SMM Daily Comments (May 12): SHFE Base Metals and Silver Prices Crashed, Most LME Base Metals Prices Went Down, Oil Posted 3-Day Losing Streak

WTI oil and Brent oil have fallen for three consecutive days. As of 15:14 CST, WTI oil and Brent oil fell by 0.41% and 0.49% respectively.

As of the closing of the intraday trading, prices of most SHFE and LME metals dropped.

In terms of SHFE market, SHFE tin prices plunged 4.51%, SHFE copper dropped 2.61%, SHFE zinc declined 2.39%, SHFE nickel slumped 1.85%, SHFE aluminium fell 1.6%, and SHFE lead dipped 0.42%.

In terms of ferrous metals, only coke and coking coal prices rose. Coking coal rose 0.33% and coke rose 0.45%. Iron ore fell nearly 2%, hot-rolled coil dropped 1.57%, rebar fell 1.54%, and stainless steel fell 0.68%.

As for LME metals, as of 15:06, LME copper and nickel rose 0.74% and 1.01% respectively. LME tin plummeted 2.32%, LME zinc fell 0.75%, LME lead fell 0.64%, and LME aluminium dipped 0.14%.

In terms of precious metals, SHFE gold fell slightly by 0.84%; SHFE silver slumped 5.38% today, falling for two consecutive days.

Both COMEX gold and silver fell for three consecutive days. As of 15:09 today, they fell 0.31% and 1.16% respectively.

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