In a nutshell: . CHINA TRADE: Export (+12.4% y/y) beat on shipments frontloading. Import (-4.3% y/y) slowed in line with expectations . CHINA CREDIT: March credit data beat amid strong government financing, ST corporate borrowing, and mortgages . RIO TINTO (+): 1Q25 preview - lower iron ore shipments expected . STRATEGY: Is the US economy defying recession fears? . LITHIUM: Quarterly cost curve update: slightly lower cost support level Daily Prices as of April 11th / PRICE MOVERS . MACRO/COMMODITY WRAP: Tariff related drama continues to dominate headlines with Trump pushing back on headlines over the weekend that the President would pause import duties for a range on consumer electronics. Despite this, there is fresh pressure on the dollar, declining -0.4% this morning following a -2.4% decline last week given the escalating trade war with China. . Base metals on the SHFE reacting positively to Trump''s electronics exemption; zinc unch, aluminium +0.3%, copper +1.1%, nickel +1.2%. Spot copper TCRCs continue to decline and hit fresh (negative) records with another USD 2/t decline last week amidst ongoing tightness in the concentrate market. Alcoa (NR) has begun the restart process at its San Ciprian aluminium smelter in Spain, in-line with prior plans. Iron ore benefiting, but less so than base metals, with futures in Singapore +0.5% this morning. Gold (USD 3,245/oz) hit a new record after a 6% gain last week, taking the YTD gain to now 20%, with investors racing to safe haven assets amidst the turmoil from Trump''s tariffs. . Macro data this week: Eurozone Industrial Production (consensus +0.1% m/m) and US Empire Manufacturing (consensus -10.0) tomorrow, Eurozone CPI (consensus +2.2% y/y), US Retail Sales (consensus +1.4% m/m) and US Industrial Production (consensus -0.2% m/m) on Wednesday, US Initial Jobless Claims (prev 223k) on Thursday. China data this week: China will report its first quarter GDP this Wednesday (cons. 5.2% y/y) alongside...