Metals Market Sees Mixed Results as China and US Central Banks Weigh In
The metals market saw mixed results as of the midday close on September 4. In China, domestic base metals mostly rose, led by SHFE copper's 0.49% gain and SHFE zinc's 0.6% increase. However, SHFE lead fell 0.12%. The most-traded casting aluminum futures contract rose 0.23%, while the most-traded alumina contract gained 1.81%. In contrast, lithium carbonate declined 2.48%
In overseas markets, LME metals mostly fell, with LME copper falling 0.17% and LME aluminum dropping 0.29%. However, LME zinc rose 0.37%. Precious metals also saw mixed results, with COMEX gold falling 0.43% but SHFE gold rising 1.79%
On the macro front, China's State Administration for Market Regulation has incorporated preventing 'involution-style' competition into its comprehensive rectification framework, aiming to standardize price competition and strengthen product quality supervision. In related news, tax authorities have implemented preferential tax and fee policies supporting urban renewal, resulting in 487 billion yuan in tax and fee cuts and refunds in the first half of the year
Meanwhile, US Fed Governor Waller stated that his next interest-rate decision would 'largely depend' on the August inflation data to be released next week. He emphasized that even a certain degree of warming in inflation data could prompt him to shift to supporting a rate hike at the upcoming policy meeting.