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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

US stocks opened higher today following better-than-expected labour market data, suggesting the economy is not as dire as some have painted it. Last week's jobless claims came in lower than anticipated, with initial claims at 233,000 compared to 249,000 in the previous week, indicating continued robust employment conditions. The first interest rate cut from the Fed continues to be priced in, with forward swaps indicating a 65% chance of a 50bps cut in the last month of Q3. The 10-year US Treasury yield surged, testing 4% today, while the dollar index increased to 103.3.

Base metals held their nerve today. Both copper and aluminium remained broadly unchanged at 2276/t and 8800/t, respectively. Nickel stayed above the 1600 support level at 16170/t. Tin climbed back above 30,000/t, trading at 30,525/t. Lead and zinc also increased, trading at 1,976.5/t and 2,642/t, respectively.

Precious metals reversed their recent downward trend. Gold recovered losses from the past two days, trading at 2,417.5/oz, while silver appreciated to 27.7/oz. Oil prices remained broadly unchanged, with WTI and Brent crude at 76.2/bbl and 78.9/bbl, respectively.

 

 

All price data is from 08.08.2024 as of 17:30

Disclaimer

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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.

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