Global Bazaar

Category:-Metal | 25-May-2023 05:13 PM

Crude oil fell slightly today. As of 15:02 CST, WTI oil and Brent oil fell 0.34% and 0.15% respectively. EIA's latest report sounded the alarm for bears. Crude oil inventories fell sharply by more than 10 million barrels, the biggest drop since November 2022. The market had expected an increase of 800,000 barrels. The significant decline in inventories still surprised and shocked the market.

The U.S. dollar has risen for four consecutive days, reaching a new high of 104.09 since March 17, 2023. As of 15:03, the U.S. dollar index rose 0.17%.

As of the closing of the day, SHFE tin and nickel surged 2.17% and 3.08% respectively; SHFE zinc fell 2.13%, SHFE copper dipped 0.77%, SHFE aluminum dropped 0.4%, SHFE lead fell 0.07%.

For ferrous metals, only stainless steel rose 1.55%; coke plunged 4.65%, coking coal fell 3.36%, rebar fell 2.53%, iron ore slumped 2.23%, and hot-rolled coil fell 1.78%.

Affected by multiple negative factors such as the ninth round of coke price cuts, the relative surplus of raw coal supply, the arrival of the rainy season affecting downstream operating rates and poor steel sales, bearish sentiment resurged in the market, pushing down ferrous metals sharply.

As of 15:06, most LME metals rose. LME nickel gained 2.33%, LME tin went up 1.37%, LME copper went up 0.34%; LME zinc was down 1.665, LME lead dropped 0.39%, and LME aluminium closed flat.

In terms of precious metals, SHFE gold and SHFE silver fell 0.36% and 1.55% respectively.

As of 15:07, COMEX gold and silver fell 0.25% and 0.26% respectively.

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