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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 fluctuated today following mixed labour market data releases. Nonfarm payrolls increased by more than expected last month, rising by 206k jobs compared to the revised 218k jobs added in May. The unemployment rate ticked higher to 4.1% in June, compared to expectations of it remaining unchanged at 4%. The US labour market's weakness had already been priced in after the worse-than-expected ADP Employment Change report, so today's data had little impact on the dollar, which traded at 105.0. Meanwhile, the US 10-year Treasury yield decreased below 4.3%. In the UK, the general election resulted in a landslide victory for the Labour Party, which won 412 of the 650 seats in the House of Commons. The sterling appreciated against the euro, with the GBP/EUR pair testing 1.183.

Base metals strengthened once again today, testing key resistance levels to gauge appetite for higher prices. In particular, copper tested the $10,000/t level but struggled below it, edging to $9,944/t. Likewise, resistance at $2,550/t stood firmly for aluminium, prompting prices to close at $2,527/t. The rest of the complex strengthened as well, with tin gaining bigger momentum above $33,000/t to $33,330/t.

The dip in Treasury yields drove up precious metal prices today. Gold surpassed the $2,380/oz mark, while silver jumped more significantly, surpassing $31.0/oz. Oil fluctuated, with WTI and Brent crude trading at $84.2/bbl and $87.7/bbl, respectively, at the time of writing.

Lme Metals Price And Volume 05072024

All price data is from 05.07.2024 as of 17:30

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