SMM April 29 News:
Metal Market:
As of the daytime close, most domestic market metals rose, with only SHFE lead and SHFE nickel falling, SHFE lead down 0.18%, SHFE nickel down 0.14%. SHFE copper led the gains with a 0.3% increase. Alumina main contract fell 3.08%.
In addition, lithium carbonate main contract fell 1.63%, polysilicon down 2.14%, silicon metal down 2.68%. European container shipping main contract plunged 7.83%.
In the ferrous metals series, most rose, with only iron ore and stainless steel rising, iron ore up 0.28%, stainless steel up 0.16%. Rebar and HRC both fell over 1%, rebar down 1.21%, HRC down 1.26%. In the coking coal and coke sector, coking coal fell 2.36%, coke down 1.02%.
In the overseas market, as of 15:04, most base metals rose, with only LME nickel falling, down 0.03%. LME zinc rose 0.76%, LME aluminum and LME tin both rose over 0.3%, LME aluminum up 0.31%, LME tin up 0.34%.
In the precious metals sector, as of 15:04, COMEX gold fell 0.67%, COMEX silver down 0.11%. Domestically, SHFE gold rose 0.47%, SHFE silver up 0.12%.
As of 15:04 today's market
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Macro Front
Domestic:
【NDRC Allocates the Second Batch of 81 Billion Yuan in Ultra-Long-Term Special Treasury Bonds This Year to Continue Strong Support for Consumer Goods Trade-Ins】 According to the NDRC, the demand for consumer goods trade-ins has been very robust nationwide this year, with the first batch of subsidy funds already used at a high rate in most regions. Recently, the NDRC has issued a notice, in conjunction with the Ministry of Finance, to promptly allocate the second batch of 81 billion yuan in ultra-long-term special treasury bonds to local governments, continuing strong support for consumer goods trade-ins. Next, the NDRC will fully leverage the inter-ministerial coordination mechanism of the "program of large-scale equipment upgrades and consumer goods trade-ins" to strengthen overall promotion and tracking, urging relevant departments to expedite the review and disbursement of allocated funds, effectively reducing the financial pressure on enterprises, ensuring that the benefits directly reach consumers, and promoting the greater effectiveness of the consumer goods trade-in policy. 》Click for details
【Three Departments: Launch a Market Access Barriers Cleanup and Rectification Action to Promote the Construction of a Unified National Market】 The NDRC, Ministry of Commerce, and State Administration for Market Regulation have issued a notice on launching a market access barriers cleanup and rectification action to promote the construction of a unified national market. The focus of this cleanup and rectification is on various regulatory documents established and implemented in the form of local regulations, rules, administrative normative documents, and other policy documents that violate market access system requirements, as well as various practices by governments at all levels that improperly set market access barriers. For key and difficult issues with complex causes, strong feedback from business entities, high social attention, significant rectification difficulty, or long-standing unresolved issues, the NDRC will supervise and handle them in conjunction with relevant departments. For those who fail to complete problem verification and rectification within the specified time, or refuse to rectify, rectify inadequately, or conceal or falsely report, they will be notified and interviewed, with key supervision. In serious cases, they will be reported to the State Council according to procedures. After reviewing and screening the problem clues reported by local governments, the NDRC will select typical cases for public notification and simultaneously include them in the national urban credit monitoring scope.
► On April 29, the central parity rate of the RMB in the interbank foreign exchange market was 7.2029 yuan per US dollar
US Dollar:
As of 15:04, the US dollar index rose 0.25%. The US Treasury Department stated in a statement on Monday that it currently expects net borrowing from April to June to be $514 billion, higher than the $123 billion estimated in February. As usual, the Treasury assumed in previous forecasts that the debt ceiling would be raised or suspended, but lawmakers are still negotiating on this issue. The market is cautiously awaiting further news on US trade policy, as well as key data such as the US PCE and non-farm payrolls to be released this week.
Data:
Today, the US March wholesale inventories month-on-month preliminary value, US April Conference Board Consumer Confidence Index, US March JOLTs job openings, Eurozone March seasonally adjusted money supply M3 annual rate, Eurozone April economic sentiment index, Eurozone April industrial sentiment index, Eurozone April consumer confidence index final value, Germany May Gfk consumer confidence index, and other data will be released. In addition, on April 29, the Tokyo Stock Exchange was closed for Showa Day.
Crude Oil:
As of 15:04, both markets fell, WTI crude down 0.98%, Brent crude down 0.91%. In recent days, the spot market for crude oil has shown signs of weakening. After unexpectedly accelerating production by 411,000 barrels per day in April, Kazakhstan, which has been severely overproducing recently, has not made a commitment to fulfill production cuts. OPEC+ will hold another production restriction meeting in May, with its production plan for June still undecided. Saudi Arabia may further accelerate production increases in June to pressure Kazakhstan, testing the internal unity of OPEC+, raising concerns in the crude oil market that supply surplus pressure may further intensify. (Wenhua Comprehensive)
SMM Daily Review
► April 29: SHFE aluminum operates at the 20,000 mark, aluminum billet processing fees remain firm 【Aluminum Billet Spot Daily Review】
► Silver prices rise to catch up, spot market trading is sluggish before Labour Day holiday 【SMM Daily Review】
