1. Metals Outlook
  2. Daily Base Metals Report

US stocks fluctuated today following the release of economic data that indicated a decline in consumer optimism about the current and future state of the economy. The Conference Board's Consumer Confidence Index came in lower than expected, dropping to 106.7 in February from 114.8 recorded in the previous month. Although lower than the post-pandemic high of 135, the reading still remains above the historical average of 97. The data, however, had a muted impact on the markets, causing the Dollar Index to hover around the 103.8 level. The 10-year US Treasury yield also remained relatively unchanged, standing at 4.28%.

Another day of marginal moves was seen across the LME today. Both aluminium and copper edged higher today, with the former testing the $2,200/t level once again today, struggling to gain momentum above this level. Copper, on the other hand, paused the most recent decline, closing at $8,474/t. Nickel downside was also stalled today as markets defended the $17,000/t support level, bouncing back higher in the overnight trading session. Lead and zinc remained unchanged at $2,092/t and $2,425/t, respectively.

Gold appreciated slightly today, reaching $2,034/oz. Silver began the trading day on the right foot but later relinquished its gains, trading at $22.50/oz. Oil prices continued their upward trajectory, with WTI and Brent crude rising to $78.34/bl and $83.20/bl, respectively.

Lme Metals Price And Volume 27022024

All price data is from 27.02.2024 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.