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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 fluctuated today with the Dow Jones dipping after yesterday's record high. On the economic front, August New Home Sales exceeded expectations, coming in at 716k compared to the forecasted 700k. This indicates that the housing market remains strong despite elevated interest rates, highlighting consistent consumer demand in the sector. The dollar index recovered some of yesterday’s losses, climbing to 100.7, while the 10-year US Treasury yield saw a steady rise, trading at 3.78% at the time of writing.

Risk appetite diminished today following recent gains and yesterday's rally, as confidence stemming from China's support announcement proved short-lived. However, we expect prices to remain elevated in the coming days. Aluminium struggled to stay above the $2,550/t level, edging lower to $2,538/t. Copper also faltered above $9,800/t, trading at $9,829/t at the time of writing. Lead and zinc held steady at yesterday's closing levels. The exception was nickel, which continued to build on gains, rising to $1,790/t.

After a four-day streak of record highs, gold retreated slightly, trading at $2,656/oz. Silver also dipped, standing at $31.9/oz. Oil prices softened, with WTI and Brent crude slipping to $70.6/bbl and $74.3/bbl, respectively, amid ongoing market adjustments.

25092024

All price data is from 25.09.2024 as of 17:30

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