1. Metals Outlook
  2. Daily Base Metals Report

US stocks fluctuated today, with the S&P and Nasdaq opening higher as Nvidia shares jumped 3% in early trading after the company lost $550 billion in market value over the past few days. In other news, the US Consumer Confidence Index, as reported by the Conference Board, experienced a slight decline, decreasing to 100.4 in June from 102 in May, still above analysts' expectations. The dollar index edged slightly higher, recovering yesterday’s losses to reach 105.7, while the 10-year US Treasury yield remained mostly unchanged at 4.25%.

Today saw another day with marginal movements within the base metals sector, even with the dollar strengthening. This indicates an increasing disconnection between macroeconomic factors and the pricing trends of base metals. We believe that copper will continue to be key in dictating the direction for the complex in the near term, particularly as there is a noticeable absence of a solid fundamental signal. Copper's price held steady above the $9,550/t mark, while aluminium experienced some fluctuation around the $2,500/t support level. Prices for the rest of the metals in the complex remained stable.

Gold gave up all of yesterday’s gains, settling at $2,321/oz, while silver plunged, finding support at $29/oz. Oil remained mostly unchanged, with WTI trading at $81.25/bbl and Brent crude at $85.5/bbl.

Lme Metals Price And Volume 25062024

All price data is from 25.06.2024 as of 17:30


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