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

Published: May 6, 2023 10:46

Source: SMM

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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%.

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