China Base Metals Surge as LME Copper Nears All-Time High

Base metals in China's domestic market saw broad gains by midday close on August 26, with most contracts rising. SHFE copper led the pack with a gain of 0.97%, followed closely by SHFE zinc at 0.94%. Meanwhile, alumina futures took a hit with a decline of nearly 2%.

LME metals also mostly rose, with LME copper climbing 0.62% and hitting an intraday high of $14,437.5/mt. However, LME aluminum dipped 0.22%, while other metals saw smaller gains or losses.

On the precious metal front, COMEX gold rose 0.26%, and COMEX silver gained 1%. Domestically, SHFE gold fell 0.24%, but the most-traded SHFE silver contract advanced 0.64%.