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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 rose at the opening today following the release of softer-than-expected labour market data. The ADP Employment Change report, which estimates monthly changes in non-farm private employment based on payroll data, showed 99,000 new jobs added in August, falling short of the 145,000 expected. These expectations had been overly optimistic, given the extended period of high interest rates. Markets are now anticipating an interest rate cut on 18th September. The 10-year US Treasury yield briefly dipped following the data release but quickly rebounded to 3.76%. Similarly, the dollar fluctuated, trading at 101.3 at the time of writing.

Base metals performance was mixed today, with most metals correcting following previous days’ losses. Aluminium remained below $2,400/t at $2,378.50/t. Nickel continued to softened into $16,000/t support level and lead and zinc weakened. Copper was the only exception, rallying back above $9,000/t to $9,092/t.

Gold approached record levels today but struggled to surpass them, hovering around $2,508/oz. Silver increased, reaching $29.0/oz. Oil prices also rose, with WTI and Brent crude trading at $70.3/bbl and $73.7/bbl, respectively.

Lme Metals Price And Volume 05092024

All price data is from 05.09.2024 as of 17:30

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