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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 opened higher today. This week, the most noteworthy events on the calendar are the US CPI figures on Tuesday and the UK CPI data on Wednesday. While the recent US headline PCE index remained steady at 2.6% from the previous month, the headline CPI is anticipated to decrease significantly from 3.4% to 2.9%. This is quite a substantial shift, especially considering that the PCE is seen as more dynamic due to its wider coverage of goods and services. The US dollar index hovered around the 104.1 level today while the 10yr US Treasury yield remained mostly unchanged at 4.17%.

In the base metals market, there were some gains noted in the LME space today. Aluminium rose to $2,229/t, while copper increased to $8,240/t. Nickel climbed back above $16,060/t and closed at $16,060/t, with tin and zinc appreciating to $27,155/t and $2,326/t, respectively. Lead was the only metal to decline, dropping to $2,2027.5/t.

The ongoing repricing of interest rate cuts creates headwinds for precious metals. Gold declined today and stood at $2,016/oz while silver remained mostly stable around the $22.6/oz level. Both WTI and Brent Crude traded steadily today at $76.6/bl and $81.7/bl, respectively.

Lme Metals Price And Volume 12022024

All price data is from 12.02.2024 as of 17:30

Disclaimer

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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.

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