SMM Daily Comments (May 24): LME Base Metals Closed with Losses, All Ferrous Metals Dropped with Iron Ore Plunging, Oil Gained Ground as Goldman Sachs Sees Stubborn Shortage from June

WTI oil rose for four consecutive days, and Brent oil advanced for three consecutive days. As of 15:08 CST, WTI oil and Brent oil were up 1.29% and 1.09%, respectively. As of 15:10, the U.S. dollar index fell 0.02%.

As of the closing of the intraday trading, SHFE tin and nickel rose 0.56% and 0.44% respectively, SHFE zinc fell 2.97%, SHFE copper dropped 1.3%, and SHFE lead dipped 0.1%;

Ferrous metals prices closed down across the board, with iron ore down 4.61%. Rebar prices slumped 3.51%, hot-rolled coil prices went down 3.11%, coke plummeted 2.67%, coking coal went down 1.91%, and stainless steel fell 0.75%.

As of 15:22, LME metals fell across the board. LME zinc dropped 2.36%, LME copper slid 1.7%, LME aluminium declined 1.46%, LME lead was down 0.68%, LME tin dipped 0.61%, and LME nickel dropped 0.39%.

In terms of precious metals, SHFE gold rose 0.26%, while SHFE silver fell 0.99%.

As of 15:24, COMEX gold and silver fell 0.03% and 0.76% respectively.

More popular news:

'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices

Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why

Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush

Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging

Zinc Prices to Plunge by 2025, Here's Why

G7 to Expand Sanctions Covering Metals on Russia, Promises Further Support for Ukraine

Citigroup Warns European Commercial Real Estate Values Will Plummet 40%, But Sees Medium-Term Opportunity

IMF: US Debt Defaults Will Take a Heavy Toll on Global Economy, Global GDP Growth Can Plunge

Goldman Sachs Warns of Serious Risks US Dollar Will Lose Reserve Currency Status on Debt Ceiling Standoff

BofA Sharply Lowers Forecast for Oil Price, Global Oil Consumption in 2023

UBS Raises China GDP Growth Forecast, Sees Earnings from China Stock Market Soaring, RMB Appreciating

Global Aluminium Inventory to Plunge Further amid Supply Headwinds, LME Aluminium Prices to React Fast

Takeaways of Warren Buffett and Berkshire Hathaway’s 2023 Annual Meeting

High Lithium Ore Prices in Australia will Drive Lithium Prices Rebound, Reasons Prevent Output to Grow

Sharp Output Cuts Led to Lithium Ore Shortages, High Import Prices Drove Lithium Salt Producers to Shut Down

US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters

No Other Country can Replace China's Manufacturing Industry Including India

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

A Bull Gold Market Has Just Begun 

Fitch Ratings Raises Saudi Arabia IDR, Says World Bank Reason and High Dependence on Oil Remain a Weakness for the Country's Rating

Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage

Buffett Talks about Banking Crisis and Bank Stocks He Bought, Munger Warned Commercial Real Estate: the City Will Be Seriously Hollowed Out