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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

US stocks continued on the upside today, as the dovish sentiment prevailed, despite some of the Fed’s speakers stating that March cuts might be too soon. S&P Global US Manufacturing PMI data came below expectations at 48.2. The preliminary results prove that the prolonged period of elevated borrowing costs continue to impact factory activity. Higher-than expected performance in services led to the composite reading at 51.0, helping to avoid overall contraction. Conversely, data from the Eurozone pointed to a significant slump in both services and manufacturing with HCOB Eurozone Composite PMI below expectations at 47.0. The dollar index appreciated and stood at 102.49 while the 10yr US Treasury yield remained mostly flat at 3.92.

The upside also continued within the base metals space. Aluminium’s gains prevailed, prompting the metal to test the $2,250/t level. December losses prompted aluminium to fall in the lower-end of trading ranges, and the most recent strength highlights market belief of prices at $2,100/t might be oversold. Copper edged higher, struggling above a robust resistance of $8,600/t. Zinc shot up higher to close at $2,532/t; further withdrawal from the LME warehouses have added to the upside. Lead settled at $2,081.50/t.

The precious metal rally seen in the last two days ended today with both metals trading slightly lower. Gold stood at $2034/oz. while silver declined to $23.98/oz. Both WTI and Brent depreciated to $71.3/bl and $76.4/bl, respectively.

Lme Metals Price And Volume 15122023

All price data is from 15.12.2023 as of 17:30

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