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Home / Metal News / SMM Comment: SHFE And LME Base Metals Mostly Rise, Ferrous Metals And Crude Oil Also Outperform, US Dollar Softens 

SMM Comment: SHFE And LME Base Metals Mostly Rise, Ferrous Metals And Crude Oil Also Outperform, US Dollar Softens 

iconMay 6, 2023 10:46
Source:SMM
Yesterday, prices of two major crude oil futures contracts rose sharply, with WTI up 4.03% and Brent up 3.96%. However, the weekly chart shows that WTI and Brent fell for three consecutive weeks.

Yesterday, prices of two major crude oil futures contracts rose sharply, with WTI up 4.03% and Brent up 3.96%. However, the weekly chart shows that WTI and Brent fell for three consecutive weeks.

The US dollar index rose initially and then fell back, closing down 0.15% at 101.28. The US dollar index has gone down for two weeks in a row.

SHFE base metals mostly closed with gains, with zinc up 1.63%, leading the gains.

Ferrous metals futures prices rose across the board. Iron ore prices gained 3.49%, coking coal prices climbed 3.4%, and coke prices advanced 3.53%.

Most of the LME base metals went up, with nickel rising as much as 2.94%.      

Market review
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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