SMM Daily Comments (May 31): Base Metals Mostly Fell with SHFE Nickel Plunging, Ferrous Metals Dropped across the Board, Oil Down on Iran’s Full Return to Oil Market and Contentious Opinions within OPEC

SHANGHAI, May 31 (SMM) – Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.26% and 0.27% respectively. The U.S. dollar rose 0.37% as of 15:03.

Supply-side news has a negative impact on the oil market. Canadian oil and gas producers are restarting production as wildfires abate. In addition, there is news that Iran may return to the crude oil market. OPEC Secretary-General Haitham Al Ghais visited Iran for the first time on Monday. In an interview, he said that OPEC would welcome Iran to fully return to the oil market after the lifting of sanctions. He added that Iran has the ability to achieve large volumes of production in a short period of time.

The data shows that Russia's crude oil flowing to the international market is still at a high level, and it also plans to increase the export of seaborne diesel by one-third in June, weakening the boost from voluntary production cuts by oil-producing countries such as Saudi Arabia, and may lead to internal disagreements within OPEC.

As of the closing of the intraday trading, SHFE aluminum rose 0.39%, SHFE copper fell 0.02%, SHFE lead fell 0.16%, SHFE zinc fell 0.52%, SHFE tin fell 1.38%, and SHFE nickel fell 4.81%.

Coke fell 2.09%, stainless steel fell 1.45%, coking coal fell 0.77%, rebar dipped 0.57%, and hot-rolled coil fell 0.44%.

As of 15:06, LME metals generally fell, and only LME aluminum rose 0.04%, LME nickel went down 1.81%, LME tin dropped 0.67%, LME lead fell 0.51%, LME copper fell 0.4%, and LME zinc dipped 0.35%.

In terms of precious metals, SHFE gold and silver rose 1.27% and 1.64% respectively.

As of 15:08, COMEX gold and silver rose 0.09% and 1.12% respectively.

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