1. Metals Outlook
  2. Daily Base Metals Report

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


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.