1. Metals Outlook
  2. Daily Base Metals Report

Nvidia's announcement of a 265% YoY revenue increase in Q4 2023 has propelled global stock markets today, with indices in Japan and Europe hitting record highs. This surge, fuelled by the tech sector's heavy dependence on Nvidia's chips, has sparked enthusiasm for the AI industry's prospects. Meanwhile, economic reports from the leading global economy have demonstrated enduring strength in the job market and activity within the private sector. US Jobless claims fell to the lowest level in a month while S&P Global Manufacturing PMI increased from 50.7 in January to 51.5 in February, indicating a positive trajectory in manufacturing performance. The data confirmed investors’ expectations of interest rates remaining elevated for a longer period than initially expected. The dollar stood at 104 while the 10yr US Treasury yield fluctuated, hovering around the 4.3% level.

Biden's announcement of additional sanctions against Russia, in response to the death of opposition leader Alexei Navalny, continued to influence base metal prices in the LME market today. Nickel, after a surge of over 3% yesterday, maintained its upward momentum, climbing to $17,392/t. Copper rose to $8,586/t, and lead saw a modest increase to $2,082/t. Aluminium, however, did not benefit from the new sanctions and experienced a decline, closing at $2,198/t.

The prices of precious metals, which had been on an upward trend at the day's start, took a downturn following the midday release of US data, causing gold and silver to drop to $2,021/oz and $22.74/oz, respectively. In the energy sector, oil prices saw an uptick, with WTI crude oil advancing to $78.8/bl and Brent Crude increasing to $83.7/bl.


All price data is from 22.02.2024 as of 17:30


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