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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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
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 Cheating on Output Cuts
SMM Daily Comments (May 22): Metals Prices Mostly Fell, Zinc Plunged to over 2-Year Low, Coke Slumped, Fears over US Debt Ceiling and China Demand Structural Issues Weigh on Oil
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Fitch Ratings Raises Saudi Arabia IDR, Says World Bank Reason and High Dependence on Oil Remain a Weakness for the Country's Rating
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