Metals Prices Surge in China as US Dollar Weakens

Metals prices rose in China on August 21, according to SMM Midday Review. The SHFE lead and zinc contracts led gains among base metals.

The most-traded lithium carbonate futures rose by 3.61%, while the most-traded alumina futures rose by 0.82%. SHFE copper rose 0.36% and SHFE aluminum rose 0.11%.

However, LME nickel fell 0.67%, making it the only base metal to decline. COMEX gold briefly traded above $4,600/oz during the session but was down 0.34%. SHFE silver rose by 1.22% and the most-traded platinum futures rose by 3.58%.

The US dollar index fell 0.11% to 98.76, with Citigroup's foreign exchange strategists turning bearish on its short-term outlook due to a dovish US Fed and expanding US Treasury buyback scale.