SMM Daily Comments (May 17): Most Metals prices Rose, Ferrous Metals Jumped with Coking Coal soaring 3.29%,Oil Went Down on Surprise Inventory Growth, Poor China Economic Data and IEA Doubt on Russia Cheat

Published: May 17, 2023 18:34

Source: SMM

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Crude oil fell slightly today. As of 15:01 today, WTI oil and Brent oil fell 0.68% and 0.55% respectively. Unexpected growth in crude inventories aroused concerns over demand. Meanwhile, economic data from the world's two largest oil consumers, the United States and China, missed expectations.

The IEA monthly report released yesterday also questioned Russia’s production cut cheating, mainly because its oil exports hit a record high. The IEA suspects that it has increased production to make up for the decline in oil revenue.

In terms of metals, as of the closing of the intraday trading, SHFE aluminum rose 1.24%, SHFE zinc rose 0.14%, and SHFE lead rose 0.1%. SHFE nickel fell 1.04%. SHFE copper fell 0.39%, and SHFE tin fell 0.1%.

In terms of ferrous metals, only stainless steel fell by 0.03%. Coking coal rose by 3.29%, iron ore jumped by 2.96%, coke rose by 2.43%, rebar gained by 1.45%, and hot-rolled coil rose by 1.21%.

As for LME metals, as of 15:07, only LME lead fell 0.05%. LME aluminum rose 0.07%, LME copper advanced 0.3%, LME nickel rose 0.37%, LME zinc climbed 0.66%, and LME tin rose 0.77%.

In terms of precious metals, SHFE gold fell 0.7%; SHFE silver fell 0.55%. As of 15:10 today, COMEX gold and silver rose 0.01% and 0.05% 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

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 16): Most Base Metals Prices Closed with Losses, SHFE Nickel, Stainless Steel Plunge, Oil Gained on G7 New Measures, US Strategic Petroleum Reserve Replenishment and Supply Concerns

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