PRECIOUS METALS | Shanghai Silver Futures Drop Over 7% as Most China Commodity Contracts Fall

Most major domestic futures contracts in China fell in early trading, led by declines in precious metals. According to Jin10, Shanghai silver futures were down more than 7%, while Shanghai tin futures fell more than 4%. Shanghai gold futures, No. 20 rubber, and international copper were each down more than 2%. Synthetic rubber slipped nearly 2%, and both Shanghai copper and rubber were down more than 1%. On the upside, urea rose more than 2%. Japonica rice and coking coal gained nearly 2%, while asphalt and the European container shipping futures contract were up more than 1%. PTA edged up nearly 1%.