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Daily Base Metals Report

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US stocks gained ground yesterday as the markets assessed the consequences of high inflation for the third day straight. US consumer sentiment continued to deteriorate, falling to 10yr lows of 66.8 in November, as their expectations of inflationary pressures in the next year continue to mount. The dollar fell after the US warned Europe over the potential military conflict between Russia and Ukraine. The 10yr US Treasury yield remained broadly unchanged.

LME and SHFE markets consolidated gains yesterday; sentiment is steady as prices end the week on the high. Aluminium, in particular, is stronger, gaining ground to test the level at $2,714/t and closed lower at $2,700/t. Copper gained ground in the second half of the day, testing the resistance level of $9,739/t closer to the end of the trading day, the metal closed at $9,711/t. Nickel was seen marginally higher, closing at $19,979/t; cash to 3-month spread tightened up to $155/t. Tin and zinc both were seen down on the day, at $37,845/t and $3,267/t, respectively.

Oil futures eased, closing yet another week on the back foot; WTI and Brent traded at $80.92/bl and $82.39/bl. Precious metals were marginally unchanged, with gold and silver falling down to $1,861.81/oz and $25.22/oz, respectively.

For more in-depth analysis of base and precious metals, please see our Quarterly Metals report.

LME closing prices and volume

All price data is from 12.11.2021 as of 17:30


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