Home / Metal News / Precious Metals / SMM Daily Comments (May 26): SHFE and LME Base Metals Rose across the Board, Aluminium Soared, Iron Ore Skyrocketed, Russia Takes Opposite View against Saudi Arabia
SMM Daily Comments (May 26): SHFE and LME Base Metals Rose across the Board, Aluminium Soared, Iron Ore Skyrocketed, Russia Takes Opposite View against Saudi Arabia
iconMay 26, 2023 17:44
Crude oil prices rose today. As of 15:33 CST, WTI oil and Brent oil rose 0.36% and 0.18% respectively.

SHANGHAI, May 26 (SMM) - Crude oil prices rose today. As of 15:33 CST, WTI oil and Brent oil rose 0.36% and 0.18% respectively.

On the supply side, the crude oil market is focused on whether OPEC and Russia will fulfill their commitment to cut production. Russian Deputy Prime Minister Alexander Novak said on Thursday that OPEC+ is unlikely to take new steps at the first face-to-face meeting in six months to be held on June 4. The statement contradicted the previous signal from Saudi Arabia, which weakened the market's expectations of production cuts.

The U.S. dollar snapped its four-day winning streak. As of 15:34 today, the U.S. dollar index fell 0.14%.

As of the closing of the intraday trading, SHFE base metals prices closed with gains, with SHFE aluminum up 3.38%. SHFE copper went up 2.17%, SHFE tin rose 2.16%, SHFE nickel jumped 1.27%, SHFE zinc went up 0.68%, and SHFE lead advanced 0.16%.

Ferrous metals prices generally rose, except for coking coal and coke which fell by 2.02% and 1.39% respectively. Iron ore rose 3.96%, hot-rolled coil rose 1.75%, stainless steel rose 1.71%, and rebar climbed 1.54%.

As of 15:39, LME metals rose across the board. LME zinc prices rose 1.63%, LME copper was up 1.31%, LME nickel was up 1.29%, LME aluminum climbed 0.85%, LME lead rose 0.51%, LME tin increased 0.42%.

In terms of precious metals, SHFE gold and SHFE silver fell 0.69% and 0.21% respectively.

As of 15:40, COMEX gold and silver rose 0.42% and 1.13% 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 19): LME Metals Rose across the Board, All Ferrous Metals Dropped with Coking Coal Plunging

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