Metals generally rose, with SHFE nickel and coke leading the gains. Polysilicon fell by 2.62%, while European container shipping dropped by over 6% [SMM Midday Review].

SMM April 15 News: In the metal market, as of the midday close, domestic base metals showed mixed performance. SHFE copper rose 0.22%, SHFE tin edged up, and SHFE nickel increased 1%. SHFE aluminum fell 0.58%, SHFE lead dropped 0.74%, and SHFE zinc declined 0.29%. Additionally, alumina decreased 1.8%, lithium carbonate fell 0.4%, silicon metal dropped 1.86%, and polysilicon declined 2.62%. In the ferrous metals series, most prices rose, with iron ore up 0.85%, rebar down 0.19%, HRC down 0.31%, and stainless steel up 0.23%. For coking coal and coke, coking coal rose 0.39%, and coke increased 1.53%. In overseas markets, as of 11:48, base metals generally rose. LME tin increased 0.83%, LME nickel rose 0.61%, LME lead edged down, LME copper increased 0.13%, LME aluminum rose 0.19%, and LME zinc edged up. In the precious metals sector, as of 11:48, COMEX gold rose 0.47%, and COMEX silver increased 0.26%. Domestically, SHFE gold rose 0.2%, and SHFE silver increased 0.64%. As of the midday close, the most-traded contract for European container shipping rose 6.07%, reaching 1,628.7 points. As of 11:48 on April 15, some futures midday quotes: SMM metal spot prices on April 15. Spot and fundamentals: Nickel sulphate: On April 15, the SMM battery-grade nickel sulphate index price was 27,882 yuan/mt, with a quotation range of 27,870-28,450 yuan/mt, and the average price fell slightly compared to the previous day. On the cost side, based on the reduction of Indonesian high-ice, market demand for MHP increased, driving the MHP coefficient to continue rising... Click for details. Macro front: Domestically: [Preview: State Council Information Office to hold press conference on April 16 to introduce Q1 2025 national economic performance] The State Council Information Office will hold a press conference at 10:00 AM on Wednesday, April 16, 2025, where Sheng Laiyun, Deputy Director of the National Bureau of Statistics, will introduce the national economic performance for Q1 2025 and answer questions from reporters. All are welcome to attend. [Preview: Ministry of Emergency Management to hold quarterly routine press conference at 10:00 AM on April 16 to report on national work safety and natural disaster situation in Q1] The Ministry of Emergency Management will hold a quarterly routine press conference at 10:00 AM on Wednesday, April 16, to report on the national work safety and natural disaster situation in Q1, interpret the "National Emergency Response Plan," introduce key progress in work safety, and answer media questions. The press conference will be hosted by Shen Zhanli, Spokesperson and Director of the News and Publicity Department of the Ministry of Emergency Management, with Fan Chaohui, Director of the Rescue Coordination and Plan Management Bureau, Wang Chongxian, Director of the Comprehensive Coordination Department for Work Safety, and Liu Li, Deputy Director of the First Department of Hazardous Chemicals Safety Supervision and Management, attending and answering questions. [National Immigration Administration: Further research and introduction of policies and measures to promote foreign investment and stabilize foreign trade] On April 15, Lin Yongsheng, Spokesperson of the National Immigration Administration, stated at a press conference that the next step will focus on promoting the construction of a higher-level open economic system, unwaveringly advancing institutional openness in the field of immigration management, using openness to promote reform and development, continuing to implement broader and more forceful immigration and exit-entry policies and measures, more actively serving and promoting national and regional development strategies, further increasing the precise supply of regional and differentiated immigration management policies and measures; more actively serving and promoting foreign enterprises' investment and business in China, further researching and introducing policies and measures to promote foreign investment and stabilize foreign trade; more soundly improving the support and guarantee mechanism for overseas talent introduction, further providing systematic and convenient policy support for foreign high-tech talents to work and live in China, providing exit-entry convenience for exchanges between Chinese and foreign personnel, and better promoting the "two-way rush" between China and the world. [Central Bank conducts 164.5 billion yuan 7-day reverse repo operation today] The central bank conducted a 164.5 billion yuan 7-day reverse repo operation today, with the operation rate at 1.50%, unchanged from the previous rate. Today, 167.4 billion yuan in reverse repos and 100 billion yuan in MLF matured. On April 15, the central parity rate of the RMB in the interbank foreign exchange market was 7.2096 yuan per US dollar. In the US dollar sector: As of 11:48, the US dollar index was flat at 99.7. Federal Reserve Governor Waller stated on Monday that tariff policies have had a significant impact on the US economy, potentially leading the Fed to cut interest rates despite high inflation to avoid a recession. A report released by the New York Fed on Monday showed that due to a decline in public assessments of personal financial conditions and hiring prospects, short-term inflation expectations among US citizens in March reached their highest level since the fall of 2023. Traders expect the Fed to cut interest rates by about 86 basis points by the end of 2025. In other currencies: Japanese Finance Minister Kato Katsunobu expressed hope to continue dialogue with the US based on the consensus of market-determined exchange rates, as excessive and disorderly exchange rate fluctuations have adverse effects on economic and financial stability. (Cailian Press) AUD/USD extended gains; whether the Reserve Bank of Australia will cut interest rates in May remains uncertain; AUD/USD hit a new high of 0.6344 in Asia, up 7.3% from the low of 0.5910 last Wednesday. The RBA meeting minutes showed that the committee believes Trump's tariffs pose two-way risks, and the May policy direction is undecided, with caution against risks to inflation progress. AUD/USD needs additional catalysts to break through the 0.6390 resistance level before the US "Independence Day." Australian employment data will be released on Thursday, with a Reuters survey predicting an increase of 40,000 jobs. (Huitong Finance) Macro front: Today, data to be released includes the scale of China's April 15 medium-term lending facility (MLF) operation, the winning interest rate of China's April 15 MLF, the UK February unemployment rate - ILO standard, the UK February three-month average wage including bonuses, the Eurozone April ZEW Economic Sentiment Index, Germany's April ZEW Economic Sentiment Index, the Eurozone March total reserve assets, the US April New York Fed Manufacturing Index, the US April New York Fed Manufacturing Future Six-Month Expectations Index, the US March import price index annual rate, Canada's March unadjusted CPI annual rate, Canada's March central bank core CPI monthly rate, Canada's March core CPI - common annual rate, and Canada's February manufacturing sales monthly rate. Additionally, President Xi Jinping will pay a state visit to Malaysia and Cambodia from April 15 to 18, and the Reserve Bank of Australia will release the April monetary policy meeting minutes. In the crude oil sector: As of 11:48, crude oil futures edged up, with US oil up 0.1% and Brent oil up 0.08%. Oil prices rose slightly, with tariff uncertainty limiting gains. Data released on April 14 by the General Administration of Customs showed that China's crude oil imports in March 2025 were 51.414 million mt, up nearly 5% year-on-year. This data supported oil prices. Kazakhstan stated on Monday that its oil production in the first two weeks of April fell 3% compared to the March average, though it still exceeded OPEC quotas. A key pipeline from Alberta, Canada, to Illinois, Oklahoma, and the Gulf Coast in the US has not yet resumed operations. Pipeline operator South Bow stated that it is closely monitoring severe weather before restarting its Keystone pipeline system as planned. The Calgary-based company previously stated that it aims to fully restore Keystone pipeline services on Tuesday, after the pipeline was shut down following an oil leak near Lansford, North Dakota last Tuesday. (Webstock Inc.) Spot market overview: Trading in the delivery day market was not active, with attention on subsequent arrivals. [SMM South China Copper Spot] [SMM Nickel Sulphate Daily Review] On April 15, nickel sulphate prices slightly declined. [SMM MHP Daily Review] On April 15, Indonesian MHP prices rebounded. [SMM Survey] Why did the production of rebar and coiled rebar in Central China's rolling lines double decline? [SMM Analysis] The organic silicon market saw a rapid decline, with a sharp drop of 1,400 yuan/mt. Other metal spot midday reviews will be updated later, please refresh to view~