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

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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

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

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

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