SMM Daily Comments (May 23): Metals Fall across the Board, SHFE Zinc and Tin Plunge, Oil Rose on Anticipation of Tighter Supply

As of 15:06 CST, WTI oil and Brent oil rose 0.06% and 0.01% respectively, as investors expected a seasonally stronger demand and production cuts by OPEC producers which will tighten the supply.

As of 15:07, the U.S. dollar index rose 0.05%.

As of the closing, SHFE zinc prices plunged 3.38%, SHFE tin slumped 3.27%, SHFE nickel fell 2.43%, SHFE copper dropped 1.37%, SHFE aluminum fell 0.86%, and SHFE lead fell 0.52%.

On ferrous metals front, coking coal rose 0.11%, iron ore fell nearly 3%, stainless steel fell 1.38%, hot-rolled coil fell 0.9% and coke dipped 0.66%.

As of 15:12, LME metals fell across the board, LME tin fell 2.38%, LME nickel fell 2.09%; LME zinc fell 1.46%, reaching the lowest of $2,379.5/mt since October 2020; LME copper fell 0.86%, LME aluminium fell 0.71%, and LME lead fell 0.46%.

In terms of precious metals, SHFE gold and silver fell 0.17% and 0.73% respectively. As of 15:13, COMEX gold and silver fell 0.71% and 1.22% respectively.

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