Shanghai Metals Market Sees Across-the-Board Declines in Metal Prices
Metals market: The Shanghai Metals Market (SMM) reported that as of the midday close, base metals on the domestic market all fell. SHFE copper declined by 0.72%, while SHFE aluminum dropped by 0.68%. Lead and zinc also saw significant declines, with SHFE lead falling 0.77% and SHFE zinc plummeting 0.97%. In addition to these losses, SHFE tin and nickel fell by 1.25% and 1.18%, respectively.
The most-traded casting aluminum futures contract dropped by 0.51%, while the most-traded alumina contract rose 0.33%. Lithium carbonate saw a notable decline of 4.15%, followed by silicon metal, which fell by 0.58%. Polysilicon futures, however, managed to rise 1.23%.
Ferrous metals mostly declined, with iron ore falling 0.91% and rebar and hot-rolled coil both dropping within the range of 0.4%. Stainless steel rose by a marginal 0.36%. Coking coal saw significant losses, with the most-traded contract plummeting 2.64%, while coke also declined by 0.59%.