1. Metals Outlook
  2. Daily Base Metals Report

US stocks fluctuated today. New economic data revealed that the 30-year US mortgage rate declined for the first time since March, dropping to 7.18% at the end of April following four consecutive weeks of gains. The housing market remains highly sensitive to interest rates, and the recent dip came in a week marked by dovish comments from Federal Reserve Chair Jerome Powell and data pointing to slowing payrolls and wage growth. The 10-year US Treasury yield stayed below 4.5%, while the dollar index settled at 105.55.

Another day of marginal moves was seen across the base metals market today. Copper was once again closely watched, hovering around the $10,000/t level. The recent extension of the concentrate export permit from Freeport, alongside a slightly more dovish tone from central banks, kept prices below this level at $9,904/t. Despite this, markets remain uncertain about the longer-term copper outlook, as today’s downside remained above the support trendline, underlining the lack of appetite out of the current trend. Moreover, lead remained elevated, testing the $2,250/t level. News of potential changes in China’s scrap process is raising concerns about future lead availability, keeping prices at the upper end of the trading range.

Gold and silver experienced volatility today, reaching $2,316/oz and $27.4/oz, respectively. Oil prices saw a slight rebound, with WTI at $78.7/bl and Brent at $83.4/bl.

Lme Metals Price And Volume 08052024

All price data is from 08.05.2024 as of 17:30


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