Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

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

Disclaimer

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.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields