1. Metals Outlook
  2. Daily Base Metals Report

US stocks strengthened today following job data that showed continued tightness in the US labour market with both initial jobless claims and continuing claims in the last week of December below expectations at 202k and 1855k, respectively. At the same time, S&P Global services PMI for December has been adjusted slightly upward to 51.4, indicating the most robust expansion in the services sector over the past five months. The data revealed a growing divergence from the eurozone economy where the decline in business activity extended into the conclusion of 2023, primarily attributed to the enduring downturn in the dominant services sector. Tomorrow’s Eurozone CPI data will guide markets’ expectations regarding the timing of the first interest rate cuts this year. The dollar remained broadly unchanged while the 10yr US Treasury yield tested 4%.

Pronounced losses were seen across the base metal complex. Aluminium fell below $2,300/t and stood at $2,281/t., while copper traded at $8,466.5/t. Nickel’s downside has been relentless, pushing prices below support level of $1,650/t. Lead was also seen creeping lower, closing at $2,041.5/t.

After a few days of losses precious metals rebound slightly with gold trading at $2045/oz. and silver at $23/oz. At the same time, oil gave up most of yesterday’s gains. WTI and Brent depreciated to $71.34/bl. and $76.77/bl., respectively.

Lme Metals Price And Volume 04012024

All price data is from 04.01.2024 as of 17:30


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