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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

The stock market continued to recover today following the massive sell-off witnessed last Monday. We are now in a period of consolidation, with upcoming data playing a crucial role in determining the market's direction. Investors are particularly focused on the US CPI data scheduled for release on Wednesday. The dollar index remained steady at 103.2 and is expected to stay within a tight range through the end of August. Similarly, the 10-year US Treasury yield stood at 3.95% and is likely to remain below 4%.

The LME space saw upward trends today. Following last week's expiry, where all puts and calls were abandoned, metals have seen a modest rally, although copper and aluminium have remained relatively subdued. Most CTAs are currently short on positions, but there is potential for a shift to a neutral stance. Aluminium edged up to $2,328/t, while copper climbed back above the $9,000 level, trading at $9,033/t. Nickel continued trading flat, standing at $16,410/t. Meanwhile, lead and zinc maintained their upward momentum, with lead jumping to $2,080/t and zinc rising to $2,766.5/t.

Precious metals also experienced gains today. Gold continued its climb toward record levels, trading at $2,454/oz, while silver hovered just below $28/oz. In the energy sector, tensions in the Middle East pushed oil prices higher, with WTI and Brent crude trading at $78.3/bbl and $80.9/bbl, respectively.

12082024

All price data is from 12.08.2024 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.

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