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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 fluctuated today following mixed economic data. Retail sales came in lower than expected, with a monthly increase of only 0.1% and a downward revision of the previous month's figures. In contrast, monthly industrial production beat expectations, rising to 0.9%. The dollar edged slightly lower after the release of the data, standing at 105.3, while the 10-year US Treasury yield declined to 4.22%. Elsewhere, the final Eurozone CPI met expectations, with headline inflation at 2.6% YoY and core inflation at 2.9%.


The LME space experienced another day of losses. Copper declined, closing at $9,671.5/t, while aluminium decreased to $2,486.5/t. Nickel saw its 14th consecutive day of declines, closing at $17,292/t. Conversely, lead and zinc appreciated, with lead jumping to $2,192/t and zinc increasing to $2,838/t.


As the dollar and Treasury yields declined, precious metals appreciated today. Gold traded just below $2,330/oz, while silver fluctuated around $29.4/oz. Oil appreciated to levels not seen since April, with WTI at $81.2/bbl and Brent crude at $85.0/bbl.

All price data is from 18.06.2024 as of 17:30

Disclaimer

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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.

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