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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 rebounded later on in the day after House Speaker McCarthy reassured the market that the debt limit talks are being concluded next week. At the same time, after the Fed Bank of Dallas’ President Logan stated that the case of next month’s pause is not yet clear, the forward swaps probability of a hike increased to about 40%. US existing home sales plunged to a 3-month low in April as continued tightness in the inventory exacerbated affordability concerns. The dollar jumped above 103, and the 10yr US Treasury yield jumped 3.6%. Elsewhere, the ECB stated that the housing environment in the euro area is expected to be weighed down by tighter monetary policy despite resilience.

Yesterday’s gains failed to last, and metals fell to test recent support levels that are now holding firm. Copper weakened back to the $8,150/t level, but this support held firm, and the metal closed at $8,172.50/t. According to WBMS, global cathode output stood at 2.1m mt in March, with consumption at 2.17m mt; production of ore stood at 1.76m mt. Aluminium also struggled to hold above the $2,300/t level, falling to $2,283.50/t. Lead closed unchanged at $2,055.50/t. Zinc saw protracted losses below $2,50/t to $2,456/t.

Oil futures weakened slightly, with WTI and Brent edging down to $71/bl and $75/bl. Gold and silver weakened to $1,956/oz and $23.47/oz, respectively.

Lme Metals Price And Volume 18052023

All price data is from 18.05.2023 as of 17:30

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