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

Published: Jun 7, 2023 18:09

Source: SMM

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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.

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