SMM Daily Comments (May 29): Base Metals Close Mostly Higher, Ferrous Metals Rose across the Board, Tin and Iron Ore Soar, Markets Eyes on OECD Economic Outlook Report

Crude oil rose slightly today. As of 15:19 CST, WTI oil and Brent oil rose 0.85% and 0.73% respectively. The U.S. dollar snapped its five-day winning streak and dipped 0.1% as of 15:19 today.

As of the closing of the intraday trading, SHFE base metals mostly rose. Only SHFE lead fell 0.07%; SHFE tin jumped 4.18%, SHFE zinc gained 2.37%, SHFE copper rose 2.05%, SHFE aluminium rose 0.92%, and SHFE nickel advanced 0.56%.

Ferrous metals prices closed up across the board, with iron ore up 4.89%, rebar up 1.86%, hot-rolled coil up 1.54%, coking coal up 0.97%, stainless steel up 0.54%, and coke up 0.28%.

LME market was closed today due to the UK spring bank holiday.

 In terms of precious metals, SHFE gold fell 0.04%, and SHFE silver rose 1.73%. As of 15:36, COMEX gold and silver rose 0.09% and 0.51% respectively.

Today, the market is awaiting the issue of the economic outlook report released by the OECD.

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