Metals Markets See Mixed Signals Amid Global Economic Trends

Aluminium prices gained momentum as inventories in warehouses monitored by the Shanghai Futures Exchange fell 3% from last Friday. This decline, combined with China's pledge to strengthen economic growth through fiscal policy measures, contributed to aluminium's price increase.

According to data, global primary aluminium output in July dropped 1.7% year on year to 6.16 million tonnes. Meanwhile, available copper in LME-registered warehouses decreased from 166,775 tons a week earlier to 107,050 tons, while copper stocks in SHFE-monitored warehouses fell by 19.1% to 72,428 tons.

Copper prices, however, dropped on profit booking after Fed Chair Warsh's more hawkish tone strengthened expectations for a rate hike next month. Zinc also declined due to profit booking following price rallies fueled by shrinking LME stocks and renewed investor concerns over market tightness.