SMM Daily Comments (May 5): LME Base Metals Rose across the Board, SHFE Nickel Plunged

Published: May 5, 2023 18:16

Source: SMM

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Crude oil futures gained ground today. As of 15:13 CST, WTI oil and Brent oil rose more than 1%.

The U.S. dollar edged lower today. As of 15:14 CST, the U.S. dollar index fell 0.19%.

As of the closing of the intraday trading, SHFE zinc rose 0.64%, SHFE nickel plummeted more than 2%, SHFE aluminum fell 0.68%, SHFE tin dipped 0.42%, SHFE copper dropped 0.27%, and SHFE lead fell 0.13%.

On the ferrous metals front, coking coal rose 1.31%, coke surged 1.64%; stainless steel fell 0.1%, hot-rolled coil fell 0.38%, and rebar dropped 0.52%.

LME metals rose across the board. As of 15:19, LME tin rose by 1.82%, LME lead and zinc rose by about 1%, LME copper gained by 0.68%, LME nickel rose by 0.65%, and LME aluminium climbed by 0.52%.

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