The US dollar declined, base metals in the domestic market generally rose, SHFE lead increased by over 1%, and polysilicon fell by more than 6% [SMM Daily Review].

SMM April 18 News:

Metal Market:

As of the daytime close, most base metals in the domestic market rose, with only SHFE tin recording a decline, down by around 0.25%. SHFE lead led the gains with a 1.05% increase, while other metals rose by less than 1%. The main alumina contract fell by 2.19%.

Additionally, the main silicon metal contract dropped by 3.43%, the main polysilicon contract fell by 6.35%, and the main lithium carbonate contract declined by 0.34%. The main European container shipping contract decreased by 1.11%.

In the ferrous metals series, all products fell, with iron ore leading the decline at 1.76%, rebar down by 0.81%, and stainless steel down by 0.62%. In the coking coal and coke sector, coking coal fell by 0.68%, and coke dropped by 0.35%.

In the overseas metal market, LME base metals were closed for one day due to Good Friday.

In the precious metals sector, COMEX gold and COMEX silver suspended trading for the entire day due to Good Friday. Domestically, SHFE gold rose by 0.29%, marking nine consecutive days of gains. SHFE silver fell by 0.6%.

As of 15:04 today,

Click to view the SMM market board.

Macro Front:

Domestic:

[MIIT Plans to Introduce a New Round of Growth Stabilization and Digital Transformation Plans for Machinery, Automotive, and Electronic Equipment Industries] At a routine press conference on economic data held by the State Council Information Office, Tao Qing, Director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, stated that in Q1, nearly 70% of key products in the equipment industry achieved production growth, with the growth rate reaching 69.2%, an increase of 16.7 percentage points compared to the same period last year. The next step for MIIT is to introduce a new round of growth stabilization work plans for the machinery, automotive, and electronic equipment industries, promote technological transformation and equipment renewal in key industries, and expand effective demand from both supply and demand sides. Deepen the implementation of supply-demand matching and promotion actions such as "Industrial Mother Machine+", "Robot+", and high-end medical equipment, continuously enhancing the resilience and security level of key industry chains and supply chains. Introduce digital transformation implementation plans for related industries.

[Central Bank Conducts a Net Injection of 222 Billion Yuan in Open Market Operations] The central bank conducted 250.5 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from previous. As 28.5 billion yuan in 7-day reverse repos matured today, a net injection of 222 billion yuan was achieved.

► On April 18, the central parity rate of the RMB in the interbank foreign exchange market was 7.2069 yuan per US dollar.

US Dollar:

As of 15:04, the US dollar index fell by 0.02%. The number of initial jobless claims in the US for the week ending April 12 was 215,000, the lowest since the week of February 8, 2025. Despite tariff uncertainties making businesses cautious about expanding hiring, companies have not turned to large-scale layoffs. US "soft data" continues to deteriorate, with the Philadelphia Fed Manufacturing Index for April at -26.4, the lowest since April 2023, against expectations of 2 and a previous value of 12.5. New York Fed President Williams stated that due to the Trump administration's tariff measures potentially pushing up inflation, weakening economic growth, and increasing unemployment, he believes there is no immediate need for the US Fed to adjust interest rate policies. (Wenhua Comprehensive)

Data:

Today, China's March year-on-year monthly total electricity consumption, China's March monthly total electricity consumption, Japan's March national CPI year-on-year, Japan's March national core CPI year-on-year, and New Zealand's March trade balance will be released.

Additionally, on April 18, the New York Stock Exchange, Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, and Hong Kong Stock Exchange were closed for one day due to Good Friday. CME suspended trading for the entire day in precious metals, US crude oil, foreign exchange, and stock index futures contracts due to Good Friday, and ICE suspended trading for the entire day in Brent crude oil futures contracts.

Overseas exchange holiday arrangements are as follows: (All in Beijing Time) 　

Crude Oil:

US oil and Brent oil suspended trading for the entire day due to Good Friday.

SMM Daily Review:

► April 18: SHFE aluminum rose first and then fell, aluminum billet processing fees fluctuated downward [Aluminum Billet Spot Daily Review]

► Downstream steel mills' inquiry activity was low, short-term high-grade NPI prices are under pressure [NPI Daily Review]

► [SMM MHP Daily Review] April 18: Indonesian MHP prices rebounded

► [SMM Nickel Sulphate Daily Review] April 18: Nickel sulphate prices remained stable

► Market sentiment is cautious, rare earth prices continue to fall [SMM Rare Earth Daily Review]

► Overseas markets closed, domestic silver prices consolidated sideways with strong risk aversion sentiment [SMM Daily Review]