The US stock market remained fairly stable as investors processed recent economic and monetary policy news. Since there are no major economic announcements scheduled for this week, investors are looking to the Fed's policymakers' statements to predict the future of interest rate cuts later in the year. Although the dollar and yields have corrected slightly after a rally in recent days, they are still relatively high, indicating that the market has adjusted its expectations regarding the US monetary policy.
Base metals have found new levels of support following a recent downturn in the market due to the calming of macroeconomic pressures. Aluminium is now being supported at $2,200/t, while copper has edged up above $8,400/t. Nickel is trading near a strong support level of $15,840/t, after remaining below $16,000/t. Lead and zinc prices have remained stable.
Oil futures have increased slightly due to continued geopolitical risks surrounding the Red Sea conflict. Gold and silver prices have recovered some of their recent losses and are currently trading at $2,036/oz and $22.45/oz, respectively.
All price data is from 06.02.2024 as of 17:30