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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 continued their ascent to reach new heights today, with the Dow Jones Industrial Average surpassing the historic 40,000 mark. In the housing sector, April's housing starts came in lower than expected at 1,360k but still remained above the historical average, indicating a resilient market despite a prolonged period of elevated borrowing costs. Labour market data also showed a slight increase in both Continuing and Initial Jobless Claims; however, these figures remain near historically low levels, with Initial Jobless Claims for the first week of May recorded at 222k and Continuing Claims at 1,794k. The dollar saw an uptick today, reaching 104.5, while the 10-year US Treasury yield saw a modest increase, returning to 4.35%.

Base metals opened higher once again, supported by the news that China is considering a proposal to have local governments buy millions of unsold homes. This would mark the biggest attempt by the government to support the property market. As a result, copper opened above $10,300/t, attempting to breach the $10,400/t level, prompting prices to close at $10,424/t. Likewise, early morning appetite caused aluminium to strengthen, but resistance at $2,600/t remains robust, and prices came back down to $2,586.50/t. Nickel shot up above $19,500/t to $19,797/t.

Both gold and silver experienced slight decreases, with gold trading at $2,375/oz and silver at $29.45/oz. Conversely, oil prices saw gains, with WTI climbing to $79.3/bl and Brent to $83.3/bl.

Lme Metals Price And Volume 16052024

All price data is from 16.05.2024 as of 17:30

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