SMM Daily Comments (May 15): SHFE, LME Metals Gained Ground with Iron Ore Soaring, Crude Oil Posted 4-Day Losing Streak on Fear Over China, US Demand

There is a "significant risk" of a historic default in the first two weeks of June, according to the latest report of the Congressional Budget Office (CBO). OPEC also said that China's potential growth will be offset by economic downside risks such as the US debt ceiling, which has become an important negative factor hindering the rebound of oil prices. Concerns about fuel demand in the world's largest oil consumer, the US and China, outweighed bullish sentiment on tighter supplies triggered by OPEC output cuts and US ramping up buildup.

As of the closing of the intraday trading, prices of most metals rose in the domestic and overseas markets.

On SHFE metals, SHFE nickel, SHFE aluminium and SHFE copper rose by about 1.44%, 1.26% and 0.93% respectively. SHFE zinc gained 0.31%, while SHFE tin and SHFE lead dropped 0.85% and 0.33% respectively.

In terms of ferrous metals, only stainless steel fell 0.16%. Iron ore surged 4.17%, coking coal rose 3.31%, coke jumped 2.98%, hot-rolled coil rose 2.33%, and rebar rose 2%.

In terms of LME metals, as of 15:11 CST, LME zinc was flat, LME copper rose 0.33%, LME aluminium rose 0.29%, LME lead rose 0.22%, LME nickel fell 0.44%, and LME tin fell 0.69%.

In terms of precious metals, Shanghai gold rose 0.05%; Shanghai silver fell 1.22%. COMEX gold and silver advanced, rising 0.12% and 0.4% respectively as of 15:13 CST.

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