SMM Daily Comments (May 4): Coking Coal and Oil Prices Plunge, SHFE Nickel Soar, Gold Hit Record High

Published: May 4, 2023 17:08
Source: SMM
Crude oil futures opened lower but moved higher today. WTI oil hit the lowest of $63.64 per barrel since December 2, 2021.

Crude oil futures opened lower but moved higher today. WTI oil hit the lowest of $63.64 per barrel since December 2, 2021.

As of 15:28 CST, WTI oil rose 0.66% and Brent oil rose 1%. Near the end of the Asian trading session, the US dollar rose slightly, and as of 15:32, the US dollar index was flat.

As of the closing of the intraday trading, SHFE nickel jumped 2.85%, SHFE tin rose 0.8%, SHFE lead rose 0.75%, SHFE copper advanced 0.03%; SHFE aluminium fell 0.14%, SHFE zinc dipped 0.47%,

Stainless steel prices rose 1.74%.

In terms of precious metals, Shanghai gold once hit a record high of 459.98 yuan/g, closing up 2.25%; Shanghai silver closed 3.08% higher.

SMM Daily Comments (Apr 25): LME Base Metals Prices Fall across the Board, Coke Prices Plunge, Oil Posts 3-day Winning Streak

As of 15:40, COMEX gold rose 0.27%, hitting a new intraday high of $2,085.4 per ounce since August 7, 2020, and COMEX silver rose 0.39%.

Most LME metals gained ground. As of 15:40 CST, LME aluminium prices climbed 0.09%, LME lead rose 0.35%, LME nickel went up 0.65%, LME copper rose 1.26%, LME zinc fell 0.21%, and LME tin fell 3%.

Goldman Sachs, Trafigura See Copper Price Skyrocketing to All-Time High, Citing Stocking Out

Weak Electric Vehicle Pricing Will Spread To New Car Market, Analyst Says

JP Morgan Chase, Citigroup and Deutsche Bank See US Recession in the Cards

Rio Tinto: Pilbara Iron Ore Shipments Hit All-Time High in the First Quarter, Copper Output at 145,000 mt

Goldman Sachs: European Central Bank to Raise Interest Rates Three Times, Ups Forecast for Peak Interest Rate

IEA: Global Electric Vehicle Sales Proliferated in 2022, China Led the Growth

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
As the final trading day approaches, Shanghai spot copper premiums remain strong [SMM Shanghai spot copper]
2 hours ago
As the final trading day approaches, Shanghai spot copper premiums remain strong [SMM Shanghai spot copper]
Read More
As the final trading day approaches, Shanghai spot copper premiums remain strong [SMM Shanghai spot copper]
As the final trading day approaches, Shanghai spot copper premiums remain strong [SMM Shanghai spot copper]
[SMM Shanghai Spot Copper] Looking ahead to tomorrow, next Monday marks the last trading day for the SHFE copper 2606 contract. According to SMM's #1 copper cathode price assessment methodology, SMM always quotes against the front-month contract. During the day, the center of copper prices moved up, and downstream procurement sentiment pulled back slightly, indicating that high prices somewhat curbed demand. Approaching delivery, suppliers showed a relatively strong willingness to deliver their open interest, keeping available cargo tight. In addition, spot inventory in the Guangdong region remained at a low level, with offers at a premium of around 200 yuan/mt, which may lend some support to premiums in the Shanghai region. Overall, premiums for Shanghai spot copper against the SHFE 2606 copper contract next Monday are expected to remain at a premium level.
2 hours ago
Data: SHFE, DCE market movement (Jun 12)
2 hours ago
Data: SHFE, DCE market movement (Jun 12)
Read More
Data: SHFE, DCE market movement (Jun 12)
Data: SHFE, DCE market movement (Jun 12)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Jun , 2026
2 hours ago
Geopolitical Cooling Meets Sticky Inflation, Copper Prices Swing Wildly at Highs [SMM Macro Weekly Review]
2 hours ago
Geopolitical Cooling Meets Sticky Inflation, Copper Prices Swing Wildly at Highs [SMM Macro Weekly Review]
Read More
Geopolitical Cooling Meets Sticky Inflation, Copper Prices Swing Wildly at Highs [SMM Macro Weekly Review]
Geopolitical Cooling Meets Sticky Inflation, Copper Prices Swing Wildly at Highs [SMM Macro Weekly Review]
2 hours ago
SMM Daily Comments (May 4): Coking Coal and Oil Prices Plunge, SHFE Nickel Soar, Gold Hit Record High - Shanghai Metals Market (SMM)