Base metal prices on the Shanghai Futures Exchange (SHFE) mostly closed lower today, because traders stayed on the sidelines on the back of the fragile truce between the US and China and Israel's strikes against Iran added further uncertainty.

The SHFE July copper contract edged lower by 0.8pc to 78,010 yuan/t ($10,863/t) and the July zinc contract fell by 1.2pc to Yn21,815/t.

The July nickel contract slid 0.1pc to Yn119,920/t. The July tin contract edged lower by 0.6pc to Yn263,690/t, while July aluminum prices rose by 0.2pc to close at Yn 20,440/t today. The July lead contract rose 0.3pc to Yn 16,945/t.

The Hang Seng Index was down 0.94pc at 23,809.3 as of 3:45pm Singapore time. The Shanghai Composite Index fell by 0.75pc to 3,377 on 12 June.

Israel carried out air and missile strikes against Iran in the early hours of 13 June local time. Israel said it struck military targets and infrastructure associated with Iran's nuclear programme across the country.

The World Bank projected 4.5pc growth for China in 2025 and 4pc growth in 2026, citing global trade policy uncertainty affecting manufacturing investment and exports, and signs of a weakening labour market, it said in its latest economic update on 12 June. Fiscal policy will help to ease the slowdown by injecting infrastructure spending and subsidies, it added.