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Base Metal News 2/1/24

London Metal Exchange's three-month base metals prices started lower at the opening of trading on Thursday, February 1, in response to macroeconomic updates from the US the previous day. As of 9:15 am on Thursday, here are the three-month futures prices compared to Wednesday's 5 pm close:

  • Copper: $3.87 per pound, down by 0.8%
  • Nickel: $7.35 per pound, down by 0.4%
  • Zinc: $1.13 per pound, down by 1.4%

The decision by the US Federal Reserve to maintain interest rates at 5.5% and the outcome of the Federal Open Market Committee (FOMC) meeting on Wednesday have exerted downward pressure on base metals today.

Simultaneously, the US dollar has strengthened, with the Dollar Index reaching 103.73, up by 0.3% since yesterday's open.

Additionally, macroeconomic news from China has contributed to the decline in base metals prices. ANZ senior commodity strategist Daniel Hynes noted, "Base metals prices fell on data showing China’s factory activity contracted in January." Despite the official manufacturing Purchasing Managers Index rising to 49.2, the fourth consecutive month in contractionary territory disappointed investors.

The three-month copper price opened at $3.87 per pound , down by 0.8%. Notably, copper demonstrated resilience, closing higher due to increased orders on the London Metal Exchange, particularly from Taiwan, where China maintains major regional warehouses.

Base Metal News 2/1/24

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