SMM Daily Comments (May 16): Most Base Metals Prices Closed with Losses, SHFE Nickel, Stainless Steel Plunge, Oil Gained on G7 New Measures, US Strategic Petroleum Reserve Replenishment and Supply Concerns

Crude oil rose slightly today. As of 16:18 CST today, WTI oil and Brent oil rose 0.51% and 0.53% respectively. Oil prices were supported by plans to replenish the U.S. Strategic Petroleum Reserve (SPR) and supply concerns over wildfires in Canada.

Leaders of the Group of Seven (G7) nations are likely to announce new measures at their meeting on May 19-21 against sanctions involving third countries evading sanctions on Russia. The positive news helped improve oil market confidence.

As of the closing of the intraday trading, most of the metals prices on SHFE and LME closed with losses.

On SHFE, only SHFE aluminum rose 0.44%. SHFE nickel fell more than 3%, SHFE zinc fell 1.51%, SHFE copper dipped 0.72%, SHFE tin dropped 0.66%, and SHFE lead fell 0.1%.

In terms of ferrous metals, iron ore rose 1.12%, coke and coking coal prices rose 0.62%; rebar fell 0.33%, hot-rolled coil fell 0.32%, and stainless steel fell 3.22%.

In terms of LME metals, as of 15:35, LME nickel dropped 0.9%, LME copper fell 0.85%, LME zinc and tin fell 0.47%; LME aluminum and lead rose 0.24%.

In terms of precious metals, SHFE gold fell 0.25%; SHFE silver fell 1.05%. COMEX gold and silver declined 0.52% and 1.38% respectively as of 15:36 today.

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