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

Daily Base Metals Report

Read disclaimer

US stocks erased previous day gains as the White House stated the goal for fiscal stimulus bill is to happen within 48 hours. The dollar softened and the yield on 10yr US Treasuries broke 0.8%, up to 0.8041%, the highest level since June. The yen headed for its best gain vs dollar since August, as PBOC Governor stated that China will face positive growth in 2020. The final presidential debate in the US is taking place tomorrow.

Sentiment on the LME was tentatively positive; zinc gained the most ground closing just below $2,580/t at $2,568.50/t. Zinc cash to 3 months continued to tighten to -$15.75/t. Aluminium was well bid in the first half of the day, but sold off later on to close just above the day’s lows of $1,843.50/t. Copper prices were also stronger, breaking above $7,000/t, the 2-year high, on the back of Chile disruption to close at $6,991.50/t. Lead and tin were on the front foot, closing higher on the day at $1,810.50/t and $18,745/t respectively. Nickel prices were lower, closing at $15,886/t.

Oil futures dropped after an industry report pointed to an increase in American crude stockpiles. At the time of writing, WTI and Brent trade at $40.27/bl and $41.83/bl. Precious metals were all higher today, with gold and silver trading up to $1,927.53/oz and $25.13/oz respectively.


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

Our FX Options Report contains commentary and analysis covering OTC currency option pricing, volatility and positioning. 

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.