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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 weakened in line with Europe and Asia as global sentiment continued to sour, reducing risk appetite across the board today. European shares, in particular, declined the most in two months after UK inflation figures came in above expectations. UK CPI data showed that pricing pressures eased into single digits, at 8.7% y/y; however, persistent food prices weighed on the overall sentiment. Meanwhile, the Fed’s minutes today should reveal policymakers’ views on the latest 25bps hike and help highlight the case for a pause in June. The dollar and the 10yr US Treasury yield were both seen higher.

Sentiment continued to worsen today, pushing metals below another round of robust support levels. In particular, copper fell below $8,000/t after markets tested it in the morning to close at $7,901.50/t; the next robust support level stands at $7,800/t, and we usually see some buying take place around this level. Zinc also saw another day of strong declines, falling to close at $2,313/t, the September 2020 lows. Aluminium remained broadly unchanged after support at $2,200/t held firm, closing at $2,205/t. Lead closed at $2,049/t.

Oil futures continued to gain ground, with WTI and Brent now trading at $74/bl and $78/bl. Gold and silver were seen lower at $1,963/oz and $23.16/oz, respectively.

Lme Metals Price And Volume 24052023

All price data is from 24.05.2023 as of 17:30

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