Home / Metal News /  SMM Daily Comments (Jun 15):SHFE Base Metals Mostly Rose on Positive Policy, SHFE Nickel and Coking Coal Soared, India Will Replace China As Biggest Global Oil Demand Driver

SMM Daily Comments (Jun 15):SHFE Base Metals Mostly Rose on Positive Policy, SHFE Nickel and Coking Coal Soared, India Will Replace China As Biggest Global Oil Demand Driver

iconJun 15, 2023 18:13
Source:SMM
Crude oil rose slightly today, with WTI and Brent oil up 0.31% and 0.27% respectively as of 15:16 CST. As of 15:16, the U.S. dollar index rose 0.28%.

Crude oil rose slightly today, with WTI and Brent oil up 0.31% and 0.27% respectively as of 15:16 CST. As of 15:16, the U.S. dollar index rose 0.28%.

IEA data showed that China's crude oil demand reached a record high of 16.3 million barrels per day in April. IEA chief Birol said that India will soon replace China as the biggest driver of global oil demand.

As of the closing of the intraday trading, SHFE base metals prices generally rose, and only SHFE copper fell 0.01%. SHFE nickel rose 2.34%, SHFE zinc rose 1.7%, SHFE tin rose 1.27%, SHFE lead rose 0.36%, and SHFE aluminum rose 0.24%.

Ferrous metals prices mostly closed higher, while only stainless steel fell 1.14%. Hot-rolled coil rose 0.49%, rebar rose 0.59%, coke gained 1.42%, iron ore rose 1.43%, and coking coal rose 3.88%.

As of 15:24, all LME metals went down, with LME lead down 0.07%, LME tin down 0.72%, LME nickel down 0.77%, LME copper down 0.85%, LME aluminum down 1.35%, and LME zinc down 1.81%.

For precious metals, SHFE gold and silver both fell for two consecutive days, down 0.94% and 2.09% respectively.

As of 15:32, COMEX gold and silver fell 1.24% and 3.17% respectively.

More popular news:

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 Daily Comments (Jun 6): Base Metals Mostly Rose, Iron ore Surged, Oil Plunged on Sluggish Overseas Economies

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

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

China Will Issue Massive Bills In Hong Kong This Year

Breaking News! What are the Signals from China’s Surprise Rate Cut besides the Aim of Lowering Financing Cost for Real Economy?

Global Manufacturing PMI Continued To Fall In May, Points To Downturn In Global Economy

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

Indonesia Will Launch Nickel Price Index Applied for Domestic Policies and Deter Export Duties on Nickel Products

Chilean Tax Hike Will Deter Copper and Lithium Mine Investment, Push Japanese Mining Companies to Other 24 Countries

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

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

For queries, please contact William Gu at williamgu@smm.cn

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

Related news

SMM Events & Webinars

All