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Non-independent Research Daily Base Metals Report

Non-independent Research

Daily Base Metals Report

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Authors
Geordie Wilkes

Geordie Wilkes Head of Research

Contact research Contact Industrial Commodities

Earnings season has caused major stock indices to decline today. The banks and energy sectors have been hit the most today. The S&P 500 and DOW Jones are down 2.8% and 2.4% respectively, with major European indices down over 3%. U.S. data was weak today with retail sales m/m in March to 8.7%, industrial production was down 5.4% m/m.

Sentiment on the LME has been damaged by the dark cloud of earnings and fears over the weak Chinese economy. Aluminium, Lead, and Zinc are the only metals who found support. Gains were muted though and aluminium managed to hold above support at $1,507.5/t. Lead managed to close above $1,701/t, and zinc closed at $1,932/t. Spreads are still in contango despite zinc tightening slightly today. Copper, nickel and tin lost ground today.

Gold prices have lost moderate ground today following the recent rally but we anticipate sentiment to remain on the front foot in the longer term.

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

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.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

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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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