China Base Metals Rise Broadly as Manufacturing PMI Hits Two-Month High

Base metals broadly rose in China on September 1, with SHFE zinc hitting a new high of 27,165 yuan/mt since May 2022. LME tin and zinc led gains, while SHFE silver and palladium fell over 2%. In the domestic market, copper rose 0.7%, aluminum rose 0.63%, and nickel rose 0.6%. However, lead fell 0.86%.

The most-traded casting aluminum futures contract rose 0.64%, while the most-traded alumina contract edged lower. The most-traded lithium carbonate contract rose 0.76%, and the most-traded polysilicon futures contract rose 2.06%. In contrast, the most-traded silicon metal contract fell 0.28%.

Ferrous metals mostly fell, with iron ore down 0.34%, rebar falling 0.54%, and hot-rolled coil decreasing 0.21%. Stainless steel also declined by 0.79%. In contrast, coking coal rose 1.06%, and coke increased by 0.09%.