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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 economic data releases that pointed to resilient consumer activity, alleviating earlier concerns about a potential recession. Retail sales rose by 1% MoM in July, significantly surpassing the market's expectation of a 0.4% increase. Signs of strong consumer spending led investors to adjust their expectations for a September interest rate cut, with a 25bps reduction now anticipated instead of 50bps. Following the data release, the dollar index surged, trading at 102.8, while the 10-year U.S. Treasury yield jumped, recovering this week’s earlier declines to stand at 3.93%.

Despite data showing China’s industrial production grew at its slowest rate in four months in July, the base metals complex experienced gains across the board today. After two days of subdued performance, copper rallied above $9,100/t. Aluminium continued its upward trend this week, closing at $2,363.5/t. Nickel remained steady, hovering just above $16,319/t. Lead increased to $2,032/t, while zinc jumped to $2,783/t, returning to levels last seen in mid-July.

Despite a stronger dollar and higher Treasury yields, precious metals appreciated today. Gold recovered most of yesterday’s losses, standing at $2,459/oz, while silver surged to $28.5/oz. Oil prices also rose, with WTI and Brent crude trading at $78.4/bbl and $81.3/bbl, respectively.

15082024

All price data is from 15.08.2024 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.

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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