The US dollar hovered near a three-year low, the overseas market outperformed the domestic market in metals, coking coal fell by over 2%, and SHFE gold rose by more than 836 yuan. [SMM Daily Review]

SMM April 22 News: Metal Market: At the close of the day, base metals in the domestic market generally rose, with only SHFE aluminum and SHFE tin falling, down 0.15% and 0.57% respectively. SHFE copper led the gains with a 0.88% increase, while the rest of the metals rose less than 1%. The main alumina contract fell 0.32%. Additionally, the main lithium carbonate contract fell 1.71%, while silicon metal and polysilicon main contracts both rose 0.34%. The main European container shipping contract fell 4.24%. In the ferrous metals series, most fell, with only iron ore rising, up 0.21%. Rebar fell 0.74%. In the coking coal and coke sector, coking coal fell 2.42%, and coke fell 1.83%. In the overseas market, as of 15:03, base metals collectively rose, with LME copper, LME lead, LME zinc, and LME tin all up more than 1%, with LME copper up 1.28%, LME lead up 1.01%, LME zinc up 1.03%, and LME tin up 1.61%. The rest of the metals rose less than 1%. In the precious metals sector, as of 15:03, COMEX gold rose 1.82%, hitting a new historical high of $3,509.9 per ounce during the session; COMEX silver rose 0.21%. Domestically, SHFE gold rose 4.13%, hitting a new historical high of 836.3 yuan per gram during the session. SHFE silver fell 0.23%. As of 15:03 today's market. Click to view the SMM market board. Macro Front: Domestically: The central bank conducted a net injection of 56 billion yuan in open market operations today. The central bank conducted 220.5 billion yuan in 7-day reverse repo operations at a rate of 1.50%, unchanged from the previous rate. As 164.5 billion yuan in 7-day reverse repos matured today, a net injection of 56 billion yuan was achieved. Cui Dongshu, Secretary General of the Passenger Car Association, stated on his official account that China's auto exports from January to March 2025 reached 1.54 million units, up 16% YoY from January to March 2024. In March, China's auto exports reached 570,000 units, up 16% YoY, with strong YoY and MoM trends. The main drivers this year remain the improvement in the competitiveness of Chinese products and the slight growth in the markets of global southern countries. On April 22, the central parity rate of the RMB in the interbank foreign exchange market was 7.2074 yuan per US dollar. In the US dollar sector: As of around 15:03, the US dollar index remained flat at 98.36, still hovering near the three-year low previously set. Affected by Trump's threat to fire Powell, the US experienced a "triple kill" in stocks, bonds, and the dollar, with the three major US stock indices all falling more than 2%; the US dollar index once fell below the 98 mark, down more than 1%; the 10-year US Treasury yield, seen as the "anchor of global asset pricing," returned to the 4.40% mark. Wall Street analysts said the main reason for the "triple kill" is that the independence of the US Fed has been questioned, and investor confidence in the US economy has been hit again. Chicago Fed President Goolsbee said that short-term inflation expectations are rising, but it is very important that long-term inflation expectations do not rise. The US Fed needs to wait and see, but if the impact of tariffs does not spread beyond the 11% of the economy that is imports, the impact may be relatively small. (Wenhua Comprehensive) Data-wise: Today, the preliminary value of the Eurozone's April consumer confidence index and other data will be released. Additionally, it is worth noting that US Fed Vice Chairman Jefferson will speak at the Economic Liquidity Summit; the IMF will release the "World Economic Outlook" report; and ECB President Lagarde will be interviewed by CNBC. In the crude oil sector: As of 15:03, oil prices in both markets rose more than 1%, with US oil up 1.14% and Brent oil up 1.03%. The crude oil market is currently focusing on OPEC+'s production adjustments and their implementation progress. From the actual supply situation, OPEC data shows that Iran's daily average crude oil production in March reached 3.335 million barrels, up 1.74 percentage points from the January level. Despite US sanctions, Iran's crude oil output remains relatively stable, indirectly proving that its export channels and end-use demand have strong resilience. Recently, OPEC+ members submitted compensatory production cut plans, which to some extent alleviated market concerns about supply surplus and provided some support for the recent sluggish oil price trend. OPEC+'s recently announced compensation plan clarified monthly deduction quotas, requiring seven major oil-producing countries to gradually fulfill compensatory production cut obligations by June 2026, with an average additional cut of 369,000 barrels per day. Although OPEC+ has gradually eased production cut restrictions since April and plans to triple the increase in May, if the latest compensation plan is strictly implemented, theoretically OPEC+'s actual crude oil supply increase this year may be lower than market expectations and may largely offset the May increase. However, long-term overproduction by members such as Iraq, Kazakhstan, and Nigeria. Against the backdrop of simultaneous production increases and compensatory production cuts, internal contradictions within OPEC+ may further intensify, and the actual effect of compensatory production cuts remains highly uncertain. (Wenhua Comprehensive) SMM Daily Review: Aluminum prices adjusted narrowly, while secondary aluminum prices remained flat. [ADC12 Price Daily Review] [SMM MHP Daily Review] On April 22, Indonesian MHP prices rebounded. [SMM Nickel Daily Review] On April 22, refined nickel spot prices fell, with short-term prices supported. [SMM Nickel Sulphate Daily Review] On April 22, nickel sulphate prices remained stable. [SMM Rare Earth Daily Review] Traders' selling sentiment was high, and rare earth market prices were slightly weak. [SMM Daily Review] Silver prices were in the doldrums, with spot premiums remaining high.