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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 in the wake of FOMC minutes release due this evening. While the markets took the Fed’s December statement as dovish, raising expectations of rapid interest rate cuts in 2024, minutes showed that monetary easing will be more gradual than many believe. The 10yr US Treasury yield edged higher, testing 4% and stood at 3.99%, while the dollar index appreciated to 102.63. MBA Mortgage Applications, weekly measurement of nationwide home loan applications decreased in the week ending 29th Dec by 10.7%, marking the biggest decrease since February 2023. While the 30-year fixed mortgage rate started decreasing from two-decade high 8% level at the end of October, it has recently edged higher, remaining above 7%.

Another day of lacklustre activity across the LME as investors get back from the holiday season. Aluminium downside stalled as the metal struggled below the $2,300/t mark, trading at $2,313/t. Copper edged slightly lower and stood at $8,515/t. Elsewhere, lead and zinc depreciated, closing at $2,046/t and $2,585.5/t, respectively. Tin was the only metal that closed on the upside at $25,294/t.

Stronger dollar pushed precious metal prices significantly lower. Gold depreciated to $2,032/oz, while silver fell below $23/oz. and stood at $22.93/oz. Oil has offset yesterday’s losses with WTI and Brent trading at $72.40/bl and $77.88/bl, respectively.

Lme Metals Price And Volume 03012024

 

All price data is from 03.01.2024 as of 17:30

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