US stocks jumped to record highs once again on the back of positive economic data. Initial jobless claims fell to 576,000 in the week ended April 10, the lowest level since March 2020, continuing to support the recovering labour market outlook. US retail sales jumped by 9.8% in March, the second-largest data back to 1992. At the same time, US factory output rose by 2.7% in March after a fall of 3.7% in February. The 10yr US Treasury yield fell to the lowest level in nearly a month and the dollar fluctuated. The ruble slid after the Biden administration imposed new sanctions on some Russian debt.
LME metal prices were well bid today as risk appetite persevered. Aluminium prices were firmer, however lack of appetite above $2,360/t, triggered a close at $2,339/t. Nickel prices tested the resistance of $16,400/t and closed below at $16,364/t. Copper saw the biggest growth, trading up to $9,300/t, and closing at the day’s high at $9,284/t; cash to 3-month spread tightened marginally to $10.49/t. Zinc prices opened on the front foot today, breaking through the key resistance level of $2,860/t to close at $2,864.50/t. Iron ore prices were higher on the day, closing at CNY1,036.5/mt.
Oil futures fluctuated after the recent jump. WTI and Brent traded at $63.13/bl and $66.67/bl. Precious metals were all higher, with gold and silver trading up to $1,768.53/oz and $25.97/oz respectively.
All price data is from 15.04.2021 as of 17:30