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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks fell on Friday as markets assessed the possibility of more hikes from the Fed, as forward swaps now price in a 20bp hike in May. US March retail sales showed core readings declined less than expected, whereas overall declined by 1.0% m/m. Industrial production advanced by 0.4% m/m in March. Meanwhile, the University of Michigan advanced to 63.5; the inflation expectations for 5-10 years remained unchanged at 2.9%; however, the 1-year level increased to 4.6% as markets anticipated elevated inflation. Production at US factories fell in March for the first time this year as companies show signs of scaling back investment plans. The dollar bounced higher back above 101.40, and the 10yr US Treasury yield strengthened above 3.50%.

Base metals wavered today as market sentiment calmed, but positive momentum prevailed during the day. The PBOC vowing to step up support for the economy helped prop up the sentiment. Copper remained comfortable above $9,000/t, settling at $9,009/t. Aluminium tested support at $2,380/t before edging slightly higher at $2,385/t. Lead and zinc closed higher at $2,170/t and $2,856.50/t, respectively.

Oil edged higher today, with WTI and Brent at $82/bl and $86/bl. Gold and silver gave up some of the recent gains, falling below $2,000/oz and $25.50/oz, respectively.

Lme Metals Price And Volume 14042023

All price data is from 14.04.2023 as of 17:30

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