SMM Daily Comments (Jun 6): Base Metals Mostly Rose, Iron ore Surged, Oil Plunged on Sluggish Overseas Economies

Crude oil snapped its three-day winning streak. As of 15:05 CST, WTI oil and Brent oil fell 1.19% and 1.08% respectively. The U.S. dollar has fallen for two consecutive days. As of 15:06 today, the U.S. dollar index fell 0.14%.

The current negative factors for oil prices mainly come from the relatively weak overseas macroeconomics.

As of the closing of the intraday trading, SHFE base metals prices closed mixed. SHFE aluminium fell 0.96%, SHFE nickel dipped 0.66%, SHFE tin dropped 0.5%; SHFE zinc rose 0.83%, SHFE copper gained 0.65%, and SHFE lead rose 0.1% %.

Ferrous metals prices generally rose. Iron ore jumped 1.32%, coke rose 1.25%, stainless steel rose 0.67%, rebar rose 0.08%, hot-rolled coil closed flat, and coking coal fell 0.59%.

As of 15:09, most LME metals closed higher, with LME zinc up 0.72%, LME nickel up 0.67%, LME tin up 0.5%, LME lead up 0.37%, LME copper down 0.55% and LME aluminium down 0.69%.

In terms of precious metals, SHFE gold rose 0.25%, and SHFE silver fell 0.38%.

As of 15:12, COMEX gold rose 0.05%, and COMEX silver fell 0.25%.

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