Chinese Base Metals Rise Amid Decline in Ferrous Prices

The Shanghai Metals Market reported on July 31 that base metals in China mostly rose at midday, while ferrous metals declined. The SHFE copper price increased by 0.72%, and SHFE aluminum rose by 0.23%. However, the SHFE lead price fell by 0.99%.

According to SMM, the most-traded cast aluminum futures contract rose by 0.15%, while the most-traded alumina contract fell by 0.76%. The most-traded lithium carbonate contract continued its decline from the previous day, falling another 3.44%. In contrast, the most-traded silicon metal contract rose by 0.12%.

On the other hand, ferrous metals mostly declined. Iron ore fell by 0.76%, rebar dropped by 0.5%, and hot-rolled coil decreased by 0.86%. Nevertheless, stainless steel rose by 0.41%. Coking coal and coke prices also fell, with the most-traded coking coal contract dropping by 3.48% and the most-traded coke contract decreasing by 2.93%.

In the overseas market, LME metals mostly rose at midday, except for LME lead which fell by 0.29%. Meanwhile, COMEX gold decreased by 0.68%, and COMEX silver dropped by 0.74%.