The US dollar hit a new low in over three years, metals generally rose, SHFE tin surged by more than 2%, and SHFE gold broke through the 805 yuan mark! [SMM Daily Review]

SMM April 21 News:

Metal Market:

At the close of the day, domestic base metals all rose, with SHFE tin leading the gains with a surge of up to 2.5%. SHFE copper, SHFE lead, and SHFE zinc all rose by more than 1%, with SHFE copper up 1.71%, SHFE zinc up 1.73%, and SHFE lead up 1.43%. The rest of the metals rose by less than 1%. The main alumina contract fell 0.04%.

In addition, the main lithium carbonate contract fell 1.54%, the main polysilicon contract rose 1.35%, and silicon metal rose 0.34%. The main European container shipping contract fell 2.12%.

In the ferrous metals series, most prices rose, with stainless steel down 0.08%. Iron ore rose 1.27%. In the coking coal and coke sector, coking coal rose 1.27%, and coke rose 1.25%.

In overseas metal markets, LME base metals were closed for one day due to Easter.

In the precious metals sector, as of 15:03, COMEX gold rose 2.28%, hitting a record high of $3,404.7 per ounce during the session, continuing to refresh its historical high. COMEX silver rose 1.05%. Domestically, SHFE gold rose 2.5%, hitting a record high of 805.56 yuan per gram during the session, and SHFE silver rose 1.39%.

As of 15:03 today's market

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Macro Front

Domestic:

【April LPR Quotation Released: 5-Year and 1-Year Rates Remain Unchanged】 The People's Bank of China authorized the National Interbank Funding Center to announce the April loan market quoted rate (LPR) quotation: the 5-year LPR is 3.6%, the same as last month. The 1-year LPR is 3.1%, the same as last month. 》Click for details

【New National Standard for E-Bikes to Take Effect on September 1, First Batch of 6 Testing Institutions Announced】 The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Technical Specification for Safety of Electric Bicycles". Currently, 6 institutions have obtained the new national standard testing capability qualification for electric bicycles: Wuxi Institute of Inspection, Testing and Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard will take effect on September 1, with significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification according to the new national standard requirements during the transition period.

【Ministry of Commerce: Consumers Have Purchased Over 100 Million Units of Trade-In Home Appliances】 The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the trade-in of home appliances has achieved remarkable results. Since the trade-in policy for home appliances was strengthened in August 2024, consumers have purchased over 100 million units of trade-in home appliances, including over 40 million units in 2025.

► On April 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2055 yuan per US dollar.

US Dollar:

As of 15:03, the US dollar index fell 0.96% to 98.29, hitting a low of 98.16 during the session, the lowest level since March 2022, a three-year low. Concerns about trade tensions between the US and its major trading partners have raised fears of an economic recession. San Francisco Fed Chairman Daly said on Friday that the US economy is in good shape and policy remains restrictive. Some industries (such as transportation) are slowing down, but uncertainty has not yet weighed heavily on the economy. Daly said she is satisfied with the expectation of two rate cuts this year, but if inflation is more sticky, the number of rate cuts this year may be less than two. If economic growth slows, further rate cuts will be made, and it is the right approach to gradually lower policy rates without a sense of urgency. Hassett, director of the National Economic Council, said that President Trump and his team are continuing to study whether they can fire Fed Chairman Powell. Such a move would have significant implications for the Fed's independence and global markets.

Data:

Today's highlights: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Industry"; 2025 FOMC voter and Chicago Fed President Goolsby was interviewed by CNBC.

On April 21, the Australian Sydney Stock Exchange, the German Frankfurt Stock Exchange, the French Paris Stock Exchange, the Italian Milan Stock Exchange, the Spanish Madrid Stock Exchange, the UK London Stock Exchange, the London Metal Exchange (LME), and the Hong Kong Stock Exchange of China were closed for one day due to Easter.

Crude Oil:

As of 15:03, oil prices in both markets fell, with US oil down 1.55% and Brent oil down 1.48%. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May.

Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. (Wenhua Comprehensive)

SMM Daily Review

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► Precious Metals Hold Up Well at the Start of the Week, Spot Supply in Shenzhen Relatively Tight 【SMM Daily Review】