1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened lower today as investors continued to push back their expectations of the start of monetary easing this year despite lacklustre economic data releases. The Empire Manufacturing Index, which measures the health and performance of the manufacturing sector in New York State, fell from -2.4 to -20.9 in March. The stronger-than-expected decline shows that not only has the sector continued to contract, but the rate of contraction has also accelerated substantially as new orders fell amid weaker demand. Additionally, the University of Michigan Sentiment Index pointed to a decrease in consumer confidence, with the reading falling to 76.5 in March compared to 76.9 recorded in the previous month. Still, the index remained higher than at any point in 2022 and 2023. The dollar index remained mostly unchanged, hovering just below 103.5, while the 10-year US Treasury yield edged slightly higher, surpassing the 4.3% mark.

Another day of solid gains was seen across the base metals complex, driven largely by increasing risk-on sentiment. Copper once again fell this momentum strongly, with appetite for higher prices pushing the metal above the $9,000/t mark – a physiologically robust resistance. Aluminium followed suit to $2,274.50/t. Nickel held above the robust support of $18,000/t. Meanwhile, lead and zinc softened slightly into $2,129.50/t and $2,561/t, respectively.

Gold began the day with gains but later relinquished them, stabilizing at $2,160/oz. Meanwhile, silver experienced a steady ascent, approaching $25.4/oz. Oil prices remained high, with WTI and Brent crude trading at $81.1/bl and $85.3/bl, respectively.

Lme Metals Price And Volume 15032024

All price data is from 15.03.2024 as of 17:30


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