The most-traded metals contracts on the Shanghai Futures Exchange (SHFE) saw declines on Monday, July 28, 2025, after registering gains last week. This downturn is attributed to seasonally low demand during China's hot and rainy summer months of July and August, coupled with cautious market sentiment as traders monitor ongoing trade negotiations between the U.S. and China. SHFE copper decreased by 0.42% to 79,000 yuan ($11,021.05) per metric ton, while aluminium slipped 0.65% to 20,615 yuan. Zinc dropped 0.88% to 22,645 yuan, tin fell 1.26% to 267,880 yuan, and nickel declined 1.5% to 121,620 yuan. Despite the overall softening, copper inventories in SHFE-monitored warehouses fell 13% week-on-week to 73,423 tons by July 25, marking the lowest level since December, which provided some limited support against further price drops. Meanwhile, on the London Metal Exchange (LME), three-month lead rose 0.15% to $2,017 per ton, and copper gained 0.31% to $9,800.