Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks rose as a combination of debt-ceiling discussion optimism and positive data out of the US have triggered risk-on sentiment. Data on consumer spending highlighted a picture of a resilient economy, adding momentum to Fed's hiking bets to bring inflation back to target. The PCE index, the preferred inflation gauge, rose by a faster-than-expected 0.4% last month. The forward swaps are now pricing in 26bps worth of hikes over the course of the next two meetings. Over the longer-term, inflationary expectations eased slightly to 3.1% for the outlook over the next ten years. The dollar held firm above 104, and the 10yr US Treasury yield is now trading at 3.82%.

Base metals jumped higher today after days of downward pressure, as yesterday’s support levels held firm. The complex still closed lower week-on-week. Zinc, in particular, saw strong recoveries after four consecutive days of declines, as the support level at $2,240/t held firm and the metal closed at $2,343.50/t. Copper gained ground back above $8,000/t to close at $8,135/t. Iron ore futures also strengthened back above $100/mt, and the next day’s trading remained comfortable above this level. Lead closed at $2,078.50/t.

Despite positive sentiment across the board, precious metals held their support and edged slightly higher, with gold and silver now at $1,940/oz and $23.10/oz, respectively. WTI and Brent edged higher to $72/bl and $77/bl.

Lme Metals Price And Volume 26052023

All price data is from 26.05.2023 as of 17:30

Disclaimer

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.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields