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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks showed volatility today, influenced by the release of Durable Goods Orders data, which indicated a decline to 0.6% in April from 0.7% in May. Durable Goods Orders, a key economic indicator, measure the demand for products that are expected to last at least three years, providing insights into future manufacturing activity. Recently, we have seen investors increasing their bets for the first interest rate cut in September. The dollar index remained mostly unchanged, trading at 104.2, while the 10-year US Treasury yield edged slightly to 4.35%.

Copper continued to drive the narrative for the entire complex, prompting metals to soften day-on-day. In particular, a building appetite for lower prices and higher LME stocks drove copper to test the robust support at $10,000/t. However, the metal struggled to break significantly lower as the market remains cautious about the future path of prices. Copper closed at $9,945/t yesterday. Aluminium remained unchanged as prices fluctuated around the $2,660/t level. Lead and zinc softened into $2,243/t and $2,935/t.

Precious metals depreciated today. Gold gave up yesterday’s gains, trading at $2,325/oz, while silver plunged to $29.6/oz. Oil traded flat today with WTI and Brent crude at $73.3/bbl and $77.5/bbl, respectively.

All price data is from 04.06.2024 as of 17:30

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