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

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.

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