Base Metal Prices Mixed on August 27; LME Copper Outperforms SHFE Counterpart

Base metal markets in China saw mixed performance on August 27, with most metals falling. The Shanghai Futures Exchange (SHFE) copper price dropped by 0.17%, while SHFE aluminum rose 0.13%. On the other hand, SHFE zinc led gains among base metals, increasing by 1.09%.

The LME copper price rose by 0.42%, outperforming its SHFE counterpart. LME aluminum also increased, rising by 0.23%. The National Bureau of Statistics (NBS) reported that industrial enterprises above designated size saw profits rise 17.6% in January-July.

The US dollar index remained flat at 99.15. Market expectations for a US Federal Reserve interest rate hike next month increased after the release of inflation data showing a modestly higher-than-expected 3.7% YoY increase in July.