Domestic Metals Outperform Overseas Counterparts Amid Global Market Volatility

The domestic metals market outperformed its overseas counterpart on August 6, with several key metals showing significant price movements. The Shanghai Futures Exchange (SHFE) saw copper rise by 0.4%, aluminum increase by 0.23%, and zinc surge by 1.49%. In contrast, nickel fell by 2.1% and tin dropped by 1.58% on the London Metal Exchange (LME). On the SHFE, gold prices rose by more than 3%, while silver also increased by over 3%.

Ferrous metals were mostly in the green, with iron ore rising by 2%, rebar increasing by 0.67%, and HRC going up by 0.53%. However, stainless steel fell by 1.51%. Coking coal and coke also saw price increases, with coking coal rising by 0.74% and coke increasing by 1.99%.

The US dollar index edged up by 0.03% to 99.72, while cooling US ADP employment data contrasted with elevated ISM services costs, raising stagflation concerns. The market is focused on Friday's non-farm payrolls data, which could confirm steady employment and support the Fed's continued focus on combating inflation.