SMM Daily Comments (Jul 5): Base and Ferrous Metals Prices Mostly Fell, WTI Soared despite Lingering Concerns over Global Economic Downturn

As of 15:05 CTS July 5, WTI oil rose 1.46%, while Brent oil fell 0.67%. The market is still worried that the global economic downturn will drag down the demand of the crude oil industry, and continued to digest the impact of the sluggish US manufacturing PMI.

As of 15:06 today, the US dollar index rose 0.01%

As of the closing of the intraday trading, most SHFE base metals prices closed with losses. Alumina and SHFE zinc closed almost flat, up 0.04% and 0.02% respectively; SHFE aluminium fell 1.22%, SHFE copper dipped 0.63%, SHFE nickel dropped 0.52%, SHFE lead slid 0.35% %, and SHFE tin fell 0.33%.

Prices of most ferrous metals declined. Iron ore rose 0.73%, stainless steel advanced 0.31%; coking coal fell 1.36%, coke fell 1.15%, rebar fell 0.53%, and hot-rolled coil dipped 0.44%.

In terms of precious metals, SHFE gold rose 0.03%, and SHFE silver fell 0.44%.

As of 15:11 CST today, COMEX gold and silver fell 0.02% and 0.53% respectively.

LME base metals fell across the board. As of 15:11 CST, LME zinc fell 1.66%, LME aluminium fell 1.01%, LME copper fell 0.63%, LME nickel fell 0.55%, LME lead went down 0.48%, and LME tin dropped 0.35%.

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