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Non-independent Research Daily Base Metals Report

Non-independent Research

Daily Base Metals Report

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Authors
Dariaefanova

Daria Efanova Research Analyst

Contact research Contact Industrial Commodities

US stocks rebounded yesterday, with traders awaiting the statements from the Fed’s Powell; his written remarks mention that the prices are greater than expected, but will wane. US existing home sales fell for a fourth straight month in May as higher prices and diminished inventories deterred investors. The dollar was marginally higher and the 10yr US Treasury yield steadied at 1.4768%.

LME metal prices were well bid today as risk appetite re-emerged. Copper climbed above $9,250/t, and closed higher at $9,301/t. Aluminium prices were firmer, however lack of appetite for prices above $2,430/t, triggered a close at $2,425/t. Nickel prices broke through the resistance of $17,700/t in the first half of the day and closed higher at $17,744/t. Zinc prices were also firmer and closed at $2,861.50/t; cash to 3m spreads tightened up to -$12.75/t. Lead prices opened on the front foot today, testing the key resistance level of $2,870/t to close at $2,174.50/t.

Oil futures fell as investors assessed reports that OPEC+ are considering hiking supply; WTI and Brent trading at $73.14/bl and $74.76/bl. Precious metals were softer, with gold and silver down to $1,777.29/oz and $25.76/oz.

All price data is from 22.06.2021 as of 17:30

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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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