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Daily Base Metals Report

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US stocks were mixed today after days of strong performance driven by inflation and Fed statements. US PPI grew by 9.7% y/y in December, a sign of decelerating growth in producer prices. Meanwhile, US initial jobless claims picked up to 230,000 in the week ending January 8th, to now the highest since mid-November, which could suggest that employers laid off workers amid the latest omicron-driven surge. The dollar and the 10yr US Treasury softened marginally.

Metals prices weakened, with copper selling back below $10,000/t, and the market closing at $9,958.50/t. Nickel was firmer today after the Indonesian Government indicated they were studying an export level on NPI and ferronickel, closing higher at $22,176/t. Aluminium prices are slightly softer, but the tightness remains in the curve; the closing price was at $2,952/t and the cash to 3-month spread remained in contango at -$10.50/t. Tin sold off in the second half of the day after struggling to break above the resistance at $41,600/t; the metal closed at $40,511/t. Both lead and zinc closed higher on the day at $2,358/t and $3,563.50/t, respectively.

Oil futures held their nerve on tight market conditions. WTI and Brent traded at $82.69/bl and $84.89/bl. Precious metals fluctuated, with gold falling to $1,819.47/oz, while silver held its ground at $23.17/oz.

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All price data is from 13.01.2022 as of 17:30


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