SMM Daily Comments (Jun 7): Base Metals Mostly Rose, Ferrous Metals Dropped, Oil down as Russia Dumps Cheap Oil

Published: Jun 07, 2023 18:09 (GMT+8)

Source: SMM

Save

Crude oil fell for two consecutive days. As of 15:06 CST today, WTI oil and Brent oil fell 0.49% and 0.47% respectively.

Saudi Arabia will lose a lot of market share. However, as OPEC's second largest oil producer, the United Arab Emirates insisted on increasing production, while Russia continued to dump low-priced crude oil to the market.

The U.S. dollar has risen for two consecutive days. As of 15:07 today, the U.S. dollar index rose 0.07%.

As of the closing of the intraday trading, the basic metals in the internal market generally rose, SHFE zinc rose 1.24%, SHFE lead rose 0.7%, SHFE nickel rose 0.13%, SHFE copper rose 0.06%; SHFE tin fell 0.11%, and SHFE aluminum fell 0.03%.

Ferrous metals prices generally fell, stainless steel and iron ore rose 0.23% and 0.06% respectively; hot-rolled coil fell 1.59%, rebar dipped 0.93%, coking coal fell 0.59%, and coke fell 0.42%.

As of 15:11, LME metals were mixed. LME nickel prices fell 0.1%, LME tin dropped fell 0.33%, LME copper fell 0.44%; LME lead rose 0.22%, LME aluminum rose 0.32%, and LME zinc climbed 0.58%.

In terms of precious metals, SHFE gold and SHFE silver rose 0.36% and 0.04% respectively. As of 15:14, COMEX gold and COMEX silver fell 0.42% and 0.53% respectively.

More popular news:

SMM Daily Comments (Jun 2): All Metals Closed Higher with SHFE Nickel Leading Gains, Coke Surged

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Glencore to Aggressively Expand Copper Capacity

World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Changan Automobile Denies Rumours of "Withholding Payment": NOT True and Has Reported to Public Security Authority

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Futures market Market review

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

[SMM Flash] South African Platinum-Sector Mine Fatalities Reach 18 in 2026

South Africa’s platinum sector recorded 18 mineworker fatalities by 14 September 2026, Minister of Mineral and Petroleum Resources Gwede Mantashe said at a mine safety summit on 17 September. The sector recorded 11 fatalities during the whole of 2025. These figures cover different lengths of time. Mantashe urged the industry to investigate fatalities promptly and strengthen worker protection. The increase brings mine safety into sharper focus for PGM producers and regulators, but his remarks did not announce a new rule, mine closure or change in output.

2 hours ago

Magna Reports PGM-Bearing Drill Intervals at Levack

Magna Mining reported a 2.1-metre downhole interval at its past-producing Levack mine in Ontario grading 17.5 g/t platinum, palladium and gold combined, alongside 9.5% copper and 2.6% nickel. A separate West Main interval returned 4.6 metres grading 3.5 g/t of the three precious metals combined, alongside 1.7% copper and 4.0% nickel. The results help Magna assess areas that could contribute metal following a potential restart. They do not establish separate platinum or palladium grades, additional reserves or production; a formal restart decision remains pending.

2 hours ago

[SMM Flash] Platinum and Palladium Edge Lower in 22 September Spot Snapshot

Spot platinum was down 0.6% at US$1,786.43/oz and palladium was down 0.4% at US$1,296.40/oz at 04:54 GMT on 22 September, Reuters reported. These are intraday indications, not closing prices. The modest declines matter for near-term physical valuations and hedging. The snapshot alone does not establish a change in PGM mine supply or industrial demand.

2 hours ago