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Daily Base Metals Report

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

Global stock markets experienced a relief rally today, with all major US indices recovering yesterday’s losses. The crisis sentiment that prevailed yesterday has subsided, leading to most assets reversing their previous moves. The Japanese yen depreciated slightly, alleviating the pressure for margin calls, and reducing selling pressure. Consequently, the dollar index rose above the 103.0 level once again, while the 10-year US Treasury yield increased, trading at 3.86%.

Base metals on the LME also saw upward moves today. Aluminium was the best performer, briefly testing $2,300/t before settling slightly below that level. Copper remained mostly unchanged at $8,929/t, while nickel ticked up slightly, closing at $16,385/t. Lead edged higher, trading at $1,955/t. Zinc was the worst performer, closing lower at $2,601/t.

Influenced by the rebound in the dollar and Treasury yields, gold and silver continued their downward movement. Gold declined to $2,386/oz, while silver traded at $27.0/oz. Oil prices rebounded today, with WTI and Brent crude trading at $73.7/bbl and $76.9/bbl, respectively.

06082024

All price data is from 06.08.2024 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.

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