1. Metals Outlook
  2. Daily Base Metals Report

US stocks declined, with the S&P 500 falling to a 3-month low, amid growing concerns over the impact of high interest rates on the economy. This was further solidified by the consumer confidence report, which fell to 103 from a revised 108.7 in August, with consumers citing financing and employment prospects as their main worries. New home sales fell to a 5-month low as prices continued to climb, further squeezing potential demand. The 10yr US Treasury yield dropped, but still settling above 4.50%, and the dollar continued to strengthen above 106. Although the expectation of higher interest rates has been in place for quite some time, markets are still adjusting to this sentiment. We expect the dollar to continue to edge higher into the year-end while yields remain elevated.

A mixed day of trading was seen across the base metals complex. Copper continued to weaken, falling below the support level of $8,100/t; the next robust support level now stands at $8,000/t. Likewise, nickel continues to breach new lows, falling to close at $18,877/t – the low not seen since July 2022. Aluminium remained unchanged at $2,243.50/t. Lead and zinc held their ground, closing at $2,186.50/t and $2,511/t, respectively.

Oil futures struggled below the near-term support levels, and both WTI and Brent are now back above $90/bl and $93/bl. Gold and silver continued to soften to $1,904/oz and $22.90/oz, respectively.

Lme Metals Price And Volume 26092023

All price data is from 26.09.2023 as of 17:30


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.