US stocks began the week on the back foot, as equities retreated from record highs, awaiting additional earnings results. The dollar softened and the 10yr US Treasury yield steadied at 1.58%. From the virus front, more than 5.2m people were diagnosed with COVID-19 last week in the world, the record number, despite continued vaccine rollouts. In the meantime, since the partial reopening of the economy in the UK, real-time indicators point to increased retail purchases rising to the highest levels since the beginning of the pandemic.
LME metals have been mixed, with nickel, zinc and tin lower on the day. Copper prices firmed as China’s largest smelters recommended limiting new capacity, testing the resistance at $9,436/t to close at $9,376/t, the cash to 3-month spread has widened once again out to $15.00/t. Aluminium was bid above $2,320/t and closed at $2,330/t. Nickel traded lower to the $16,000/t support level and closed at $16,121/t. Zinc lost some ground, testing the key support level of $2,840/t to close at $2,846/t. Lead was weaker today, closing at $2,056.50/t.
Oil futures fluctuated as the Indian virus strain poses threats to imports. WTI and Brent edged up higher to $63.27/bl and $66.90/bl. Precious metals softened, with gold and silver falling down to $1,771.56/oz and $25.78/oz respectively.
All price data is from 19.04.2021 as of 17:30