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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 continued to pare gains, with the S&P 500 setting a new record high following solid earnings season releases. From the macroeconomic perspective, US PPI remained broadly unchanged at 0.0% MoM, suggesting that inflationary pressures felt by producers are easing. Still, the consumer segment feels the brunt of continued pricing pressures, with Michigan sentiment indicating a contraction in confidence for September following the frustration of the high cost of living. The dollar struggled below the 103 level as the 10-year US Treasury yield held its nerve at 4.09%.

Another positive day of gains was seen across the base metals market today. Aluminium led the way, with a sharp rally earlier in the day prompted by alumina supply worries. In particular, alumina futures jumped to new highs given a combination of continued supply disruptions in Guinea and Australia and robust demand in China, creating tightness in the alumina market. Still, the upside momentum lacked conviction, and aluminium weakened back to $2,632.50/t. The rest of the complex followed suit. Copper strengthened initially but struggled above the $9,800/t resistance level, closing at $9,791.50/t.

Oil futures remained broadly unchanged but still remained above the $70/bbl level. Gold and silver edged higher on the back of dollar softness.

Lme Metals Price And Volume 11102024

All price data is from 11.10.2024 as of 17:30

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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.

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