP employment change, the February factory orders monthly rate, the February durable goods orders monthly rate revision, the March Challenger job cuts, the February trade balance, the March ISM non-manufacturing PMI, the seasonally adjusted March non-farm payrolls change, the March private non-farm payrolls change, the seasonally adjusted March manufacturing employment change, and the March unemployment rate. In the eurozone, data includes the February ECB 1-year CPI expectation, the February ECB 3-year CPI expectation, the final March SPGI manufacturing PMI, the preliminary March core harmonized CPI annual rate - unadjusted, and the February unemployment rate. In the UK, data includes the final March SPGI manufacturing PMI, the final March SPGI services PMI, and the March government official net reserve change. In Australia, data includes the ANZ consumer confidence index for the week ending March 30, the April cash rate, the March AIG manufacturing performance index, the February goods and services trade balance, and the February import and export monthly rates. In Japan, data includes the February unemployment rate, the Q1 Bank of Japan Tankan large manufacturing index, the Q1 Bank of Japan Tankan large manufacturing outlook, and the Q1 Bank of Japan Tankan large non-manufacturing outlook. In Germany, data includes the February actual retail sales annual rate, the final March CPI annual rate, and the final March SPGI manufacturing PMI. In Canada, data includes the February trade balance, the March unemployment rate, the March employment change, and the March total reserve assets. Additionally, Russia's March SPGI services PMI, Switzerland's March CPI annual rate, Switzerland's seasonally adjusted March unemployment rate, Brazil's March SPGI manufacturing PMI, Brazil's seasonally adjusted March SPGI composite PMI, France's final March SPGI manufacturing PMI, Mexico's March SPGI manufacturing PMI, and Malaysia's March manufacturing PMI will also be released. Furthermore, the Reserve Bank of Australia will announce its interest rate decision, and Governor Bullock will hold a monetary policy press conference. ECB President Lagarde will speak at the AI conference. On April 2, US President Trump plans to implement reciprocal tariffs, and ECB President Lagarde will speak, with the ECB releasing the March monetary policy meeting minutes. It is important to note that on the eve of the Qingming Festival holiday on April 3, the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE will have no night session trading. On April 4, the Shanghai Gold Exchange, Taiwan Stock Exchange, Shanghai, Shenzhen, and Beijing Stock Exchanges, and domestic futures exchanges will be closed for the day. The Hong Kong Exchange will also be closed for the Qingming Festival holiday, with northbound and southbound trading suspended. In the crude oil market, both oil prices fell overnight, dropping by over 1%, with US oil down 1.26% and Brent oil down 1.09%. Concerns over tariffs weakening the global economy persisted, but oil prices gained for the third consecutive week on supply concerns. US oil rose by 1.11% weekly, and Brent oil increased by 1.3% weekly, both marking their third consecutive weekly gain. JPMorgan analysts told clients that the trade war has investors worried about a potential economic recession. They said, "Concerns over the trade war, coupled with rising US policy uncertainty, have severely impacted market sentiment." JPMorgan noted that despite heightened recession risks, high-frequency oil demand indicators remain relatively robust. The US Energy Information Administration (EIA) inventory report released on Wednesday showed that US crude oil inventories fell last week as refineries continued to increase production, while gasoline and distillate inventories also declined. The EIA report indicated that US crude oil inventories decreased by 3.3 million barrels to 433.6 million barrels in the week ending March 21, a larger drop than the 956,000 barrels expected by analysts surveyed. Barclays analyst Amarpreet Singh stated, "The key theme this week is the Trump administration's increased pressure on Venezuela." According to CCTV News, on the 24th, US President Trump posted on social media that any country purchasing oil or natural gas from Venezuela would have to pay a 25% tariff in any trade with the US. Singh noted that these measures could exacerbate Venezuela's expected crude oil production decline of 200,000 barrels per day this year.