1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened slightly lower today, influenced by the absence of significant macroeconomic data releases, which kept market activity subdued. The dollar continued to trade within a narrow range, hovering just above the 104.5 level. The 10-year US Treasury yield gave back yesterday’s gains, settling at 4.4%. Investors are eagerly awaiting tomorrow’s UK CPI data to assess the timing of the Bank of England’s first interest rate cut. The current consensus is that the ECB will begin monetary policy easing in June, while the Federal Reserve is expected to maintain its restrictive policy until at least September.

The base metals complex saw marginal movements today, with the exception of aluminium, which surged above $2,750/t before finding support at $2,700/t, marking its highest level since June 2022. Copper, after reaching an all-time high yesterday, declined slightly to $10,870/t. Nickel also dropped to $21,304/t. Lead remained mostly unchanged at $2,338/t, while zinc declined to $3,113/t.

Gold experienced a slight depreciation from its record high of $2,450/oz, trading at $2,422/oz. Silver remained relatively stable at $31.74/oz. Oil prices fell, with WTI trading at $78.6/bl and Brent at $82.5/bl.


All price data is from 21.05.2024 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.