1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened higher today. The University of Michigan Sentiment Index released this afternoon indicated a decline in consumer confidence, with the preliminary reading for May dropping to 67.4, down from 77.2 the previous month. This index measures consumer attitudes and expectations regarding personal finances, the broader economy, and purchasing plans for various goods and services. The latest data showed that consumers anticipate prices rising at an annual rate of 3.5% over the next year, the highest in six months. The dollar index held steady at 105.3, while the 10-year US Treasury yield climbed to 4.5%.

Base metals started Friday’s trading on the front foot, spurred by the news of the possible introduction of US tariffs on Chinese EVs. The move is a culmination of the Section 301 tariffs first introduced by Trump in 2018 and a build on previous calls from the Biden administration to hike tariffs on Chinese steel and aluminium. However, this had a marginal impact on today’s appetite, and the complex quickly erased the gains it made earlier in the day. Copper breached the $10,000/t level; however, it struggled to break completely above it once again, prompting prices to correct to $10,004/t. Likewise, aluminium kept below $2,600/t. Lead and zinc remained elevated at $2,222.50/t and $2,930.50/t, respectively.

Gold continued its upward trend, appreciating to $2,358/oz, while silver dipped slightly, trading just above $28.0/oz. Oil prices remained largely unchanged, with WTI at $79.2/bl and Brent at $83.7/bl.

Lme Metals Price And Volume 10052024

All price data is from 10.05.2024 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.