SMM Daily Comments (May 5): SHFE Base Metals Prices Closed Mostly With Gains, Ferrous Metals Soared, Oil Posted 3-Day Winning Streak

Crude oil futures rose today. WTI oil has risen for two consecutive days, and Brent oil has risen for three consecutive days.

As of 15:14, WTI oil and Brent oil have risen by about 1%.

The U.S. dollar fluctuated and weakened today. As of 15:16, the U.S. dollar index dipped 0.2%, falling for two consecutive days.

As of the closing of the intraday trading, SHFE lead fell 0.26%, SHFE zinc rose 1.84%, SHFE tin rose 1.43%, SHFE copper gained 1.32%, SHFE nickel advanced 1.02%, and SHFE aluminium rose 0.82%.

On ferrous metals, coking coal surged 6.76%, coke jumped 6.32%, and hot-rolled coils and iron ore rose more than 5%.

The LME market is closed today and trading will resume on May 9 (Tuesday).

In terms of precious metals, SHFE gold fell 1.18%; SHFE silver fell 0.76%.

As of 15:22, COMEX gold rose 0.2%; COMEX silver was flat.

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