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US stocks saw a moderate rebound today, led by tech shares, as the global hawkish stance continues to quell the sentiment. The corporate earnings results are out next month and should help provide guidance on how the economy held up in the third quarter of the year. The dollar rallied once again to 114, and the 10yr US Treasury yield settled at 3.78%. The pound fell to record lows of 1.03 against the dollar in the early hours before reversing some of its losses in anticipation of the BOE intervention to control the currency moves. As a result, UK 10yr yields rose above 4.0% for the first time since 2010. Meanwhile, the ECB’s Lagarde has stated that the central bank will continue to increase borrowing costs even if the economy begins to slow substantially, solidifying the policymakers’ hawkish stance for the longer term.

The sentiment soured today on the LME as the global outlook continued to deteriorate, only with tin closing marginally higher at $20,640/t. Nickel once again led the declines, falling by more than 4.5% to $22,206/t, the fourth consecutive decline. Zinc was next in line, falling below the support level of $3,000/t for the first time since July to close at $2,924/t. Copper losses were much more moderate, declining to $7,341.50/t. Anglo American cut its copper production target as it stated that it is struggling to hit output goals. Its Quellaveco project in Peru would be in the 80-100k tonnes in 2022, down from a goal of 150k tonnes. Lead closed at $1,754.50/t.

The oil futures reversed some of the previous losses in the latter half but still struggled to close higher day-on-day; WTI and Brent remained at $78/bl and $85/bl. Meanwhile. EU nations have struggled to agree on the Russian oil price cap, choosing to postpone the decision for now. Precious metals struggled to gain momentum, with gold and silver trading at $1,634/oz and $18.74/oz, respectively.

For more in-depth analysis of base and precious metals, our Q3 2022 Quarterly Metals report is out now!

Lme Metals Price And Volume 26092022

All price data is from 26.09.2022 as of 17:30

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