Global Markets Tumble: Crude Oil Plunges as Metals Follow

Crude oil plummeted on August 3, with metals broadly declining across the board. In the domestic market, ferrous metals all fell, led by iron ore which dropped 2.44%. Base metals showed mixed performance, with SHFE copper rising 0.13% and LME nickel falling 1.42%

The most-traded aluminum alloy futures contract fell 0.21%, while the most-traded silicon metal contract rose 0.86%. The most-traded polysilicon futures contract surged 7.11%.

In other news, China's July Manufacturing PMI came in at 50.9, down 0.8 percentage points from June and staying in expansion territory for the eighth consecutive month. However, new orders continued to grow at a slower pace, and purchasing activity weakened.