Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

US stocks declined today following worse-than-expected US PMI data, confirming the ongoing softness in the world’s largest economy after a prolonged period of elevated interest rates. The S&P Global US Composite PMI decreased to 49.5 in July, marking the lowest level since December. Following the release of the data, the 10-year US Treasury yield fell to 4.21%, while the dollar index declined to around 104.2. Meanwhile, the Eurozone also reported disappointing PMI figures, with a reading of 45.6. In contrast, the UK private sector performed better than expected, with the manufacturing PMI reaching 51.8

Base metals continued to weaken today, although the downside momentum slowed. Aluminium rebounded slightly, trading at $2,301/t, while copper edged closer to the $9,000/t level. Nickel fell below the $16,000/t mark, closing at $15,827/t. Lead traded lower at $2,050/t, while tin appreciated slightly, closing at $29,790/t

Precious metals saw gains today, with gold rising to $2,427/oz and silver increasing to $29.4/oz. Oil prices also climbed, with WTI crude at $78/bbl and Brent crude at $82/bbl.

 

 

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields