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

AI desk brief

Precious metals firmed at the midday close, 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 comes alongside a flat dollar index at 101.39 and a more dovish market read after New York Fed President John Williams said the Fed does not need to rush another move, even as he left open the possibility of further hikes this year if data stay firm.

FedWatch pricing remains split, with 49.6% odds of rates unchanged and 50.4% odds of a 25 bp hike at the October meeting; by December, markets price 41.8% odds of a cumulative 50 bp hike. In China, September manufacturing PMI improved to 50.1% and the PBOC conducted 833.5 billion yuan of overnight reverse repos, while the yuan-supportive/yen-strong backdrop and mixed base-metal tape point to a broadly risk-managed but not decisively bearish setup for metals.