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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 amidst a packed economic calendar this week, which could introduce further volatility into macro-sensitive assets. While last week's sentiment was driven by the Middle Eastern conflict, with safe-haven assets gaining prominence this week, macroeconomic factors take centre stage once again. Economic data confirms that the robustness of the US economy exerts upward pressure on the dollar, currently trading at 106.25, and the 10-year US Treasury yield at 4.63%. This week's PCE print will likely confirm inflation stickiness, keeping the dollar elevated in the near term.

Moderate softness was seen across the base metals complex today, following last week's gains, as prices paused the earlier trend. Aluminium remained elevated but once again struggled above the $2,700/t benchmark, prompting prices to close at $2,670/t. Likewise, copper tested a strong psychological resistance of $10,000/t but rejected prices above this level, coming back to $9,829.50/t. While we believe prices are due for a slight correction, the current trend suggests that there is still an appetite for higher levels, and we might see further gains in the coming weeks. Nickel strengthened for the fourth consecutive day, maintaining the $19,000/t support to close at $19,739/t.

Precious metals relinquished their recent gains, with gold falling to $2,340/oz and silver dropping to $27.53/oz. Oil maintained its downward trend, with WTI and Brent trading at $83/bl and $86.7/bl, respectively.

Lme Metals Price And Volume 22042024

All price data is from 22.04.2024 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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