Base metals all rose, with SHFE tin and alumina up over 2%. SHFE silver and SHFE copper led the gains, while SHFE gold hit a new high. [SMM Midday Review]

SMM April 14 News: In the metal market, as of the midday close, domestic base metals all rose, with SHFE copper up 1.54%. SHFE tin increased by 2.48%, and SHFE nickel rose 1.51%. SHFE aluminum gained 0.36%, SHFE lead was up 0.66%, and SHFE zinc climbed 0.54%. Additionally, alumina rose 2.23%, lithium carbonate increased by 1%, while silicon metal fell 0.95% and polysilicon dropped 0.4%. The ferrous metals series showed mixed performance, with iron ore flat at 704 yuan/mt, rebar slightly up, HRC up 0.31%, and stainless steel up 0.79%. In the coking coal and coke sector, coking coal fell 0.11%, while coke remained unchanged at 1,592.5 yuan/mt. In overseas metals, as of 11:43, base metals mostly declined. LME tin rose 1.72%, LME nickel increased by 0.57%, LME lead was up 0.1%, LME copper slightly rose, LME aluminum gained 0.5%, and LME zinc climbed 0.23%. In precious metals, as of 11:43, COMEX gold rose 0.13%, while COMEX silver fell 0.13%. Domestically, SHFE gold increased by 1.59%, hitting a new historical high of 766.5 yuan/g during the session; SHFE silver rose 1.95%. As of the midday close, the most-traded contract for European container shipping fell 4.43% to 1,712.6 points. As of 11:43 on April 14, some futures midday quotes: April 14 SMM metal spot prices. Spot and fundamentals: Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract were at a discount of 70 yuan/mt to a premium of 100 yuan/mt, with an average premium of 15 yuan/mt, down 25 yuan/mt from the previous day; SX-EW copper was at a discount of 130 yuan/mt to 110 yuan/mt, with an average discount of 120 yuan/mt, down 60 yuan/mt from the previous day. The average price of Guangdong #1 copper cathode was 76,270 yuan/mt, down 1,590 yuan/mt from the previous day, while SX-EW copper averaged 76,135 yuan/mt, up 1,555 yuan/mt from the previous day. In the spot market, Guangdong inventory has declined for eight consecutive days, with increased outflows from warehouses and fewer arrivals over the weekend being the main reasons... Click for details. Macro front: Domestically: [Steady Start! China's Q1 Goods Trade Imports and Exports Reach 10.3 Trillion Yuan, Up 1.3%] Despite increasing external challenges, various departments and foreign trade entities actively responded, driving a steady start to China's foreign trade imports and exports in Q1. Exports exceeded 6 trillion yuan, achieving a rapid growth of 6.9%, demonstrating strong resilience under pressure. Exports to over 170 countries and regions increased. China's manufacturing sector showed strong momentum in high-end, intelligent, and green transformation. Exports of ships and marine engineering equipment, as well as specialized equipment, increased by 10.8% and 16.2%, respectively. New energy products continued to play a significant role in the global green transition, with exports of wind turbines, lithium batteries, and EVs increasing by 43.2%, 18.8%, and 8.2%, respectively. Click for details. [PBOC: Q1 Social Financing Increases by 15.18 Trillion Yuan, New RMB Loans Reach 9.78 Trillion Yuan, M2 Up 7% YoY in March] According to preliminary PBOC statistics, the cumulative increase in social financing in Q1 2025 was 15.18 trillion yuan, 2.37 trillion yuan more than the same period last year. Among them, RMB loans to the real economy increased by 9.7 trillion yuan, 586.2 billion yuan more YoY; foreign currency loans to the real economy decreased by 96.7 billion yuan, 249 billion yuan more YoY; entrusted loans increased by 5.5 billion yuan, 105 billion yuan more YoY; trust loans increased by 53.1 billion yuan, 145.2 billion yuan less YoY; undiscounted bankers' acceptances increased by 530 billion yuan, 20.2 billion yuan less YoY; net corporate bond financing was 525.1 billion yuan, 472.9 billion yuan less YoY; net government bond financing was 3.87 trillion yuan, 2.52 trillion yuan more YoY; domestic equity financing by non-financial enterprises was 96.2 billion yuan, 19.9 billion yuan more YoY. RMB loans increased by 9.78 trillion yuan in Q1. By sector, household loans increased by 1.04 trillion yuan, including short-term loans up 160.3 billion yuan and medium and long-term loans up 883.2 billion yuan; loans to enterprises (institutions) increased by 8.66 trillion yuan, including short-term loans up 351 billion yuan, medium and long-term loans up 558 billion yuan, and bill financing down 544.2 billion yuan; loans to non-bank financial institutions decreased by 86.6 billion yuan. PBOC data showed that at the end of March, the balance of broad money (M2) was 326.06 trillion yuan, up 7% YoY. Click for details. [Ministry of Commerce and 5 Other Departments Launch "Buy in China" Series of Activities] Caixin, April 14: The Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Culture and Tourism, the State Administration for Market Regulation, and the General Administration of Sport, launched the "Buy in China" series of activities at the 5th China International Consumer Products Expo in Hainan on April 13. To thoroughly implement the CPC Central Committee and the State Council's decisions on boosting consumption and expanding domestic demand, and to accelerate the implementation of the consumption promotion action, the Ministry of Commerce and five other departments recently jointly issued the "Notice on Organizing the 'Buy in China' Series of Activities," deploying various regions to focus on the first economy, around four major areas, and to hold first launches, first shows, first exhibitions, first performances, and a variety of unique activities. In terms of premium shopping, key pedestrian streets, business districts, shopping malls, supermarkets, outlets, and tax-free stores will be organized to carry out promotional activities, launch new and high-quality products, and help consumers purchase global goods at favorable prices. In terms of exquisite cuisine, various food markets, culinary exchanges, and ingredient expos will be organized to promote food lists, food maps, and famous restaurants. In terms of exciting tourism, a batch of premium tourism routes will be launched, and featured check-in spots and other tourism consumption guides will be released. In terms of exquisite exhibitions and performances, a batch of high-quality domestic and international cultural performances, high-level sports events, and high-quality cultural exhibitions will be introduced and held. By creating internationally influential landmark consumption promotion activity brands, expanding the supply of high-quality goods and services, innovating diverse consumption scenarios, promoting the deep integration of commerce, tourism, culture, sports, and health, and creating an international-friendly consumption environment, the diversified and differentiated consumption potential will be further released, driving the quality and upgrading of consumption, and continuously enhancing the attractiveness and reputation of China's consumer market. The PBOC conducted 43 billion yuan of 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous level. As 93.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 50.5 billion yuan was achieved. On April 14, the central parity rate of the RMB in the interbank foreign exchange market was 7.2110 yuan per US dollar. In the US dollar: As of 11:43, the US dollar index fell 0.08% to 99.72. US March producer prices unexpectedly fell 0.4%, but measures to impose tariffs on imported goods are expected to accelerate inflation in the coming months. The market expects the US to cut interest rates by about 80 basis points by the end of 2025. In other currencies: Amid global market volatility due to escalating trade conflicts, the yen attracted significant safe-haven inflows. Meanwhile, the Bank of Japan maintained its rate hike expectations, while the US Fed may accelerate the pace of rate cuts, narrowing the US-Japan interest rate differential and further pushing up the yen. The market also bets on progress in US-Japan trade negotiations, boosting confidence in yen bulls. Technically, the US dollar against the yen is facing a key support zone, and a break could trigger a new round of declines. (Huitong Finance) Macro: Today, China's March total social electricity consumption annual rate - monthly (14-20 irregular), US March New York Fed 1-year inflation expectations, US March New York Fed 3-year inflation expectations, and other data will be released. Additionally, it is worth noting: President Xi Jinping will pay a state visit to Vietnam from April 14 to 15; the National Energy Bureau will release total social electricity consumption data around the 15th of each month. In crude oil: As of 11:43, crude oil futures all fell, with WTI down 0.33% and Brent down 0.28%. Oil prices slightly declined as concerns over escalating trade disputes may weaken global economic growth and suppress fuel demand. US energy services company Baker Hughes stated in its closely watched report that the number of active oil rigs in the US recorded the largest weekly decline since June 2023, with the total number of oil and gas rigs falling for the third consecutive week. Data showed that as of the week of April 11, the leading indicator of future production—the total number of US oil and gas rigs—decreased by 7 to 583, the largest weekly decline since June 2024. Among them, the number of active oil rigs decreased by 9 to 480. (Webstock Inc.) Spot market overview: Copper prices rebounded significantly, but the price spread between futures contracts remains large, and downstream buyers are reluctant to replenish more. [SMM South China Copper Spot] [SMM Survey] Temporary maintenance at the beneficiation plant ended, and iron ore concentrate production slightly increased. Jiyuan Wanyang Smelting (Group) Co., Ltd.'s tellurium ingot tender was successfully concluded. [SMM Tellurium Market Tracking Report] Other metal spot midday reviews will be updated later, please refresh to view~