Metals Market Sees Mixed Performance as Base Metals Decline

The metals market saw mixed performance overnight, with base metals on the domestic market exhibiting varying trends. SHFE copper declined by 0.16%, while SHFE aluminum fell 0.33%. On the other hand, SHFE lead rose 0.19% and SHFE zinc edged up 0.09%. SHFE tin also rose 0.12%, but SHFE nickel fell 0.48%. In addition, alumina futures contracts declined by 2.07%.

Other ferrous metals showed mixed performance as well, with stainless steel falling 0.22% and iron ore dropping 0.35%. However, rebar rose 0.42%, while hot-rolled coil edged down. Coking coal and coke saw slight increases of 0.07% and 0.52%, respectively.

Overseas, LME base metals fell across the board. LME copper declined by 0.99%, with LME aluminum falling 0.61%. LME lead plummeted by 1.27%, followed closely by LME zinc's 1.24% drop and LME tin's 1.54% decline. LME nickel also fell, dipping 1%.

In the precious metals market, COMEX gold dropped a significant 4%, reaching an intraday low of $4,143.1/oz. COMEX silver followed suit, plummeting by 5.82%. The SHFE gold contract declined by 1.57%, and the SHFE silver contract fell 1.63%.