Crude oil rose for two consecutive days, metals showed mixed performance, SHFE tin rose by over 1%, polysilicon fell by more than 1%, and gold prices turned lower [SMM Daily Review].

SMM April 25 News: Metal Market: By the close of the day, most base metals in the domestic market rose, with only SHFE copper falling by 0.28%. SHFE tin led the gains with a 1.14% increase, followed by SHFE zinc, which rose by 0.93%. SHFE aluminum increased by 0.63%, while other metals saw slight gains. The main contract for alumina fell by 0.45%. Additionally, the main contract for lithium carbonate dropped by 0.32%, polysilicon fell by 1.84%, and silicon metal declined by 0.85%. The main contract for European container shipping fell by 2.92%. In the ferrous metals series, prices collectively declined, with iron ore leading the drop at 1.87%, and stainless steel falling by 0.59%. In the coking coal and coke sector, coking coal rose by 0.05%, while coke fell by 1.29%. In the overseas market, as of 15:04, base metals showed mixed performance. LME aluminum rose by 0.76%, LME tin increased by 0.29%, and LME lead fell by 0.18%, leading the decline. Other metals experienced minor fluctuations. In the precious metals sector, as of 15:04, COMEX gold fell by 1.1%, and COMEX silver dropped by 0.5%. Domestically, SHFE gold declined by 0.15%, and SHFE silver fell by 0.16%. As of 15:04 today's market: Click to view SMM Market Dashboard Macro Front: Domestic: [The Political Bureau of the CPC Central Committee Holds Meeting to Analyze Current Economic Situation and Economic Work] The meeting emphasized adhering to the general principle of seeking progress while maintaining stability, fully and accurately implementing the new development philosophy, accelerating the construction of a new development pattern, coordinating domestic economic work and international economic and trade struggles, resolutely managing our own affairs, and resolutely expanding high-level opening-up. Efforts should focus on stabilizing employment, enterprises, markets, and expectations, using the certainty of high-quality development to counter the uncertainty of rapid changes in the external environment. Click for details [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 and spoke at the meeting, 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 impacts 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. Support was expressed for 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 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 well, 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. ► 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 15:04, the US dollar index rose by 0.33%, potentially ending a four-week decline. Data released by the US Labor Department on Thursday showed that initial jobless claims for the week ending April 19 were 222,000, in line with market expectations. Despite the shadow cast by chaotic trade policies, the labor market remains resilient. However, President Trump's shifting tariff stance has heightened economic uncertainty, significantly weakening business and consumer confidence, which may impact spending and lead to layoffs. On April 24, Christopher Waller, a member of the US Federal Reserve Board, warned that the trade war initiated by President Trump could soon lead to rising unemployment. Waller stated that if tariffs remain at current levels, they will not significantly affect the US economy before July. However, if the Trump administration reverts to aggressive tariff levels, businesses may begin layoffs, and if unemployment rises sharply, he would support an interest rate cut. (Comprehensive report by Wenhua) Data: Today, the UK's seasonally adjusted retail sales month-on-month for March, the UK's seasonally adjusted core retail sales month-on-month for March, Canada's retail sales month-on-month for February, Canada's core retail sales month-on-month for February, and the final US Michigan Consumer Sentiment Index for April will be released. Additionally, it is worth noting that Swiss National Bank President Schlegel will deliver a speech, and global financial leaders will attend the IMF-World Bank Spring Meetings until April 26. Crude Oil: As of 15:04, oil prices in both markets rose, with US oil up by 0.51% and Brent oil up by 0.47%, marking the second consecutive day of gains. However, due to concerns over supply surplus, weekly performance is expected to decline. Analyst Anh Pham stated, "Today, oil prices rose slightly as the market reacted to signs of easing tariff tensions under Trump and potential shifts in the Fed's policy stance, which aided broader market recovery." He added, "But on a weekly basis, oil prices are down due to persistent concerns over OPEC+ supply surplus and uncertain demand prospects amid ongoing trade tensions. A stronger US dollar also added pressure to crude prices." The market is also monitoring progress in US-Iran negotiations. If sanctions on Iranian oil exports are lifted, oil supply is expected to increase. Iran is OPEC's third-largest oil producer, after Saudi Arabia and Iraq. (Comprehensive report by Wenhua) SMM Daily Review: ► April 25: SHFE aluminum breaks through the 20,000 mark, processing fees under pressure, transactions shift to volume discount [Aluminum Billet Spot Daily Review] ► [SMM MHP Daily Review] April 25: Indonesian MHP prices rebound ► [SMM Nickel Sulphate Daily Review] April 25: Nickel sulphate prices remain stable ► Weak demand dominates, stainless steel prices continue to fall after hitting bottom [SMM Stainless Steel Spot Daily Review] ► Silver prices continue to hold up well, spot market maintains high premium quotes [SMM Daily Review]