1. Metals Outlook
  2. Daily Base Metals Report

While US stock markets were closed in observance of the 4th of July, European and Asian stocks saw gains today. Investors will closely watch labour market data due tomorrow to gauge the health of the US economy and the potential start of the Fed's monetary easing. The last two months have shown a market bias for US weakness, with pronounced reactions to labour market readings that did not meet expectations. After plunging yesterday following the release of the ADP Employment Change, the dollar index softened further today, trading below the 50-day average of 105.2. In the UK, polling stations are open today for the country's first national election in almost five years. Prime Minister Rishi Sunak's incumbent Conservative Party is projected to lose, potentially ushering in the first Labour government in 14 years.

Yesterday's upward momentum in the base metals market paused today despite a weaker dollar, as prices struggled to surpass key resistance levels that have limited price increases in recent weeks. In particular, copper opened below the key resistance of $9,912/t and has remained unchanged, edging to $9,882.50/t. Likewise, aluminium tested the $2,550/t level before coming to close at $2,522.50/t. Lead and zinc remained unchanged. The price of tin has increased for the sixth consecutive time, reaching $33,500/t today.

Precious metals remained mostly unchanged today, with gold hovering just below the $2,360/oz level and silver trading around $30.4/oz. Oil prices increased slightly, with WTI and Brent crude at $83.7/bbl and $87.2/bbl, respectively.

Lme Metals Price And Volume 04072024

All price data is from 04.07.2024 as of 17:30


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