Base metals generally fell, with SHFE aluminum down over 1%. Lithium carbonate and silicon metal led the gains, while most ferrous metals series prices rose [SMM daily review]

SMM July 14 News:

Metals Market:

As of the day session close, domestic base metals mostly declined with only SHFE tin rising 0.41%. SHFE aluminum fell 1.45%, SHFE lead dropped 0.12%, SHFE nickel slightly declined, SHFE copper decreased 0.17%, and SHFE zinc fell 0.67%. Alumina main contract dropped 0.6%, while aluminum alloy main contract fell 0.88%.

Additionally, lithium carbonate main contract rose 3.71%, polysilicon main contract gained 0.81%. Silicon metal main contract surged 3.27%, and the Europe container shipping main contract rose 0.52% to close at 2072.2.

Ferrous metals series mostly rose, with only stainless steel declining 0.24%. Iron ore, rebar, and HRC all rose less than 0.3%. For coking coal and coke, coking coal gained 1.15% and coke rose 1.09%.Z6/>Overseas market: As of 15:25, most overseas base metals trended lower, with LME copper up 0.17% and LME nickel rising 0.24%. LME zinc increased 0.05%, while LME aluminum fell 0.67%. LME lead, LME zinc, and LME tin all dropped less than 0.4%.

Precious metals: As of 15:25, COMEX gold rose 0.46%, COMEX silver gained 1.03%, with NYMEX silver peaking at $39.525/ounce during the session - its highest since September 2011. Domestically, SHFE gold rose 1.06%, SHFE silver surged 2.11%, with SHFE silver peaking at 9267 yuan/kg - a record high since listing.

Market snapshot as of 15:25 todayZ9/>》Click to view SMM Market Dashboard

Macro Front

Domestic Developments:

[PBOC: H1 aggregate financing up 22.83T yuan, new loans 12.92T yuan, June M2 up 8.3% YoY] According to PBOC preliminary statistics, China's aggregate financing to the real economy (AFS) totaled 22.83 trillion yuan in H1 2025, up 4.74 trillion yuan YoY. Breakdown shows: RMB loans to the real economy increased 12.74 trillion yuan (up 279.6B YoY); foreign currency loans (converted to RMB) decreased 63.8B yuan (down 55.8B YoY); entrusted loans decreased 51.3B yuan (decline narrowed by 40.4B YoY); trust loans increased 144.3B yuan (growth slowed by 165.5B YoY); undiscounted bankers' acceptances decreased 55.7B yuan (decline narrowed by 180.8B YoY); corporate bond net financing reached 1.15T yuan (down 256.2B YoY); government bond net financing hit 7.66T yuan (up 4.32T YoY); domestic equity financing by non-financial enterprises totaled 170.7B yuan (up 49.3B YoY). RMB loans grew 12.92T yuan in H1. Sector breakdown: household loans increased 1.17T yuan (including 3B yuan decrease in short-term loans and 1.17T yuan increase in medium/long-term loans); enterprise loans surged 11.57T yuan (4.3T yuan in short-term, 7.17T yuan in medium/long-term loans, with 46.4B yuan decrease in bill financing); non-bank financial institution loans rose 33.1B yuan. Central bank data shows that as of June-end, the balance of broad money (M2) stood at 330.29 trillion yuan, up 8.3% YoY. The balance of narrow money (M1) reached 113.95 trillion yuan, up 4.6% YoY. The balance of currency in circulation (M0) totaled 13.18 trillion yuan, up 12% YoY. Net cash injections reached 363.3 billion yuan in H1. 》Click for details

[GAC: China's foreign trade in goods grows 2.9% YoY in H1; "new three" products up 12.7%]The State Council Information Office held a press conference at 10:00 AM today, with Wang Lingjun, Deputy Administrator of the General Administration of Customs (GAC), introducing China's import-export performance in H1 2025 and answering questions. Wang stated: Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while ensuring stability, unswervingly focused on its own development, and unwaveringly expanded high-standard opening up. Efforts have been made to stabilize employment, enterprises, markets, and expectations while effectively responding to external shocks. The national economy has maintained overall stability with progress, and China's foreign trade has withstood pressures, maintained momentum, and demonstrated vitality amid complex circumstances. According to GAC statistics, China's foreign trade in goods reached 21.79 trillion yuan in H1, up 2.9% YoY. Exports totaled 13 trillion yuan (up 7.2%), while imports stood at 8.79 trillion yuan (down 2.7%). Five key characteristics are highlighted: 1) Steady growth in trade scale. In H1, China's import-export scale remained above 20 trillion yuan, hitting a record high for the same period. Quarterly trends show Q2 imports/exports grew 4.5% YoY, accelerating by 3.2 percentage points from Q1 and maintaining YoY growth for seven consecutive quarters. 2) More diversified trade partnerships. 3) Upgraded and innovative export momentum. In H1, China's machinery equipment exports reached 7.8 trillion yuan (up 9.5%), accounting for 60% of total exports - a 1.2 percentage point increase YoY. High-end equipment closely related to new quality productive forces grew over 20%, while "new three" products representing green and low-carbon development rose 12.7%. 4) Expanding domestic demand stabilized imports. With continued policy implementation of "major national strategies" and "large-scale equipment upgrades," imports turned positive in Q2. In H1, China's imports of machinery equipment for petrochemical and textile industries achieved double-digit growth, key parts like electronic components grew rapidly, and imports of crude oil, metal ores, and other important raw materials increased. 5) Continued vitality of foreign trade entities. 》Click for details

►On July 14, the central parity rate of RMB against the US dollar in the interbank foreign exchange market was set at 7.1491 yuan per US dollar.

US dollar update:

As of 15:25, the US dollar index increased by 0.09% to 97.96. Following US President Trump's threat to impose 30% tariffs on EU and Mexican goods imported to the US, market risk aversion demand rebounded. Markets are now awaiting US June inflation data scheduled for Tuesday release to gain more clues on the US Fed's interest rate path. Current market pricing implies a 50bps rate cut by the US Fed before December. (Wenhua Comprehensive)

Macro Updates:

Canada's May wholesale sales monthly rate and other data will be published today. Notably: the State Council Information Office holds a press conference on H1 2025 financial statistics; the National Energy Administration releases monthly nationwide power consumption data around the 15th of each month; US President Trump plans to deliver a "major statement" on Russia-related issues.

Crude Oil Market:

As of 15:25, both WTI and Brent crude prices rose, with WTI up 0.6% and Brent up 0.55%. Oil prices extended Friday's gains amid concerns that potential US sanctions on Russia could impact global supply, though Saudi production increases and persistent tariff uncertainties limited gains. ANZ analysts noted price gains were capped after data showed Saudi Arabia exceeded its OPEC+ production quota.

The Saudi Energy Ministry stated last Friday that Saudi Arabia fully complied with OPEC's voluntary output targets, adding that the country's June marketed crude supply reached 9.352 million bpd - in line with quota requirements. The International Energy Agency (IEA) reported Saudi oil production reached 9.8 million bpd in June, exceeding its OPEC target by 430,000 bpd (target: 9.37 million bpd).

General Administration of Customs data released Monday showed China's June crude oil imports reached 49.888 million mt (12.14 million bpd), up 7.4% YoY, with H1 cumulative imports at 279.386 million mt, up 1.4% YoY. (Wenhua Comprehensive)

SMM Daily Reviews

►Z32/>[SMM Nickel Sulphate Daily Review] July 14: Nickel salt prices stabilize

►Manganese producers show weak willingness to sell at lower prices; spot prices rise slightly [SMM EMM Daily Review]

►[SMM Import Analysis] June iron ore imports hit annual high; July imports expected to pull back

►Pr-Nd prices surge rapidly while market transactions stagnate [SMM Rare Earth Daily Review]

►Silver extends rally to fresh highs; spot premiums decrease slightly [SMM Daily Review]

Other metal spot daily reviews to be updated shortly - please refresh for updates