1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened lower today following the release of GDP data, indicating a slightly lower growth in Q4 2023 than anticipated. The world's largest economy expanded by 3.2% YoY in the last quarter of 2023, compared to the expected 3.3% YoY. This data underscores the continued resilience of the US economy, particularly when compared to the Eurozone, which is on the brink of contraction. Consumer confidence in the common currency area remains below the pre-pandemic average, with the February reading at -15.5, unchanged from the previous month. The dollar appreciated against other major currencies, briefly reaching 104.2 before settling at 104. The 10-year Treasury yield remained flat, trading at 4.29%.

Macroeconomic releases had little impact on base metals trading, and prices continue to be technically driven, with some downward pressures from the dollar today. Metals trading has been subdued since the start of this year, with stagnation becoming more pronounced in recent days given a lack of strong macroeconomic and fundamental triggers. Tomorrow’s inflation data release could add some volatility to price moves. Aluminium and copper remained rangebound, unchanged day-on-day at $2,190.50/t and $X/t, respectively. Likewise, lead and zinc were barely moved. Nickel, on the other hand, breached the $17,500/t resistance and defended this level today, closing at $17,601/t.

Gold saw a slight appreciation and stood at $2,033/oz, while silver remained mostly unchanged at $22.38/oz. Oil reached the highest levels of the month but later relinquished some of its gains, with WTI and Brent trading at $78.6/bl and $83.5/bl, respectively.

Lme Metals Price And Volume 28022024

All price data is from 28.02.2024 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.