Midday Market Recap: Mixed Performance Among Major Contracts with Shanghai Silver Up Over 3%

Deep News04-01

During the morning session on April 1, domestic futures contracts showed mixed performance. Shanghai silver surged more than 3%, while Shanghai gold, rubber, and synthetic rubber each rose over 2%. Palladium, the SSE 50 Index, Shanghai tin, international copper, Shanghai copper, apples, the CSI 1000 Index, platinum, 20# rubber, Shanghai lead, the CSI 300 Index, and the CSI 500 Index all gained more than 1%. On the downside, European container shipping futures dropped over 8%, crude oil fell more than 7%, fuel oil declined over 4%, and coking coal decreased more than 3%. Polysilicon, lithium carbonate, alumina, methanol, and caustic soda all fell over 2%.

In terms of market drivers, precious metals were supported by safe-haven buying amid fluctuating Middle East tensions, coupled with a decline in the U.S. dollar index. International gold and silver prices rose on Tuesday. At market close, the June-delivery gold futures contract on the COMEX settled at $4,678.60 per ounce, up 2.66%. The May-delivery silver futures contract closed at $74.919 per ounce, rising 6.16%.

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