Crude Oil Surges as Base Metals Struggle
Crude oil futures saw significant gains overnight, with WTI crude rising by 5.74% and Brent crude up 5.19%. The metals market experienced mixed results, with base metals on the domestic Shanghai Futures Exchange (SHFE) mostly falling. SHFE copper fell 0.83%, while SHFE aluminum rose 0.02%. LME base metals, however, performed better, with LME copper down by only 0.65% and LME aluminum up 0.94%. SHFE tin saw a decline of over 1%, falling 1.61% overnight.
The precious metals market also experienced losses, with COMEX gold falling 2.36% to settle at $4,375.7/oz, and COMEX silver down 3.48%. The most-traded SHFE gold contract fell 2.07%, while the most-traded SHFE silver contract dropped by 3.14%. The US dollar index rose 0.24% overnight to 99.66.