The US dollar weakened, metals generally rose, with LME tin up nearly 6%, LME copper up over 4%, and LME nickel and LME aluminum leading the gains. [SMM Midday Review]

SMM April 10 News: In the metal market, as of the midday close, domestic base metals generally rose, with SHFE copper up 3.19%. SHFE tin fell 1.47%, while SHFE nickel rose 1.23%. SHFE aluminum increased by 1.88%, SHFE lead by 1.58%, and SHFE zinc by 2.33%. Additionally, alumina rose 1.74%, lithium carbonate by 1.44%, silicon metal by 1.11%, and polysilicon by 1.46%. In the ferrous metals series, iron ore rose 2.55%, rebar by 1.82%, HRC by 2.16%, while stainless steel fell 0.79%. In the coking coal and coke sector, coking coal dropped 0.16%, and coke rose 2.1%. Overseas, as of 11:41, base metals on the LME all rose, with LME tin up 5.95%, LME nickel by 3.56%, LME lead by 2.91%, LME copper by 4.14%, LME aluminum by 3.43%, and LME zinc by 3.48%. In precious metals, as of 11:41, COMEX gold rose 2.01%, and COMEX silver by 1.96%. Domestically, SHFE gold increased by 3.11%, and SHFE silver by 3.09%. As of the midday close, the most-traded contract for European container shipping rose 9.44% to 1,803.1 points. As of 11:41 on April 10, some futures midday quotes: April 10 SMM metal spot prices. Spot and fundamentals: Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract were reported at 0 yuan/mt to a premium of 70 yuan/mt, with an average premium of 35 yuan/mt, down 15 yuan/mt from the previous day; SX-EW copper was reported at a discount of 60 yuan/mt to 40 yuan/mt, with an average discount of 50 yuan/mt, down 10 yuan/mt from the previous day. The average price of Guangdong #1 copper cathode was 75,020 yuan/mt, up 2,680 yuan/mt from the previous day, and the average price of SX-EW copper was 74,935 yuan/mt, up 2,685 yuan/mt from the previous day. Spot market: Guangdong inventory has declined for six consecutive days, mainly due to reduced arrivals and increased outflows from warehouses. Today, copper prices finally saw a significant rise, but downstream companies were not keen on chasing the high... Click for details. Macro front: Domestic: [National Bureau of Statistics: March CPI fell 0.1% YoY, with a significant narrowing of the YoY decline, PPI fell 2.5% YoY] Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the March 2025 CPI and PPI data: In March, the Consumer Price Index (CPI) fell 0.4% MoM and 0.1% YoY, with a significant narrowing of the YoY decline; the Producer Price Index (PPI) fell 0.4% MoM and 2.5% YoY. This was mainly influenced by seasonal and international input factors. From a marginal change perspective, the policy effects of boosting consumer demand have further emerged, with core CPI rebounding significantly, up 0.5% YoY, and the supply-demand structure has improved, showing some positive changes in prices. Click for details. [Q1 China Small and Medium-sized Enterprise Development Index at 89.5, the highest since 2020] The China Association of Small and Medium-sized Enterprises released today (10th) that in Q1 2025, the China Small and Medium-sized Enterprise Development Index rose significantly, reaching the highest level since 2020. In Q1, the China Small and Medium-sized Enterprise Development Index was 89.5, up 0.5 points from Q4 last year. Small and medium-sized enterprises in social services, industry, transportation, and information transmission software performed the best. The operating rate of small and medium-sized enterprises continued to rise, with the proportion of fully operational enterprises increasing by 11 percentage points compared to Q4 last year. The central bank conducted 65.9 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from before. As 223.4 billion yuan in 7-day reverse repos matured today, a net withdrawal of 157.5 billion yuan was achieved. April 10 interbank foreign exchange market RMB central parity rate: 1 US dollar to 7.2092 yuan. US dollar: As of 11:41, the US dollar index fell 0.27% to 102.69. According to Securities Times, US President Trump announced on Wednesday a 90-day suspension of "reciprocal tariffs" on dozens of countries. According to the latest meeting minutes of the US Fed, policymakers almost unanimously warned last month that the US economy faces the risk of rising inflation while growth slows, with some policymakers pointing out that "difficult trade-offs" may be needed in the future. The market is waiting for the US Consumer Price Index (CPI) to be released later in the day, and the Producer Price Index (PPI) on Friday, to understand the Fed's interest rate trajectory. Other currencies: French Minister of Economy and Finance Eric Lombard said in an interview with French TF1 TV on the 9th that considering the uncertainty of the international trade environment, the French government has decided to lower the 2025 economic growth expectation from the previous 0.9% to 0.7%. (Cailian Press) Sumitomo Mitsui Banking Corporation: The yen sell-off triggered by Trump's tariff suspension may not last; Sumitomo Mitsui Banking Corporation analyst Hirofumi Suzuki said that the latest yen sell-off triggered by Trump's suspension of so-called reciprocal tariffs on some countries is unlikely to last. The chief foreign exchange strategist said that continuing to impose tariffs on certain countries and imposing 10% tariffs on others "is expected to have a noticeable impact on economic fundamentals in the near future." He said: "The uncertainty that once intensified in financial markets is unlikely to dissipate easily." He added that price volatility may persist for some time. (Huitong Financial) Data: Today, China's March M2 money supply YoY (April 10-17, time uncertain), China's March social financing scale YTD, China's March new RMB loans YTD, US March CPI YoY unadjusted, US March core CPI YoY unadjusted, US initial jobless claims for the week ending April 5, US continuing jobless claims for the week ending March 29, and other data will be released. Additionally, it is worth noting: 2027 FOMC voter, Richmond Fed President Barkin participates in a dialogue at the Washington Economic Club; the Fed releases the March monetary policy meeting minutes; RBA Governor Bullock speaks; the German central bank releases its monthly report; 2025 FOMC voter, Kansas City Fed President Schmid speaks on the economy and monetary policy; 2027 FOMC voter, Richmond Fed President Barkin delivers a speech titled "Navigating Economic Fog" at a summit and participates in a Q&A session. Crude oil: As of 11:41, crude oil futures fell, with WTI down 1.15% and Brent down 1.27%. Market concerns about trade persist, and industry reports show an increase in US crude oil inventories, putting pressure on international oil prices. The US Energy Information Administration (EIA) released an inventory report on Wednesday showing that US crude oil inventories increased last week due to higher imports and exports falling to the lowest since January, while gasoline and distillate inventories declined. The EIA said that in the week ending April 4, US commercial crude oil inventories increased by 2.6 million barrels to 442.3 million barrels, nearly double the market's expected increase of 1.4 million barrels; US gasoline inventories decreased by 1.6 million barrels to 236 million barrels, compared to the market's expected decrease of 1.5 million barrels; distillate inventories, including diesel and heating oil, decreased by 3.5 million barrels to 111.1 million barrels, compared to the market's expected increase of 300,000 barrels. The Keystone pipeline from Canada to the US remained closed on Wednesday after an oil spill near Lansford, North Dakota, and its operator South Bow said it is evaluating plans to resume pipeline service. (Webstock Inc.) Spot market overview: Copper prices rose sharply, but downstream buying interest was low, spot transactions were poor [SMM South China Copper Spot]. Copper prices rebounded, market activity weakened, spot premiums/discounts fell [SMM North China Copper Spot]. Secondary lead: Refined lead market activity increased, spot order transactions improved [SMM Lead Midday Review]. SMM seven-region zinc ingot social inventory decreased by 8,900 mt [SMM Data]. Ningbo zinc: Continued purchasing as needed, trading atmosphere was sluggish [SMM Midday Review]. [SMM HRC Weekly Balance] Production rose MoM, inventory decline slowed further this week. PV glass production rose rapidly, favorable market conditions spurred a surge in kiln start-ups [SMM Analysis]. Other metal spot midday reviews will be updated later, please refresh to view.