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Daily Base Metals Report

Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks extended yesterday’s gains as Powell’s statement on Wednesday evening led investors to believe the monetary tightening by the Fed might be over. The policymakers left the doors open for more hikes, but Powell’s comment regarding the need to evaluate past predictions was taken as dovish by the markets. The 10yr US Treasury yield dropped to 4.68%, while the US dollar edged lower and stood at 106.25. Elsewhere, the BoE kept interest rates unchanged at 5.25% for the second consecutive time but reiterated that interest rates will need to stay elevated despite weakening economic outlook. Inflation in the UK remains elevated compared to other developed economies with the latest CPI reading at 6.7% YoY in September unchanged from the month before. The sterling appreciated against the dollar with the USDGBP pair falling to 0.818 after the BoE statement.

Apart from copper and lead, base metals declined today as lacklustre Chinese economic performance continues to weight on sentiment. Aluminium extended yesterday’s losses and stood at $2,227.5/t, nickel fall to $17,935/t, and tin declined to $23,965/t. Copper strengthened to $8,166/t while led stood at $2,125.5/t.

Gold remained mostly flat at $1981/t while silver fell and stood at $22.76/t. Both WTI and Brent appreciated to $82/bl and $86.4/bl, respectively.

2112023

All price data is from 02.11.2023 as of 17:30

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