1. Metals Outlook
  2. Daily Base Metals Report

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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