SMM Daily Comments (Jun 14): Base and Ferrous Metals Rose Almost Across the Board with SHFE Nickel Surging, Oil Gained as US Adds Strategic Petroleum Reserve Purchase

Crude oil rose slightly today. As of 15:11 CST, WTI oil and Brent oil rose 0.13% and 0.28% respectively. The U.S. Department of Energy’s additional Strategic Petroleum Reserve Purchase supported oil prices.

As of 15:12, the U.S. dollar index rose 0.01%.

As of the closing of the intraday trading, SHFE base metals gained across the board, with SHFE nickel up 5.43%, SHFE zinc up 2.08%, SHFE aluminum up 1.56%, SHFE copper up 1.07%, SHFE tin up 0.88%, and SHFE lead up 0.07%.

Ferrous metals prices all rose. Coke jumped 2.86%, coking coal rose 2.77%, iron ore rose 1.51%, stainless steel rose 1.22%, rebar climbed 1.08%, and hot-rolled coil rose 1%.

As of 15:15, LME base metals mostly rose, and only LME copper fell 0.79%. LME lead rose 0.17%, LME tin rose 0.31%, LME aluminum rose 0.49%, LME zinc rose 0.52%, and LME nickel rose 0.62%.

SHFE gold and SHFE silver fell 0.28% and 0.35% respectively. As of 15:17, COMEX gold and silver rose 0.01% and 0.03% respectively.

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