SMM Daily Comments (May 4): Coking Coal and Oil Prices Plunge, SHFE Nickel Soar, Gold Hit Record High

Crude oil futures opened lower but moved higher today. WTI oil hit the lowest of $63.64 per barrel since December 2, 2021.

As of 15:28 CST, WTI oil rose 0.66% and Brent oil rose 1%. Near the end of the Asian trading session, the US dollar rose slightly, and as of 15:32, the US dollar index was flat.

As of the closing of the intraday trading, SHFE nickel jumped 2.85%, SHFE tin rose 0.8%, SHFE lead rose 0.75%, SHFE copper advanced 0.03%; SHFE aluminium fell 0.14%, SHFE zinc dipped 0.47%,

Stainless steel prices rose 1.74%.

In terms of precious metals, Shanghai gold once hit a record high of 459.98 yuan/g, closing up 2.25%; Shanghai silver closed 3.08% higher.

SMM Daily Comments (Apr 25): LME Base Metals Prices Fall across the Board, Coke Prices Plunge, Oil Posts 3-day Winning Streak

As of 15:40, COMEX gold rose 0.27%, hitting a new intraday high of $2,085.4 per ounce since August 7, 2020, and COMEX silver rose 0.39%.

Most LME metals gained ground. As of 15:40 CST, LME aluminium prices climbed 0.09%, LME lead rose 0.35%, LME nickel went up 0.65%, LME copper rose 1.26%, LME zinc fell 0.21%, and LME tin fell 3%.

Goldman Sachs, Trafigura See Copper Price Skyrocketing to All-Time High, Citing Stocking Out

Weak Electric Vehicle Pricing Will Spread To New Car Market, Analyst Says

JP Morgan Chase, Citigroup and Deutsche Bank See US Recession in the Cards

Rio Tinto: Pilbara Iron Ore Shipments Hit All-Time High in the First Quarter, Copper Output at 145,000 mt

Goldman Sachs: European Central Bank to Raise Interest Rates Three Times, Ups Forecast for Peak Interest Rate

IEA: Global Electric Vehicle Sales Proliferated in 2022, China Led the Growth