Home / Metal News / SMM Daily Comments (May 12): SHFE Base Metals and Silver Prices Crashed, Most LME Base Metals Prices Went Down, Oil Posted 3-Day Losing Streak

SMM Daily Comments (May 12): SHFE Base Metals and Silver Prices Crashed, Most LME Base Metals Prices Went Down, Oil Posted 3-Day Losing Streak

iconMay 12, 2023 17:50
Source:SMM
WTI oil and Brent oil have fallen for three consecutive days. As of 15:14 CST, WTI oil and Brent oil fell by 0.41% and 0.49% respectively.

WTI oil and Brent oil have fallen for three consecutive days. As of 15:14 CST, WTI oil and Brent oil fell by 0.41% and 0.49% respectively.

As of the closing of the intraday trading, prices of most SHFE and LME metals dropped.

In terms of SHFE market, SHFE tin prices plunged 4.51%, SHFE copper dropped 2.61%, SHFE zinc declined 2.39%, SHFE nickel slumped 1.85%, SHFE aluminium fell 1.6%, and SHFE lead dipped 0.42%.

In terms of ferrous metals, only coke and coking coal prices rose. Coking coal rose 0.33% and coke rose 0.45%. Iron ore fell nearly 2%, hot-rolled coil dropped 1.57%, rebar fell 1.54%, and stainless steel fell 0.68%.

As for LME metals, as of 15:06, LME copper and nickel rose 0.74% and 1.01% respectively. LME tin plummeted 2.32%, LME zinc fell 0.75%, LME lead fell 0.64%, and LME aluminium dipped 0.14%.

In terms of precious metals, SHFE gold fell slightly by 0.84%; SHFE silver slumped 5.38% today, falling for two consecutive days.

Both COMEX gold and silver fell for three consecutive days. As of 15:09 today, they fell 0.31% and 1.16% respectively.

More popular news:

'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices

Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why

Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush

Goldman Sachs Warns of Serious Risks US Dollar Will Lose Reserve Currency Status on Debt Ceiling Standoff

Goldman Sachs Sees European Gas Prices Tripling, Gives Price Forecast in H2 2023

BofA Sharply Lowers Forecast for Oil Price, Global Oil Consumption in 2023

UBS Raises China GDP Growth Forecast, Sees Earnings from China Stock Market Soaring, RMB Appreciating

Global Aluminium Inventory to Plunge Further amid Supply Headwinds, LME Aluminium Prices to React Fast

Takeaways of Warren Buffett and Berkshire Hathaway’s 2023 Annual Meeting

High Lithium Ore Prices in Australia will Drive Lithium Prices Rebound, Reasons Prevent Output to Grow

Sharp Output Cuts Led to Lithium Ore Shortages, High Import Prices Drove Lithium Salt Producers to Shut Down

US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters

Russia is Accelerating Technology to Become Top Liquefied Natural Gas Supplier by Tripling Exports By 2030

No Other Country can Replace China's Manufacturing Industry Including India

Global Manufacturing PMI in April Points to Greater Downward Pressure on Global Economy

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

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

A Bull Gold Market Has Just Begun 

Fitch Ratings Raises Saudi Arabia IDR, Says World Bank Reason and High Dependence on Oil Remain a Weakness for the Country's Rating

Futures market
Market review
Macro economy

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All