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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 after markets faced another wave of resistance from the recent rally. The path of the Fed’s monetary policy still remains unclear, and Powell’s remarks to Congress tomorrow should help underscore key factors that will help guide policymakers ahead of the July meeting. Meanwhile, housing starts jumped unexpectedly, up by 21.7% in May, by most since 2016, with residential construction fuelling growth; homebuilders grew more upbeat about prospects as supply chain issues subside and demand firms. The dollar gained ground, testing the 102.70 level, and the 2yr US Treasury yield continued to edge higher to 4.68%.

A subdued risk-off sentiment was seen across the base metals market today, with copper seeing smaller losses after Indonesian president Widodo stated that the economy would stop exporting copper concentrate after Freeport Indonesia and Amman Mineral International finish building their smelter; both facilities are expected to begin production in May 2024. Copper remained broadly unchanged as a result, closing at $8,548/t. Zinc saw protracted selling pressures once again, given the continued pessimism about Chinese stimulus measures, especially in relation to the construction sector; the metal closed at $2,359.50/t. Lead, on the other hand, rebounded by the end of the day, closing at $2,144.50/t. Aluminium closed at $2,230/t.

WTI and Brent weakened to $70/bl and $75/bl. Silver sold off below $24.00/oz to $23.12/oz, while gold weakened to $1,935/oz.

Lme Metals Price And Volume 20062023

All price data is from 20.06.2023 as of 17:30

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