SHANGHAI, Sep. 30 (SMM) – An agreement was reached at the OPEC meeting to freeze oil output, driving up NYMEX oil prices by 5%. US major economic indicators were mixed, leaving the US dollar index consolidating at highs. Base metals rose with crude oil prices. SMM index rose 0.97%.
Lead led price gains this week. LME lead hit the highest for the year of USD 2,070.5/mt. SHFE 1611 lead hit a 2-year high of RMB 15,345/mt. The SMMI.Pb increased 4.3%. Aluminum also surged as spot inventories continued to fall, with spot premiums as high as RMB 600/mt. The SMMI.Al climbed 2.05%.
LME tin broke through USD 20,000/mt. SHFE 1701 tin advanced 1.29%. Spot tin in China were also close to RMB 130,000/mt. The SMMI.Sn climbed 1.97%.
LME zinc prices posted a 4-day winning streak, and SHFE 1611 zinc returned to RMB 18,000/mt. The SMMI.Zn grew 1.29%. The SMMI.Cu fell 0.04%. LME nickel surged, and volatility in SMMI.Ni reached 3.52%.