1. Metals Outlook
  2. Daily Base Metals Report

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


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.