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Daily Base Metals Report

Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks opened higher today. Yesterday’s Beige Book report showed the world’s largest economy is expected to continue the steady pace of growth, but inflationary pressures will continue in the near term. Today’s Initial and Continuing Jobless Claims data confirmed ongoing tightness in the labour market, with the figures at 212k and 1812k, respectively. The dollar edged higher against other major currencies, rising above the 106 level, while the 10-year US Treasury yield increased to 4.63%.

Base metals continued to strengthen today, following yesterday’s momentum on the upside. The widespread gains across the metal complex suggest a growing speculative interest in base metals as a group, rather than being driven by the fundamentals of any single metal. In particular, short sellers might be seen closing their positions, prompting prices higher. As a result, copper breached the $9,600/t resistance level to close at $9,734.50/t. Likewise, aluminium is testing the $2,600/t level today, causing prices to close at $2,614.50/t. Lead and zinc remained unchanged at $2,180/t and $2,812.50/t, respectively.

Despite growing expectations of the Fed interest rates staying higher than expected, gold increased steadily today, trading at $2,381/oz. Silver followed through and stood at $28.41/oz. Oil prices extended yesterday’s losses, with WTI and Brent decreasing to $82.2/bl and $86.6/bl, respectively.

Lme Metals Price And Volume 18042024

All price data is from 18.04.2024 as of 17:30

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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.

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