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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks experienced a slight dip at today's open, yet they continue to hover near the peak levels achieved after several weeks of impressive gains. This week is anticipated to be quieter on the economic front due to the shortened trading week, with markets closed for Good Friday. The spotlight this week will be on consumer confidence data sets, which will be released on Tuesday and will provide a glimpse into the mood of consumers in the world's leading economy. Attention will also turn to the final GDP figures for Q4 2023 in the US and UK on Thursday. The week will wrap up with the release of the PCE index on Friday, offering insights into the fluctuations in living expenses and consumer spending in the US, information that is pivotal for investors as they focus on the Fed's next moves in terms of monetary policy. The dollar remained stable today, unchanged at 104.2, whereas the yield on the 10-year US Treasury yield inched up slightly to 4.25%.

Base metals are continuing to follow the previous week's trend, primarily driven by technical interest. The macro environment, however, remained quiet today. The spread between cash and 3-month futures for lead, which had been expanding, reaching a gap of -$50/tonne, has started to narrow, now at -$41.50/tonne. The reason behind this easing structure has been the increasing stock levels on the LME exchange, which have reached new highs of 260,000 tonnes. This development has prompted prices to fall below the $2,050/t level to $2,034.50/t. Meanwhile, the zinc spread has remained unchanged at -$43/t. Aluminium has continued to pare new gains, holding above the $2,300/t level and closing at $2,326/t – marking the highest point since the start of the year. Copper has held firm above the $8,800/t level.

In the realm of precious metals, both gold and silver prices showed little to no movement, with gold standing at $2,176/oz and silver at $24.70/oz. Oil prices, on the other hand, saw an uptick, with WTI crude oil climbing to $82.00/bl and Brent crude reaching $86.80/bl.

Lme Metals Price And Volume 25032024

All price data is from 25.03.2024 as of 17:30

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