SMM Daily Comments (Apr 24): SHFE Base Metals Dropped With Nickel Tumbling, Ferrous Metals Prices Slumped

Published: Apr 24, 2023 16:15 (GMT+8)

Source: SMM

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Crude oil futures continued to weaken today. As of 15:10 CST, WTI oil and Brent oil fell 1.3%.

SHANGHAI, Apr 24 (SMM) – Crude oil futures continued to weaken today. As of 15:10 CST, WTI oil and Brent oil fell 1.3%.

After falling for two consecutive days, the US dollar rebounded today. As of 15:11, the US dollar index rose 0.16%.

As of the closing of the intraday trading, SHFE nickel prices plummeted by 3.24%, SHFE zinc prices dropped 2.55%, SHFE tin prices fell 1.79%, SHFE aluminium prices dipped 0.92%, SHFE copper prices fell 0.78%, and SHFE lead prices fell 0.29%.

For ferrous metals, hot-rolled coils prices fell 3.68%, rebar prices plunged 3.61%, iron ore prices fell 3.09%, stainless steel prices dropped 2.55%, and coke prices declined 2.18%.

Futures Market Macro

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.

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