Global Metal Market Fluctuates Amid Supply Concerns
The global metal market experienced significant fluctuations on August 18, with base metals broadly falling. The Shanghai Futures Exchange (SHFE) saw copper drop by 1.19%, tin decrease by 1.57%, and zinc decline by 0.97%. However, SHFE nickel gained 0.19%.
Ferrous metals mostly rose during this period, with hot-rolled coil gaining 0.09% and stainless steel rising 0.6%. Iron ore fell 0.21%, while rebar dropped 0.27%. The US dollar index also increased by 0.05% to 99.63.
US Treasury yields rose on Monday, with the 30-year yield climbing over 4bps to 5.311%, its highest level since June 2007. The 10-year yield rose over 2bps to 4.724%. Crude oil benchmarks WTI and Brent both increased by 0.7% and 0.63%, respectively, amid supply concerns.
US Energy Secretary Wright stated that measures would be announced in the coming days to help refiners boost fuel production. The Strategic Petroleum Reserve still holds 300 million barrels, which will exceed pre-conflict levels after Iran tensions end.