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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks opened lower today, following a record-breaking performance, due to concerns over stricter US restrictions on global chip sales to China. Economic data published today showed continued resilience in the US economy, with Housing Starts and Building Permits in June exceeding expectations. Despite positive economic data, the dollar index plunged today, primarily driven by its depreciation against the yen following a potential Bank of Japan intervention. Elsewhere, the sterling hit a one-year high against the dollar, reaching $1.303, on data showing UK inflation rose more than expected. Both headline and core CPI remained unchanged in June at 2.0% and 3.5%, respectively.

Despite the concerns of US restrictions on chip sales to China, base metals market remained broadly unchanged. Aluminium remained supported above the robust $2,400/t level at $2,402/t, as copper edged lower to $9,635/t. Lead and tin held remained broadly unchanged as zinc weakened to $2,847.50/t.

After yesterday’s increases, precious metals softened today. Gold stood at $2,464/oz, while silver gave back all of yesterday’s gains, trading at $30.30/oz. Oil saw an upside move, with WTI and Brent crude at $82.6/bbl and $85/bbl, respectively.

Lme Metals Price And Volume 17072024

All price data is from 17.07.2024 as of 17:30

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