US stocks declined today. The 10-year US Treasury yield rebounded and stood at 4.906%, while the dollar edged slightly higher and reached 106.367. The market awaits tomorrow's USD GDP data, which is predicted to show strong performance from the world's largest economy in Q3'23 at 4.5%. Continued resilience of the US economy will likely keep the dollar elevated until the end of the year. Elsewhere, the ECB meeting due tomorrow will help the market re-evaluate the timing of possible interest rate cuts next year.
The prices of base metals showed an upward trend at the beginning of the day but remained mixed due to a lack of significant push. The Chinese government's announcement of providing further support to the economy was the reason behind this growth. Aluminium prices crossed the $2,200/t level and remained above it at $2,219/t. Zinc prices also increased and closed at $2,480/t after breaching the recent resistance level of $2,250/t. Copper prices remained steady at $8,032/t. Lead prices settled at $2,085/t. The iron ore futures prices remained elevated above $116/mt, indicating persistent optimism in the nation's recovery.
Oil futures and precious metals remained elevated today, settling marginally unchanged day-on-day.
All price data is from 25.10.2023 as of 17:30