The US dollar weakened, metals generally declined, crude oil, LME nickel, and New York gold and silver rose by more than 1%, while European container shipping fell by over 8% [SMM Daily Review].

SMM April 8 News:

Metal Market:

By the close of the day, base metals in the domestic market mostly fell, with only SHFE aluminum rising by 0.46%. SHFE copper, SHFE lead, and SHFE tin all dropped by more than 1%, with SHFE copper down 1.29%, SHFE lead down 1.08%, and SHFE tin down 1.72%. The declines of other metals were all within 1%. The main contract of alumina fell 1.26%.

In addition, the main contract of lithium carbonate fell 1.43%, silicon metal fell 0.26%, polysilicon fell 1.9%, and the main contract of European container shipping fell sharply by 8.32%.

In the overseas market, as of 15:03, only LME nickel and LME copper rose among the base metals, with LME copper up 0.38% and LME nickel up 1.57%. LME tin fell 1.71%. The declines of other metals were all within 1%.

In the ferrous metals series, iron ore fell 3.48%, and stainless steel fell 1.2%. Rebar and HRC both fell by more than 1%, with rebar down 1.21% and HRC down 1.9%. In the coking coal and coke sector, coking coal fell 4.68%, and coke fell 4.08%.

In the precious metals sector, as of 15:03, COMEX gold rose 1.81%, ending the previous three-day decline, and COMEX silver rose 1.61%. Domestically, SHFE gold rose 0.37%, and SHFE silver rose 0.26%. BMI, a research institution under Fitch, stated: "Escalating trade uncertainties, heightened tensions, a weaker US dollar, increased central bank purchases, and rising recession risks continue to support gold."

As of 15:03 today

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Macro Front

Domestic:

【Breaking! PBOC, Financial Regulatory Bureau, and Central Huijin Jointly Speak Out】 On the morning of April 8, the PBOC, Financial Regulatory Bureau, and Central Huijin Company successively spoke out to maintain the stable operation of the capital market. A spokesperson for the PBOC stated that the PBOC firmly supports Central Huijin Company in increasing its holdings of stock market index funds and will provide sufficient relending support to Central Huijin Company when necessary, resolutely maintaining the stable operation of the capital market. The National Financial Regulatory Administration issued a notice on adjusting the regulatory ratio of equity assets for insurance funds. It mentioned guiding insurance funds to increase equity investments in national strategic emerging industries, precisely and efficiently serving new quality productive forces. A relevant person from Central Huijin Company stated that Central Huijin Company will continue to play the role of a "stabilizer" in the capital market, effectively smoothing abnormal market fluctuations, and will act decisively when necessary. The next step will be to firmly increase holdings of various market-style ETFs, increase the scale of holdings, and balance the structure of holdings. Central Huijin Company has full confidence and sufficient capability to resolutely maintain the stable operation of the capital market. 》Click for details

► On April 8, the central parity rate of the RMB in the interbank foreign exchange market was 7.2038 yuan per US dollar.

US Dollar:

As of 15:03, the US dollar index fell 0.6%. Federal Reserve Governor Kugler stated on Monday that some recent increases in goods and market service inflation may be an "expectation" of the effects of current US government policies, adding that keeping inflation under control is a "priority" for the Fed. Chicago Fed President Goolsbee stated on Monday that businesses are very anxious about Trump's tariffs, but it is still unclear whether the tariffs will persist or be canceled through negotiations. The Fed needs to respond to what actually happens and will focus on "hard data."

The market will closely watch the latest policy meeting minutes of the Federal Reserve (Fed) scheduled to be released on Wednesday. The market is also waiting for the US Consumer Price Index to be released on Thursday and the Producer Price Index on Friday for clues on US interest rates. (Wenhua Comprehensive)

Data:

Today, France's February trade balance, Canada's March IVEY seasonally adjusted PMI, and Canada's March IVEY unadjusted PMI will be released.

Crude Oil:

As of around 15:03, oil prices in both markets rose, with US oil up 1.14% and Brent oil up 1.06%. Warren Patterson, head of commodity strategy at ING, stated that oil prices rebounded with relief, recovering some losses, supported by the stabilization of the stock market. He said that in recent days, there has been a lot of selling as the market began to price in a significant hit to demand; however, it is still unclear how big the hit to demand is. An ING report on Tuesday also pointed out that market risks remain tilted to the downside.

A preliminary survey on Monday showed that US crude oil inventories are expected to increase by about 1.6 million barrels last week, another sign of weak market demand expectations. The American Petroleum Institute (API) will release industry inventory data at 4:30 Beijing time on Wednesday, and the official data from the US Energy Information Administration (EIA) will be released at 22:30 on Wednesday. (Wenhua Comprehensive)

SMM Daily Review

► Exchange Rate Decline and Domestic Price Cuts Continue to Widen Import ADC12 Losses [ADC12 Price Daily Review]

► Aluminum Prices Fluctuate Downward, Weak Demand Maintains Aluminum Scrap Purchasing as Needed [Aluminum Scrap Daily Review]

► April 8: SHFE Aluminum Continues to Fall, but Demand Remains Weak with Overall Weak Trading [Aluminum Billet Spot Daily Review]

► [SMM Daily Review] Downstream Purchasing Remains Weak, Spot Market Fluctuates Downward

► Strong Sentiment to Stand Firm on Quotes, Spot Prices Rise Slightly [SMM EMM Daily Review]

► Tariff Policy Continues to Ferment, Low Prices Frequently Appear in Stainless Steel Spot Market [SMM Stainless Steel Spot Daily Review]

► Silver Consolidates at the Bottom, Spot Market Offers Premium Quotes [SMM Daily Review]