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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 lower today as the market continued to recover from the panic mode that dominated the start of the week. The initial sell-off across all markets was driven by two main factors: the Bank of Japan’s interest rate hike and renewed fears of a potential US recession. However, as the week draws to a close, the panic has subsided. Concerns about an imminent recession have lessened, with the US economy showing resilience, reducing the urgency for any interest rate cuts before the Fed's September meeting. The dollar edged slightly lower, trading just above 103.0, while the 10-year Treasury yield softened to 3.93%.

Base metals showed strength today, with aluminium rising to $2,318/t and copper edging higher to $8,877/t. Lead and zinc made significant gains, climbing to $2,033/t and $2,749/t, respectively. Nickel remained mostly unchanged, hovering just above $16,300/t. Tin briefly tested $32,000 but softened later, settling at $32,350 at the time of writing.

Gold remained largely unchanged at $2,428/oz, as did silver, which traded at $27.5/oz. As recession fears eased, oil prices edged higher, with WTI and Brent crude trading at $76.5/bbl and $79.4/bbl, respectively.

 

All price data is from 09.08.2024 as of 17:30

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