The most-traded metals on the Shanghai Futures Exchange rose on Wednesday, supported by market optimism after Beijing’s recent pledge to stabilize industrial growth, while traders monitored developments in China-U.S. trade talks.

SHFE aluminium was up 0.24% at 20,910 yuan($2,916.36) per ton, as of 0102 GMT, its highest point since November 12, 2024.

SHFE zinc climbed 0.37% to 22,945 yuan, its highest since April 1. Tin gained the most among all the SHFE metals, up 0.8% at 269,570 yuan, its highest level since July 4, while copper advanced 0.53% to 80,070 yuan, touching its highest point since July 9.

SHFE nickel inched 0.3% higher to 123,690 yuan and lead climbed 0.18% to 16,925 yuan.

“Beijing’s comments about stabilizing the industrial growth last Friday have been interpreted by many as supply-side reform, good news to those with overcapacity,” a Shanghai-based metals analyst from a futures company said.

Participants in Chinese metals markets closely monitored progress in U.S.-China trade discussions.

U.S. and Chinese officials will meet in Stockholm next week to discuss extending the deadline for trade deal negotiations, U.S. Treasury Secretary Scott Bessent said on Tuesday. The original deadline was August 12.

Lifting global sentiment, U.S. President Donald Trump said on Tuesday Washington and Japan had struck a trade deal that includes a lower 15% tariff that will be levied on U.S. imports from the country, including autos.

“Japan’s 15% tariff has been better than expected and the best deal so far, which may shed some light on U.S.-China talks too, wondering what will be discussed when Trump visits China,” said a Beijing-based metals analyst from a futures company.

Trump added that he may visit China soon for a landmark trip to address simmering trade and security tensions between both the superpower economies.

LME copper traded flat at $9,919.5 a ton, lead was unchanged at $2,010, while zinc fell 0.26% to $2,852.5, tin dropped 0.26% to $33,820, aluminium inched 0.1% lower to $2,655.5, and nickel ebbed 0.05% at $15,520.
Source: Reuters