1. Reports
  2. Daily Base Metals Report
Non-independent Research

Daily Base Metals Report

Read disclaimer

US stocks gained today, trading just shy of a 5-month peak, on the back of positive earnings expectations. The dollar dipped, and 10Y on Treasuries fell. The increasing rate of new coronavirus infections in the US continued to be ignored in favour of rapid economic recovery as well as discovery and implementation of a vaccine. European stocks followed suit. This Friday-Saturday, an EU summit is planned to discuss the issues of the common budget as well as additional economic stimulus plans.

All metals on the LME were higher today as investor optimism drove the market. Copper prices traded up to $6,600.00/t, but resistance at this level triggered a close at $6,571.00/t; cash to 3s tightened today into $11.00/t backwardation. Nickel prices also strengthened, closing near the day’s high at $13,711.00/t. Lead was supported today, breaking through the resistance level at $1,880.00/t and closing at $1,881.50/t. Zinc gained the most, trading up to $2,270.00/t; however, closed just below at $2,261.50/t. Aluminium remained range-bound, closing higher on the day at $1,690.00/t.

Oil futures fluctuated today ahead of Wednesday’s OPEC+ meeting that might confirm the group’s intention to waiver cuts. WTI and Brent trade at $40.63/bl and $43.31/bl respectively. Gold and silver are up, at $1,806.18/oz and $19.22/oz.


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.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign-up to get the latest Non-independent research

We will email you each time a new report has been published.

You might also be interested in...

Daily Report FX

A morning report covering fundamentals and technicals for USD, EUR, GBP, JPY, and CHF.

Daily Report Softs Technical Charts

Technical analysis and charts for the key sugar, cocoa and coffee contracts.

Weekly Report FX Options

Commentary and analysis covering OTC currency option pricing, volatility and positioning. This week we focus on USDSGD and whether the SDG recent strength is sustainable given the deteriorating global outlook. 

Quarterly Metals Report – Q3 2022

Our analysts provide an in-depth analysis of the metals market and current macroeconomic conditions. The environment has weakened significantly as growth fears rise amid persistent high inflation. Central banks are data-dependent, which could mean they slow rate hikes as growth starts to slow. This has meant a downside to the US 10yr yield, but also we see a downside to rate hikes in Q4. Europe will likely enter a recession before the US and take longer to recover, but material availability is significantly lower, shown by low inventories.

FX Monthly Report June 2022

Monthly commentary covering the FX markets, providing insights on recent developments on select currency pairs. This month we look into the JPY and the pressure the BOJ is under to change their monetary policy as JPY continues to weaken against major currencies. Economic data is weakening and inflation is less of a problem in Japan, but yields continue to test the cap.