Metals Markets Surge Amid Crude Oil Price Decline

Metals markets have seen broad gains as of the midday close on August 5. Base metals on the domestic market rose almost across the board, with SHFE copper up 0.79%, SHFE aluminum rising 0.15%, and SHFE lead surging 2.61%. The most-traded cast aluminum futures were flat at 23,365 yuan/mt.

The most-traded alumina futures rose 0.99% and the most-traded lithium carbonate futures rose 1.45%. Silicon metal and polysilicon also saw gains of 0.72% and 1.83%, respectively.

Ferrous metals mostly rose, with iron ore increasing 0.93% and rebar rising 0.34%. Hot-rolled coil was up 0.5%, while stainless steel fell 2.09%. Coking coal and coke saw gains of 3.27% and 2.13%, respectively.

On the overseas base metals market, LME copper was flat at $14,043/mt, but LME aluminum rose 0.22%, and LME lead increased 0.71%. The most-traded platinum futures surged 7.04% and palladium rose 6.01%.