US stocks climbed yesterday, as steady Treasury yields helped to boost sentiment. US IHS price gauges advanced to multi-year highs in March as shortages of materials and continued disruption to the supply chain added to inflation concerns. Meanwhile, US durable goods orders declined unexpectedly in February, the first decline since April, highlighting a pause in manufacturing recovery. The dollar was marginally higher, and the 10yr US Treasury yield steadied above 1.60%. The EU revealed the plans to extend vaccine export block, adding to escalating tensions.
LME metals have been mixed, with nickel and aluminium higher on the day. Copper prices edged lower yesterday, testing the $8,900/t level to close at $8,977.50/t, the cash to 3-month spread has tightened up to $1.00/t. Zinc was supported at $2,800/t and closed just above the day’s lows at $2,800.50/t. Lead was weaker today, closing at $1,939.50/t. Nickel was mostly range-bound and tested the resistance level at $16,250/t before closing at $16,190/t. Aluminium traded higher to the $2,260/t resistance level but closed on the back foot below at $2,258/t.
Oil futures jumped on the news of the Suez Canal being blocked by a container ship. WTI and Brent rallied up to $60.99/bl and $64.14/bl. Precious metals were all seen higher, with gold and silver edging up to $1,732.32/oz and $25.15/oz, respectively.
All price data is from 24.03.2021 as of 17:30