China Base Metals Plummet as Global Bond Yields Rise
Base metals across China's domestic market suffered losses on August 19, with most experiencing declines. The Shanghai Futures Exchange (SHFE) saw copper fall by 1%, aluminum drop by 0.94%, and zinc decline by 1.44%. However, lead rose by 0.19%.
The SHFE also recorded significant drops in other metals: nickel fell by 0.58%, tin dropped by 1.35%, and the most-traded cast aluminum futures contract slid by 0.48%. On the other hand, silicon metal saw a rise of 0.29%
Ferrous metals, however, bucked this trend with increases in iron ore (0.85%), rebar (0.27%), hot-rolled coil (0.4%), and stainless steel.
Overseas base metals also showed mixed performance, with LME copper rising by 0.15% and LME aluminum increasing by 0.03%. In contrast, LME tin fell by 0.41%, and LME nickel declined by 0.3%