Metals generally rose, with LME aluminum and COMEX silver up over 2%. COMEX gold and SHFE gold both fell over 3%. Crude oil declined. [Overnight Market]

SMM April 24 News:

In the metal market:

Overnight, domestic base metals generally rose, with SHFE tin up 1.11%. SHFE copper fell 0.36%. SHFE nickel fell 0.55%. SHFE lead rose 0.47%. SHFE aluminum rose 0.56%, and SHFE zinc rose 0.22%. In addition, alumina rose 0.81%.

Overnight, the ferrous metals series mostly rose, with iron ore up 0.83%, stainless steel flat at 12,765 yuan/mt, rebar up 0.68%, and HRC up 0.65%. In the coking coal and coke sector: coking coal rose 1.42%, and coke rose 1.82%.

Overnight, LME base metals generally rose, with LME copper flat at $9,369/mt. LME zinc rose 1.52%, LME tin rose 1.2%, LME lead rose 1.38%, and LME aluminum rose 2.65%. LME nickel fell 0.68%.

Overnight in the precious metals sector: COMEX gold fell 3.45%, and COMEX silver rose 2.01%. Overnight, SHFE gold fell 3.47%, and SHFE silver rose 1.47%. HSBC expects central banks to purchase 925 mt of gold in 2025, up from the previous forecast of 790 mt; it also expects a decline in gold jewelry demand.

As of 8:15 AM on April 24, the overnight closing market

》Click to view the SMM futures data dashboard

On the macro front:

Domestically:

[PBOC Deputy Governor Lu Lei: The "Shanghai International Financial Center Further Enhances Cross-border Financial Service Facilitation Action Plan" strongly supports enterprises' "going global" in five aspects] Regarding the recently released "Shanghai International Financial Center Further Enhances Cross-border Financial Service Facilitation Action Plan," PBOC Deputy Governor Lu Lei stated on April 23 that to meet the core needs of business entities for cross-border financial service facilitation, the PBOC, together with relevant departments, has formed this action plan based on extensive research, focusing on removing blockages, addressing pain points, and solving difficulties. The action plan will strongly support enterprises' "going global" and promote high-quality economic development. The action plan mainly includes five aspects: first, improving cross-border settlement efficiency and facilitating global fund management for enterprises; second, enhancing exchange rate hedging services and improving foreign exchange risk management and response capabilities in a global financial context; third, strengthening financing services, assisting enterprises in global investment and financing, and expanding two-way financing channels at home and abroad; fourth, enhancing insurance protection, improving risk management levels in global operations, and upgrading export credit insurance policy services; fifth, improving comprehensive financial services, enhancing global allocation capabilities, and increasing the convenience of global asset management. Lu Lei also introduced that the international currency functions of the RMB in cross-border payments, investment and financing, and reserves have gradually strengthened, and it has become the world's fourth-largest payment currency and the third-largest trade and investment currency. (Cailian Press)

[CPCA: National passenger car market retail sales from April 1-20 reached 897,000 units, up 12% YoY compared to the same period last April] The China Passenger Car Association (CPCA) released data showing that from April 1-20, national passenger car market retail sales reached 897,000 units, up 12% YoY compared to the same period last April, but down 9% MoM. Cumulative retail sales this year reached 6.024 million units, up 7% YoY. From April 1-20, national new energy passenger car market retail sales reached 478,000 units, up 20% YoY compared to the same period last April, but down 11% MoM, with a retail penetration rate of 53.3%. Cumulative retail sales this year reached 2.898 million units, up 33% YoY. (Cailian Press)

On the US dollar front:

Overnight, the US dollar index rose 0.93% to 99.9. Market appetite for risk assets improved after US President Trump stated that he does not intend to fire the Fed Chairman and trade tensions eased. According to CCTV News, on the 22nd local time, US President Trump said that the Fed should lower interest rates and that he has no intention of firing Fed Chairman Powell. In addition, Trump also expressed his hope that Fed Chairman Powell would take more aggressive action on interest rates.

On other currencies:

Private sector activity in the Eurozone barely grew in April, with tariff uncertainties leading to a decline in service sector confidence to a near five-year low. Data released on Wednesday showed that the S&P Global Composite PMI fell from 50.9 in March to 50.1, slightly above the 50-point threshold that separates growth from contraction. Analysts had previously predicted the index would fall to 50.2. The main reason for the deterioration was Germany, where the main PMI indicator unexpectedly fell below 50 for the first time in four months. France's indicator also fell short of analysts' expectations, remaining below 50. The unexpected weakness in the service sectors of these two major European economies. "This has pushed the overall economy into stagnation territory," said Hamburg Commercial Bank economist Cyrus de la Rubia in a statement. "The accelerated decline in new business suggests that this weakness may persist for some time. However, increased fiscal spending on infrastructure in Germany and defense spending across Europe should ultimately benefit not only manufacturing but also services, albeit with some lag." Optimism about increased public spending, especially in Germany, has been replaced by concerns over US President Donald Trump's tariff measures. There are fears that these tariffs will erase the already weak regional economic growth forecast for this year. (Cailian Press)

In recent weeks, the US dollar has fallen sharply against the safe-haven Japanese yen, partly due to economic concerns triggered by US tariff policies. Japanese Finance Minister Kato Katsunobu will meet with US Treasury Secretary Besant this week to discuss foreign exchange issues and share concerns about US tariffs with other countries at the G20 meeting. (Huitong Finance)

On the macro front:

Today, Germany's April IFO Business Climate Index, the UK's April CBI Industrial Order Difference, the UK's Q2 CBI Business Optimism Index, Canada's April CFIB Business Barometer, the US March Durable Goods Orders MoM preliminary, the US Initial Jobless Claims for the week ending April 19, the US Continuing Jobless Claims for the week ending April 12, and the US March Existing Home Sales Annualized Total will be released.

In addition, it is worth noting that Bank of England Governor Bailey will speak at a conference hosted by the International Financial Institute; the Fed will release the Beige Book; and Trump said the US and Ukraine will sign a mineral agreement.

On the crude oil front:

Overnight, both oil futures fell, with WTI crude down 2.18% and Brent crude down 1.96%. Oil prices were under pressure as the OPEC+ alliance is considering accelerating oil production increases in June, and US crude oil inventories unexpectedly rose last week.

US government data showed that last week, US crude oil inventories unexpectedly increased, while gasoline and distillate inventories both fell more than expected, providing some support to the market. The US Energy Information Administration (EIA) reported that last week, US crude oil inventories unexpectedly increased due to a surge in imports, while gasoline and distillate inventories both fell more than expected. The EIA reported that for the week ending April 18, US crude oil inventories increased by 244,000 barrels to 443.1 million barrels, while analysts had expected a decrease of 770,000 barrels. Data showed that last week, US gasoline inventories fell by 4.5 million barrels to 229.5 million barrels, while analysts had expected a decrease of 1.4 million barrels. Last week, distillate inventories, including diesel and heating oil, fell by 2.4 million barrels to 106.9 million barrels, the lowest since November 2023. Analysts had predicted a decrease of 30,000 barrels. (Webstock Inc.)