1. Metals Outlook
  2. Daily Base Metals Report

US stocks continued to edge higher after a positive start to the earnings season, with key banks’ performances surprising on the upside. US consumer sentiment jumped higher in July, nearing a two-year high, supported by easing inflation and a robust labour market. Meanwhile, short-term inflationary expectations eased into 3.3%, with a 10-year ahead figure at 3.1%. Softening inflationary pressures this week helped to bolster sentiment across the board, as markets hope for a soft-landing to be taking place this year. The dollar, however, continues to feel the pain from a change of sentiment; the index tried to breach back above the 100 level once again but struggled. The 10yr yield is now at 3.80%.

The dollar weakness continued to support metals’ gains this week; however, the momentum seemed to have slowed on Friday. Aluminium struggled to break the $2,300/t resistance to close at $2,276.50/t. Likewise, copper tested the highs of $8,720/t before softening back into $8,673.50/t. Tin tested the $29,000/t level once again, suggesting markets have an appetite for further upside potential. Lead and zinc closed at $2,122.50/t and $2,439/t, respectively.

Oil futures, in line with metals, softened after hitting technical resistance, causing WTI and Brent to trade at $75/bl and $80/bl. Gold and silver remained unchanged at $19,60/oz and $24.90/oz, respectively.

Lme Metals Price And Volume 14072023

All price data is from 14.07.2023 as of 17:30


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