1. Metals Outlook
  2. Daily Base Metals Report

US stocks fluctuated throughout the day ahead of the key economic data releases this week, which are forecast to highlight the slowing pace of economic and price growth in the economy. US home construction continued to fall in November as permits declined rapidly, another signs of housing market slowdown. The dollar weakened into 103.87, and the 10yr US Treasury yield remained elevated at 3.68%. The yen rallied to 131 after the surprise move from the BOJ to double the cap on 10yr yield to 0.5% while keeping the policy rate unchanged. Markets now anticipate the BOJ to raise rates next year.

Metals benefitted from a weaker dollar today, with the group closing higher day-on-day. Aluminium jumped higher during the day before reversing those gains to return to close at the $2,372.50/t level; the cash to 3-month spread was at -$40/t. Likewise, nickel jumped by more than $1,160/t following the news that NorNickel is considering cutting 10% of nickel output in 2023, keeping production at 215,000 tonnes. The metal settled at $28,334/t, and the cash to 3-month spread settled at -$142/t. Copper remained broadly unchanged at $8,354.50/t. Lead and zinc closed higher at $2,180/t and $3,082.50/t, respectively.

Oil futures edged higher on thin trading volumes and a softer dollar; WTI and Brent now trade at $75/t and $79/t. Gold and silver jumped higher today following the surprise move from BOJ, now trading at $1,818/oz and $24/oz, respectively.

Lme Metals Price And Volume 20122022

All price data is from 20.12.2022 as of 17:30


This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign up to get the latest market insights

We will email you each time a new report has been published.