The US dollar fell for four consecutive weeks, base metals in the domestic market generally rose, alumina dropped by more than 1%, and crude oil and precious metals closed higher on a weekly basis. 【Overnight Market】

SMM April 19 News: In the metal market, domestic base metals generally rose overnight, with SHFE tin up 0.48%. SHFE copper fell 0.12%, SHFE nickel dropped 0.48%, SHFE lead increased 0.39%, SHFE aluminum rose 0.43%, and SHFE zinc climbed 0.98%. Additionally, alumina fell 1.09%. In the ferrous metals series, iron ore rose 0.35%, stainless steel fell 0.27%, rebar slightly declined, and HRC slightly increased. For coking coal and coke, coking coal rose 0.9%, while coke fell 0.45%. Overseas, LME base metals were closed on April 18 due to Good Friday. In the precious metals sector, COMEX gold and COMEX silver trading was suspended all day on April 18 for Good Friday. COMEX gold rose for two consecutive weeks, up 2.98% this week; COMEX silver also rose for two weeks, up 1.99% this week. SHFE gold rose 0.36%, marking seven consecutive weeks of gains, up 5.09% this week; SHFE silver fell 0.07%, up 2.87% this week. As of 10:12 AM on April 19, overnight closing prices. Click to view SMM futures data dashboard. On the macro front, domestically, the State Council executive meeting chaired by Premier Li Qiang discussed measures to stabilize employment and the economy, promoting high-quality development. The meeting emphasized stabilizing foreign trade and investment, supporting foreign enterprises' reinvestment in China, and promoting consumption in services like elderly care, childbirth, culture, and tourism. It also called for expanding effective investment and boosting private investment enthusiasm, continuing to stabilize the stock market, and promoting the healthy development of the real estate market. Click for details. Shanghai Mayor Gong Zheng met with NVIDIA President and CEO Jensen Huang on April 18. Gong welcomed global high-tech companies like NVIDIA to leverage China's vast market and Shanghai's high-level opening-up opportunities, deepening cooperation with local enterprises. Huang noted the importance of the Chinese market to NVIDIA, not only for its size but also for its quality customer base and industrial ecosystem. Shanghai is a key R&D base for NVIDIA, offering a favorable business and industrial environment. In the US dollar market, the US dollar index fell 0.21% to 99.24 overnight, marking four consecutive weeks of decline, down 0.56% this week. Due to the Easter holiday, the foreign exchange market remained open but was sluggish, with the dollar remaining weak. After falling below the 100 mark last week, the dollar repeatedly tested to return above 100 this week but faced significant pressure. Trade war concerns continued to erode market confidence in the dollar as a safe-haven asset. Market sentiment was cautious, influenced by tariff uncertainties, US trade negotiations, and central bank officials' comments. On monetary policy, Fed Chair Powell stated the Fed would wait for more economic data before deciding on rate adjustments, calling Trump's tariff plan a "fundamental change" with no historical precedent for businesses and economists to reference. (Huitong Finance) In other currencies, Australia's March labor data showed the unemployment rate remained at 4.1%, but job growth fell short of expectations, increasing market expectations for a 25 basis point rate cut by the RBA in May, with some traders even anticipating a 50 basis point cut. (Huitong Finance) Japan's March "core-core" CPI (excluding fresh food and energy) rose to 2.9% from 2.6% in February. National CPI rose 3.6% YoY, above the Bank of Japan's 2% inflation target for three consecutive years but slightly below February's 3.7%. The Bank of Japan is expected to keep rates at 0.5% at its May 1 policy meeting but may lower growth expectations due to global trade tensions. (Huitong Finance) On the macro front, next week will see the release of China's April one-year and five-year LPR, New Zealand's March trade balance, Australia's ANZ consumer confidence index for the week ending April 20, the eurozone's April consumer confidence index, France's April SPGI manufacturing PMI, Germany's April SPGI manufacturing PMI, the eurozone's April SPGI manufacturing PMI, the UK's April SPGI services PMI, the eurozone's February seasonally adjusted trade balance, the US April SPGI manufacturing PMI, US March seasonally adjusted new home sales annualized total, China's April 24 MLF rate, Germany's April IFO business climate index, the UK's April CBI industrial orders difference, Canada's April CFIB business barometer, US March durable goods orders MoM, US initial jobless claims for the week ending April 19, US continuing jobless claims for the week ending April 19, US March existing home sales annualized total, the UK's April GfK consumer confidence index, Japan's April Tokyo CPI YoY, the UK's March seasonally adjusted retail sales MoM, the UK's March seasonally adjusted core retail sales MoM, Canada's February retail sales MoM, and the US April University of Michigan consumer sentiment index final. Additionally, next week will feature a State Council Information Office press conference on the "Comprehensive Pilot Work Plan for Accelerating the Opening of the Service Industry," interviews with 2025 FOMC voter and Chicago Fed President Goolsby on CNBC, remarks by Fed Vice Chair Jefferson at the Economic Mobility Summit, the IMF's "World Economic Outlook" report, an interview with ECB President Lagarde on CNBC, remarks by 2026 FOMC voter and Minneapolis Fed President Kashkari, opening remarks by 2025 FOMC voter and St. Louis Fed President Moussalem and Fed Governor Waller at an event, the G20 Finance Ministers and Central Bank Governors meeting until April 24, remarks by Bank of England Governor Bailey at the IIF conference, the Fed's Beige Book, remarks by Swiss National Bank President Schlegel, and global financial leaders attending the IMF-World Bank Spring Meetings until April 26. On April 21, the Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, LME, and Hong Kong Exchange will be closed for Easter. Overseas exchange holiday arrangements are as follows (all in Beijing time): In the crude oil market, both oil futures were suspended all day on April 18 for Good Friday. With only four trading days this week, the crude oil market was active. Weekly, US oil futures rose 3.66%, and Brent crude rose 4.77%. Oil prices were supported this week by market sentiment fluctuations driven by US President Trump's trade policies, new US sanctions on Iranian oil exports, and OPEC+ production cut plans. Economic data and geopolitical events further shaped market dynamics. Notably, NYMEX New York crude oil May futures will complete floor trading at 2:30 AM and electronic trading at 5:00 AM on April 23 due to contract rollover. Please pay attention to exchange announcements for risk control. Additionally, some trading platforms' US oil contract expiration times are usually one day earlier than NYMEX's official schedule, so please be aware.