The US dollar declined, metals showed mixed performance, with New York gold and polysilicon coke rising by over 1%, while European container shipping fell by more than 5% [SMM Midday Review].

SMM April 24 News: Metal Market: As of the midday close, domestic base metals generally rose, with SHFE copper down 0.22%. SHFE tin up 0.2%, SHFE nickel down 0.43%. SHFE aluminum up 0.33%, SHFE lead up 0.18%, SHFE zinc up 0.65%. Additionally, alumina down 0.25%. Lithium carbonate up 0.29%, silicon metal down 0.45%, polysilicon up 1.16%. Ferrous metals showed mixed performance, iron ore down 0.48%, rebar up 0.16%, HRC flat at 3,208 yuan/mt, stainless steel down 0.27%. Coking coal and coke: coking coal up 0.58%, coke up 1.09%. Overseas base metals as of 11:40 am showed mixed performance. LME tin down 0.11%. LME nickel slightly up. LME lead down 0.49%, LME copper down 0.14%, LME aluminum up 0.33%, LME zinc up 0.27%. Precious metals as of 11:40 am, COMEX gold up 1.38%, COMEX silver down 0.48%; domestically, SHFE gold down 2%, SHFE silver up 0.84%. As of the midday close, the most-traded contract for European line container shipping futures fell 5.52%, to 1,416.6 points. As of 11:40 am on April 24, some futures midday market conditions: 》April 24 SMM Metal Spot Prices Spot and Fundamentals Zinc: According to SMM communication, as of Thursday (April 24), the total inventory of zinc ingots in seven locations was 85,800 mt, a decrease of 14,200 mt from April 17 and a decrease of 7,200 mt from April 21, with domestic inventories recording a decline. During the week, arrivals in Shanghai and Guangdong were low, leading to significant inventory decreases in both regions. In Tianjin, recent arrivals increased slightly, but downstream demand weakened due to previous low-price restocking, resulting in relatively small overall inventory changes. Overall, the three original locations saw a reduction of 6,400 mt, and the seven locations saw a reduction of 7,200 mt... 》Click for more details Macro Front Domestic: The central bank conducted 21.8 billion yuan in 7-day reverse repo operations today, with an operation rate of 1.50%, unchanged from before. With 24.55 billion yuan in 7-day reverse repos maturing today, a net withdrawal of 2.75 billion yuan was achieved. [Shanghai Releases 2025 Car Replacement and Update Subsidy Details] The Shanghai Municipal Commission of Commerce and four other departments issued the "Implementation Rules for Further Supporting Car Replacement and Update Subsidies in Shanghai in 2025." It mentions that from January 1, 2025 (inclusive) to December 31, 2025, individual consumers purchasing new energy passenger vehicles priced at 100,000 yuan or more (based on the amount stated on the Uniform Motor Vehicle Sales Invoice) and transferring (excluding changes) their own name-registered out-of-province vehicles within the specified period will receive a one-time fixed subsidy of 15,000 yuan. From January 1, 2025, to December 31, 2025, individual consumers purchasing new fuel passenger vehicles meeting the National VIb emission standard and priced at 100,000 yuan or more (based on the amount stated on the Uniform Motor Vehicle Sales Invoice) and transferring their own name-registered out-of-province eligible fuel vehicles within the specified period will receive a one-time fixed subsidy of 13,000 yuan. [Sichuan: Actively Compiling the Medium and Long-Term Development Plan for Hydrogen Energy Industry (2025-2035)] The Sichuan Provincial Department of Economy and Information Technology announced on its official website that on April 24, the 2025 Hydrogen Energy Industry Conference and Sichuan Hydrogen Energy Industry Chain Supply and Demand Matching Meeting opened in Chengdu. The Sichuan Provincial Department of Economy and Information Technology stated that the provincial party committee and government have identified the hydrogen energy industry as a key area for strategic rear construction and new industrialization, and have already formed a full industry chain layout for hydrogen production, storage, transportation, refueling, and utilization. Overall, Sichuan's hydrogen energy industry has reached a critical stage of rapid development. In terms of policy, in November last year, the Sichuan provincial government office issued the "Action Plan for Further Promoting the Full Industry Chain Development and Application of Hydrogen Energy in Sichuan (2024-2027)," which not only continues to provide subsidies and support for the entire hydrogen energy industry chain but also addresses several bottlenecks and challenges in the current development of the hydrogen energy industry, such as free "hydrogen highways" and support for hydrogen-grid interaction. Notably, Sichuan is actively compiling the "Medium and Long-Term Development Plan for the Hydrogen Energy Industry (2025-2035)" to guide various regions in Sichuan to develop the hydrogen energy industry according to local conditions and build a competitive and healthy industrial development ecosystem. [Average Premium Rate for Core City Land Auctions Maintained at Around 20% for Four Consecutive Months] This year, the heat of land auctions in core cities has continued to rise. According to the China Index Academy, from January to April, the average premium rate for 22 key cities has been around 20%. In April, high-premium plots were auctioned in Beijing, Hangzhou, Chengdu, Suzhou, Chongqing, and Nanjing. On April 22, two plots in Xiaoshan District, Hangzhou, had premium rates of 59.4% and 74.4%, respectively. At the same time, driven by core city land auctions, land transfer fees grew significantly, with residential land transfer fees in 300 cities growing 20.1% year-on-year as of April 22. (Cailian Press) ►The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 24 was 7.2098 USD/CNY. US Dollar: As of 11:40 am, the US dollar index fell 0.25%, to 99.65. The Federal Reserve's Beige Book report released on Wednesday sent a strong signal: the Trump administration's tariff hike policy is causing a chain reaction across the US, with rapid price increases and a noticeable slowdown in economic activity in many areas. This latest report, based on surveys from 12 regional Feds, shows that businesses and households are struggling to cope with the chaos brought about by sudden changes in trade policy, with economic uncertainty doubling from the previous report (mentioned 80 times), with 107 direct references to the impact of tariffs. Other Currencies: GBP/USD, after closing lower yesterday, rose slightly today. Bank of England Governor Bailey stated that the risks of a trade war to economic growth must be taken very seriously. The UK's consumer confidence index in April fell from -35 to -48, reflecting the repercussions of US tariff turmoil. (Huitong Finance) Data: Today, the following data will be released: Germany's IFO Business Climate Index for April, UK's CBI Industrial Order Expectations for April, UK's Q2 CBI Business Optimism, Canada's CFIB Business Barometer for April, US Durable Goods Orders MoM for March (Preliminary), US Initial Jobless Claims for the week ending April 19, US Continuing Jobless Claims for the week ending April 12, and US Existing Home Sales for March. Additionally, Bank of England Governor Bailey will speak at the Institute of International Finance conference; the Federal Reserve will release the Beige Book; and Trump said the US and Ukraine will sign a mineral agreement. Crude Oil: As of 11:40 am, crude oil futures fluctuated rangebound, with WTI up 0.02% and Brent down 0.02%. The market is weighing supply-side news. The US Energy Information Administration (EIA) reported that US crude oil inventories unexpectedly increased last week due to a surge in imports, while gasoline and distillate inventories declined more than expected. The EIA reported that as of 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. Kazakhstan's new energy minister stated that when deciding on oil production levels, Kazakhstan will prioritize national interests over the OPEC group, intensifying the standoff with the organization. International Energy Agency (IEA) Executive Director Fatih Birol warned that due to increasing global supply and weakening demand caused by slowing economic growth, oil prices may fall further this year. (Webstock Inc.) Spot Market Overview: ►[Copper Industry Conference Live] Challenges and Opportunities for Secondary Copper, Outlook for Copper Anode and Copper Foil, Analysis of Copper Alloy Application Prospects ►[SMM Data] SMM's social inventory of zinc ingots in seven locations decreased by 7,200 mt. Spot reviews for various metals will be updated later, please refresh to check~