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Daily Base Metals Report

Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks gained a footing after moderate job gains alleyed some of the fears of continued path of tightened monetary policy. S&P 500 rose by more than 1%, erasing two days’ worth of previous losses. US initial jobless claims rose slightly to 225,000 in the week ending December 24th, whilst continuing rose to 1.7m, the most since February. The dollar softened and the 10yr US Treasury yield weakened for the first time in three days.

Meanwhile, many economies are restricting inbound travellers from China coming in, with additional tests and isolation period involved for most passengers. The removal of restrictions in China early next year will provide short-term volatility for the economy that continues to see elevated covid cases; however, should boost economic prospects in the longer term for the year ahead. In the meantime, the recent virus wave is muting the outlook for metals, most of which are seen softer on the day. Copper fell below the $8,420/t to $8,418/t in the second half of the day. Likewise, nickel and zinc closed lower at $30,259/t and $2,984.50/t, respectively. Lead, on the other hand, saw some solid gains, closing higher at $2,272.50/t.

Oil futures continued to edge lower today, with WTI and Brent softening into $78/bl and $82/bl. Precious metals were all seen higher, with gold and silver at $1,814/oz and $23.96/oz, respectively.

Lme Metals Price And Volume 29122022

All price data is from 29.12.2022 as of 17:30

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