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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

Uncertainty challenged risk appetite today. Following Prime Minister Boris Johnson’s statement about getting businesses back to work generated confusion.  NY is expected to continue in lockdown into June. The US stock market has taken back some of the earlier losses and as the tech sector was supported. The oil market oscillated between positive and negative territory today after Saudi Arabia outlined a plan to cut another 1m barrels a day of production to their lowest level in 18 years in June.

Sentiment on the LME was positive today despite the uncertainty. Zinc and lead prices were well supported today, gaining $25/t and $27/t respectively, to close at $2,027/t and $1,671/t respectively. Nickel broke above resistance at $12,350/t and managed to hold above this level to close at $12,354/t, prices have firmed since the close. Ali continued to test appetite at $1,500/t and closed at $1,497.50/t. Cu lacked conviction today as macro uncertainties prevailed, prices closed at $5,257/t. Tin cash to 3s continued to tighten into $151/t back.

Precious prices were marginally softer this afternoon, as gold dropped back below $1,700/oz. Oil prices have given back earlier gains, with WTI and Brent trading at $24.36/bl and $29.88/bl respectively.

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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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