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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 edged marginally higher on the open despite softer labour market data from the region today. JOLTS job opening data indicated a further slowdown in the nation's labour activity, with the figure falling to 7,673k in July from 8,184k in the previous month; this marks the lowest level since February 2021. This indicates that employers are becoming more cautious about hiring due to economic uncertainty. The dollar corrected back to 101.20 while the 10-year US Treasury yield weakened below the 3.8% level. The Fed's forward swaps are still pricing in 100bps until the end of the year. This data comes before the highly anticipated payrolls figure, which should help solidify the market's sentiment regarding the labour performance in August.

Following yesterday's trend, the base metals complex opened on the back foot this morning. However, a sell-off in the dollar dampened the losses, resulting in a moderate decrease by the end of the day. Aluminium tested prices below the $2,400/t level but struggled to break completely below it, closing at $2,396.50/t. Copper reversed yesterday's appetite slightly, edging back above the $9,000/t level. The rest of the complex lacked the appetite for higher levels, and lead and zinc both softened into $2,020/t and $2,795.50/t, respectively.

Oil futures continued to weaken, selling off to lows not seen since February of this year due to muted demand outlook from China and the US and potential supply additions from OPEC+. WTI and Brent now trade at $69/bl and $73/bl, respectively. Gold and silver remained in the upper end of the trading ranges amid economic and political uncertainty, with gold and silver trading at $2,496/oz and $28.30/oz at the time of writing.

Lme Metals Price And Volume 04092024

All price data is from 04.09.2024 as of 17:30

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