1. Metals Outlook
  2. Daily Base Metals Report

US stocks declined today following better-than-expected economic data that confirms the US economy is robust enough to face higher-for-longer interest rates. US consumers continued spending in September, leading to a 0.7% MoM retail sales reading, higher than the expected 0.3% MoM. Industrial production is predicted to stay flat in the face of high borrowing costs, increased by 0.3% MoM in September. The 10-year US Treasury yield increased to 4.85%, and the dollar rebounded higher and stood at 106.4.

The base metal complex saw another day of moderate losses, with aluminium remaining below $2,200/t and copper below $8,000/t. Lead prices edged higher and settled at $2,078/t. Meanwhile, China's economic data for September is expected to come out tomorrow and is likely to show a y/y slowdown. However, as pessimism is already priced in, we do not expect this to have a significant impact on sentiment.

Oil futures edged lower while gold and silver gained some moderate ground to $1,926/oz and $22.90/oz, respectively.

Lme Metals Price And Volume 17102023

All price data is from 17.10.2023 as of 17:30


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