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

Published: May 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.

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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

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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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