SMM Comment: SHFE And LME Base Metals Mostly Rise, Ferrous Metals And Crude Oil Also Outperform, US Dollar Softens 

Yesterday, prices of two major crude oil futures contracts rose sharply, with WTI up 4.03% and Brent up 3.96%. However, the weekly chart shows that WTI and Brent fell for three consecutive weeks.

The US dollar index rose initially and then fell back, closing down 0.15% at 101.28. The US dollar index has gone down for two weeks in a row.

SHFE base metals mostly closed with gains, with zinc up 1.63%, leading the gains.

Ferrous metals futures prices rose across the board. Iron ore prices gained 3.49%, coking coal prices climbed 3.4%, and coke prices advanced 3.53%.

Most of the LME base metals went up, with nickel rising as much as 2.94%.