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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 lower today. Economic data from the world’s largest economy pointed to a decrease in the Conference Board Leading Economic Index (LEI) to -0.4% in January, compared to -0.1% in the previous month. The index is designed to forecast future economic activity by aggregating various economic indicators that tend to change before the overall economy does. A decrease in the LEI, suggests that the index's constituents are signalling a potential weakening in economic conditions ahead. The dollar fell below 104, while the 10yr US Treasury yield declined to 4.25%.

Base metals experienced a mixed trading day. Aluminium continued its downward trend, falling to $2,193/t and suggesting the recent low of $2150/t might be in sight. Copper jumped higher, approaching $8,500/t again. Lead remained mostly unchanged at $2,044/t, while tin and zinc declined to $26,421/t and $2,382/t, respectively.

Softening dollar and decreased Treasury yields pushed precious metal prices higher. Gold tested $2030/oz, while silver edged higher to $23.05/oz. Oil prices fluctuated, ending the day lower with WTI at $78.8/bl and Brent Crude at $82.4/bl.

Lme Metals Price And Volume 20022024

All price data is from 20.02.2024 as of 17:30

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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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