Shanghai base metals close lower; copper falls 0.74%, zinc down 1.48%

The breadth of the selling is the story here: nearly every contract in the complex closed lower, with zinc and nickel leading the decline and lead the lone green tick. That pattern points to a broad risk-off move across industrial metals rather than a single-metal story, though the item offers no driver behind it. For RWA and tokenized-commodity watchers, the read-across is that metals-backed products would face the same underlying pressure, since the reference prices are what they track. Whether lead's outperformance reflects genuine relative strength or simply a thin, idiosyncratic move is the open question.