Today saw a positive opening for US stocks amid a blend of economic indicators from the world's leading economy. The Consumer Confidence Index, as reported by the Conference Board, experienced a slight decline, falling to 104.7 in March from a previous 106.7. Despite this decrease from a high of 135 seen in the post-pandemic period, the current reading still surpasses the long-term average of 97. On the brighter side, February witnessed a 1.4% increase in Durable Goods Orders—a rebound from January's 6.2% fall—signalling optimism among both consumers and businesses. As investors await inflation data due on Friday, the dollar index nudged up to 104.3, while the 10-year US Treasury yield rose to 4.23%.
Base metals were all softer today, given a lack of risk-on appetite and a stronger dollar. For aluminium and copper, the robust support levels of $2,300/t and $8,800/t have held firm, suggesting that today's softness could be a respite before prices gain footing once again. Meanwhile, lead continued to decline, edging closer to support of $2,000/t – the low not seen since February. Likewise, zinc weakened below a robust $2,500/t level to $2,442/t.
Precious metals experienced a significant surge today, approaching near-record levels before relinquishing their gains. Gold soared to $2,200/oz and later stabilized at $2,175/oz, whereas silver reached $24.9/oz before retreating to $24.46/oz. Meanwhile, oil prices held steady within their existing ranges, with WTI and Brent crude trading at $82.1/bl and $86.67/bl, respectively.
All price data is from 26.03.2024 as of 17:30
