en.Wedoany.com Reported - On May 7, the Chinese metals market showed divergent trends. As of the daytime close, Shanghai tin rose 4.11%, leading base metals, while Shanghai nickel fell 2.51%, Shanghai aluminum dropped 1.26%, and fluctuations for other varieties were within 1%. The lithium carbonate main contract rose 1.52%, the polysilicon main contract rose 3.53%, and the industrial silicon main contract rose 2.31%. The ferrous metals sector saw mixed performance, with rebar up 0.83%, iron ore up 0.62%, while coking coal and coke fell 0.50% and 0.40%, respectively.
Base metals on the London Metal Exchange generally strengthened. As of 15:05, LME nickel rose 0.89%, LME lead rose 0.71%, while LME tin and LME aluminum fell 0.50% and 0.14%, respectively. Precious metals extended their upward trend, with COMEX gold up 1.09% to a high level and COMEX silver up 2.53%; domestically, Shanghai gold rose 1.77%, and Shanghai silver surged 4.57%.
On the macro front, the People's Bank of China conducted 27 billion yuan in 7-day reverse repo operations, resulting in a net withdrawal of 99.2 billion yuan for the day. At the LME Asia Week event, HKEX Chief Executive Bonnie Chan pointed out that the storage capacity of the LME-registered metal warehouses established in Hong Kong is nearing saturation, currently with 15 warehouses, compared to only 4 a year ago. She stated, "This is an important milestone in building physical market connectivity," and revealed that both parties will explore cooperation in futures and RMB-denominated products.
The US Dollar Index edged down 0.04% to 97.98. Chicago Fed President Goolsbee stated that if low consumer confidence translates into reduced spending, vigilance towards cooling demand would be warranted. The US New York Fed Global Supply Chain Pressure Index for April rose to 1.82, the highest since July 2022, with the previous value at 0.68. According to the CME "FedWatch Tool," the probability of keeping interest rates unchanged in June is 93.5%.
The crude oil market saw a turning point, with WTI and Brent crude falling 0.40% and 0.38%, respectively. Sources indicated that the US and Iran reached a consensus on gradually opening the Strait of Hormuz in exchange for easing maritime blockades. EIA data showed that US distillate fuel inventories plummeted by 1.3 million barrels last week, falling to their lowest level since April 2003, with diesel prices hitting new highs in some regions. A survey showed that OPEC crude oil production fell by 420,000 barrels per day in April to 20.55 million barrels per day, the lowest since 1990, with Kuwait's output dropping to 800,000 barrels per day and Iran's output falling to 3.05 million barrels per day.
SMM's daily commentary indicated that the price center for aluminum alloy ADC12 moved lower, secondary lead quotes softened alongside the decline in lead prices, the nickel pig iron market was locked in high-level negotiations, nickel salt prices were supported by rising costs, chromium-based product prices were lowered due to insufficient demand, rare earth transactions remained weak, spot silver consumption was sluggish, and platinum prices showed a wait-and-see attitude.
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