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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

US stocks fell at the opening today. The US Consumer Confidence Index, as reported by the Conference Board, experienced a slight decline, decreasing to 100.3 in July, still above analysts' expectations. The dollar index increased slightly, standing at 104.66, while the 10-year US Treasury yield decreased further, trading at 4.17%. Elsewhere, the Eurozone GDP reading also exceeded expectations, growing 0.6% YoY in the second quarter compared to 0.4% YoY in the first quarter. Among large economies, France and Spain outperformed expectations, Italy maintained stability, while Germany's output unexpectedly contracted, heightening fears of a prolonged crisis in a country that had been Europe's powerhouse for a decade.

Base metals lacked appetite on the upside once again, prompting a cautious softness across the complex today. In particular, copper tested the robust $9,000/t support level again, trading near recent lows of $8,900/t at the time of writing. Aluminium edged closer to the $2,200/t support level, while lead weakened to $2,063/t. Nickel was the only exception, as prices gained momentum back above the robust $16,000/t level. We expect prices to rise slightly in the coming days, up to $16,400/t.

Precious metals saw marginal increases today, with gold recovering yesterday's losses and trading at $2,386/oz. Silver struggled to break the $28/oz level, standing at $27.9/oz. Oil prices declined, with WTI crude at $74.7/bbl and Brent crude at $78.5/bbl.

Lme Metals Price And Volume 30072024

All price data is from 30.07.2024 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.

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