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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 weakened today. Final Manufacturing PMI data confirmed contraction in factory activity in the US and Europe with the reading of 47.9 and 44.4, respectively. Still, the US composite reading is expected to show expansion in private sector activity due to good performance from the services sector at 51.3. Investors slightly lowered their expectations of an interest rate cut in March 2024. 10yr US Treasury yield traded higher and stood at 3.93% while the dollar rallied above 102 level. A lacklustre day of trading was seen across the LME exchange. Aluminium softness was more protracted as the metal continued to erase gains seen at the second half of December, falling to $2,334/t. Copper extended its losses, trading at $8528/t. Elsewhere, zinc was also lower, depreciating to $2,620/t. Nickel traded higher at $1,6830/t. Lead remained mostly unchanged at $2,061/t. Gold plummeted today falling below $2060/oz. while silver edged slightly lower and stood at $23.74/oz. Oil traded lower today with WTI at $71.47/bl. and Brent at $77.04/bl.

 

All price data is from 02.01.2024 as of 17:30

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