1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened higher today, with the S&P 500 marking its best performance on record, approaching 5,190. Labour market data published by the Bureau of Labor Statistics showed a higher-than-expected increase in non-farm payrolls for February, reaching 275,000 jobs compared to the expected 200,000. At the same time, however, the unemployment rate ticked higher to 3.9% YoY compared to the 3.7% recorded in January, raising hopes that the Fed's monetary easing would start in the middle of the year. The futures market has fully priced in a quarter-point interest rate cut for June, shifting forward expectations. The 10-year US Treasury yield, which has been declining for a week, remained flat at 4.08%, while the dollar index edged lower and stood at 102.65.

Base metals softened today, following yesterday's rally, offsetting most of the gains made on that day. This once gains points to a lack of conviction for prices to break out of their current trading ranges. Aluminium struggled to maintain appetite above $2,250/t, edging back to $2,240/t. Likewise, copper corrected back below the $8,600/t level to $8,579.50/t. Lead and zinc opened higher and managed to remain elevated. Nickel also held its ground at current levels, testing the $18,000/t resistance level but struggling to break above it.

Gold continued its upward streak, marking another day of record-high levels, testing $2,185/oz. Silver remained mostly unchanged at $24.25/oz. The positive market mood did not filter through to the oil sector, with prices dropping to the lower spectrum of their trading range. WTI and Brent declined today, reaching $78.3/bl and $82.4/bl, respectively.

Lme Metals Price And Volume 08032024

All price data is from 08.03.2024 as of 17:30


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