Metals showed mixed performance, with SHFE tin rising nearly 4%. Both LME and SHFE tin hit new highs since May 2025. [SMM Daily Review]

SMM April 2 News: Metal Market: At the close of the day session, base metals in the domestic market mostly fell, with only SHFE tin and SHFE nickel rising. SHFE tin led the gains with a 3.89% increase, hitting a high of 299,990 yuan/mt during the session, the highest since May 2022. SHFE nickel rose 0.61%. Other metals declined, with SHFE zinc down 0.6%. The main alumina contract fell 1.83%, hitting a low of 2,876 yuan/mt during the session, the lowest since December 2023. Additionally, the main lithium carbonate contract dropped 1.4%, the main silicon metal contract fell 0.2%, and the main polysilicon contract rose 0.41%. The main European container shipping contract declined 3.73%. In the overseas market, as of 15:05, LME tin rose 1.87%, reaching a high of $38,395/mt during the session, the highest since May 2022. Other metals, except LME copper, fell. LME copper rose 0.09%, while LME aluminum and LME lead both dropped over 0.4%. In the ferrous metals series, iron ore rose 1.09%, and stainless steel increased 0.71%. For coking coal and coke, coking coal rose 0.1%, and coke gained 0.65%. In the precious metals sector, as of 15:05, COMEX gold rose 0.04%, and COMEX silver increased 0.35%. Domestically, SHFE gold rose 0.07%, while SHFE silver fell 0.21%. As of 15:05 today, click to view the SMM market board. Macro Front: Domestically: Li Chunlin, Vice Chairman of the National Development and Reform Commission (NDRC), stated at a press conference that the NDRC will advance the development and utilization of credit information from three aspects. First, strengthen the foundation of collection and sharing. Enhance the role of the National Credit Information Sharing Platform as the central hub for credit information collection and sharing, unify the collection of credit information across various fields, and evaluate the quality and efficiency of credit information collection and sharing. Second, increase data governance efforts. Focus on strengthening data source governance, improve the credit information standard system, and establish different data theme libraries. Third, orderly promote data openness and circulation. On one hand, rely on the National Credit Information Sharing Platform to share credit information with departments and regions based on demand, and vigorously promote regional public information sharing. On the other hand, formulate management measures for the authorized operation of public credit information, effectively cultivate the credit market, and develop and expand the credit economy. On April 2, the central parity rate of the RMB in the interbank foreign exchange market was 7.1793 yuan per US dollar. In the US dollar market: As of 15:05, the US dollar index rose 0.01%, as the market prepared for the US announcement of reciprocal tariffs. US Fed officials are concerned about potential job declines, but the threat of tariff-driven inflation limits their ability to take any action. The market is focused on today's ADP employment report and Friday's non-farm payroll report, which may provide insights into the Fed's future interest rate cut path. Data-wise: Today, the US March ADP employment change, the revised US February durable goods orders monthly rate, the US February factory orders monthly rate, Malaysia's March manufacturing PMI, and Australia's March AIG manufacturing performance index will be released. Additionally, attention should be paid to US President Trump's plan to implement reciprocal tariffs. It should be noted that on the eve of the Qingming Festival holiday on April 3, there will be no night session trading on the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange. On April 4, the Shanghai Gold Exchange, Taiwan Stock Exchange, Shanghai, Shenzhen, and Beijing Stock Exchanges, and domestic futures exchanges will be closed for one day. The Hong Kong Exchange will also be closed for one day due to the Qingming Festival, with northbound and southbound trading suspended. In the crude oil market: As of 15:05, oil prices in both markets fell, with US oil down 0.17% and Brent oil down 0.16%. The US threat to impose secondary tariffs on Russian oil and increased restrictions on Iran offset some of the oil price declines. Janiv Shah, Vice President of Commodity Markets at Rystad Energy, stated that oil prices have been mediocre so far, waiting for major importers to formally respond to the new proposed tariffs. Additionally, US oil fuel inventories reflect mixed supply and demand conditions in the world's largest oil producer and consumer. On Tuesday, data from the American Petroleum Institute (API) showed that US crude oil inventories increased last week, while refined product inventories declined. As of the week ending March 28, crude oil inventories rose by 6 million barrels. Gasoline inventories fell by 1.6 million barrels, and distillate inventories dropped by 11,000 barrels. The survey expected crude oil inventories to decrease by about 2.1 million barrels last week, gasoline inventories to fall by about 1.7 million barrels, and distillate inventories to decline by about 1 million barrels. The official US crude oil inventory data from the US Energy Information Administration (EIA) will be released later on Wednesday. SMM Daily Review: April 2: Aluminum prices maintained a consolidation trend, with aluminum billet transactions in three regions slightly weaker than yesterday [Aluminum Billet Spot Daily Review]. April 2: Tug-of-war between buyers and sellers in the nickel salt market [SMM Nickel Sulphate Daily Review]. Downstream purchases remain relatively weak, and the EMM market is in a stalemate [SMM EMM Daily Review]. Silver prices first fell then rose, with spot market transactions slightly weakening [SMM Daily Review]. [SMM Hydrogen Cost Daily Review] 20250327.