The US stock market was closed today due to Thanksgiving; markets are set to reopen tomorrow, but the flow is likely to stay lacklustre into the weekend. European stocks continued to strengthen today, boosted by the prospects of slower rate hikes. Indeed, the ECB officials favoured a smaller rate hike increase in October minutes despite further rises in inflation. Meanwhile, the Fed minutes pointed to a need for a more moderate pace of rate hikes whilst also keeping the peak at a higher level than originally expected. The gauge of the dollar fell further today, marking the third consecutive decline, which is likely to translate into softness in tomorrow’s trading.
Another day of mixed performance across the base metals market today, with a lack of appetite struggling to break out of the current ranges. In the meantime, China’s covid cases continue to grow, climbing to near-record levels despite tough lockdown restrictions in place in the country, which is set to keep the overall sentiment for the metals on the downside. Aluminium continued to edge lower, testing the support level at $2,370/t once again before settling at $2,367.50/t. Nickel tested the resistance level at $26,600/t today but failed above this level and edged below the previous settle to $26,293/t. Copper fluctuated around the $8,030/t level. Lead and zinc closed higher at $2,130/t and $2,918/t, respectively.
Oil futures remained unchanged after the EU considered a higher-than-expected price cap, with WTI and Brent remaining at $78/bl and $85/bl. Gold rose on the back of Fed minutes to $1,756/oz; silver remained unchanged at $21.50/oz.
All price data is from 24.11.2022 as of 17:30