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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 today, buoyed by mixed macroeconomic data from the world’s largest economy. Housing starts for July came in at 1,238,000 units, the lowest level since 2020, reflecting a slowdown in the residential construction sector amid higher borrowing costs and economic uncertainty. Meanwhile, softer inflation data contributed to an uptick in consumer confidence, as indicated by the University of Michigan's sentiment index, which increased from 66.4 to 67.8. The dollar continued its steady decline today, erasing all of yesterday’s gains and standing at 102.4, while the 10-year US Treasury yield decreased to 3.87%.

Muted activity was observed in the LME space today, with minor movements across the board. Aluminium closed slightly lower at $2,365.5/t, while copper edged down to $9,115.5/t. Nickel managed a slight increase, closing at $16,373/t. Lead remained mostly unchanged at $2,036.5/t, while zinc declined, closing at $2,762.5/t.

Gold surged to record highs, surpassing the $2,500/oz mark, while silver also experienced a significant rise, trading just below $29.0/oz. In contrast, oil prices declined, with WTI and Brent crude settling at $76.6/bbl and $79.6/bbl, respectively.

16082024

All price data is from 16.08.2024 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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