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Non-independent Research Daily Base Metals Report

Non-independent Research

Daily Base Metals Report

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Authors
James Roberts

James Roberts Deputy Head of IC (Clients)

Contact research Contact Industrial Commodities

A quieter day today across the complex as we continue to try and digest the moving feast of equity indexes and multiple government spending bill plans. It remains to be seen if the factory ramp-up will be followed by consumer demand, or simply a glut of inventory.


Vale halted their VNC refinery operation that removes 5% annual refined class one nickel capacity form the market, however as this is not refined FPC we see this more as a premium rather than flat price impact.

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COVID cases are rising across the globe as the delta variant spreads, this is causing some nervousness in financial markets, especially with the higher inflation rhetoric. Commodity prices have fallen since the Fed changed their tune inflation, the dollar has stabilised which has also been a headwind to prices. The summer months are traditionally quieter for metals demand which could prompt metals to consolidate. If the delta variant continues to spread, we may see higher levels of stimulus for longer. As things stand stimulus levels are set to be tapered and this could be brought forward if inflation remains high. We expect markets to remain volatile but on lower volume through the summer months.

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