SMM Daily Comments (May 9): Most LME Base Metals Closed Lower, SHFE Nickel Prices Plunge, Ferrous Metals Mostly Rose

Published: May 09, 2023 16:57 (GMT+8)

Source: SMM

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Crude oil fell slightly today. As of 15:36 CST, WTI oil and Brent oil fell 0.67% and 0.7% respectively. The U.S. dollar gained ground today, and as of 15:37, the U.S. dollar index rose 0.16%.

As of the closing of the intraday trading, SHFE copper and zinc rose 0.06% and 0.02% respectively, SHFE nickel fell 2.7%, SHFE aluminum dropped 0.84%, SHFE lead dipped 0.29%, and SHFE tin fell 0.06%.

For ferrous metals, stainless steel fell 0.16%, iron ore rose 1.28%, hot-rolled coil rose 1.1%, coke rose 0.96%, and rebar advanced 0.57%.

LME metals mostly fell. As of 15:40, only LME aluminum rose 0.06%. LME nickel dropped 2.41%, LME tin fell 0.96%, LME zinc dipped 0.52%, LME copper fell 0.14%, and LME lead declined 0.07%. In terms of precious metals, SHFE gold rose 0.66%; SHFE silver fell 0.21%.

As of 15:41, COMEX gold fell 0.22%; COMEX silver fell 0.63%.

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