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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 rose at the open today following the release of the Producer Price Index (PPI), which came in lower than expected. PPI softened to 2.2% YoY in July, down from 2.6% in the previous month, and below the anticipated 2.4% figure. The lower-than-expected increase in prices received by domestic producers indicates that inflationary pressures are likely to remain subdued in the near term. As markets prepare for the anticipated start of monetary easing in September, the 10-year US Treasury yield declined to 3.86%, while the dollar index slipped to 102.9.

Movements in the LME space were minimal today. Aluminium remained largely unchanged, closing at $2,332/t. Copper declined below the $9,000/t level, trading at $8,903/t. Lead gave back half of its recent gains, standing at $1,989/t, while zinc also declined, trading at $2,685/t. Nickel continued to trade flat, closing at $16,321/t.

Gold edged slightly lower, trading at $2,470/oz at the time of writing. Silver followed suit, declining to $27.66/oz. Oil gave up gains from last evening, with WTI and Brent crude trading at $78.3/bbl and $80.7/bbl, respectively.

13082024

All price data is from 13.08.2024 as of 17:30

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