1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened higher today. The economic data due this week will be vital for gauging the timing of the Bank of England's first interest rate hike. Investors are particularly focused on the upcoming inflation reports on Wednesday, which are expected to show a significant softening in price pressures due to high base effects. At the same time, the upcoming Global S&P Manufacturing PMI figures are expected to provide greater insight into manufacturing activities across key economies. The dollar appreciated slightly today, standing at 104.56, while the 10-year US Treasury yield increased to 4.5%.

Base metals showed strong upward momentum once again today, led largely by copper. The metal jumped higher for the fourth straight day, testing the $11,000/t level before declining to $10,895/t. The price of copper is on the radar, with no short selling or profit-taking observed at the moment. Aluminium saw a slight uptick, trading at $2,621/t. Elsewhere, lead and zinc followed suit, rising to $2,338.5/t and $3,115/t, respectively.

Gold fluctuated today, trading at $2,423/oz, while silver tested the $32.5/oz level. Oil remained mostly unchanged, with WTI and Brent at $79.8/bl and $83.7/bl, respectively.


All price data is from 20.05.2024 as of 17:30


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