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SMM Daily Comments (May 25): Base Metals Close Mixed, SHFE Tin and Nickel Soar,“Black Thursday” for Ferrous Metals, EIA Report Contrary to Market Forecast with Shocking Inventory Decline

Published: May 25, 2023 17:32 (GMT+8)
Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.34% and 0.15% respectively. EIA's latest report sounded the alarm for bears. Crude oil inventories fell sharply by more than 10 million barrels, the biggest drop since November 2022. The market had expected an increase of 800,000 barrels. The significant decline in inventories still surprised and shocked the market.

Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.34% and 0.15% respectively. EIA's latest report sounded the alarm for bears. Crude oil inventories fell sharply by more than 10 million barrels, the biggest drop since November 2022. The market had expected an increase of 800,000 barrels. The significant decline in inventories still surprised and shocked the market.

The U.S. dollar has risen for four consecutive days, reaching a new high of 104.09 since March 17, 2023. As of 15:03, the U.S. dollar index rose 0.17%.

As of the closing of the day, SHFE tin and nickel surged 2.17% and 3.08% respectively; SHFE zinc fell 2.13%, SHFE copper dipped 0.77%, SHFE aluminum dropped 0.4%, SHFE lead fell 0.07%.

For ferrous metals, only stainless steel rose 1.55%; coke plunged 4.65%, coking coal fell 3.36%, rebar fell 2.53%, iron ore slumped 2.23%, and hot-rolled coil fell 1.78%.

Affected by multiple negative factors such as the ninth round of coke price cuts, the relative surplus of raw coal supply, the arrival of the rainy season affecting downstream operating rates and poor steel sales, bearish sentiment resurged in the market, pushing down ferrous metals sharply.

As of 15:06, most LME metals rose. LME nickel gained 2.33%, LME tin went up 1.37%, LME copper went up 0.34%; LME zinc was down 1.665, LME lead dropped 0.39%, and LME aluminium closed flat.

In terms of precious metals, SHFE gold and SHFE silver fell 0.36% and 1.55% respectively.

As of 15:07, COMEX gold and silver fell 0.25% and 0.26% respectively.

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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

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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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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SMM Daily Comments (May 25): Base Metals Close Mixed, SHFE Tin and Nickel Soar,“Black Thursday” for Ferrous Metals, EIA Report Contrary to Market Forecast with Shocking Inventory Decline - Shanghai Metals Market (SMM)