Core Viewpoint - The prices of copper, aluminum, and zinc on the London Metal Exchange (LME) reached their highest levels since early April due to the U.S. adjusting tariffs on Chinese imports, which temporarily increased the risk appetite for metals reliant on economic growth [1][3]. Price Movements - As of May 14, 2023, LME three-month copper rose by $7 to $9,606.50 per ton, having previously hit a peak of $9,664, the highest since April 2 [1][2]. - Three-month aluminum reached $2,543.5 per ton, marking its highest point since April 1 [1]. - Three-month zinc increased by 2.22%, closing at $2,765.00 per ton [1][2]. Tariff Adjustments - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3]. - The adjustments are in line with the consensus reached during high-level economic talks between the U.S. and China [3]. Market Conditions - The U.S. dollar has weakened following disappointing consumer inflation data, providing further support to the market [4]. - China's social financing scale stock was reported at 424 trillion yuan at the end of April 2025, reflecting an 8.7% year-on-year growth, indicating future demand for industrial metals [4]. - The premium of COMEX copper over LME copper has decreased from 18% at the end of March to around 10% currently, with COMEX copper inventories increasing by 77% since late February [4].

Group 1 - The People's Bank of China reported that major financial indicators accelerated in April, effectively supporting the real economy [3] - As of the end of April, the total social financing stock was approximately 424 trillion yuan, a year-on-year increase of 8.7% [3] - The broad money supply (M2) stood at about 325 trillion yuan, with a year-on-year growth of 8.0%, maintaining a high level [3] - From January to April, the increase in various RMB loans amounted to 1.006 trillion yuan [3] - The credit structure continued to improve, with inclusive small and micro loans and medium to long-term loans for the manufacturing sector growing by 11.9% and 8.5% year-on-year, respectively [3] - The average interest rate for newly issued corporate loans in April was approximately 3.2%, down about 4 basis points from the previous month, remaining at a historical low [3] Group 2 - The U.S. adjusted tariffs on Chinese goods, with a significant reduction in tariffs that were previously set to be imposed [4][5] - The U.S. has removed a total of 91% of tariffs on Chinese goods and modified the 34% reciprocal tariff measures, with 24% of the tariffs suspended for 90 days [5] - The U.S. also lowered the tax rate on international mail from 120% to 54% and canceled a planned increase in the per-item tax on small packages [5]

央行：初步统计，2025年4月末社会融资规模存量为424.0万亿元，同比增长8.7%。 相关链接 ...