1. Metals Outlook
  2. Daily Base Metals Report

US markets were closed today in observance of Martin Luther King Day. Economic data due this week will reveal the state of the US consumer. Retail sales are expected to increase from 0.3% MoM in November to 0.4% MoM in December, which is a small change considering the holiday season. The US dollar edged higher against other currencies and stood at 102.66. Elsewhere, the UK Consumer Price Index (CPI) is due on Wednesday, and it will help the markets shape their expectations regarding possible interest rate cuts from the BoE. Currently, investors are pricing in the first 25bps cut in May.

The appetite across the LME exchange remained lacklustre, as volatility is being sold across the board. Moreover, the PBOC has kept the 1-year interest rate unchanged at 2.5%. Muted economic performance and a potential for another weakness in the yuan are the most likely reasons for the rate pause. Aluminium extended last week’s losses, trading at $2,203.5/t while copper edged slightly higher to $8,358/t. Zinc saw strong upside pressures after Nystar suspended Budel smelting operations in Netherlands owing to mounting energy costs and market conditions and finished at $2,558.5/t. Lead appreciated slightly to $2,108.5/t while tin finished lower at $24,781/t.

Precious metals traded flat today, with both gold and silver mostly unchanged at $2,053.7/oz and $23.2/oz, respectively. Recent attacks on ships en route to the Red Sea by Iran-backed Houthi rebels and subsequent shipping issues led the US and UK to launch a series of airstrikes in the area. While further escalation of the conflict in the Middle East could drive oil prices higher, we haven't seen a pronounced increase in prices so far. WTI and Brent remained mostly unchanged today at $72.25/bl and $77.93/bl, which is below the average recorded in the last 12 months.

Lme Metals Price And Volume 15012024

All price data is from 15.01.2024 as of 17:30


This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign up to get the latest market insights

We will email you each time a new report has been published.