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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

The dollar has strengthened today as stocks managed to take back some of the recent losses, due to encouraging data from the U.S. about declining deaths and patients admitted to hospital. We once again highlight the backdrop of weak economic data which was affirmed by Warren Buffet over the weekend.

Rising tensions between the U.S. and China once again remain a threat for metals. Activity on the LME was subdued today with copper prices struggling to gain a footing on the upside, closing at $5,123/t. Tin prices continue to be well bid closing at $15,085/t. Nickel prices declined the most today, closing at $11,812/t down $143. Ali, zinc and lead were also weaker closing at $1,483/t, $1,899/t and $1,630/t respectively.

Gold prices have firmed today to $1,706/oz and oil is also marginally higher with WTI and Brent at $19.91/bl and $26.66/bl.

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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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