SMM September 22 news:
In the metals market:
As of the midday close, most base metals in the domestic market rose. SHFE copper rose 1.46%. SHFE aluminum fell 0.14%. SHFE lead rose 0.18%. SHFE zinc fell 0.09%. SHFE tin rose 0.83%, and SHFE nickel rose 0.7%.
In addition, the most-traded casting aluminum futures contract fell 0.7%, while the most-traded alumina contract rose 0.29%. The most-traded lithium carbonate contract rose 2.61%. The most-traded silicon metal contract rose 0.3%. The most-traded polysilicon futures contract rose 2.78%.
Most ferrous metals rose. Iron ore fell 0.14%, rebar rose 0.48%, and hot-rolled coil rose 0.15%. Stainless steel rose 0.47%. In coking coal and coke: the most-traded coking coal contract rose 1.22%, and the most-traded coke contract rose 0.68%.
In overseas base metals, as of 11:45, LME metals mostly rose. LME copper rose 0.47%, and LME aluminum rose 0.34%. LME lead and LME tin edged down. LME zinc and LME nickel edged up.
In precious metals, as of 11:45, COMEX gold fell 0.01%, and COMEX silver rose 0.29%. In domestic precious metals: SHFE gold fell 0.44%, and the most-traded SHFE silver contract fell 0.46%.
In addition, as of the midday close, the most-traded platinum futures contract fell 0.73%, and the most-traded palladium futures contract fell 0.69%.
As of the midday close, the most-traded European shipping futures contract fell 0.81% to 2,150 points.
As of 11:45 on September 22, some futures midday quotes:
Spot and fundamentals
Copper: Today, #1 copper cathode in North China was quoted at premiums of 980-1,120 yuan/mt against the front-month contract, with an average premium of 1,050 yuan/mt, up 430 yuan/mt from the previous trading day. The average transaction price was 112,410 yuan/mt, up 1,805 yuan/mt from the previous trading day...
Macro front
Domestic:
[China discovers super-large copper-gold deposit] This morning, the State Council Information Office held a press conference under the theme "Starting the 15th Five-Year Plan" to introduce efforts to promote the safe, efficient, and sustainable use of natural resources. Relevant officials said that breakthroughs in mineral exploration have been encouraging. From January to August, China's newly added recoverable oil reserves reached nearly 70 million mt, and newly added recoverable natural gas reserves reached 6,100 billion m³. The Chating copper-gold deposit in Anhui and the Zhugongtang lead-zinc deposit in Guizhou saw newly added resources reach super-large scale. (CCTV News)
[China's power market trading volume rose 19.2% YoY in January-August 2026] In August 2026, power trading institutions across China completed 754.8 billion kWh of traded electricity, up 15.2% YoY. By trading scope, intra-provincial trading volume was 563.8 billion kWh, up 16.0% YoY; cross-province and cross-region trading volume was 191 billion kWh, up 11.4% YoY. By trading product, medium and long-term trading volume was 681.9 billion kWh; spot trading volume was 72.9 billion kWh. Green electricity trading volume was 26.4 billion kWh, up 7.7% YoY. Market-based proxy power purchases by power grid enterprises totaled 78.2 billion kWh. (National Energy Administration) (Jin10 Data APP)
[Khorgos port automobile exports rose 33.3% in the first eight months] Since the beginning of this year, leveraging its location and corridor advantages, Khorgos port, China's largest land port for commercial vehicle exports, has seen continued growth in automobile export trade, becoming a core growth driver for Xinjiang's foreign trade quality and efficiency improvement. According to Khorgos Customs statistics, from January to August this year, Khorgos port exported 344,000 vehicles, up 33.3% YoY. In addition to traditional internal combustion engine vehicles, the share of passenger NEVs and commercial vehicles in exports rose significantly. (Xinhua News Agency)
[PBOC reverse repo operation achieves net injection of 35 billion yuan on the day] The PBOC conducted 35 billion yuan of 7-day reverse repo operations today. With no reverse repos maturing today, the day saw a net injection of 35 billion yuan. (Jin10 Data APP)
US dollar:
As of 11:45, the US dollar index fell 0.07% to 100.36.
Two US Fed officials said further rate hikes may be needed to curb inflation. US Fed's Goolsbee said: If inflation does not pull back, clear action to raise rates is needed. US Fed's Musalem said on Monday that due to strong demand and commodity price shocks that have extended beyond the oil sector, the US Fed may need to raise interest rates further to bring down inflation. He also stressed that the US Fed would be better off acting sooner rather than waiting. Musalem said: "Persistent demand and recurring supply pressures continue to add to inflation risks. I believe that without further policy measures to restrain inflation, inflation 18 months from now is likely to be significantly above our 2% target rather than at target. I believe policy must exert meaningful restraint on inflation. Only then can the US Fed achieve its inflation target within about a year and a half, allowing time for tightening policy to affect the economy." He also said: "Earlier, gradual policy tightening is more appropriate and less disruptive to the economy than larger and potentially more abrupt policy moves later." Musalem noted that inflation "is not a risk, it is already here," and that even excluding the impact of oil and other supply-related factors, underlying inflation could still be several percentage points above the US Fed's target and "moving in the wrong direction." (Jin10 Data APP)
According to CME "FedWatch": The probability of the US Fed keeping rates unchanged at 3.75%-4.00% at the October meeting is 43.5%, and the probability of a 25 basis point hike is 56.5%. The probability of the US Fed keeping rates unchanged at 3.75%-4.00% by December is 9.7%, the probability of a cumulative 25 basis point hike is 46.4%, and the probability of a cumulative 50 basis point hike is 43.9%.
Other currencies:
RBNZ Governor Berman said persistently higher oil prices are expected to push near-term inflation slightly above the assumptions in the central bank's September monetary policy statement. Berman said the RBNZ will assess upcoming data and global developments before the October 28 decision, and reiterated that the committee remains focused on the inflation outlook. She said significant risks to the economic outlook remain, a statement consistent with the RBNZ's recent messaging that acknowledges both upside inflation risks related to energy costs and downside risks to economic activity from softer domestic demand. On growth, Berman said current data suggest the recovery is continuing this quarter, though it remains uneven across economic sectors. Overall, her remarks painted a picture of a central bank balancing two factors: near-term inflation strength driven by oil prices on one hand, and a recovery that is underway but not yet broad-based on the other. This combination means the timing and scale of any further policy tightening depend on how these two factors evolve in the coming weeks. (Jin10 Data APP)
Data:
Today will see the release of US ADP employment change for the week ending September 5, the US Richmond Fed manufacturing index for September, the eurozone consumer confidence index flash for September, UK public sector net borrowing for August, UK CBI industrial order balance for September, and other data.
In addition, Vice Premier He Lifeng led a delegation to the US from September 19-23 for economic and trade consultations. RBA Governor Bullock delivered a speech, ECB President Lagarde delivered a pre-recorded speech at a conference on central banks' response to future challenges, FOMC permanent voter and New York Fed President Williams spoke at the 2026 US Treasury market conference, US Fed Vice Chair Jefferson spoke at the 2026 US Treasury market conference, and US President Trump met with Ukrainian President Zelenskyy, UK Prime Minister Burnham, and Japanese Prime Minister Takaichi in the US.
Crude oil:
As of 11:45, oil prices in both markets rose, with WTI up 0.81% and Brent up 1.03%. The market is watching developments in the Middle East geopolitical conflict.
According to the Financial Times: US President Trump said he is very concerned about rising diesel prices and wants to ensure Russian diesel supplies can enter the global market to ease oil price increases. Trump continues to pressure Zelenskyy to stop attacking Russian refineries. (Jin10 Data APP)
Libya's National Oil Corporation (NOC) said in a statement that on Monday, a group of armed men closed valve No. 7 on the Sharara crude oil pipeline leading to the Zawiya port, causing a sharp decline in production at the Sharara oilfield. (Jin10 Data APP)
G7 statement: The situation in Yemen poses an unacceptable threat to regional stability and security and global energy security; strongly condemns the Houthis' continued unacceptable attacks in Yemen and against Saudi Arabia. Calls on the Houthis to immediately cease all military operations, threats, and attacks targeting civilian shipping. (Jin10 Data APP)
In addition, according to TankerTrackers.com data, Saudi Aramco loaded 14 million barrels of crude oil onto seven VLCCs from Gulf terminals on Sunday to boost exports via the Strait of Hormuz. Satellite imagery showed seven tankers near the Ras Tanura port on Sunday. (Jin10 Data APP)
Spot market overview:
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Midday reviews for other metals spot will be updated later, please refresh to view~
![Guangdong zinc: Market transactions were average, spot premiums remained flat from yesterday [SMM midday review]](https://imgqn.smm.cn/usercenter/ebBVe20251217171754.jpg)
![After bearish factors digested and macro guidance temporarily absent, the center of the most-traded SHFE tin contract returns to 410,000 [SMM Tin Midday Review]](https://imgqn.smm.cn/usercenter/BBJUa20251217171751.jpg)
