Metals generally rose, with SHFE zinc, SHFE gold, and SHFE tin up more than 1%, and coke up nearly 2%. Oil prices may decline on a weekly basis. [SMM Midday Review]

SMM April 25 News:

In the metal market:

As of the midday close, base metals in the domestic market rose across the board, with SHFE copper up 0.26%. SHFE tin rose 1.14%, and SHFE nickel increased 0.12%. SHFE aluminum rose 0.4%, SHFE lead increased 0.77%, and SHFE zinc climbed 1.31%.

In addition, alumina rose 0.28%. Lithium carbonate increased 0.2%, silicon metal rose 0.62%, and polysilicon gained 0.17%.

Ferrous metals series generally rose, with iron ore down 0.62%, rebar up 0.29%, HRC up 0.37%, and stainless steel down 0.24%. For coking coal and coke, coking coal rose 1.78%, and coke increased 0.19%.

In the overseas metal market, as of 11:45, base metals in the overseas market all rose. LME tin increased 0.27%. LME nickel rose 0.25%. LME lead increased 0.13%, LME copper rose 0.51%, LME aluminum climbed 0.63%, and LME zinc gained 0.41%.

In the precious metals sector, as of 11:45, COMEX gold rose 0.22%, while COMEX silver remained flat at $33.825/oz. Domestically, SHFE gold rose 1.22%, and SHFE silver increased 0.39%.

As of the midday close, the most-traded contract for European container shipping fell 0.43% to 1,400.1 points.

As of 11:45 on April 25, some futures midday market conditions:

》April 25 SMM Metal Spot Prices

Spot and Fundamentals

Copper: Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a premium of 180-230 yuan/mt, with an average premium of 205 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper was reported at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,135 yuan/mt, down 35 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,060 yuan/mt, down 35 yuan/mt from the previous trading day. Spot market: Guangdong inventory has declined for 17 consecutive days, mainly due to increased cargo pick-up by downstream users. Although inventory continues to decline and copper prices remain relatively stable, some suppliers are eager to sell and have actively lowered premiums to cash out... 》Click for details

Macro Front

Domestic:

【Pan Gongsheng: Implement a Moderately Loose Monetary Policy to Promote High-Quality Development of China's Economy】 According to the central bank's official website, the second G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, D.C., on April 23-24. The meeting discussed the global economic outlook, improving the international financial architecture, and addressing development and growth challenges in Africa. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech, while Deputy Governor Xuan Changneng also participated. Participants noted that the global economy continues to recover, but downside risks have significantly increased, with trade tensions, tightening financing conditions, and long-term structural challenges intertwined. Concerns were raised about the negative impact of escalating trade frictions, and calls were made to strengthen dialogue and policy coordination, improve the multilateral trading system, and seek solutions that benefit all parties. Participants supported building a more stable, efficient, and resilient international financial architecture, enhancing the financing capacity of multilateral development banks, and continuing to provide development financing. Pan Gongsheng emphasized that economic fragmentation and trade tensions continue to disrupt industrial and supply chains, weakening global growth momentum. Trade wars and tariff wars have no winners, and major economies should strengthen their participation in international macroeconomic and financial policy coordination, take substantive actions to promote international cooperation, and maintain global economic and financial stability. The Chinese economy has started the year on a positive note, maintaining a recovery trend, with stable financial market operations. The People's Bank of China will implement a moderately loose monetary policy to promote high-quality development of China's economy.

【Central Bank Conducts Net Withdrawal of 91 Billion Yuan in Open Market Operations】 The central bank conducted 159.5 billion yuan in 7-day reverse repo operations today, with the operation rate unchanged at 1.50%. As 250.5 billion yuan in 7-day reverse repos matured today, a net withdrawal of 91 billion yuan was achieved.

【Shanghai Vice Mayor Xie Dong: Shanghai is Committed to Building a Global Investment Safe Haven】 At the opening ceremony of the Shanghai Forum 2025, Shanghai Vice Mayor Xie Dong stated in her speech that, looking to the future, Shanghai will continue to follow the path of openness and play the innovation card, committed to building a global investment safe haven. Shanghai will create a more stable, transparent, and predictable environment for foreign enterprises to develop in the city, working with global enterprises and talent to promote stable economic growth. Xie Dong also stated that Shanghai will focus on building a new highland for technological innovation, opening its arms to welcome technology companies, international talent, and various factors to gather in Shanghai, driving continuous innovation in scientific and technological achievements. Shanghai will focus on building a bridgehead for cooperation and exchange, continuing to strengthen the construction of high-level international cooperation and exchange platforms such as the Shanghai Forum, actively participating in global governance innovation, and striving to build consensus, enhance understanding, and solve problems.

► On April 25, the central parity rate of the RMB in the interbank foreign exchange market was 7.2066 yuan per US dollar.

US Dollar:

As of 11:45, the US dollar index rose 0.45% to 99.74. Cleveland Fed President Hammack stated on Thursday that she believes policymakers need patience in assessing how tariffs will affect inflation and economic growth, rather than acting preemptively. This was her first broadcast interview since taking office in August 2024, and she noted that current uncertainty is high, without committing to specific actions on interest rate policy. Hammack does not have a vote on the Federal Open Market Committee (FOMC) this year but will vote in 2026. According to data from the CME Group, the market strongly expects the US Fed to keep rates unchanged at the May 6-7 meeting, then resume rate cuts in June, with a total of three to four cuts possible by year-end.

Other Currencies:

Latest data shows that Tokyo's core consumer price index (CPI) rose 3.4% YoY in April, far exceeding market expectations of 3.2% and marking the second consecutive month of acceleration. This jump in inflation data is mainly due to government subsidy cuts and widespread food price increases, once again putting the Bank of Japan in a policy dilemma in the face of external risks from US tariff hikes. The market generally expects the Bank of Japan to keep current rates unchanged at the end-of-April meeting, but persistently high inflation pressure may prompt it to take further rate hikes earlier. (Huitong Finance)

Data:

Today, the UK's seasonally adjusted retail sales MoM for March, the UK's seasonally adjusted core retail sales MoM for March, Canada's retail sales MoM for February, Canada's core retail sales MoM for February, and the final value of the University of Michigan Consumer Sentiment Index for April will be released. Additionally, it is worth noting that Swiss National Bank President Schlegel will deliver a speech; global financial leaders will attend the IMF-World Bank Spring Meetings, until April 26.

Crude Oil:

As of 11:45, crude oil futures rose, with US crude up 0.51% and Brent crude up 0.5%. Weekly losses are expected due to potential increases in global supply, though US tariff signals have limited demand prospects. The market is focused on Iran's supply outlook, as the country is the third-largest oil producer in OPEC, after Saudi Arabia and Iraq. However, global trade tensions continue to cloud demand prospects. (Webstock Inc.)

Spot Market Overview:

► Some Suppliers Eager to Cash Out, Actively Lower Prices, Spot Premiums Decline [SMM South China Copper Spot]

► [SMM Ferrous Party] "Golden March, Silver April" Expectations Fall Short, Can Steel Prices Rebound in May?

► [SMM Analysis] Pre-Labour Day Stockpiling Begins, Pushing Iron Ore Prices to Continue Rising

Other metal spot midday reviews will be updated later, please refresh to view~