Metals show mixed performance; alumina leads the gains, SHFE nickel leads the declines, coke, gold, silver, platinum, and palladium rise [SMM Midday Review] - Shanghai Metals Market

AI desk brief

Precious metals were bid at the midday check, with COMEX gold up 0.77%, COMEX silver up 0.56%, SHFE gold up 1.06%, SHFE silver up 0.12%, platinum up 0.87% and palladium up 1.24%. The move came against a flat dollar index at 101.39 and a mixed macro backdrop: New York Fed President Williams said the Fed need not rush another move but left the door open to further hikes, while FedWatch priced a near 50/50 chance of an October hold versus a 25 bp hike.

China data were modestly supportive for broader risk sentiment, with September manufacturing PMI at 50.1% and the composite PMI at 50.7%, both above the expansion threshold. Within the same SMM review, SHFE copper and LME copper were also slightly higher, while most domestic base metals were weaker; aluminum oxide was a notable outperformer at +2.07% and coke rose 1.08%.