Metals Prices Surge Globally as Precious Metals Rally

The Shanghai Metals Market reported that base metals in the domestic market mostly rose as of the midday close. SHFE copper, lead, and zinc all rose within 0.3%, while SHFE aluminum fell 0.57%. SHFE tin and nickel rose 1.68% and 1.19% respectively.

The ferrous metals market showed mixed performance, with iron ore falling 2.17% and rebar dropping 0.46%. However, stainless steel rose 0.63%, and coking coal and coke saw gains of 0.25% and 1.12% respectively.

In the precious metals market, gold on COMEX rose 0.11%, while silver surged 2.11%. SHFE gold and silver also rallied, with SHFE gold rising 2.47% and the most-traded SHFE silver futures contract increasing by nearly 5%.