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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 opened higher today following the release of PCE data, which indicated that price pressures are rising at the lowest annual rate since March 2021. The closely watched inflation gauge softened to 2.6% YoY in May compared to 2.7% YoY, which aligns with expectations. The first half of the year has seen a continuous repricing of investors' expectations regarding the start of the Fed's monetary easing. While traders had anticipated at least six rate cuts earlier in 2024, they now expect only two, starting in September. The dollar index decreased below the 106 level, while the 10-year US Treasury yield declined to 4.29%.

Base metals strengthened across the board today. While softer dollar moves helped the momentum on the upside, we believe the main reason behind the risk-on appetite was markets rejecting prices below current support levels. In particular, copper solidified the support at $9,500/t and edged higher to $9,599/t. Likewise, aluminium tested prices below $2,500/t, but appetite reversed below that level, prompting prices to increase to $2,524.50/t. The rest of the complex followed suit.

Gold softened to $2,325/oz, while silver remained mostly unchanged at $29.20/oz. Oil prices softened slightly, with WTI and Brent crude at $81.20/bbl and $86.30/bbl, respectively.

Lme Metals Price And Volume 28062024

All price data is from 28.06.2024 as of 17:30

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