SMM Daily Comments (Jun 8): Base Metals Closed Mixed with SHFE Tin Plunging, Iron Ore Soared, Oil Rebounded

Published: Jun 8, 2023 18:07

Source: SMM

Save

As of 15:04 CST, WTI oil and Brent oil rose 0.11% and 0.05% respectively, while the U.S. dollar index fell 0.11%.

SHANGHAI, Jun 8 (SMM) – As of 15:04 CST, WTI oil and Brent oil rose 0.11% and 0.05% respectively, while the U.S. dollar index fell 0.11%.

As of the closing of the intraday trading, SHFE base metals closed mixed. SHFE tin fell 1.42%, SHFE nickel dipped 0.98%, SHFE copper fell 0.04%; SHFE lead rose 0.2%, SHFE aluminum rose 0.64%, and SHFE zinc gained 1.39%.

Ferrous metals prices mostly rose. Stainless steel fell 0.2%, coking coal dropped 1.05%; coke rose 0.2%, hot-rolled coil rose 0.4%, rebar rose 0.63%, and iron ore jumped 2.66%.

As of 15:08, LME base metals generally fell. LME nickel fell 1.34%, LME tin slid 0.83%, LME lead fell 0.71%, LME zinc fell 0.44%; LME aluminum rose 0.5%, and LME copper rose 0.45%.

In terms of precious metals, SHFE gold fell 0.66%, and SHFE silver rose 0.65%. As of 15:11, COMEX gold and silver rose 0.05% and 0.79% 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

7 mins ago

Operating Rate Rises as Expected, Short-term Increase in Air Conditioners Cannot Alter Home Appliance Demand Off-Season [SMM Enamelled Wire Market Weekly Review]

This week (6.26-7.2), the machine operating rate in the enamelled wire industry rebounded WoW....

7 mins ago

38 mins ago

Peru's State of Emergency Has Limited Impact on Copper Production, Logistics May Be Disrupted

Peru declared a 60-day state of emergency across 796 districts on July 2 due to the ongoing El Niño phenomenon and the heightened risk of heavy rainfall and major natural disasters. According to SMM's market survey, the production and operations of Peru's major copper mines remain largely unaffected, with mining activities continuing as normal. However, logistics activities—including ore transportation, the delivery of production supplies, worker commuting and vessel schedules—may experience some disruptions. Mines that primarily rely on rail transportation are expected to face relatively limited impacts. Based on feedback from local industry sources, large-scale operations such as Antamina and Quellaveco, which utilize rail transport, are expected to experience relatively limited logistics pressure.

38 mins ago

Peru Declares 60-Day State of Emergency as El Niño Risks Intensify

Peru has declared a 60-day state of emergency across 796 districts in several regions, including Ancash, Arequipa and Piura, due to the ongoing El Niño phenomenon and the heightened risk of heavy rainfall and natural disasters. During the emergency period, the government will implement disaster prevention, emergency response and recovery measures. Market participants believe that if severe weather disrupts transportation networks, ports or mining-related infrastructure, copper mine logistics and concentrate shipments could face temporary disruptions. Further developments and potential impacts on mining operations will continue to be closely monitored.

38 mins ago