Metals futures mixed, alumina leads gains, SHFE nickel weak, coke and precious metals rise [SMM Midday Review] - Shanghai Metals Market

AI desk brief

Precious metals were firmer at the midday check: COMEX gold rose 0.77%, COMEX silver 0.56%, SHFE gold 1.06%, SHFE silver 0.12%, while platinum and palladium gained 0.87% and 1.24% respectively. The move came even as the dollar index was flat at 101.39 and Fed officials kept the tightening bias alive, with traders pricing roughly a 50/50 chance of an October hike and about a 41.8% chance of a cumulative 50bp increase by December.

The broader China macro backdrop was also supportive risk-wise, with September manufacturing PMI at 50.1% and the non-manufacturing index at 50.2%, while the PBOC conducted RMB833.5bn of overnight reverse repos. Separately, the yen strengthened past 157 versus the dollar on official warnings and quarter-end flows, adding to the cross-asset macro noise around dollar direction.