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 opened higher today, supported by strong consumer sentiment data. The University of Michigan's final sentiment reading for October came in at 70.5, its highest level since April, reflecting more positive consumer attitudes toward personal finances and the economy. Meanwhile, the dollar remained relatively stable around 104.0, with the 10-year Treasury yield also hovering near 4.2%.

Base metals opened on the back foot this morning, driven by a sell-off in zinc prices. The cash to 3-month spread for zinc eased drastically, falling from $60/t to $15/t in backwardation, following another round of inflows of stocks at the LME exchange. This has led the rest of the complex lower. However, concerns surrounding concentrate tightness remain, resulting in a reversal of this trend later on in the day. Zinc remained above the $3,100/t support level at $3,102/t. Copper and aluminium, which have also been subject to mined material shortages, have remained elevated at $9,602.50/t and $2,677.50/t, respectively.

Gold climbed to $2,738/oz, while silver rose slightly but struggled to break the $34 barrier, trading at $33.9/oz. Oil prices edged higher, with WTI at $71.2/bbl and Brent at $75.4/bbl.

Lme Metals Price And Volume 25102024

All price data is from 25.10.2024 as of 17:30

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