Iron ore leads ferrous metals lower
The most-traded iron ore futures contract on the Shanghai Futures Exchange fell 0.33% by the midday close on July 20, according to the Shanghai Metals Market midday review. Other ferrous contracts also weakened: rebar dropped 0.45%, hot-rolled coil declined 0.54%, and stainless steel fell 0.27%. In the coking complex, the most-traded coking coal contract edged up 0.2% while the most-traded coke contract dropped 0.99%.
Mixed performance across base metals
Base metals on the domestic market showed mixed performance at midday. SHFE tin led the gains with a 1.65% rise, while SHFE copper edged up 0.29% and SHFE lead edged higher. On the downside, SHFE aluminum edged down 0.32%, SHFE zinc fell 0.63%, and SHFE nickel dipped 0.13%. Overseas on the London Metal Exchange, metals broadly rose: copper was up 0.2%, zinc and tin both gained 0.31%, and nickel rose 0.21%, while aluminum fell 0.16% and lead fell 0.21%.
Precious metals firm as crude oil extends gains
Precious metals strengthened in tandem. COMEX gold rose 0.2% and COMEX silver gained 1.85%, while SHFE gold rose 0.7% and the most-traded SHFE silver contract climbed 2.47%. Crude oil prices on both sides of the Atlantic extended gains from the previous session, with WTI rising 2.24% and Brent rising 2.41% as of 11:45 a.m., driven by an escalation in the US-Iran conflict over the weekend. The most-traded platinum futures contract fell 0.33% and the most-traded palladium contract fell 0.84%.
Battery and solar materials diverge
The most-traded lithium carbonate contract fell 1.69%, while silicon metal dropped 0.72% and the most-traded polysilicon futures contract declined 1.26%. In contrast, the most-traded alumina contract rose 1.23%, and the most-traded cast aluminum futures contract edged down 0.3%.
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