1. Metals Outlook
  2. Daily Base Metals Report

US stocks opened higher today. The final US GDP print met expectations at 1.4% QoQ, while personal consumption came in lower at 1.5% QoQ. Last week's jobless claims were lower than anticipated, with initial claims at 233,000 compared to 238,000 the previous week, suggesting continued robust employment conditions. The dollar index softened slightly to 105.8, while the 10-year US Treasury yield decreased, finding support at 4.28%.

Base metals were marginally softer again today, and key support levels were tested to gauge the level of interest for further downside. In our previous report, we stated our belief that the market has room for upside, but the timing for this growth has now been extended due to a defensive market. Consequently, we expect metals to continue testing these levels in the near term before seeing some appetite for the upside. In the meantime, aluminium fluctuated around the $2,500/t level as copper remained firmly above $9,500/t. Likewise, nickel saw little appetite below $17,000/t. Lead and zinc remained unchanged.

A dip in Treasury yields boosted the performance of precious metals. Gold jumped to $2,330/oz, while silver appreciated above the $29.0/oz level. Oil prices also increased, with WTI at $81.8/bbl and Brent at $86.2/bbl.

Lme Metals Price And Volume 27062024

All price data is from 25.06.2024 as of 17:30


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