SHANGHAI METALS MARKET REVIEW - September 30, 2026 Metals futures displayed mixed performance in midday trading on September 30, 2026, according to Shanghai Metals Market (SMM). Base metals in the domestic market were nearly all lower, with SHFE copper rising 0.21% while SHFE aluminum fell 0.35%. SHFE lead edged down 0.12%, and SHFE zinc fell 0.26%.
SHFE tin remained flat at 408,980 yuan per metric ton, while SHFE nickel declined 1%, marking the weakest performance among major base metals. Alumina futures emerged as the strongest performer in the trading session, with the most-traded alumina contract rising 2.07%. In contrast, the most-traded cast aluminum futures contract fell 0.11%.
The most-traded lithium carbonate contract declined 0.3%, while the most-traded silicon metal contract rose 0.59%. The most-traded polysilicon futures contract advanced 0.69%. Ferrous metals demonstrated mostly higher performance.
Iron ore rose 0.93%, rebar increased 0.29%, and HRC rose 0.12%. Stainless steel was the notable underperformer in this sector, falling 0.73%. In the coking markets, the most-traded coking coal contract edged down while the most-traded coke contract gained 1.08%.
Overseas base metals on the London Metal Exchange showed mixed performance as of 11:41. LME copper rose 0.18% and LME aluminum edged up 0.09%. LME lead remained flat at $1,898 per metric ton, and LME zinc fell 0.26%.
LME tin declined 0.93%, while LME nickel rose 0.23%, showing relative strength compared to its SHFE counterpart. Precious metals displayed broad strength throughout the session. COMEX gold rose 0.77% and COMEX silver advanced 0.56%.
In domestic precious metals trading, SHFE gold rose 1.06% and the most-traded SHFE silver contract increased 0.12%. Additionally, the most-traded platinum futures contract rose 0.87% and the most-traded palladium futures contract gained 1.24%. Shipping futures declined during the midday session, with the most-traded European shipping futures contract falling 1.36% to 2,832.5 points.
On the spot market for copper, high-quality #1 copper cathode in Guangdong was quoted at a premium of 900 yuan per metric ton against the front-month contract, unchanged from the previous trading day. Standard-quality copper maintained a premium of 600 yuan per metric ton, while SX-EW copper remained at a premium of 540 yuan per metric ton. The average price of #1 copper cathode in Guangdong reached 111,130 yuan per metric ton, up 490 yuan per metric ton from the previous trading day.
Macroeconomic developments provided context for market movements. China's September manufacturing PMI came in at 50.1%, up 0.3 percentage points from the previous month, indicating a rebound in economic activity. The non-manufacturing business activity index stood at 50.2%, and the composite PMI output index reached 50.7%, both up from the prior month.
By enterprise size, large enterprises reported a manufacturing PMI of 50.6%, while medium-sized and small enterprises posted PMIs of 49.7% and 48.9% respectively. Monetary policy developments also influenced market sentiment. The US dollar index remained flat at 101.39 as of 11:41.
Federal Reserve officials spoke intensively on Tuesday, with New York Fed President John Williams stating there is no need for the Fed to rush into another rate move after the September meeting. Williams indicated that a further increase in the federal funds rate may be needed before year-end to bring inflation back to the 2% target. According to CME Fed Watch data, the probability of the Fed keeping rates unchanged at its October meeting stood at 49.6%, while the probability of a 25 basis point hike was 50.4%.
Currency markets showed notable movement, with the Japanese yen strengthening past the 157 level against the US dollar, driven by government warnings and quarter-end fund flows. The yen rose as much as 0.6% against the dollar to 156.38, making it the strongest performer among G10 currencies. Japanese Prime Minister Sanae Takaichi said that when she met with US President Trump last week, Trump expressed concern about yen weakness.
Crude oil prices edged upward during the session, with WTI up 0.36% and Brent crude up 0.32%. Market participants continued to monitor Middle East developments and negotiations between the US and Iran regarding shipping through the Strait of Hormuz. Source: Shanghai Metals Market (SMM), September 30, 2026.
Source: news.metal.com